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Hi Latics Citizens
Ok you two appear to have issues regarding facts so let’s state some proper facts ( the rest of you it’s been quiet here)
Fact number one
Some warrants have already been exercised
Fact number two
Of the remaining warrants some will be issued others won’t
Fact three
If RKH doesn’t have enough money to buy hob nobs there could maybe another share raising/ dilution
Fact four
Citizen will agree with me Latics won’t
Like I said a quiet day
GLA Boboil
So even when I state facts you dispute them, Schitizen. None so blind as will not see.
Not even going to ask you to justify your statement. You’re obviously one who likes to hear the sound of his own views and no other.
Read my post again, boy : let’s hope not.
Institutional holders would be exercising and holding. It's a tiny thing by institutional standards with no possibility to meaningfully trade. They'll decide whether to exercise at the last possible moment - pointless to tie up cash that could be earning interest when precisely the same terms are available later.
Laxative knows this but is happy to go on with his nonsense in pursuit of a single-issue agenda
I suspect the larger holders will wait for definitive news on Sea Lion before exercising. I realise the deadline is prior to the likely FID date but news on an FPSO LOI and possibly funding would enable them to exercise warrants with more confidence that they could all eventually be sold at a profit. Such news would also likely have a large impact on volume which would enable them to sell their current holdings down and exercise the warrants to replace the sold shares if that’s the way they want to play it.
I suspect if all of the warrants were exercised today with the intention of selling straight away at a profit then there simply wouldn’t be the buyers to sustain it, and we’d be back down at 10p in no time.
Assuming the share price stays above 9p, they will all be taken up.
Well - maybe some people forget to do it or leave it too late so let's say 95%!
Looks like Italy have found a way to pay the ISCID case
'Meta Platforms could have $925M tax bill from Italy after assessment'
'Meta Platforms (NASDAQ:META) is the subject of an assessment from the Italian government, with the European nation potentially levying a $925M tax bill on the tech giant.
An initial audit claimed that Meta's user registrations may have been a taxable event, given the potential implications of a non-monetary exchange of membership for personal data, Reuters reported.
The audit was put forth by Italy's Guardia di Finanza. It was then handed over to the European Public Prosecutor's Office and a criminal investigation was opened by Milan magistrates, the news outlet added.'
Yeh but you always say that
Best to look on the positive side but if no news is forthcoming then I can foresee more fundraising required as the 2022 Risk Register states.
Let’s hope not.
Positive Lenweary, positive.
Are you sure it's not "Lentils Rule"?
I wouldn't be surprised if that 14% jumps up next month, however not concerned as I'm sure 99-100% of them will be taken by Dec.
BB3
At present of 60,917,237 warrants taken only 14.277% have been taken 8,697,330 according to last RNS
No it counts as blind leading the blind.
Now that counts as insight :)
LaticsRule
I am completely confident that he agrees with me??
Boboil
Is there anyone you agree with on here, Schitizen ?
@yeast-is-rising
Thank you for the report, it’s good to read some news rather than the endless churn of chat about the Italian payment/non-payment.
As regards the meeting, we are so used to being basically told, in various means of coded language, that this project was being kicked into the long grass that it’s hard to grasp that this is actually moving forward, as in we may see some actual, tangible, progress this year.
The idea that Navitas can get this across the FID line by self funding is huge as this means farm in efforts and the project can now run in parallel rather than in series.
The specification of the FPSO will be crucial now, presumably the ideal scenario is finding a second hand one in decent order that can process a volume near to what SL can produce at peak whilst having storage to keep a decent volume aboard to bridge periods of weather were loading isn’t possible. Once the volume and number of wells it can handle are known then the final well planning, drilling schedule and equipment costing can come from there and therefore FID.
Basically, broadly speaking, like what every other oil company does but RKH, or their previous partners, took ten years not to do…!
This time next year the AGM could be all about FPSO arrival timing, drilling schedule or even progress and, to temper things, some disappointing news about the unexpected cost of steel tubulars (there will have to be something “disappointing”).
Who is going to care about Italy and it’s weeny couple of hundred million euros then…
@DodgerRoger
don't see chessmess as a bluffer, shows none of the self-awareness or vision to realise when he's bluffing.
Really does think he's always right. Just a pompous git.
Yeast—Is-Rising
Thank you so much for taking time to write up the notes from the AGM and share with everyone.
Thanks Yeast for the feedback from the AGM. As an ex Project Manager myself I can sense the progress being made against many interdependent activities. I'm in for the long haul. Chess, you're coming across as a bit of an a@@e and with your perfect grammar, dare I guess another ex public school bluffer? Are you blind to the fact that for every month Italy drag their feet then RKH benefit to the tune of circa £1.5m? Certainly enough to keep the show on the road.
Regards to all LTH and get those warrants exercised ! :-)
Yeast, many thanks for the update, cheers
Many thanks Yeast - I shall make sure I’m there next year because I love stroopwafels.
Appreciate all the info and thanks for sharing. I found this very encouraging:
“Navitas wants to get to FID on their own balance sheet and after FID, farm out to a third party”.
FID on their own balance sheet would be very positive and the project goes ahead regardless - the farm down process is then done from a position of strength and they aren’t reliant on another party. I wouldn’t be at all surprised if they are in discussions already though, with potential partners (Delek/Murphy?) fully up-to-date so they aren’t approaching people blind once FID takes place.
Sounds like the next news will be regarding the FPSO and that’s a key part of the jigsaw in terms of logistics, timing and project economics. Really interesting that Ian Ramsay had run the rule over Sea Lion before.
Exciting times.
Great write up , thanks Yeast.
Apologies Yeast,
Moniker mix up.. Your time and effort is much appreciated. Thank You.
Great work thank you so much!!