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smidsy - I couldn't get your link to work until I took one 'bullboard' out. The link took me back to where I already was! Your posts appear to be the only ones today. I suppose we'll know more on Thursday. It doesn't bode well but Brad always keeps things close to his chest so who knows, perhaps we will be rescued at the last moment. I've already had one AIM investment go bust this year. I don't want this to be a second!
Results just out. Given until Thursday to repay debt.
If Brad failed to pay the outstanding money demanded by Atb and carried out its promise to institute bancruptcy proceedings I would have thought that trading would have been suspended before the TSX opened. In any case I was expecting some message first thing this morning telling us what the situation is. Either the company has gone down the plug hole or it has been given another chance. Read more at http://www.stockhouse.com/companies/bullboard/bullboard/v.ede/edge-resources-inc#Lam8V8GT3V0IzVEc.99
Has anyone tried to make contact with Brad, it appears it is going to go right to the wire....
One can live in hope. We will soon know. The Company is in continued discussions with its subordinated lender to acquire the debt from ATB. While the Company is hopeful and encouraged that its subordinated lender will acquire the debt, which would allow the Company to continue operating,
the time is up close of play today. on tsx . if ever there was a time to pull that rabbit out of the hat .,this is it.
we have a gamblers chance. the bank has foreclosed the loan, and the company must pay up, re-negotiate loan terms or go into liquidation. a heavy blow for investors here. not much choice either now but to hold.
Or do I still have a chance lol
Could do with a investment company like solo taking a stake get things moving again
Thanks for the info on stockhouse & sedar good to see a board with some life have you seen any trades been made since the restart
Can't see anyone buying shares here until it's been decided if the company is being rescued.
Let's hope people don't start panic selling not alot of point imo at these prices hopefully some will see it as a punt and get some volume moving again
Has restarted in Canada.
Good find freeflow. If we are to believe SP Angel we could still be in with a chance. After trading was stopped on Aim I emailed Brad to ask if he could inform me if the RNS system would still operate and if there were bulletin boards similar to the UK. He did answer and told me of 'Stockhouse' and SEDAR. I sent another email thanking him for his help and I commiserated with him on his difficult decision to leave AIM. His reply was rather informative and I am not going to put it onto here as I regard his comments as confidential. Needless to say I was convinced that Edge would survive. So todays news has come with great surprise but I know from Brad's comments that he will go down with all guns blazing.
Article in proactive invester seems to think there may still be a chance of survival let's hope so come on brad time to do or die a few more months could make all the difference wti is a killer crippling countries let alone companies
Confirmation of report put out by Edge.
Not surprised to see the bank foreclose in view of BN's desperate 93% ownership plan, really sorry for all who persevered by transferring to TSX. Yet another company to join the AIM graveyard.
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Read more at http://www.stockhouse.com/news/press-releases/2016/04/04/iiroc-trade-halt-edge-resources-inc#1irhfXv7Xvbe7JCu.99
For those of us who are still interested in Edge. The company has today asked IIROC to call a Trading Halt and share trading was suspended from 8.0am today (Canada time) I can't find any more information on this although I have posted a couple of messages on the Canadian Bull Board. I can't see anything on the Web site although the Web site was not one of Brad's strong points.
Anyone had a chance to read through the documents or spoken to Brad. TSX is trading steady so it looks like if the refinancing happens we will return at $0.01 equivalent, with the new consolidated price of $0.2and a MCAP of $12m. So no scope for a 20 fold rise to get back to my entry but possibly 2-3 fold rise.
Sounds like brads lost control of the company I didn't know things had got that bad now fighting for survival I was hoping De listing from aim was more of a short term measure
Well, looks like you and me Smidsy, no reaction on TSX so it can't be the 93% dilution option from here and can only mean that if the deal goes through we will be at 0.01 equivalent post consolidation or higher, so better than when we left AIM. Could do a CAZA post deal and multibag, would mean nothing to my orginal holding that has a long way to go to be recovered.
the extract below is from the report. If I read this right the major creditor takes 93% of the shares. This to me shows that the creditor is confident on being repaid for the money lent to the company. No doubt the creditor will have checked and double checked to ensure that Edge will survive the current situation with the oil price. How the consolidation of 20:1 will effect I am not so sure other than to swap 20 of my shares for one of Edge. Like Confounded I would be glad of other comments. As part of a debt restructuring being considered by the Corporation, management of Edge Resources is currently negotiating with its subordinated secured lender (the “Secured Debtor”), one of its more significant secured debtors, towards the possible issuance of common shares in exchange for some or all of the debt owed. Currently, the Secured Debtor is owed approximately $11.4 million by the Corporation (including outstanding principal and accrued interest). In order to assist with the restructuring, the Secured Debtor is also contemplating providing the Corporation with further secured debt in the approximate amount of $600,000. As a result of the proposed debt restructuring and following the proposed up to 20 for 1 consolidation contemplated above, the aggregate amount of the Secured Debtor’s loans and accrued interest, are proposed to be converted into Shares of the Corporation at a price of $0.10 per Share (subject to TSXV approval). Principal and interest accrued on the secured debt to April 11, 2016 shall then equal up to $12,000,000 and would result in the issuance by the Corporation of 120,000,000 Shares. Prior to giving effect to the aforementioned debt restructuring the Secured Debtor, together with its affiliated parties, currently owns or controls, approximately 4,400,000 Shares (representing 2.6% of the outstanding Shares on an undiluted basis). Following the possible consolidation and the possible conversion of the secured debt the Secured Debtor could own or control 120,220,000 Shares (representing 93.6% of the Corporation's then outstanding Shares on an undiluted basis. Both the possible consolidation and the possible debt conversion, and their respective terms, are subject to acceptance from the TSXV.
Lots to digest on Sedar. If I have read it correctly we are giving the company to the creditor. 93% of share capital to them. Also turns out Brad is not with us on this one, only has 1% of the company as of delisting, a lot less than some believed.... If there is a possitive, again if I have interpreted it correctly, the conversion will be done at $0.1. The element of doubt is this could be after the 20:1 consolidation.... Will be interested to get others views on this. http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005958
CVE:EDE on Google Finance - Canadian value 0.005 CD$ is roughly approx to our final trade - but awful quiet over there.