Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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8.20 Subsequent events New World Oil and Gas plc, a company registered in Jersey (registration number 105517), provided Big Sofa a loan facility of £675,000 as part of an intended acquisition of Big Sofa. £250,000 of the facility was drawn on 9 May 2016, £250,000 was drawn on 19 July 2016, £100,000 was drawn on 1 September 2016 and the remaining £75,000 was drawn on 20 October 2016. The loan had a coupon rate of 6% and was secured by way of debenture on Big Sofa’s assets. The acquisition did not materialise, and subsequently the loan was restructured into a convertible loan. The new convertible loan carries a coupon rate of 5% per annum and is to be converted into shares in the Company at the lower of a) the issue price of £0.17 or b) the lowest price at which new ordinary shares may be issued by the Company as part of any fundraising conducted between the date of Admission and 31 December 2018 at the election of New World Oil and Gas plc any time until 31 December 2018.
Also their loans and borrowings were £599k as per final results posted June. The NWOG agreement was for £675k so perhaps already part settled. I'm expecting the September results and revenues are going to be more attractive than you anticipate footie. I also expect another deal or two before EOY.
I thought the money had to be repaid by the end of December 2018
correct tidd - but many have come in since when no mention has been made of this, especially in the accounts.. thanks, Baz
Thanks Footielad but this is something already in the public domain for those who read the admission doc (myself included) in regards NWOG.
OK I've held back from saying anything up until now..but believe me..I have known this company since way before it floated. The cash position is shot - not just because the costs are going to overwhelm any revenues in this year and funds left over from the float, not least with the opening of the US office and costs running at around £5m with revenues a fraction of that...but more significantly, because of the mess that Big Sofa got itself into before the float. If you read all 50 pages of the last accounts - I don't blame you for not seeing it...you've been misled by the company. Look at page 31 and the note referring to loans. There is a £600,000 loan..not from a bank as you might be led to believe, but from New World Oil & Gas (a company that I had invested in). This was supposed to be part payment for Big Sofa reversing into New which was listed, so that Big Sofa had a listing via NEW which had effectively become a cash shell. Big Sofa withdrew from that deal but kept the money as a loan. Look at that loan...it HAS to be repaid by November 2017. If not that particular loan can be called in from the Directors as they signed personal guarantees. I say to you that if the company does not have the money to repay, which it won't, they will be coming to you or the market for more funds and this will be diluted soon. Go ask the Directors how they intend to repay the NEW loan. It's sneaky of them not to even mention NEW or the terms in the accounts - such a significant sum after all relative to the company's income. This is information that you should consider and guys like Tom Winnifreth ramping this share, while admitting "we own a shed load of these shares" and with no mention of that loan...well...draw your own conclusions...he either doesn't know the history; doesn't know how to read a set of accounts (I'm told he does know); or wants to get the price back up to the level he paid so he can cash out. Only you can decide what to do with this but don't be taken in by the bluster.
2 nice delayed trades. See sentiment is turning more optimistic here. Good to see. Still holding.
Almost there, seems the market is content.
Irene the fact is, you didn't know the cash position nobody did and that is what I was disagreeing with you on, nobody had any idea what cash had been received from the contracts. Regardless, it's irrelevant and I can't possibly hand you a goldfish. "The cash position is not known until disclosed, nobody can answer it because nobody knows what cash is coming in or out until a statement is released. Given the updates of late I am more than happy with company progress let us see what comes. It's the same as a miner going into development, no issue with money being raised if it's used wisely and is value accretive to the company. Spending money to facilitate a bigger contract is the same as spending money to drill out and prove a field."
Irene absolutely disagree.. you had no idea of what revenues had been brought in post update if you did you would have posted. Easy to comment now placing is done and hardly a bad one. I've taken some more so average still remains good on both purchases.
Directors taken up placing and salaries being paid by shares all sounds fine to me. My only gripe is that they didn't raise higher when the price was up at around 25p. Not really fussed as it allowed me to take a position and I'll pick up some more today also.
That doesn't read negatively for me. I have a reasonable size holding and will add if price drops any further.
Correct and overheads will likely have increased but it takes money to make money. The cash position is not known until disclosed, nobody can answer it because nobody knows what cash is coming in or out until a statement is released. Given the updates of late I am more than happy with company progress let us see what comes. It's the same as a miner going into development, no issue with money being raised if it's used wisely and is value accretive to the company. Spending money to facilitate a bigger contract is the same as spending money to drill out and prove a field.
Given the revenue stream is strongly coming online and increasing, a further two deals are in the pipeline as per the AGM statement and the expected revenues in June are to be three times those in Jan 17 (all of which has been stated in RNS) Irene perhaps you could answer that?
being posted here, cause some guys dont like tw get over it guys
Early mover, great concept, good brand, good clients, very scalable income vs resources required to name a few
Today. Wanted in here for a while.
Thanks for post and link. When I was a child I was made to write and thank everyone who had sent a present me at Christmas or a birthday. It's just good manners. Slightly different when you are enquiringl about a job I know but it still boils down to how you treat people. You measure a company by how it deals with people as much as the profits it makes. All I wanted from them was an acknowledgement of receipt of his email, what would that have cost? A reputation for valuing anyone who takes the trouble to contact them is to my mind something worth having. Plus they do not know who they may be upsetting and what influence they may have on their business!
"It’s understandable to be upset or confused by job ghosting, especially if this is the first time it’s happened to you. But in truth, job ghosting—unlike many instances of romantic ghosting—probably has very little to do with your application or worth as a candidate, and a lot more to do with what’s happening on the other side." http://splinternews.com/what-does-it-mean-when-a-potential-employer-ghosts-me-1793850839
same lol @ the comments here today
My son has just finished his second year reading maths at Kings. He wrote to them regarding an internship happy to work for nothing to gain experience. They did not have the courtesy to reply. You would think they would encourage talent, presumably they were young once.
Lol. Maybe! But at least he's not calling it a fraud. He's got a good track record on those. TBH all commentators I've come across talk total crap from time to time, but it's good to get a range of views. Obviously the revenue figures here are currently speculative and it's a bit of a gamble as to where they'll end up. At the moment I like what I'm reading which points to an exciting growth story.
TW is bullish I would get out now with his track record.
I see sharephrophets remain very bullish about this one, with a target price of +50p. I was happy with yesterday's brief statement and will be holding for the foreseeable future.
you never know with these aim companies :)