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If Cnr is taken over these options will be cancelled and payment made for the difference. These guys are bankers. You think they are stupid. Options have been running at between 10-14% for years , it is just that most have refused to take into account when making their fantasy calcs . Same with warrants.
Not sure how it works if an asset sale though. Sure they will have that covered though.
I find it difficult to believe the board have performed well enough to justify any options, we haven’t added any gold to our resource for ages, we haven’t built a mine, the share price has sunk again and we haven’t sold the asset despite begging anyone to make an offer, what is this reward for? If any of them had a shred of dignity they would be apologising for their inept management.
@broomtree - simply because it's in their employment contract (probably) as a standard part of their remuneration package. The fact they plan to sell either the assets or the company in the next few months doesn't mean that they don't award senior staff the options that they're entitled to.
Onion taking the diss out of us investors again you have a heated discussion with the poor excuse of a co and (I will turn you off or end this s call or iam leaving the room or won’t show up the diss taking weasel look forward to the next agm where he sends poor old kate who’s got more balls then him
We've been shafted. They are basically sitting on their backsides (apart from the odd bad tempered foray to converse with the hoi peloi ) and paying themselves handsomely to do so.
You might say daylight robbery, I couldn't possibly comment
Agree with your comments Broomtree, equally over 10% shares in issue are Options??????
No wonder the SP is on its knee’s, also it is no surprise serious investors and funds don’t take CNR seriously. It had been viewed for a long time as a gravy train!
Well..... they know more than we do and they think the sp will be much higher in future .... for whatever reason..
sit back and wait.....
Why are they issuing options that can’t be exercised for a year if a sale is imminent?
Are you heavily under water like me Slim?
Advisor of bull hit
bullying community for years
Major uninsured accident
Accident costing us 650k he’s mate
the guy thinks he’s going on to be the world gold Council
It is a meeting place for all manner of purposes and would be unusual not to given its a place to meet other CEOs, maybe looking for his next move once Condor is sold but even if sale is about to be completed this weekend i am sure he would still attend, not least to update other CEOs and investors on the process and maybe book in some after dinner speech oppportunities and secure some roles as advisor.
Why’s onion spending many thousands on the American roadshows in September if the sale is in the bag. There’s only the unborn on the planet who don’t know about the condor sale come stitch up
Well done Broom for breaking even!
Doesn’t look like Jim’s but has stopped the seller! The MM’s are still carrying as I can still buy 100k shares!
Has anyone emailed MC to ask the reasoning behind it?
I think his buying can only be a positive but I’ve given up speculating, price has fallen back and I’m now at break even so I’m fully loaded and will keep some cash for any hard news…
Those warrants are good until Nov I believe - he has time, if he wants to. Personally, I'd exercise the lowest-price ones first, not the ones closest to expiry, and he hasn't exercised all the 15p ones yet, so can't read too much into that IMO. That said, I would agree that £1 seems like a stretch, but we'll see how it goes.
Phones on blink.
Figure it is not quite correct but far more so than using the existing number to make calcs like most were doing . I would imagine it will probably equate to around 210-220 m shares and would use 220 m shares for calls personally. Obviously depends on the offer price and any further dilution.
To get to 888 £1 plus we would need an offer in excess of £220 m in an asset sale scenario. Still no calls for the costs that come with the process. I posted a link to royal rd asset sale for less than $$30m which paid out between 4-5 m from memory to Nicaraguan authorities from memory.
I have bought back in here for the sale and currently near b /e . Personally I cannot see holders seeing above 50 p and I suspect Mellon doesn’t either hence not converting the warrants closest to expiry.
So , when I have used the fully diluted number and divide into offer ut
E l, the deal is on a fully diluted basis. Say $150m . The exact price p share would depend how many warrants and options are in the money. I believe that the ammount of value above exercise price is paid out to holders, warrant and options cancelled and remainder is divided by no of registered shares . That is how I understand it.
Disappointed as thought today would give the SP a turbo boost! We need more news as without we will stagnate again!
Sorry, still thinking about this! Following on from my last post...
So that means the fully-diluted quantity is really something of a sliding scale, depending on the current SP (or takeover price). With a higher price implying a few more shares, and a bit more cash raised, but also a lower price implying a few less shares and a bit less cash raised. So it's not an entirely trivial calculation!
One last point - if the 50p warrants were taken up, they would return 50p per warrant to CNR, so for a completely fair fully-diluted calculation, you need to not only sum up the total number of shares, but then also offset those additional shares against the extra funds they would bring in. Those funds could of course be simply spent on one thing or another before sale, but I would expect any remaining cash the company held in it's bank account, after all costs, to also be distributed to shareholders, along with the sale proceeds (in theory - of course we still don't have much insight into concrete specifics).
Thanks for that, I think we're more-or-less on the same page. Options are granted annually, and I believe have similar restrictions as warrants. They're not broken down on the website though, unlike warrants, so are harder to track.
Https://www.warrants.com.sg/eduhtml.takeovers
I believe that all warrants and options are cancelled and any it of the money we simply cancelled and payment is made for anything above the face value for those in the money. So 50 p shares would not be viable if Cnr were taken over for less than 50 p. However if like 888 you believe £1 is incoming then it would be more sensible to convert the 50 p ones that will expire in Nov this year.
E l , when I look at the deals for calibre and continental they are both on a fully diluted basis. Very unlikely that Cnr would be any different. Usually any restriction here has been for first year. That certainly won’t affect 50 p ones that expire nov this year and I doubt very much the ones expiring next year. In the event of an asset sale, the bod are in control of that scenario. I have looked into it previously but was a while ago and believe that all outstanding warrants are converted at pos but I could be mistaken.