The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Yes that is correct.
You need to look at the funding table in the RNS of 07th Oct to see the likely distribution of the £24M
https://www.lse.co.uk/rns/RBD/statement-re-proposed-placing-and-investments-dhefcret2u5v95f.html
You don’t need cash to swap paper and IANAA is correct. The “Swap shares” would mean the creation of up to £7M / .009 new RBD shares on top of the 2.6Bn “Placing Shares”
S&S need to be called to Account on why they thought this deal was good, the news void on operational progress and whether the share swap is still on.
Jack
ADUK,
As far as I understood the £24m was £16m for Rathlin and £1.95m for Danube. The 2.6bn placing shares generated this money.
The £7m equity swap would have involved the issuing of a further 780m shares. Those are not yet in existence. One worrying aspect was that those share holders had verbally agreed to the swap, so I'm not sure what changed.
That does mean there is £6m or so available to RBD.
I don't think you're deramping, those are sensible thoughts and I appreciate them. I have the same feeling about the WN situation, lots of confusion it suggests they don't really know what they're doing. I can't understand what has happened to the EWT which should really be getting ready to start soon and is probably the best next step to be taken.
Novykluk,
"It would have been tremendous had that gone through! But if it doesn't proceed I doubt there will be any further formal confirmation to that effect."
If the share swap craters, there had better well be a 'formal announcement', because if not, S&S are likely to feel the FCA feeling their collar in fairly short order. The 24 million placing last month was for (a) 16 million in further equity in Rathlin, the cash for which to be used to finance further West Newton operations, (b) 'up to' 7 million in share-swap (c) 1 million not mentioned, but no doubt administrative costs (lawyers' fees etc) for the placing to actually happen, which is no sweat.
If the share-swap doesn't occur, where does the 7 million of the placing earmarked for it go to? I think it's incumbant on the company to publicly give information about this, even if PI participation in the placing was minimal. Because PI's are affected, by the 'dilution' effect that the placing inevitably had.
I don't want to appear 'deramping', I'm not a 'trader', so deramping a share I hold would be like shooting myself in the foot. But although I don't see any writing on the wall, there definitely seem to me to be some cracks appearing in the plaster, and I'm worried. I hope the cracks aren't being caused by a rat away.
On the back of the 'meeting notes' kindly posted by PDSMPiper, there appear to be some technical questions about W.Newton which I personally don't feel have been answered, nor properly addressed. For instance, I looked at that 'Drill or Drop' article about the holdups on the preparations for the WNB site. OK, 'Drill or Drop' is an anti-oilbusiness 'protest' site, which does all it can to promote its own weird agenda. However, that article appears factual. Can anyone in the area actually go check to see if the work on WNB has progressed, and lay our minds to rest on this one, please?
And why is the emphasis being placed on further drilling at WNB, before the 'modified' EWT on WNA has not even started? It sounds a bit like putting the cart before the horse, and drilling wells is all fine and dandy sexy stuff, but eats up (or spreads around) cash very quickly.
And now UJO is proposing a placing, part of which to be used to finance further seismic on WN. What? Shooting more seismic before the EWT has been done? Mad, or what? Seismic's all very well, but it doesn't get oil out of the ground and sold to the market.
The brrmedia 'interviews' weren't interviews. They were just S&S speaking to camera. I could do the same thing at home and put it on youtube, explaining why I think the Earth is flat.
I'm not interested in RBD 'improving the value of the assets'. I'm interested in the 'asset' I've invested in (ie RBD) improving in value, evidenced by Mcap and a good SP. Instead, it seems to be doing the opposite.
I'll be watching this very closely now, and hoping for some 'formal' news reassuring me that there's not a rat behind the plasterwork.
miker444, ref: Raithlin share swap, "will it just disappear due to already mentioned as not definite in the last update."
You raise an interesting point!! It would have been tremendous had that gone through! But if it doesn't proceed I doubt there will be any further formal confirmation to that effect.
Perhaps at some time in the future we might hear in answer to a question at a presentation or the like.
Judging by all the other things that seem to be passing by unannounced I wouldn't expect any confirmation that the share swap ship has sailed. I'm assuming it's dead in the water.
It looks as though we will not be undertaking the £7m 'share swap' with Rathlin, it's a shame, 40% is massive but 50% would have been outstanding.
Would it have to be followed up with an announcement if it doesn't go ahead or will it just disappear due to already mentioned as not definite in the last update.