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and movement
#NCCL did 5000% on its funding... #LOGP way better terms!
I have held LOGP shares in the past JH 77,...... bought back in earlier this year in anticipation of a Barryroe Farm Out in first quarter of 2017,..... last year the loan note was extended to 30th June 2017, our Cash position must be getting low now. LC Capital Master Fund, Ltd, look to be in a strong position here,... I also believe a Barryroe farmout will come this year,..soon I hope. BW
Hi Wraith....I dunno how long you have been invested here, but are you aware that LC Capital Master Fund is the private investment vehicle of Steve Lampe who is a director of Lansdowne? So in effect, as well as holding a directorship he is also the company's principal backer and has a lot of skin in the game. For this reason I cannot see him pulling out now as he would stand to make a major loss....so I'm guessing that the company will be kept going until Barry and Helvick come to pass. I hope that they get shut of some of the board of directors and reduce costs to an absolute minimum. Say 3 directors only and get SB to work from home to eliminate cost of office. Unless Barry is closer than we think.....
Thanks for jogging my memory on that business Wraith. BW
No, will not be going to AGM myself,..... on the 17th June 2016 the Loan Note was extended;- "The Loan Note On 10th March 2015, the Company issued a senior secured Loan Note to the value of £1,862,318 to LC Capital Master Fund, Ltd. On 10th March 2016, the Company announced that LC Capital Master Fund had agreed to extend the term of the loan note by six months until 9th September 2016. LC Capital Master Fund has now agreed to convert £930,000 of the amount currently outstanding into new ordinary shares at a price of 1 penny per share. This will result in the issue of 93 million new ordinary shares to LC Capital Master Fund, which will represent approximately 19.4% of the enlarged share capital of the Company. On Admission LC Capital Master Fund will be interested in 138,160,668 ordinary shares representing 28.8% of the Company's issued share capital. In addition, LC Capital Master Fund has agreed to a further extension of the term of the loan note to 30th June 2017 and to a reduction in the coupon from 10% per annum to 5% per annum from today's date. The 20% redemption premium on the original amount outstanding has been capitalised. The remaining Loan Note carries no conversion rights. The Total amount outstanding under the Loan Note at Admission will be £1,545,552",...taken from RNS "Issue of Equity" dated 17th Jun 2016. I have been waiting since 17th June 2017(with the date of last Years Results being, 17th June 2016) for clarity on LOGP current Cash position & Loan Note, going forwards. BW
Totally agree mate! Holding and adding a few along the way!
When PVR just did the recent farm out and put a load more cash in the coffers this is what TR said, " What it does for Barryoe is give us options and a strong balance sheet. We're in a farm-out process for that, and so people know we have the financial wherewithal to do things on our own if they don't come up with a reasonable opportunity for our shareholders." patience as ever. LOGP results will be awful, we know that. They need to raise a bit of cash quite soon i think just to keep things ticking along until the farm out. The farm out will happen. LOGP has 20% of a huge resource. This will multi bag from these levels when news drops
A more apt description would be Crocker - as in crocker sh*t. That about sums up thle SP.
Sorry about that bud! Shall I change it to "A Cream Cracker" ?
sorry but I find this persistent "cracker" quip really annoying when the SP is doing what it is doing. It's like lemon on a paper cut!
I'm not too worried about a slight delay with results Wraith. AGM is taking place July or early August....so will be available probably a bit ahead of that. Will you be attending the AGM?
A cracker,..with "Combined capital and operating costs estimated at c.$30/bbl" (taken from last years Final Results Fri, 17th Jun 2016) for Barryroe, & LOGP with 20%, it should be,..... the question I'm asking myself is, where are this years Final Results? BW
Cracking finish!
It's a cracker this one....A wee cracker!
