Sippnoob, possibly the first time I 100% agree with you. Whichever way you look at it, the outcome is dreadful. And that's why I am looki g to bail at 7 pence. Any higher than that won't hold, any lower and it won't make a difference to my holding.
Sorry kingrav, wrong again. Convertible bond holders are getting all their capital plus coupon back from escrow money. THERE IS NO DEBT. dire situation with the cash that's left, yes, but debt free we are.
The only reason why we have had a funding set back is because nobody with money believes it is worth funding! I realise this now. Why should this change over the next 6 months. With £5 in the bank left, will it be any more worthwhile funding this then it is now? I think rather not.
Share price is 4.6p. Any placing will have an associated discount. They would probably place at 3p max. So you are probably looking at 100 billion shares. Its just not feasible. No one would buy into this. There isnt enough people in Yorkshire.
It seems I have misjudged this share massively. But the facts are now: The gov doesn't believe in the project, bond investors dont believe in the project, potential takeover candidates dont believe in it. The only people who believe in this project are PI's (like me) who are anywhere between 50% and 85% down on their investment. GO FIGURE!
A raise of £500 million 3p would put another 17 billion shares on the market, plus the 10 billion already in issue. At 10 billion market cap that would be 37p. But the problem is we need another £2 billion to finish this. Raising at say 3 pence would mean final share count of approx 80 billion shares. At £10 billion mcap that comes to 12.5p
I am not selling, but I wont put another penny in it. I just dont see any sensible way of raising the funds now. Dilution might have been been possible at 12p, but it would have put another 6 billion shares in issue. Imagine dilution at 4p. It would put tens of billions in the market. Its not sensible. Bonds are dusted. IPA is dusted. The terms of a JV would be equally punishing now. What other options are there now? I can see any!