I have no interest in looking back at your previous post. The content and tone was largely the same as before, i.e. continuing your tit for tat with Givingthelowdown. Facebook would probably be a more suitable venue for such discourse, then you can save everyone else here from having to read that cr*p. Thanks.
The HOC chart covers the same time period from mid-March at around 100p up to today's closing price.
There is a strong correlation between the HOC chart and gold, unsurprisingly!
Obviously charts and patterns only tell you what has been, not what will be.
However, if enough people around the globe follow the same patterns and trade in the same way, the patterns can become self-fulfilling, like a lot of TA. Just need some news to help it along in the right direction!
I meant the number of shares that could be issued was potentially alarming, as it could incur significant dilution to existing holders if done at a low price. Per your other comment, not all PIs are going to be able to buy additional shares to prevent this dilution. Obviously, the company going bust would be more alarming.
If they postponed the BP asset purchase, that would mean around 40% less shares to issue down at this level, but if PMO wait until markets and the SP improve, then the deal would likely become more expensive again anyway. Hmm!
Probably no getting away from the need to raise $300m to reduce debt though.
Undoubtedly, they will plough on with the plan... and probably a share consolidation shortly after to reduce the share count back to a more reasonable number, which will raise the share price. In my experience, share prices tend to reduce after a consolidation, as you've just opened a large wedge in the price that often gets sold into, until things stabilise at a new level.