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New management will be more happier to handover company for pittance; in one year it’s been diluted for throw away prices. I can’t imagine is this so easy to run a company with spoof and bluff on and on with no credibility left.
must be a clear takeover target if funding is done. Incredible cheap at these levels.
no mention of consortium or bond purchasers to raise money.
If warrants are used then no need for Pageant - it is just an offer.
"but you keep 80% vs 40%. That is much more valuable!"
Yes, but it doesn't take too many 15% dilutions before it ends up being the same thing. We've just had another 15% go to Pageant for a pittance. Would be amazed if we didn't have to offer a chunk to consortium members and bond purchasers as part of any revised plan. On the upside (at least from a dilution, though not cash flow, point of view) , we have a ton of 3p warrants expiring next week. By my reckoning, only 50m of 177m have been exercised so far. Share price could under 3p by next week, so hard to see a flood of takers.
Tre way I heard it was, Linn realised after they had met all the consortium and bankers and formed a good relationship with them ,they could do the job without spoton and save themselves a load of stress and money.
but you keep 80% vs 40%. That is much more valuable!
SpotOn had an option on 60m shares at €0.17 after oil started flowing. The Pageant offer is 160m shares and warrants at 3p, regardless of whether EDP goes ahead. Hard to begrudge it as the lights would be going off at Providence otherwise, but the dilution just underscores the cost of the SpotOn timewasting.
SpotOn had the obligation to raise funds and as a reward I think they had stock options at 3p; which now going to Pagent without any obligation. MM's are raising the price nicely sells and buys are happening to lure in more souls.
Yes, ps.
Another question is why Linn is so confident of raising the capital when his partners in developing Barryroe are the very people whom SpotOn could not get to raise the same capital?
Bronx, words of wisdom indeed.
I'd feel more comfortable if Linn had been forthcoming about exactly what sank the SpotOn deal. What's to say that the go-it-alone version won't hit the same or similar obstacles? One thing that's always been missing from the Sequa/APEC/SpotOn fiascos is any sort of assessment (either up front or post mortem) of what could/did go wrong. Understandable, as PVR are usually raising funds from hapless shareholders on the back of the latest feelgood narrative. As others have said, it starts to wear a bit thin on the fourth attempt. On the other hand, some of us have little option but to suck it up. It's just a pity to have to acknowledge that Linn is no more trustworthy / competent than the Bronze.
Cagney..Have to say I was lucky I got out..but from what I see these guys should be in jail..its like ponzi scheme that keeps getting funded ..you will not miss anything if you sell..there will be 500 million more shares when this chapter is over..you can always buy back when there is some kind of solid financing is in place..
It's like the prisoners dilemma.
Bronx I totally agree. But as the song goes.. should I stay or should I go?
My arithmetic was, SpotOn supposed to raise 165m out of which 50% contribution from SpotOn Consortium and 50% should be repaid from Field Production which is quite lucrative if the resources are there. However, if SpotOn failed to raise the capital and coming back with questions something is not matching up and Pagent is again been offered with stock and warrenty options at throwaway price which will dilute the company by another 15% to 20% for 5m, how did we come to this position after few months more dilution etc. What exactly SpotOn consortium demanded? something not adding up about due diligence and way it was accepted at the first place. They are pushing the can down the lane.
Cagney..the writing was on the wall when Spoton missed their first initial financial payment..what was it £200k?
And then that website or excuse for 1..
OMG
Bronx, you have a point.
SUCKERS for Spoton shares