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Anyone else get a notification today from AJ Bell for a 100-1 consolidation on COPL??
nope , they saying its happening or just confirming its been voted on
and available if and when Arty chooses to use it the consolidation was
for UP TO 100/1 voted in recently to replace the 10/1 option he already
had
If an actual decision to do/use had been made we should have heard about it via
RNA over the exchange rns news wire long before our brokers mentioned it
:))
Guessing your broker a bit slow on the uptake and reporting the
vote the other week lol
:))
Yes got mine from AJ Bell
But not Halifax
100/1 it is then
Noob as previous post probably just informing OLD new it has
been approved but not implemented lol
:))
Canadian Overseas Petroleum Limited has announced a consolidation through which your existing shares will be exchanged for a smaller number of shares. The share price is expected to rise to reduce the impact to the market value of your shares.
Under the terms of the consolidation, your account will be credited with 1 new share in replacement for every 100 shares held.
Your account is expected to be credited with the new shares on or around 1 October 2021.
Please be advised in some circumstances there may be delays in the proceeds being credited to us from our custodian. Please allow 10 working days for your account to be updated.
Please copy and paste the below FAQ link into your web browser for more information on corporate actions:
https://www.ajbell.co.uk/sites/ajbell.co.uk/files/AJB_Corporate_action_FAQs.pdf
IMPORTANT NOTE - If you have any questions or queries regarding this event, please send us a secure message and ensure you quote the following in the ‘Subject’ field: CORPORATE ACTION - Canadian Overseas Petroleum Limited - 9672135
Updated: 24/09/21
Palmer
what does it say , is it saying he has decided to use it or just confirming OLD new
that an UP TO 100-1 option is now on the books and available to use when he
wants
Already had a 10/1 he just upgraded it to be available in a recent vote
If the brokers are saying its happening before and RNA message Arty and his
PR team want a hot poker where the sun don't shine lol
:))
That is just a copy and paste of the announcement received, nothing further
So check my last post
Hot Poker it is then
From we will not suspend on the 16th Dec (the norm) to months to return after the RTO
completed on 16th Mar (nor ready with the paper work) to now hearing things from the
brokers first ffs
YJ and advisors excelling at being completely incompetent again wtf
:))
Thanks Palmer
nothing in my queue at the mo but that is deffo a notification ITS DONE
and effective October
poor poor communication again by the company
:))
Motherfckers just can't help themselves.
Consolidating on a downward share price trajectory is generally interpreted as slow motion suicide.
Say it with me now:
THE STATED PURPOSE FOR THIS CONSOLIDATION WAS ADDITIONAL DILUTION.
Consolidation of a weak share, then dilution, would be indistinguishable from the actions of a dying company IMO. Even though it is supposedly not dying.
Why send this signal to the markets?
Can't wait to see the echo chamber spin this.
This is no error, I have two accounts with AJ Bell and received two announcement emails
If not its one monumental uck up
It's happening 100/1
Finally we get that rise, just not the one we wanted
Oil 74.14
Crude 78.12
Never
and the Canadian Market is currently open so probably gonna be called into
the principles office for a media release doing the rounds of the brokers and
nothing reported with an RNA message first over SEDAR during open hours
Canada , Oz and USA normally more stringent with the rule book than London
:))
Love your posts LB28
Got to admit I am sat here giggling at my phone looking a right weirdo
Keep up the good work
Multiple brokerages sending them out.
100:1 consolidation is happening.
In June, the reason they gave for wanting to consolidate was to be able to dilute more.
Nice corporate comms, nice corporate strategy, nice Friday afternoon turd in the punch bowl.
Hey Shaa, tell us all how great this is.
Noob
Palmer posted the print looks like a done deal
Last reported in and RNA message , we have voted for an UP TO 100-1
consolidation , this one is definitive you will get 1 for every 100
so someone has fcuked up releasing before that change to definitely do the
whole 100/1 in October
A material change in both it is occurring and both rate and when
if that is not a mandatory RNA update requirement what is ffs
:))
Management Information Circular
May 25, 2021
Page 13
QUOTE
Basis of Consolidation
The Board is of the opinion that, in the future, it may be in the best interests of the Corporation
to effect the 2016 Consolidation and the Second Consolidation, and such consolidations may
enhance the marketability of the Common Shares and could facilitate additional financings to
fund operations in the future
/QUOTE
https://www.sedar.com/GetFile.do?lang=EN&docClass=10&issuerNo=00021327&issuerType=03&projectNo=03226846&docId=4969645
Consolidation decision planned for when churn ended or best signs of that.
No need for dilution - as $20m in bank, plus $2m per month oil revenue and increasing, $20m accordian. Southwestern had $9m issued and have not spent that much - the $1.6m Deep drill , low cost CC well recompletions, MF and its supply - maybe all in $4m on operations so no pressure there for dilution - COPL have just crawled out of the sea, need to evolve.
AM virtual II roadshow news was the signal. "invest in COPL, then i will instantly dilute you " has no credibility
Key is II and what they do next - it always was.
I am still taking this a positive (maybe stupidly)
Art knew the price was going to be low for a while as stated in the interview, remember the glint in his eye
This is hopefully a plan
Just needs to inform us mushrooms what that plan is
@Tiburn agreed that the "Road Show" was a huge question mark.
I see it the other way though: I believe he would have been marketing the next placing. Why else would he put in all that time and effort.
I disagree that no funds are needed. Wyoming plans are the definition of aggressive expansion, by the CEO whose trademark has always been aggressive expansion.
This is the guy who did the most drilling the fastest in the North Sea of any company ever, or some such thing.
$20MM is expense account money for oilmen. You know that.
$200MM is enough for a modest program, and once you add a "B" you are talking about real oil budgets.
No way is he not trying to raise money, just because he has enough working capital to keep the lights on and wait around while a few wells creep up their piddly hundred barrel production from month to month.
That's my prediction here.
so a 100-1 return at 32p ish as they seem to have nailed us down here
Then do they let it climb with a figure in mind for perhaps a raise for
taking cuda or whatever with 156m shares in issue
so a 20% dilution 31.2m shares would raise around £10m
or 31.250 m Shares at 32p = £10m
OR
as have seen on other better consolidations they have let it rise before the
raise with a figure in mind , all to a sticky investor not a wonga lender/dumper
I guess we find out this coming week
Still stuck here at 0.32/32p or News recovery higher price Investor let in with
a substantial discount to market price but NOT A DUMPER fingers crossed
;((
CUDA has $60MM USD in debt.
To take them out would require ~100% dilution.
Not factoring in the price drop from consolidation.
Just one question, if consolidation is for a placement then surely Art can do that without consolidating, or am I missing something?