Member Info for BigBear2

Simples placees are being allowed to dump their holding in massive amounts for a 10-15 percent gain.
The only question is how long it will take and will it hit the placing price 3 more days of that level of dumping and you would think it will

Another heavy dump7:05:39 1.025 20,000,000 205.00kI am wondering if we are seeing dumping from the original placing @ 0.6

Institutional investors do not have the same mindset as PIs
They Dump the lot at a profit and get profit stress free on repurchasing options when news is out and overhang clear.

I don’t think there is any MM skulduggery going on here just PIs getting bored and moving on as per usual.
Like I said great job by DP so far now give us a forward plan and you can have another chunk of my hard earned.

Mates rates placees dumping hard

Watching with interest be v surprised to see full reinstatement if profits still hammered by COVID

Seems to be pricing in anticipated poor results tomorrow due to COVID

All dumps
.2345 to buy .23 to sell...

Yup sorry maths wrong but this kind of thing really irks me when the SP is kept at a level to allow a free hit.
Also I see most decent chairman are repeatedly offering the same terms on p bid to PIs, I think that should be made compulsory for all placings!

Agreed on all points just a question. Of overhang clearing still an easy 30 percent profit for placees

Kits I think we can all agree the update was great but we need a forward plan to essentially give news catalysts.

Just read the excuse for no PI offer at the placing price. Eg would have been too complex. Utter tosh. They could have offered on P bid with no warrants @1p....but then mates could not offload at a profit....

Be great if W e could get shot of Arkoma ASAP as considering how much Mosman sunk into it it’s been problematic and inconsistent.

Thx sniffer would be good to get the drillbit going ASAP, not to mention the magnetic survey on copper dome.

After our great update what’s needed now is a coherent forward plan as we are currently in the wet season so no drilling can occur.
Super impressed but we need something to maintain momentum

Reaction, thought we would see massive volume and straight into the 0.6s

Jeez there will not be any placing(unless an OO to appease holders) but there will likely be D4E Which will be highly dilutive see my earlier post

Gkp also at least did an open offer as per below

Open Offer Launch



The Company announces that it has today launched an open offer (the "Open Offer") for up to 2,294,295,672 new common shares in the Company (the "Open Offer Shares") at a price of 0.8314 pence per share, to raise up to US$25 million.

Subject to certain exceptions, the Open Offer is being made to the Company's shareholders who are on the register of members on the record date, being 5:00 p.m. (London time) on 30 August 2016, on the basis of 20 Open Offer Shares for every nine existing common shares in the Company. The Open Offer will close at 11.00 a.m. on 15 September 2016.

The Open Offer is being conducted in connection with the Company's Balance Sheet Restructuring Transaction ("Restructuring") announced on 14 July 2016, and the Open Offer is conditional on implementation of the Restructuring.

For further information visit the Restructuring microsite which can be accessed through the Company's website www.gulfkeystone.com.

Balance Sheet Restructuring Transaction

Unless the context otherwise requires, capitalised terms in this announcement shall have the meaning set out in the appendix hereto.

Gulf Keystone has reached agreement with a majority of its creditors, including holders of approximately 66% of the aggregate principal amount of the Guaranteed Notes and approximately 50% of the aggregate principal amount of the Convertible Bonds, as well as its largest Shareholders, Capital Research and Management Company, as investment advisor to New World Fund, Inc. and SMALLCAP World Fund, Inc. ("Capital"), to address its short and longer term funding needs via a capital restructuring and open offer (the "Restructuring").

Gulf Keystone's Guaranteed Notes and Convertible Bonds mature in April 2017 and October 2017, respectively. The Company's ability to service, refinance and/or repay those instruments has been severely impaired by the current low oil price environment and adverse geopolitical developments. The Directors, supported by their advisors, pursued multiple options to address these issues. The end result of this process is that the Board has concluded that the only prospect for the Company to continue trading and avoid a liquidation is to effect a substantial restructuring of the Company's balance sheet and that the Restructuring (as presented in this announcement) is in the best interest of the Company and its stakeholders.



Key highlights

· Debt reduction: Implementation of a new capital structure intended to strengthen the Company's balance sheet with a significant debt reduction from over US$600 million to US$100 million through the conversion of over US$500 million of existing debt into equity of the Company by way of a UK scheme of arrangement among the Company, the Guaranteed Noteholders and the Convertible Bondholders

· Improved liquidity: With an equity raise of US$20-25 million through the Open Offer, a reduction of financing costs and the removal of the US$32.5 million Debt Service Reserve Account covenant. This increase in liquidity is designed to allow the Company to continue trading and developing the Shaikan field to unlock its potential as one of the most significant assets in Kurdistan. It is expected to allow the implementation of the Company's near-term investment plan to maintain production at 40,000 barrels of oil per day ("bopd") with the potential to increase production to 55,000 bopd

· Shareholder dilution and re-investment option: Following the Debt Equitisation of over US$500 million and not including Shareholders' rights to subscribe in the Open Offer, Shareholders' ownership of the Company will be diluted to 5%; however, Shareholders will have the ability to re-invest in a well-capitalised Company by participating in the US$25 million Open Offer for 10% of GKP's equity at closing of the Restructuring

· To the extent the US$25 million is not fully subscribed by Shareholders, Capital has agreed to subscribe fo

Like many I have been shafted here big time but after some trades elsewhere thankfully now I have just about balanced my catastrophic losses on HUR. I still keep a very close eye on what’s going on here and would be a buyer of the ‘new hut’ once it’s fully funded and the bonds are sorted.
I’ve been through this before with GKP and my experience is when you need something eg cash from bond holders they drive a very hard bargain...I can see a d4e conversion of around 100-150 mill, hopefully not at a silly price.
Let’s not forget they will want to reduce the bond and kick it at least 3 years down the line.
They also need funding for the water injector and ideally a new sidetrack so we can get back to producing from 2 wells.
High water cut or not HUR back producing 20k BOPD from 2 wells with brent around 60 by the time COVID is under control is a very different proposition.
The question is at what price to current equity?
Be great if they could draw a line under this and remove all the uncertainty...