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Penguins,
Thanks for concisely putting that info together, not surprised by it mind you, and clearly demonstrates what a health & wealth warning it should carry.
Ouch!
“ Fees for the CLN were £502,000 ((Annual Report & Accounts)”
So UKOG misled shareholders as to the cost of the facility in the June RNS. I hope someone raises the issue at the AGM (if they ever get around to calling it).
BP,
Fees for the CLN were £502,000 ((Annual Report & Accounts)
So UKOG only got £1.5mm of the £2mm, chunky indeed, and every conversion adds 4.5% of the value of the conversion to the loan, plus 33% warrants at a 40% premium to the conversion price, though I don't suppose the warrants will be used.
We don't know if the 2 supposedly committed tranches of £500,000 were taken as there may have been conditions that allowed either side to back out of the deal.
But the whole process of conversion stinks with weeks to months passing between handing over the shares and UKOG RNSing the price of the conversion.
Looks like they've been busy already this week - and if previous conversions are any indication they'll drive the SP down further to put those sells into profit, and still havemthe option to flood the market and suppress any P&D for their margin, with the luxury of being able to ask for more whilst naming a vwap up to 15 days earlier, or later - but seemingly not restricted by when UKOG hand over the shares.
Totally against pi interests - but don't worry SS still gets paid so the ca £11,500 loss he's made on the shares he was forced to buy to stop the pi rebellion is only 11 or so days salary (before tax etc admittedly). I thought all the directors were offered the opportunity to participate but SS was most at risk of being voted off, and had most to lose - probably getting near to a million in pay since the plan was RNS'd - won't be long before that figure passes the mcap at the current rate of decline.
TerrrrorPin.
We are not "oil workers" WE are specialists in our industry disciplines, with a LOT of knowledge and experience between us all., WHICH we share with you all here, for better or worse,,,, it is not our fault that you are tooo blinkered to see that and respect that... heyyyhoooo Tickkkkkkkkkkk tockkkkkkkkkkkkk
What's 200 million confetti run going to do Penguins ? at best £100k take some underlying chunky fees and probably interest, might reduce the debt by 10-20k the rest is their snouts in the trough !!
I wonder what price these 200,000,000 will be converted at, if it was today and at the mid price of 0.0375p it would only be another £75,000 off the value of shares still owed to the CLN holders. The 13 March shares were converted at a vwap that might have existed on 5 or 8 April - though I'm only going by closing prices that can be deceptive.
There were 2 trades that were almost certainly made by the CLN holders - 28,870,773 on 5 April at 0.05p and 61,094,509 on 12 April at 0.045p - they add up to 89,965,282.
Why made by the CLN holders - the conversion announced on 13 March was for 206,965,282 - I'm pretty sure the last 6 digits being the same is not a coincidence though unlike the previous CLN they're trying to disguise their selling a bit. Probably the 12 April sale was the remaining shares - sold at a loss of about £5,500.
They've already used up over 400,000,000 of the new authorisation to issue about 1.5billion shares. Whilst it's unlikely (and probably impossible with the restrictions) that the CLN holders will convert the remaining cash owed into shares before the AGM the remaining authority of about 1.1billion plus the just announced 200,000,000 would only be enough, at the current mid price, to clear £487,000 of the £545,000 remaining of the probably spent £2mm 'loaned' last June.
What's Adrian (permanently banned poster for being abusive, today's alias 'terrapin eater') going to ramp this weekend?
Supreme Court maybe May?
PPP farm in, maybe never?
HH-2z conversion, maybe risky or not worth doing?
Oil tanker, maybe one a week 'soon' (as in Adrian speak)?
So same as last week, last month, last year, (oil tanker last 5 years).
Or maybe just claim those that keep getting the outcome of the activities right are 'greenies' or 'activists' - all 'imo' the ultimate proof.
Yawn.