The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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It's a case of toughing this out if you're holding - painful day on paper though!
By making a placing at 3.3p the company has valued itself company at that price, so that's where it ends up.
I don’t feel like that is exactly right but i understand why you would say that…….if someone is willing to give you 4m as an investment surely that is with a discount? A month ago the share price was at 3.15 so the price agreed is above that but actually we now have 4m capital in the bank….if you borrowed this money it would have interest on it circa 8 - 10 % so surely 4m investment is worth a discount to put the company in a stronger position. Institutional investors are in here to make money so 3.3 will be long gone in May. This is a positive place to be at 3 .5 - 4 p a share😁
Placing discounted at 3.3p to make it attractive/worthwhile for those putting up the money. Management were buying around 4p in January.
The percentage of the PSC that UPL can retain in farm out discussions at this stage will affect all future valuations of the company - which is why it’s worth injecting the money on to the balance sheet now to maximise position in negotiations. Big difference between saying “we need your help to drill” and “we are drilling, so if you want part of it how much will you offer”.
This was a very shrewd move by the board. This holds great promise, glad I'm invested and good to see backing from institutions as well.
I did mention a few weeks ago here that there would be a raise and I got turfed off the board as if I was de ramping the stock.
I also said at the time that this would strengthen the company’s position in any negotiations.
And I was told was this was lies.
I know that the company have been discussing this with investors since February and it is disappointing that investors like MrFlipFlop May have been mislead.
I do feel that the raise is positive but I present such an opinion with a caveat.
All this coming to fruition is conditional to a psc being granted.
I am aware that the meetings and presentations in London last week were extremely brief and opportunistic while the Premier was in the UK for other reasons.
It will be interesting to see if Petros have enough confidence in the executive team at Upland or not to grant the psc. I am reliably informed that a lack of a very strong executive team at Upland is a reason for Petros delaying the granting of a psc.
It is a most pointed omission by the company of anything relating to the psc in today’s communications.
4th April the company said it was “ in the final stages of deliberations on the psc award or framework”
It will be interesting if this £3.3m is in the company’s account or not today or is the investor getting a free bet in the hope that the psc lands in advance of the shares admission to the market next Tuesday ?
It seems most unusual that the institutional investor was not clearly named.
I’m staying, I bought way back, I’m in substantial profit, I can afford to loose but I am suspicious. I feel that there is a lack of transparency here and the company’s communications are over promising rather than over delivering
"mentioned a few weeks ago here" ... yet only one post for this account?
De-ramps often have a basis of real information but with distorted conclusions to suit the agenda. I feel this is one.
To be fair I don’t particularly agree with Arthur’s conclusions but he did post earlier under a different username.
TBH if you change your username or use different accounts to post then credibility is lost
Excellent summary of where we are at by Arthur imo. There is a bit of smoke and mirrors stuff going on by the BoD and the fake bid episode will not have enhanced their credibility. I'm toughing it out and will add if it falls below the placing price but the BoD need to start delivering on this PSC PDQ.
Stuart, isn’t Arthur’s conclusion that despite all his caveats, concerns and inside info on Petros, he is still choosing to stay invested at this level - so presumably thinks upside more likely than down?
ArthurQ did post and boldly mentioned the UPL was looking to raise capital and of course most of us here on this platform shot him down.. other said they had counter email from the BoD that this was not true in the slightest!.. just stating facts..
GLA
I totally agree Serif I was just pointing out he has posted before (don’t agree with his conclusions). Clearly the II’s must have received some pretty firm assurances that receipt of a signed PSC is a given as they will be very hard nosed in their approach GLA
I do agree that there is potential for a high upside while the is naturally risk
However institutional investors don’t invest unless they know
In fact my account got dumped off because I got reported by so many because I said that there would be a raise which I knew there would be …. So that is why there has been one post
Well, they're losing my trust......
You say you know the company has been discussing a raise since Feb. How do you know this for sure? Surely you’d be made inside if you were privy to such information?
I’d only be made an insider if the company told me directly ! Maybe someone the company failed to make an insider, due to a lack of professionalism on the company’s part, told me straight after the investment proposition was put to them by the company!
It would be the broker, not the company sounding out the market - if anyone was incompetent - although it’s hard to imagine that anyone approached in that way wouldn’t know they had market sensitive information - so probably would have little defence against such a charge.
Arthur , I certainly don’t repoert you. You were 100% . All views and opinions should be aired on here, in this instance may be particularly beneficial to others on here.
Is there a reason why Pedros & the PSC didn’t feature in this RNS? Is it because has been discussed in previous RNS’s? The RNS today was more focused on the drill and the finances and objectives achieved…..but Pedros and PSC is lacking in the update ??
Re Arthurs 17.33.
But so few post on here.
I can’t really envisage a tsunami of “reports” as mentioned….hmm !?
You didn’t think there would be a fund raise.
Having spoken to a person present they said it was like speed dating and it was over before it started as the governor’s focus was on semi conductors.
It looked good for optics but as yet the psc is not delivered. Bizarrely the psc was not mentioned in communications on Friday or today. Is that not strange ? Also why did the company not tweet the rns on Friday nor did they circulate the raise to shareholders. Again that seems bizarre when they are so fast in pumping out news of meaningless letters of intent on a licence that has not landed, bookings of rigs for a project it dies not have a licence for etc
Maybe it’s time for some practical pragmatic realistic communication rather than over promising and under delivering
That’s encouraging to hear. But the facts remain that Arthur was spot-on with his post regards the cash raise . I want UPL to get the PSC just as much as every investor on here. But it seems strange that there was no mention of the PSC in this mornings R.N. S. They seem to have been at the final stages for some time . The response they gave you regards the fund raise was particularly poor given that we know the fund raise certainly would not have happened overnight . Since October there have been a few occasions that are certainly questionable.