I have had a look over on the ADVFN board you mentioned,... was disappointed to find rather childish/schoolground remarks, being made by poster -"papillon"-,... I was under the impression, that we were all adults, on these Financial boards. Tune fore weekend: https://youtu.be/129kuDCQtHs BW
In the scenario you mention,..... a ratio of 1 pvr (s/p@15p) share for every 15 LOGP shares, this calculates out as;- 510.16 million LOGP shares in issue divided by 15 = 34.010666 million PVR shares for 20% of Barryroe, placing a valuation of 34.010666 million PVR shares x s/p@15p = £5.1016m approx for 20% of Barryroe (s/p@0.99999p on each existing LOGP shares),..... not forgetting, this would equally reflect a valuation of £20.406m approx, for the PVR 80% of Barryroe,.... which I do not believe would be helpful. I would be very surprised, if such a low value offer was made. With my Gross current average LOGP s/p@1.27239p, such a valuation(£5.1016m approx) would leave me 21.4% approx down on my current LOGP shareholding,..... my existing low current average PVR shareholding s/p position (which is in Profit), would absorb such a loss on the new incoming PVR shares & still be in Profit at a higher Gross average s/p, with PVR current BID s/p@14.5p,.... I bought into LOGP this year, hoping to average down my PVR s/p position further, with Profit from LOGP, not to average up, as a1to15 ratio would have me doing!!! No,..Most definitely not in favour of & would not support, a1for15 ratio myself either,... that would not work for me!!! (much prefer, my1 for4 ratio scenario). BW
Hi JH77,... Yes, as a PVR shareholder, I have approx 5 times the Funds invested in PVR, to what I have invested in LOGP (at today's Market Caps),...... when using a ratio of 1 PVR share for every 4 LOGP shares I hold, this would result in my current Core PVR shareholding increasing by 85%,...... this would in itself more than counterbalance the 26.4% approx increase, that there would be in PVR shares in issue(597.66 million shares + 127 approx million shares + 31 million shares = 755.66 million shares approx), in such a scenario. Although, as you quite rightly point out (imo), Barryroe is valued at a ridiculously low level at present,..... I believe that with the type of deal scenario outlined, the market would reflect a more realistic valuation of Barryroe, if PVR were to have the LOGP 20% also,.... which could also have the effect of negating the negative downside effect of PVR share dilution, on the PVR s/p, in this scenario, (imo). It would be great to have a Barryroe Farm Out announced, before the end of June, or at least some sort of deal to progress the Asset. BW
Hi Wraith....That would mean that pvr would have to create another 125 million new shares to buy out logp shareholders 500 million shares. Along with the 31 million (rumoured) new pvr shares being created for upcoming fund raise. So in total then....there would be about 760 million shares in the new entity. So that might knock the price back by about 25 to 30% in very approximate terms, but give pvr 100% control over Barryroe. Another poster on advfn was suggesting a much less generous 1 pvr share for every 15 logp shares, which I find unsupportable. I might go for a 1 for 4 buyout me self in a time of hard choices. Even valuing logp's 70 million barrels of oil at a measly 1 dollar a barrel suggests a valuation of 70 million us dollars or about 14 pence per share......Would prefer a buyout of logp for a cash offer around that figure by the likes of an incoming farminee such as total etc. Bit early in the morning to get my head around the numbers I must admit.
I was just having a few thoughts on the rumours myself,..... but more along the lines of, an all paper takeover valuing LOGP at £19.07m, which with the PVR s/p@15p would be a ratio of 1 PVR share for every 4 LOGP shares held approx. With the rumoured PVR Cash raise s/p@15p, being used to help progress Barryroe. Holding both PVR & LOGP shares myself, if this type of deal scenario would progress Barryroe, it would have my support. BW
Rumours about that pvr are raising 4.5 million to buy out logp. Better up the ante cos I expect a bloody handsome premium on present lowly market cap. 1 dollar a barrel for 2c reserves would put this on about 12 times current sp.
Good to see a few buys coming in here again. Here's hoping for a bit of news next week in shall ah!
I agree Egghead. If no deal agreed on Barry by the next AGM. They should sack all the non execs and reduce staff to Boldy and the finance director, close down the office and get Boldy to work from home on half pay. That would reduce overheads to an absolute minimum and minimise further dilution. I hope there is a good turnout for this year's AGM to discuss further drastic money saving measures....but more than anything else I wish that O Reilly could get his finger out and deliver a deal on Barry followed by a bit of action on monetizing the Helvick asset to get some cash flow.
depend on oil price .......