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I tend to regard yesterday's trading as a taste of what is to come here over the next few weeks, rather than the event.

I doubt if Move Fresh have even started to buy shares as yet. Yesterday was purely mad PI's rushing in and then as quickly selling out. As and when Move Fresh start to increase their holding, which I think is currently about 1.6 million shares or about 2.25%, then I assume that as a separate entity they will have to declare their holding by a TR-1.

Once they declare over 3% and then subsequent larger holdings then the fun will really begin as the PI's pile back in to make life difficult. And Move Fresh will find it equally as hard to buy large amounts of shares as it was around midday yesterday as there is a very limited amount of shares in free float, especially if the PI's decide to hang on to them for a bit longer. The share price could rise very sharply, as it did yesterday. But then as the Move Fresh holding visibly increases the PI's will know exactly what is going on and they will be able to safely hang on to them, at least until they see a decent price and profit, at which time they can safely sell out knowing that Move Fresh will mop them up.

Of course, this implies a perfect scenario, which is never guaranteed as all sorts of things can happen.

There were lots of buys on Friday as the PI's piled in but then most of them probably didn't stop to look into what they were buying into and as soon as they read the RNS's and saw the bit about delisting they quickly sold out, some for a good profit, some for a small profit and probably, stupidly, some for a loss. Hence the share price rose sharply in the morning on the buying as there are not many shares in free float, but then fell quite rapidly in the afternoon as the PI's quickly bottled it and sold.

If that had been MoveFresh buying the share price would not have fallen back as they would have obviously held on to the shares. As for the PI's, blimey in another week or so those same shares might by worth 10p or even more. The SP peaked at 4.8p yesterday and it only rose so quickly around midday because of the lack of availability of shares in free float. Without the PI's selling as quickly as they had been buying the share price would have probably stayed at over 4p.

Friday was just the 1st day and there is a 4 week period before the meeting. If the Company do not have the required support for their proposal - which they have already admitted - then they will need to buy the additional shares to secure it and after Friday's trading it is obvious they will not get them at 1.65p or thereabouts.

Besides the cash they are holding is worth over 4p so it would be stupid to let them walk away with it for nothing.

I disagree. This will unfold over several weeks.

As per Friday's RNS: "The Company has received irrevocable undertakings from each of the Directors and their connected parties to vote, or procure votes, in favour of the Resolutions representing, in aggregate, 25,971,937 Ordinary Shares. Accordingly, the Company has received irrevocable undertakings to vote in favour of the Resolutions representing approximately 35.8 per cent. of the Company's issued share capital as at the date of this announcement."

35.8% is well short of the required 75%. From their perspective, it is not how may people might vote as they have to assume that everyone could vote but whether they have the required 75%. They clearly do not as it stands. Hence why they have stated that "MoveFresh intends to purchase Ordinary Shares in the market until such point that it holds, together with persons acting in concert with it, such number of Ordinary Shares comprising no more than 29.99 per cent. of the Company's issued share capital".

Now if Friday's update had come out to little or no interest and the share price had stayed around the 1.65p mark then it might have been the case that they would assume that they can get this carried without any problems. But the opposite has happened and their proposed delisting has caused huge interest and trading and this ultimately means that they will now have to seriously consider upping their stake by buying on the open market.

This will now probably unfold with a series of TR-1 releases and if MoveFresh are seen to be upping their stake then they will soon have to pay a lot more for them.

By the way Friday's buys were clearly mainly PI purchases. However a large amount appear to have bottled it and sold with a small or even no profit on what was only the 1st day of a 4 week trading period before the meeting re delisting. If they were MoveFresh buys then they would not have been sold and the share price would have stayed much nearer the day's high.

Also what will Paul Richmond Davidson who owns 3.398% of the share do? Will he buy more? If he does MoveFresh will have to move quickly to secure their additional shares and the % required to delist the company.

Sorry, that was at 20p.

I see that along with the 320,000 shares Kevin Dorren bought at 20.5p in April 2022 he also participated for a whopping 5,500,000 shares in the placing in March 2022.

The speed that this is rising the MM's really do not have any shares - and who is going to sell with the meeting still 4 weeks away. 184% up - 4.596p to buy.

And the Company's market capitalisation at flotation in March 2021 was approximately £83.8 million - oh, and the directors obviously thought that was a fair m/cap at the time. 10p - 20p - take your pick - and that is still lowball.

