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working capital remains tight ? what does that say ?
RNS - "It will seek to manage its working capital in the event it does not raise the minimum of £3 million through PrimaryBid whilst it considers alternative means to seek further finance" - Lets start by cutting the fees being paid out to BOD for NOT creating a working solution.
if by some miracle they do reach the magical £3m you can expect a 200%
The share dilution how many shares will be on the market here?
Damn that leaves me with another 2 weeks of indecision - shall I not.. or...shall I not.. reinvest in this shambles... the event horizon has been passed.. set the controls for the heart of the Sun.. IRGS - my Brother runs a removals firm, just saying ;)
why would any group of shareholders in their right mind let these parrots loose with another 3 million after hey have wasted plus 22 GBP to date and still cant get a well close to the good oil, let me tell you they forget the basics, if you spend a dollar you have to be able to replace the dollar in this game, (they are outta control, spent the house keeping and don't have a job) nothing of substance to offer any one thinking of farming in or a JV,if this wasn't the case then they would be swamped with offers. not so.
It really is a bit of a do or die. Why is there a deadline for the primary bids as many other companies on there dnt have any?? To date still no rns from the directors if they have purchased anything... He has not even convinced his mates either.. I only hope for a miracle, need a share representative or need BMD in this and save us like they saved SER. Do a RTO and give a producing company the chance to access the market. At the end of the day we are debt free and have an asset to sell.. Spent odd 22 million to date but no luck.. I do hope we do raise the money and have a drill date for Shannon. Judging by the General meeting day after the bid closes shows that they might be confident enough to raise 3 million from the Retail investors.. Plenty of gamblers out there... Either way if it does go ahead we will be able to buy them below a penny after the placing.. Good luck all whatever happens here.. We need it
General Meeting In order to be able to raise these funds Kea will require Shareholder approval to allow for the creation of 400 million new ordinary shares.
but where are the crowds though Ian?..'I think it's a helluva great opportunity, I really do & I will be supporting it personally as I am one of the largest shareholders' but no commitment to any personal funds for the project Ian, or any of the other Directors? Lead by example it it's such a 'helluva great opportunity'..the rest of course is a hoot listen & watch the full interview below..loving the new hairdo Ian 'It's the new curtains look my hairdresser tells me' h'mm could be curtains all round for KEA petroleum soon, especially if there isn't much appetite for the 300,000,000m placing.. http://www.brrmedia.com/event/138406/ian-gowrie-smith
It's only information I manage to get its over subscribe more than 3 mil .where we will find out on agm. .....
here is the bet,the directors wont put another penny into this dead parrot or nor anyone else in their right mind.!! if you look back the directors haven't spent that much in actual purchase of shares, 82.5% of statistics are made up at the time, their stats are no different , just a guess on hope.
here prior to the AGM as the news afterwards will not be pleasant..
Say 2 directors of a company had already spent over 10 million pounds getting shares in the company at about 80 p (adjusted for a 1 for 10 split) and these were now only worth about 140,000. This company also had a possible joint venture to drill for say 50% of the outcome, by paying £3m for 300m shares these directors would now own over 70% of the shares in the company and have massively reduced their average share price. There has previously been a rns suggesting a 20% chance of a sucessful drill with a 50% chance of a minor successful drill int the same area. They are now investing £3m to recover a lost £10 m and should the drill succeed and the shares rise to 5p there return would be over £15 m. These directors would know how the crowdfunding was progressing and could ensure that they controlled the amount and cost of what they purchase. Interesting???
Out the mess after the AGM..no cash =firesale of assets & bye bye KEA but he will have to wind the company up & speak to the bank & creditors etc etc which os never pleasant..
Wow This share just keeps giving.... Two days to go on share placing...lose back to 1p .... If this share was to get back to old levels it would need to get to £2.90 per share,,, just to break even ,,,,,, I hope the BOD have lived well off others losses,,,, this is disgusting... And now they want to dilute it even further,,,,shocking
thanks for the link,IGS is pretty desperate here, he claims it just occurred to him that it was in fact the retail investors who stumped up through the instos for the previous cash they raised and now they need a reward and not the greedy instos,,, give me strength...where have you been hiding Ian .mention of a producing field at Puka ,I don't thnk so its shut in and most likely without serious money spent wont be producing any time soon,and not under the IGS watch as the money they plan to raise is going to drill the Shannon remember and on the way there they are going to find another sub economic messenger well, well done boys.20/50/80% chance,what if I told you the track history will be about 99% wipe out,so much for your penny . you would have to be nuts to put any cash in here.sorry boys games over get real.shouldn't be allowed to peddle , reminds me very much of the old snake oil peddlers out west...
How many is IRGS buying?? He never mentions this once, not even in his list of 'bullet point' reasons to invest in KEA at the end of the talk..300,000,000m shares to sell by Wednesday..h'mm..
Check this out. More about retail investors getting a discount ( when in fact its a premium to the REAL share price.!). https://www.youtube.com/watch?v=G0ra4IZ6T4o Aside forom that , I almost feel sorry for Gowrie Smith here. He looked like this was the last place he wanted to be ( with the great unwashed) and it looks like hes almost about to cry !
There are plenty of them littered throughout the RNS releases..of course if you still believe in the project then be my guest & fill your boots with more shares..KEA found oil but couldn't make the find commercial at the height of oil prices..those are the facts, if they had concentrated on the PUKA find all those years ago it might have been different..a fire sale will ensue, shareholder value will be nominal..
I agree with you, any one else could most likely drill it economically ( you or I) but these parrots have proven that under their management with farm in partners they are unable to contain costs, or manage things with any purpose Beluga and Mauka costs are testament to that so if they were in control, as they are control freaks I promoted 15 million as ball park. dont/cant see them letting go of the money reins if there is a small probability of some extra cash floating past, just yet as there is another month of fees in the bank ...poor IGS speaking of a fire sale of assets worth much more than a million pounds, garbage is all I say to that, the market has placed a value on the company correct me if I am wrong...dithering of a desperate Chairman with no place to hid from the market as Tippity Top will tell you, rightly spot on again TT.
That's a bit hard, Rongo. The reason there have been no more Waihapa wells is because the field is basically produced out - the trap has been drained. Also, I think you are over the top on cost. A Shannon wellc oudl probablt be drilled for under fivwe million pounds
how many new wells have been drilled in the Waihapa permit in recent years, answer none .why, risk and cost...with this much bad luck stacked against Kea to date isn't it time,why not call it a day, more poor decision making by the management isn't helping the prospect of any success...value of 500 million I don't think so some how....yah cant drill a well there for under 15 million if the last performance is anything to go by ,mate you gotta be dreaming. again.
Darwin 3rd time I don't know who will come and rescue him. Although if I was looking at this from out side the box I would think that IRGS has been unlucky been drlling around but not hit the right spot. Or as he calls it the Shannon prospect.. Again no guarantee 20% COS. is there a way we can find out how much of the 300 millions shares have been bid on?? I personnelly do not have a penny for kea!! It would have been nice if IRGS said I'm bidding x amount of shares as he has a big holding in this company.. That would have given positive momentum to the bidders.. Actions speak louder than words Mr IRGS!! I hope your reading this message.. I want an RNS saying the directors have bidder this much on tuesday or before Thursday. That will I still some confidence if any... gLa here
Very interesting ..........He is very confident that he will find oil not water this interview is very well to the point if we strike 100000 barrels per day it's valued at 500 million .