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Final results http://www.investegate.co.uk/opera-investmentsplc/rns/final-results/201704111650482444C/
http://www.investegate.co.uk/opera-investmentsplc--opra-/rns/potential-transaction-and-cancellation-of-listing/201704111643082435C/ Cancelling listing on main market and with shareholder approval and raising if funds, will be listed on the AIM market on Monday 15th May
And this one looks like it is more likely to go ahead. Whilst the asset is not great quality, it does have a reasonable defined resource that looks like it could support a mine, although the desire to ramp up to 100k oz per annum looks extremely optimistic. As do the timescales for development of the operation. A bit confused why anyone would accept shares from these clowns at a premium to the current share price but there you go. If the deal goes through they are looking to raise an additional £1.2m (after expenses that will be less than £1m) to provide working capital to actually do something with it. So the deal adds 81m shares to the current total which presumably constitutes a reverse takeover. Market capitalisation will be about £5.5m which looks to be about right. There is better value out the but also worse value. Gold is a good space to be in for the next few years and this looks like a better deal than the previous farce. It probably rates as OK rather than anything special.
I think that TW and SP were, quite rightly, against the deal. It was a ridiculous, value destroying deal.
What a shame that TW and SP were believed,oh well,HNR it is,hi how silver,I was very upset when I thought a two bit sheriff was riding into town,very glad the deal fell through,moral of the story, don't listen to the sheriff
Well, it looks like Opera did the right thing and canned the deal. Presumably they realised how ridiculous it was even if they said it wasn't strategically aligned (OK, the two are compatible I suppose as, strategically, they probably want to make money). Opera's reputation, such as it was, looks to be in tatters. Their best option would appear to be to wind up, return cash to their investors and sheepishly drift off into obscurity! One thing has come out of it. If ever I want to flog some over priced assets, Ryanno12 looks like a potential buyer! Just kidding Ryanno12. But you have definitely dodged a bullet on this one.
But you don't only have to believe me or Okenia. If you look at Share Prophets (ok, TW is a bit of a ****), there is a detailed breakdown of this deal indicating just how appalling it is. It will be interesting to see who they mug in the placing because if it is anyone other than HNR or some other related entity, 'mugged' they will have been.
Ryanno, They could have picked any value for the transaction. It could have been £1. That doesn't make it worth that value. It is an old, old con trick to suggest that the share price should be higher. In fact they have bought a $90k asset for a notional £4m. Singularly the most value destroying deal I have ever seen and there have been some shockers on AIM.
You're looking at the asset sale of £4m to opera (check hnr helium rns) Plus the land Potential npv bang this'll be huge
2p? Lol It's already confirmed that Highlands have paid 15p For this. I am looking to invest on the day of re-listing due to a hold in the npv value of 341$m 45~% Approx Is of price to opera Looking like a potential 100 bag easily So I'd like here faster But on the day of relisting 15p will be the price
Well, I would agree with you that this would get ramped if the disconnect between mcap and asset value was the other way round but the mcap will be much greater than the NAV so it will be interesting to see what the argument is. I expect this to get ramped anyway as MTR are invested here and they will, presumably, want to get out. Although it wouldn't surprise me if they subscribed in the placing! If that is the case, I suggest PJ's reputation has taken another knock. Whatever way you look at it, anything over 2p per share here is bad value.
" The heads of terms provide that the Acquisition will be satisfied by the issuance of new ordinary shares of £0.01 each in Opera ("Opera Shares") to Highlands at a price of £0.15 per Opera Share (the "Consideration Shares"), valuing the existing issued share capital of Opera at £2.5 million." See they are already flagging the implied (ha ha ) valuation of opera as a result of this deal. They should have valued it even higher so that Opera now had an implied mcap equivalent to that of $AAPL lol
The nominal SP for the valuation seems to be little more than a spoof to make people think the existing shares in Opera are worth more than they are. Net assets will be around £1m but with 44m shares that makes fair value 2p. I dare say the £4m (non)valuation will be trumpeted going forward, and the acquistion of it for £50k by HNR will be conveniently ignored. Utterly uninvestible at a fundamentals level but the disconnect between asset value and mcap means it'll get ramped and so could go anywhere.
As much as I think Tom Winnifrith is a bit of a ****, on this I agree with him: http://www. *************.com/views/21483/highlands-natural-resources-the-bogus-disposal-to-add-to-the-covert-placing-this-stinks This is probably the most value destroying deal I think I have seen for a long time. Even using the more appropriate current share price (rather than the ridiculous 15p in the deal), OPRA are still effectively paying £2m (plus costs!) for an asset that a week ago was valued at $91k. Given the fact that, after the new placing, they will have assets of about £1m (mainly cash), this will amount to about 2p per share. I wonder whether people will be fooled by the £0.15p level used for the transaction and seek to bid this higher when it comes out of suspension? I suggest that this should be trading at a significant discount to the assets, so less than 2p.
Does anyone understand this Helium deal with HNR? A few things to consider: 1. The Opera shares to be issued for the purchase are valued at £0.15 which will enable OPRA to laud the fact that this is done at a 100% premium to the current share price. 2. However, shares to the value of £4m are being issued for an asset that has only just been purchased by HNR for US$91,050.73. Literally only a week ago. 3. A significant placing is coming as well 4. HNR will own a huge chunk of OPRA. How long are they going to stick around for? Personally, if I had managed to notionally flog something for £4m that I had just bought for $91k, I think I might like to see the money. The whole thing seems so ludicrous that I feel as though I am reading it incorrectly! Something doesn't look right at all about this deal!
I would say very smart indeed always follow the people that make money and PJ is certainly the man to follow.
At dipping my toe in the water here based on MTRs investment. Any comments anyone? Thanks
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=MTR&ArticleCode=v5e8jjj3&ArticleHeadline=Holding_in_Company Metal Tiger like it.
Well, after the failed transaction - any thoughts from anyone?
It's a poorly written RNS in my opinion. Honestly, I see it souring altogether, starting with the failure of Hudson to pay £200k on 31 March. This I hope, is just my cynical side. Regardless, I don't see the deal progressing in it's current form and frankly, I'd rather they just walked away now. I really hope they have been looking at other opportunities in parallel but alas, my cynical side says no - Therefore unsuspension in June minus £200k (or possibly £400k) followed by months of quiet and SP depreciation whilst they search for further opportunities. A placing at any point during that time of quiet is wholly possible.
Any opinions on latest RNS? Not sure I've quite absorbed the detail..... I had always assumed that the deal as originally proposed was too good to be true, and so it may well pan out.
oops I just assumed it was AIM, especially given it's market cap, thanks for highlighting. I'm indeed conscious of the size of this deal, and happy to wait given it's enormity (in comparison to the size of the company), just a little frustrated by the lack of RNS updates. Any source on the March realist? Cheers
They aren't raising buttons mate. They are looking for $220m and a further $50m. This will take time. Have you googled Solopower recently? Lots of news flow there, they are certainly back in business. Tartan - Not an Aim stock so not subject to 6 month rule! March re-list
not sure, but the longer this drags the more doubt sets in last statement in Dec and would have thought we would hear new soon. fingers crossed as it has been a patient wait. My HL broker account doesn't show any value attributed to OPRA shares since last week, not sure if this is standard after a certain period or news is afoot. GL
Anyone heard or seen any progress with the deal, whether substantiated or not? I heard they were looking to complete by end Feb but not sure on the source. Things seem to have gone very quiet here. Also, AIM rules state a stock must be delisted after 6 months suspension, which passed last month.