Member Info for armatrading

Mutual Funds purchase hares in-market, so no dilution. If the mutual fund attracts a large amount of capital, the share price will be lifted.

Twin tub washer/spin dryers
and those carpet sweepers, where the brushes turn and pick up crumbs as you push the sweeper forwards.

I still can't understand why a 'speeding ticket' RNS wasn't issued.

Hmmm, I like your thinking, jimtheknow.

I think normally a mutual fund would just buy in the open market... but, if they issue shares like they did for the OO, and allocate the proceeds directly to operating costs, that should really satisfy the CLN conditions.

I guess we could all live with another 100m-200m additional shares to get this drilled. Those figures still wouldn't reach the full 'maximum potential dilution' mentioned in the RNS of 21st August.

I'm amazed there hasn't been a 'speeding ticket' RNS, if the rise was without foundation.

Having said that, I cannot imagine BPC going to the expense and trouble of creating this fund, unless they've already had implicit agreement from the Govt. of Bahamas.
They would have serious amounts of egg on their faces, not to mention a potential hit to the share price, if they have to issue another RNS in, say, January, to say it's all fallen through.

Smalltrader - Yes, I thought that BPC/GoB were leaving the EIA very late, with the deadline being just before the drill. Seems it's all a bit last minute, and rushed...

"We need a shot in the arm that provides increased revenue flows to the Government to pay back or retire some of the debt." While environmentalists will not like to hear it, the only possibility in this area presently appears to be Bahamas Petroleum Company's (BPC) oil exploration activities."

EIA signing off should be a formality once the exact rig type and drill co-ordinates known.

It seems to be a case of 'filling in the blanks' in the EIA, as all the legal work would have already been done.

Thanks Lint.

Sadly it didn't result in any special news this morning :-(

A single share sale:

21-Nov-19 16:24:45 2.00 1 Sell* 2.00 2.10 0.02

I think a 3-bag is entirely reasonable once drilling is confirmed.

You can't go far wrong with an ISA, as any gains would be tax-free.
But it has to be pointed out that nothing is guaranteed, and despite this being a likely success, there are risks, which I guess you will have seen having read back over the previous comments on this board...

One of the Convertible Loan Note conditions is for there to be 24 months working capital available. There will be 12 months unless further capital raise.
Or, it won't matter if Bizzell cancel that particular condition in the CLN.
Or if there's a farm-in!

Thanks, Laallee. I googled some of the info you gave, and it came up with the Aug 2010 Investor Presentation on the BPC site, if anyone wants to reference the info. It's called 'BPC Canada Roadshow final pc 19aug" if anyone wants to read it all.

As far as I understood it, the Bahamian government Sovereign Wealth Fund would take up to 25% net profits.

Nice cheeky little close just above 2p today.

Another slight concern is that, in order to meet the conditions of the CLN, BPC needs to have approximately 19 months working capital.

According to latest RNS they have 12 months G&A.

10/10/19 and 18/10/19: "The Company maintains a lean and efficient overhead burn rate, and currently has sufficient cash available to meet general working capital needs through to H2 2020."

10/10/19 and 18/10/19: referring to the CLN conditions "The Subscribers being satisfied that the Company has sufficient funds in cash (but not including committed cash or cash subject to refund obligations) which, when aggregated with the subscription amount of the Conditional Convertible Notes, would be sufficient to fund the cost of the intended drilling operation in full and the operating costs of the Company until the end of June 2021"

Just to emphasise "...and the operating costs of the Company until the end of June 2021"

All Open Offer shares now freely tradeable on the market.

I think we can safely say conditions 1, 4 and 5 have already been met. 3 and 2 (in that order) should follow in due course.