As I posted earlier:

Don't forget the reason behind the delisting is not because they are going bust - despite the figures not looking great - but to fund their 'medium term growth plans'. They obviously consider the company to be a viable concern.

With 4 weeks to go before the meeting, why should anyone not still be in?

I doubt that MoveFresh have even started buying yet.

Cash is 4p, there is a fillable gap in the chart at 7p, and this could quite easily go to 10p or 20p over the next few weeks.

There hasn't been a sell now since the indecision just after opening and to be honest with a month to go before the meeting who would want to sell. Even the LTH's have a chance to exit with their cash largely in tact if they buy in and average down.

If the buying continues at this rate, with no-one rushing to sell, and with MoveFresh attempting to buy a huge chunk of the limited shares in issue at the same time, then this will rise very sharply - as it is doing now!!! 54.5% up and 2.68p to buy.

Did someone say 20p a share???

Don't forget the reason behind the delisting is not because they are going bust - despite the figures not looking great - but to fund their 'medium term growth plans'. They obviously consider the company to be a viable concern.

The General Meeting is not for another month..........so plenty of time for the share price to rise to a decent level.

This could go to 10p - and MoveFresh will still not have bought their required shareholding..............

10,000,000 shares will be issued at 2.25p equivalent to a cost of £225,000. If the share price on the day of issue was say 10p then they will still issue 10,000,000 shares but these will have a value of £1,000,000 - which is way over what they need to pay to settle the contract which would be settled by POW only issuing 2,250,000 shares. Hence there will be an extra 7,250,000 shares issued above what is required, hence the dilution.

Obviously I'm not bloody stupid and I can work out that it appears to be very clever to get half the drilling done at a reduced price but at the end of the day it doesn't work like that. POW are exploring in a foreign country and using a firm local to that country. They do not want to appear to be struggling to pay the full drilling costs or appear to be working some complicated con that cannot possible see the drill team paid the correct and full amount.

As I just posted, unless the share price at the exact time of the issue of the 'Drilling Cost Shares' is exactly 2.25p, then POW will either be underpaying or overpaying for the drill. To underpay will get them on the wrong side of the local drill contractors which is not a good situation. If they overpay then it is a waste of valuable resources as the shares will be issued at the set price even if the share price on the day is multiples of this figure and the effect will be excess dilution.

A thoroughly bad idea.

Apologies, the drill shares are set to be issued at 2.25p and not 2.5p.

"The drilling will be paid for on a part-cash, part-equity basis, with over 50% of the expected contract cost to be satisfied through the issue of up to 10,000,000 new ordinary shares of 0.1p each in the Company at an issue price of 2.25p per share ("Drilling Cost Shares"). The Drilling Cost Shares will be issued by the Company within one month of the completion of 2,600 metres of drilling."

On reflection, paying drilling contractors in shares is a thoroughly bad idea. It might appeal to an accountant but doesn't work in the real world of mining exploration.

For example, if the drill doesn't hit then the drill team are going to end up out of pocket as the shares by then will probably be worth only half of the value of the issued shares.

Alternatively, if they do hit big then the share price might be say 10p, in which case POW will have drastically overpaid for the drill as the shares will all be issued.

All in all it is a thoroughly bad idea all round.

I wouldn't want to be the drill contractors here, due to be paid half their drill fees at 2.5p after they have worked their butts off drilling hole after hole at speed.

Blimey, maybe they should email PJ. At this rate THEY ARE THE ONES WHO ARE GOING TO BE HOPING AND PRAYING the most that something else in the POW portfolio comes in soon!!!!!!!!

That's it, talk yourselves into something that hasn't happened at the POW drills as yet while you lead everyone astray.

I can assure you that if the drill had hit the massive sulphides as predicted pre-drill we would have had several RNS's from PJ telling the market all about it. It's almost 2 months since the drilling commenced!!!!!!!!

What's not to like. I think this is a good result.

'The proposal being considered represents a strategic investment from a global institutional investor in the energy sector, which would provide funding for the Company to follow an ambitious plan for growth, both organically and by acquisition.'

If a better offer comes in during the period of exclusivity then that be looked at:

'The exclusivity period relates only to alternate debt or equity financing proposals and, for the avoidance of doubt, does not prevent an offer being made for the Company by a third party under the framework of the Company's formal sale process.'

The theories on here that POW cannot release any information during the progress of the drill is bonkers. They soon will if they hit what they are looking for. Never mind, better luck with the next hole.