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Sometimes the MM will take stock at higher than the bid, if they want some, but a large trade like that would probably not be given a premium in the slightly saturated current market.
You will notice today that the 3,039,774 share "buy" was also classed as a "sell".
Here is how it works showing the stupidity of the system
If the Bid is 10 and the ASK is 12, the mid point is 11.
If the share price is 11 or more it is a "buy" and if it is between 10 and 10.99 it is a "sell" even though the trade is at a price greater than the Bid which means somebody paid over the odds.
One of the crazy rules of the stock market and has been the way ever since "Big Bang" when shares were computerised.
Notice how 2000000 buy is dressed as a 'sell'
Adjournment of EGM
24 July 2023
Barryroe Offshore Energy plc ("Barryroe" or the "Company") announces that the EGM to be held in Dublin on 24 July 2023 will be opened but immediately adjourned.
This decision follows a petition, submitted to the High Court on 21 July 2023, by Vevan Unlimited Company ("Vevan"), one of the Company's substantial shareholders, for an Examiner to be appointed to the Company. It was directed by the High Court that the petition will be heard on 31 July 2023.
Upon opening the EGM, the Chairman will immediately propose an adjournment in accordance with section 187(4) of the Companies Act 2014, pending the outcome of the High Court petition by Vevan.
A further notice will be issued to shareholders following the decision of the High Court as regards the petition.
As reading first Rns did not give much, I did not read the other ones, but searched online anyway.
So because Ireland refused LOGP and Bey to assets the share price just got destroyed that much?
Now LOGP stating they fighting for shareholder investments etc by filing a lawsuit. So does the company have a high chance to win or going to be bankrupt? And if they win, will they have access to assets? Or will they get compensation and this will move this back over 1p? But why did they raise? For work for the whole of 2023? What other things are they doing?
Reading into some things, dilution, raises, Bey liquidated and this will go to 2p-3p or be diluted more and stay around 0.0007 forever etc.
Can someone on this chat, just in one simple line or 2 for the 3 bullet points I have raised.
1) Why has this stock which is normally over 1p or around above 0.0040p been obliterated in the last 3 months and is around 0.0012p now?
2) Will there be further dilutions? Why did the insiders sell because company will cease to exist? But a small group of shareholders apparently funded this raise? Why so confident?
3) What is the true value of this stock? Is it 50/50 we will get back to 0.00050p or over 1p? What is the general view and why?
Anybody able to post the text of the Irish Times article on here please?
One for LOGP to take note of, a wider landscape of legal representation, with the support of LG’s heavy weights certainly adds an interesting dimension,..GL S
Goodman seeks appointment of examiner to Boe
https://www.irishtimes.com/business/2023/07/21/larry-goodman-petitions-for-examiner-to-barryroe-offshore-energy/
BEY looks like the wind up starts Monday. The principals clearly don't see any point in judicial review proceedings....
https://www.irishtimes.com/business/2023/07/21/pessimism-mounts-over-barryroe-as-liquidation-vote-looms/
Swizz, if you are buying into LOGP due to the upcoming arbitration, you might want to consider getting in touch with the guys at Pyrenees Energy Corp (private company, not listed). They have already filed a €160 million post-tax claim against Spain and have their lawyers working on a very heavily discounted conditional fee agreement (plus a success based uplift). I am aware Pyrenees Energy Spain S.A is discussing a litigation funding agreement with some of their existing shareholders + a few newcomers. They (PESSA) have capped all the costs (independent experts, legal fees, court fees, adverse costs) related to the claim at €353k which also includes potential appeals plus adverse cost coverage (adverse cost coverage for internationall arbitration will be a cost of £1 million - £2 million, but litigation funders, with the most recent LOGP RNS making reference to litigaiton funders, normally have the contacts for the adverse cost insurance policies.
You might get in at 0.075P ? - Now that's clear foresight for you and a very cunning plan. There were special reasons why the Rockhopper case lasted so long. So take heart, Mamms, and invest for the not so very distant future, especially if you can get in at or near the above 0.075P share price!!
No worries, I know for a fact that they have not sold and to suggest they have in effect under taken market abuse is ridiculous, ..GL S
Plus, if anyone is interested, the fund raise today, has been supported by a very small group of shareholders, myself included, who have all supported the previous two fund raises and was overwhelmingly supported and over subscribed, plus it was kept to a very modest amount to limit dilution .
No, Mamms does not agree - BHC got out when it saw the dilution coming and knows that once BEY fold their tents, the sp will drop significantly again. This is a one shot game with a high likelihood of no return. If there is a return it could be a factor of 20-30 on today's prices (so 2p-3p a share) but it may take 10 years to realise it. Not for the fainthearted.
Yes, Swizz, I think Mamms now agrees. Devilishly circuitous route the shares had to travel but they are not in Larry's Locker or in anyone else's for that matter. I am sure BHC etc still have high hopes, like the rest of us.
I would very much doubt that, it looks as if it has been moved, probably to a different fund as part of tax planning,..GL S
Tis a cracker this one....a wee cracker!
Once, Brandon Hill just quit LOGP.
Changed hands? - how many times? - fat fingers only explains so much - really!
Only 3 parties have that many shares and one of them (Brandon Hill) have exactly 100,671,158 shares - so they have exited - I wonder who has come in? Probably a vulture fund taking a punt on litigation, or maybe Larry?
10% of LOGP just changed hands less than a week before BEY has to decide on a voluntary liquidation....
Can anyone explain recent trade or trades at 3PM? Where have these 100m shares come from and where have they gone? Anyone any ideas?
They're struggling with the decimal point, same transaction and reversal has gone through at £1,600, £160,000 and £17,000!
Looks like the intern is having a bad day
RTO might be a possibility.
24th will be interesting if nothing happens in the meantime but I am interested in what "inter alia" will bring to the table on 24th. "Any Other Business" could be interesting.