Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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am a novice you are right :-))
You are obviously a novice in enquest onedb. Let me enlighten you. We have had 3 Capital raisings in the last 6 years - once every 2 years. Almost always around 21 or now 19p. In the beginning when enquest shares were valued at over £1 each AB went on a rampage and bought about 40m shares. This was obviously ab-esque (rash and not well thought through). By emitting a further 1bn shares since 2015 at 21p and buying his entitlements and even more AB has now over 10% and an average closer to 40p now. I am sure he wants to go plus on his investment
What a weird view this one is. Sorry . But Ab has a desire to reduce his average price and chooses to do so by diluting himself by 10% ? and somehow in 2 years time with Brent average year to date price $66.27 ( front month future) Enquest won't be significantly higher ? . With an average like this and rising am really not sure what you are on. AB's average is about 19p already , going forward with current Brent prices deleveraging will happen quick
Pelle
Of course I didn't that is why I said unfair.
But I have added another 70k shares since OO was announced that had no rights on them.
The OO was needed to help satisfy AB Desire to reduce his average price. He will continue with this practice. Next OO coming in 2 years when bonds Will be redeemed
by 59% I obviously mean the retail tranche offered .
given the time of the year with people finally going on holiday and the size of the open offer I don't get why this is a concern and seen as a negative
The whole offer is £36m(10% of market cap) , £18m( 5% of market cap) ( for lets call them institutionals) and £18m ( 5% of market cap for ( qualifying retail holders) . Now about 59% took their allocation . ie 2% ish is what wasn't taken of the whole lot . Hardly earth shattering and above all I have always been curious as to why this was needed given that free cash flow at Brent to date year average is very cash positive
Much a do about nothing this negativity . in my view, and expressed in actual figures as to why
Yeah - pmo shareholders were also royally screwed over lol
Squiff
But to do a deal you have to honour the commitment that you signed in 6-8 months time AB made it possible with his Guarantee for the $50m and Suncor will honour the sale with oil at $73. If that is not doing your best? Perhaps you should have invested in PMO as they say its not over till the fat lady sings Enquest at least are still here. And I think I hear a song coming.
Pelle - it is difficult to keep information secret. I would not be surprised if Word had gotten out. Anyway, i suspect that you Will have your chance at the next Capital raising that Will come 2023 (Pre warning) but ab likes to go cap in hand Every 2 years and do a reverse dividend lol.
Tigar, you say:
Unfair but costs make it best for company and all shareholders had plenty of warning and chance to buy shares well below 19p after GE deal was announced.
Did you know that it would be 19p and Swedish shareholder could not participate when the deal was announced?
If oil was at $35 enquest would no longer exist. AB is more than happy to buy as many shares in his private company as possible. He has an enormous self belief in his own ability that sadly is not mirrored in the company performance where he has wiped out shareholder value
The placing and open offer share do not exist till 26th July they put a book to receive the subscriptions for the full number of shares with the proviso that the open offer shares can be clawed back by shareholders, AB guaranteed the whole share offering so if nobody took up any shares he would have to buy all of them.
In practise they had subscriptions for all the shares so AB is not needed and the shareholders who were able to take up the OO will get their shares and the placing subscriptions will be reduced and the new share will be generated on 26th July.
AB was able to participate in the OO and the placing so did have some advantage over PI but he also put up the Guarantee
just imagine if oil was $35 a barrel no one would have taken up and AB would have had to put up the $50m
The market will punish us yet again.
When will this negativity end
Well I stand corrected - will be interesting to see the new shareholder percentages
The institutions that took part in the placing wanted the full $50 million. The 40% that didn’t get bought in the OO by existing investors will now be bought by these institutions.
Wrong Squif - he guaranteed it with a loan facility but because the full $50 million was subscribed for the loan wasn’t needed and has been cancelled.
I have not seen anything to say he took part in the firm placing so I expect he will be diluted like everyone else.
Tiger
Can you explain this?
All new shares were subscribed for in the placing, the OO shares will be clawed back from the placed share's
All new shares were subscribed for in the placing, the OO shares will be clawed back from the placed share's it is all a matter of cost the placing would have been a lot cheaper if there was no OO and to have had an OO in the EU as well would have been a lot more costly AB put up a guarantee but it was not required so he does not pick up all of OO shares not claimed from non eligible shareholder not in UK. Unfair but costs make it best for company and all shareholders had plenty of warning and chance to buy shares well below 19p after GE deal was announced.
Didn’t AB participate in the firm placing?
As far as I recall he has first option to buy the 40 odd % that pi’s didn’t want to take up
AB has only taken up shares in line with his holding as far as I know.
He will be diluted by the firm placing and will now own a slightly smaller percentage of the company. Squif should be happy??
BananaJoe,
If you like email me at per_L57@msn.com
We can exchange phone number
Well played AB.
So Pelle if you calculation is correct people in Sweden where not allowed to participate.
But the OO was still calculated with the Swedish shares and went directly to AB.
What would have made more sense is that English shareholders would get bigger allocation.
Worse than I thought. I am sure this is not allowed, but who cares. UK seems a really good place to screw minor sharholders
without any problems.
But how does it work?
We had 1700m shares before and divide with 89 times 5 equal 95m.
But not all 1700m shares was allowed to participate.
There 450m shares in Sweden for example