Member Info for Bespoke

https://twitter.com/columbus_erp/status/1271388473669423104?s=21

Interview with LK coming soon. As per teeet from the official twitter Acc

This will be interesting !!!

I still believe our assets are good

The dilution required to bring them online with a low SP may have just been too much ?

Should BPC find a Partner for the Bahamas asset then they would have funds ring fenced for that drill that they could use to develop the SVP

Yes we get diluted in a merger but we also have a slice of the BHP assets. I don’t like the risk associated with the Bahamas drill but should that strike oil (25-35% COS ) then the reward is huge. That would be transformational !!!

The dilution required with a low SP to develop the swp could easily be 50+ % vs the merger ?

This only plays out for me if there is a farm out partner for the BPC drill in the Bahamas. Without that the deal
Makes no sense for either party as all of BPC’s resources would be going into the drill

It’s not a sale. It’s a merger

What happens if that Bahamas asset turns out to be huge?

We will have a stake in that

Hypothetically speaking

BPC gain a partner to share the risk/cost of the Bahamas drill
Their Ring fenced cash for the drill (drill estimates are 25-35m USD) could then be used to develop saffron / Suriname

That’s a good deal for both.

Let’s see how this plays out !

Without a partner for the drill BPC would be putting every last penny into that project. They wouldn’t have the funds to develop cerps assets

The deal wouldn’t make any sense for either party and would be rejected IMO

I’ll continue to hold and see how it unwinds. I will vote for the merger if BPC have a drill partner

Should BPC get a partner to share the risk/cost of that drill in the Bahamas then they would be left with a large amount of cash (millions) to develop CERP’s assets in Trinidad / Suriname

I would actually take this deal and think it would be a win-win for both

Food for thought !

I’m willing to give Leo the benefit of the doubt until we hear more

Scarface - I have not seen anyone say that this is a transformation merger ??

For this to be approved by Mike , Schroders and the whole board there is more to it than meets the eye

Good or bad. Who knows

There is no way Leo would think that shareholders would see this as a good move on face value with the info we have

The upside from the BPC drill is huge but comes with a 25-35% chance of success. At a cost of 30m I’d rather not be playing that hand.

We have a free drill on saffron 2, little debt and many avenues we can go down with what we already have

Leo needs to address the market. Im hoping for a video update on Monday after giving the market some time to digest the news over the weekend

Don’t like it at all

Timing is all wrong given the stage we are at

It looks like we will be betting everything on the BPC drill. A $30m drill with a 25-35% Chance of success .

There must be more to it. For Mike, Schroders and the board to approve it there must be more to it as it doesn’t feel like a good deal for us CERP holders given the info that we know

It’s in the presentation on the Columbus website

They have 9.19% of the voting rights

Hi Mike

I’m undecided on this one. I don’t know much about BpC

What makes you think it’s a good deal for cerp holders ?

Is this not an extremely risky play ?

It’s more what he didn’t say

Markets were factoring bad news

We know Leo isn’t a patient guy and will be pushing for this drill to get turning ASAP !

Obadhia - Schroders holdings

17th Feb - 93,278,572
18th May - 87,403,571

Not what I would call aggressive selling !

It’s the ~40m shares issues to Lind and the contractors that are being aggressively offloaded IMO

Large drawdown in Us inventories just published

Providing no second wave with the virus over the next few weeks I think we will spud saffron two sooner than many expect !!

I’d like to see something like that Bamps

The two monthly Lind repayments total ~$163k or ~£134k

Using the 20 day VWAP and a 10% discount for repayment in shares we are not getting a good deal with the current Sp level. Same goes for the contractor shares I imagine.

Hopefully someone can email the suggestion to Leo or we already know that the BOD read the board so they can take notice

With the new shares in issue Schroders would only need to have sold 3-4m shares to cross the next declarable threshold

Their last TR1 was on February 21st. I think they have stopped selling and we have had to deal with the lind and contractor overhang

The 434,959 trade is showing as the above?

Any ideas? Chesh??

Chesh - we haven’t had a TR1 from Schroders since February 21st. With the new shares in issue they would have only needed to sell 3-4m to pass the next declarable threshold so hopefully they are finished selling.