The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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WOW!game on chaps
0.12/15
atm
Motoring now-50/60% before close?
Nice! Anyone know how much the previous directors were getting paid?
The outgoing Directors, in order to assist the incoming Board with the conservation of funds, have agreed to waive all outstanding past and present remuneration and fees, including those relating to contractual notice periods.
AND
The team will also ensure financial prudence is at the forefront of any strategy devised and a focus on shareholder engagement is paramount.
Both of the above paragraphs are massive for this company as they look to get Namibia off the ground, where the majors have currently got exploration drills taking place around them.
They won’t be coming in just to be a lifestyle company, look at their CV’s!!! Think we can expect a big move north in the coming days and this makes explosive moves on small volume. Today’s rns is a game changer for this company.
Incredible news to start the week off
New world class board have come on with the idea of not wasting money and also want shareholder value
The old board are gone with no financial obligation to the company
if this is a sign of things to come where the new board managed to make Peter hill leave for nothing then we have a great team on our hands
I have a feeling the new team given they’ve got sector, market and asset management backgrounds will be Able to get deals done for us
Huge huge upside at only 600k market cap
Needs an update on funding as they’re skint
Peter Hill is toast
What happen with the placing
I do believe that the BOD should forgo the salaries due to the dreadful performance and cash drain on the company over the years.
If the directors get ousted which is probably for the best as they have properly fddd this company to the ground and probably will end of delisting,
New directors will come in and consolidate and raise serious cash here and will dilute everyone to a new low, Nothing is going to get better here but once this all happens then it maybe a good buy depending where they plan to take this company
anyone holding on is crackers
Looking like the calm before the storm when hopefully an Rns will land with a new strategy and new directors
Where is all the buyers today ?
Look like this will rise
Nobody will be sorry to see the back of the current directors and have to consider we are still valued at a little over a million
Have been in this for years and sitting on massive losses but now will anticipate events but short of funds to top up but does seem a great opportunity now
Two people paid approximately £67,500 for a 5% stake each. Its priced to go under. Lets see if these two new shareholders and those they want to move in as directors can save this company.
With loss of $1,283,634 in 2023 and a loss of loss US$1,647,094 in 2022, and a similar amount left in cash, the money cold be finished in less than 6 months and more funding will be needed. And more shares sold. Looking very sickly here. With management now distracted things can only get worse. Yet there is a buyer of these shares.
Two new shareholders picked up a 10% stake. They are going to ring the changes for sure. History of decline here. One way down for the last 5 years or more.
Great Rns today Shantonu Chundur acquired 5% and he looks like the real deal
At the age of 31 asked to go to Africa and took charge and turned around troubled billion dollar offshore oil project
This is just the person and other investors to turn this around
Newbie
What is important is this is a full management overhaul - this imo won’t be the same company which has been destroyed by mr hill and co.
I feel that they’ll have their own cornerstone uhnw or institutional level investor (based on my inference from the tweets that a top class team is being put together now and the network mr Ahmad will have ) to get this moving and solve any issues regarding financing. They will be fully aware of all the finances going in and a major shareholder wouldn’t put together a team that will ruin his investment ( or ours as seeing how he operates over the years he wants everyone to succeed)
Regarding Namibia, there definitely could be JV interest and options here but maybe new better projects will come in. I feel we are at the starting point of what is massive positive change coming here
From this tiny market cap and with the right team and project this can really motor up imo
I write a few words …
I originally invested in global petroleum maybe 10-12 years ago a bit before the current CEO/MD was appointed.
At the time they had a very healthy cash balance (+10m) and some small producing assets in the US ( look back if you want to check exactly).
The current CEO/MD has drawn a very fat salary over the last 1m years and burned the big cash balance……and delivered nothing that has added value
I fortunately sold all those years ago and watched from a distance……a great lesson on where not to invest ( unless you want to pay someone’s salary and get nothing in return)…
Don’t have false hope here and look at the track record…..his salary will get paid until there is no money or mug investors left
I disagree with this as we all assume that Namibia is the one stop shop here. What if the new bod have other plans or ideas for the company and of course they’ll be aware of the financial situation and imo they’ll be smart enough to know not too kill the company otherwise why would they join or why would the nomad let them do that
I think the issue with aim is the myopic thinking and I feel a company like gbp now if Namibia gets a free carry JV for example then it’s ideal and even the financial report indicated a jv will help the financials situation of the company and if it doesn’t happen they can find other plans
but I’m eagerly awaiting the new bod ideas and for them to come in and imo I feel they’ll have backing behind them to grow and get the company going
We have to remember the old board will be gone so we now have a chance of reviving the company
The facts are:
Every one is waiting for the others to make the first move and get drill results to reduce risk and attract JV.
The easiest spot is with PTR and they don't have any cash to jump in, they have the shallowest confession.
Exon Mobil has the deepest concession but they have a deep pocket and they can wait to get GBP and TRP licences for free. This is what it seems to be the game at the moment They can wait GBP and TRP can't.
GBP has tiny mcap and need cash badly. with lowest price at 0.04 few days ago, The new investor is likely to have a discount as well and it will be a heavy dilution at a very low price. Even with cash raise say at 0.04p and GBP will be only able to maintain wages and licence fees. if they want to do more they need heavy cash raise say 95% dilution just o conduct extra work not a drill.
It is really a hard situation unless someone decide to drill and prove the area to be worth investing GBP ond investors and current one is going to be nothing.
reducing bod wages and costs will only stretch the pain. New management clearly will have the flag to wipe existing share holders value and adopt new investors.