The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Maybe thi is an extension of the e isting field and they just couldn't say no.
. Onshore would produce much quicker than offshore.
. We need more details.
I'm with Surety on this :--
The key criteria for selecting a preferred partner include (in order of importance) (1) the capability of the partner to fund and deliver the project rapidly, (2) the stake in Anchois that Chariot would keep and (3) the amount of the upfront cash payment.
Note the 3rd criteria point is cash.. I would prefer they did a fund raise now and prioritised the first 2. If they are getting squeezed on point 3 this can only help..
Let's hope they know what they're doing!
Easy to be critical and there are grounds to be so. If the deal with a partner involves that partner pumping in up to £50m why does BOD need another £14m ? If the partner has been decided on, maybe part of the agreement is Char need to show a healthier BS - their cash must be low now. Difficult to justify but of course we will not have been told everything by a mile. Do they think they will even manage a full subscription of this £14m? I think Institutions only hold 25% so if they have agreed there is a risk the PIs will not play. They must have thought of that. There are a lot of scenarios. They certainly need to prop up the price above 14p while this is going on or the raise will cause a further drop. But there may even be a predator about to bid for the Company at 25p if the BOD can force the SP down enough. I think something will happen imminently.
I'm not defending them.. I dont like it any more than anyone else.. but worth nothing the below in the last Auctus broker note :
The key criteria for selecting a preferred partner include (in order of importance) (1) the capability of the partner to fund and deliver the project rapidly, (2) the stake in Anchois that Chariot would keep and (3) the amount of the upfront cash payment.
Note the 3rd criteria point is cash.. I would prefer they did a fund raise now and prioritised the first 2. If they are getting squeezed on point 3 this can only help..
Like Hubenstein the prospect of drilling and accelerating first gas timescale (potentially only adds value)
I'm not ramping... just giving a slightly different perspective..
IMHO
In their last presentation, think it was December, they had a new gas venture on the timelines for this year. I thought it was the Vivo JV when that landed but clearly not and they have been working on this for some time.
Adonis has some explaining to do about the overall strategy now as this doesn't quite fit with his 3 pillars to the company that he keeps talking about.
Got to give them credit though for lowering the share price before the annual option giveaway!
Obviously the placing is disappointing. However having read the RNS thoroughly it does give the impression that the opportunity to acquire the new licence is too good to turn down and if it's being granted imminently (and I sense certain nods given) then it may just have been a timing issue. It also potentially gets us to cash flow quicker and the vast majority of the money is for the drilling. It's nice to be in control of your own destiny so any farmout of Anchois will likely leave us playing second fiddle, a major partner may not be as desperate as we are to get to cashflow as quickly. I appreciate we will likely get a big lump sum with the farm out but I do see sense in the raise, IF everything is legit. I do feel a bit hoodwinked as I'd have put a lot of money on the next RNS being the big one, but the placing price isn't too bad considering and it gives us a bit more negotiating power as we only had $4mil in the bank.
I'm in this for the long haul, so I appreciate others may feel differently.
----If a JV was almost done, then you would think that the other party would snap up the whole of this issue.
-Chariot's famous DATA ROOM seems to be like a Worm Hole----people go in , and are never seen again.
-Suddenly we are off on ventures anew (again)----wonder if we will need more cash for our other two side lines.
-One things for sure, their timeline is slipping, and the prospect of first production by 24/25 looks like it could be fading into the distance.
-
-Really don't know why they stuck their neck out with those predictions, -----life will always find a way to scupper you, or at least slow you down.
-Where now with the SP if we start looking at 25/6 for first production.
Hummm. sudden interest and urgency in onshore, why not fully focus on getting Linux (Anchois Gas Development Project) over the line. OK, fund raise, but used for drilling on a licence we are yet to be awarded @$3m a pop !! Sounds like to me we are lining up the full sale (or at least full carry to production with ~5% retained) of Linux (Anchois Gas Development Project) and going after other fish. So in turn would suggest return of cash to shareholders via special dividend on completion of gas project sale, could easily be in region of ~40 to ~50p/s. Who knows when it comes to AIM stocks, not me for sure !! atb
aimo & dyor
What? Let's drill another hole! Let's see the colour of the money first, so may prospective Farminee's, money until Q4, but we going to screw the PI's first, and lie through our teeth.
Yes.
But why isn't the potential partner not seduced by this opportunity and thus sealing a deal...is Chariot offering a sweetner?...as clear as mud!
So they place at just above year low on the grounds it "fundraise providing an improved financial position ahead of finalising negotiations..." Really, should of place at least to VWMA100 @ 16p/s if we are indeed "finalising negotiations" .... has to be mates rates, lots of opportunities to place above this pathetic 14p/s in recent weeks. We all know following placing 9/10 times the SP falls below at some point in the near future too.
aimo @ dyor
I may be naive but this looks like it could be good news. This isn't just a raise to see us through to Anchois:
"we are therefore looking to raise funds for a new licence onshore Morocco as we continue to expand our strategic footprint in-country. This licence will give Chariot near-term drilling opportunities with the potential to accelerate Chariot's timeframe to first gas. The acreage shares geological similarities with our offshore assets so we benefit from unique insights on existing 3D seismic and on-block well data and have already high graded targets for a first phase drilling campaign"
Did anyone get this far??
Doesn’t look like Adonis taking any shares this time in offer
Never took the last placing and certainly wont take up this absolute schit show either. I wonder when the Over Subscribed rns will get released 🤥🤥🤥🤥
Guess whoever added £50k at >15p just half hour or so before close will not be too happy either.
like you gooner i said the same thing also and look what happened to the happy clappers now,ffs!!! absolutely utter *******s this and no doubt some ramping clown will come outwith a positive post on the back of it all....😡😡😡😡
Exactly. I topped up today as well. A big part of that was the reassurance that we had enough funds until Q4 and likely we would get partnership financing with a big cash injection before then anyway. There was no hint of a placing in the last RNS on 21st June. Its hard not to feel misled.
Indeed.
And releasing the info AFTER the market closed on a Monday. It's such brilliant news 🤢👿🤬
The BOD have lost my confidence, absolute BS, lied through their teeth. I'm dealing with another AIM outfit who have shafted their PI's, the Char board seem little better. I have a big stake in Char, and now I'll now use it without any attachment to whatever the BOD say in future, should not have trusted any of it.
You can try and square it any way you like, but this BOD have been dishonest toward PI's.
I had a post taken down last week not to trust Adonis as we seen it all before ref Rabat Deep 2018.
I saw it coming unfortunately at pretty much the price I guessed it would.
Not the end the of the world but it certainly does the already poor sentiment no good whatsoever!
What he says👇
Not this time thank you. Fed up with this recurring pattern. Dilute our holding and before too long award shares to bod so that their holdings are not diluted. Thanks but no thanks!
Not what I wanted to see ffs! unless the news is good and mates want in like you say NewKOTB.
It does say among the bulletpoints:
'The Company continues to make good progress on its partnership process for Anchois, with the fundraise providing an improved financial position ahead of finalising negotiations'
Surely, if partnering was so 'competitive', this fundraise woud not be required as any partner should be large enough to invest in onshore licences?!