Member Info for Billyboy2fromiii

Pete,

ToblerRone should be able to invite you in. If not HD will as he is the administrator.

Good luck with your investment. A nice amount to hold!

BB2.

Morning all shareholders,

Schalf has today stated that stores will be selling 5 Chill products per day.

This is an open invite for any genuine poster to state if they agree with this claim. If so, please support your thoughts with your calculation as to your expected revenue for Q3 (1st July to 30th Sept).

It would be good to have a debate about this and keep
If CHLL related.

Regards, BB2.

Seb,

Yes they are facts. However, they are facts that the market knows about and has known about for several weeks.

The trouble is (in my opinion) that the management have lost the confidence of the market and as such the sp is heading south. Before you shout me down, please consider the following.

15th Feb. Promote PF to CFO and “expected to join the board shortly”.

9th Mar. LDA Capital Financing Agreement announced. “thrilled to have found an ideal financial partner….capital at an attractive cost….tremendous asset to the Co.

4th May. LDA Capital FA terminated at a cost to Co of £1.2m.
In addition, PF “will be leaving the Co with immediate effect.

17th May. “ Going forward, the Group intends to report on its sales on a quarterly basis.”…..”when we report our full year results in July”

1st July. A business update without the promised quarterly sales update.

3rd Aug.”report its audited results before the end of August”

31st Aug 6.25pm “announce its unaudited preliminary results…… audited accounts now expected in September.

7th Sept. “anticipated the annual report will be posted at a later date…. Separate GM… a further statement will be made in due course”.

As a genuine shareholder, I see the potential here and your stated facts show such potential. However, there has been various issues and until management restore confidence I do not think that potential will be reflected in the sp.

BB2.

Vas,

Been thinking about your question. The one positive I will give is the stocking of 500 stores in Florida. That was quite an achievement. I have tried to find the relevant RNS but can’t find it. Was it actually stated in an RNS? Or was it just a tweet?

BB2

Star,

Had a quick look at the Research Note. Seems to suggest capex of $70m, so on that basis there would be $45m of debt alongside the $25m equity/CLN term sheet.

BB2.

Star,

Good work. One correction, the current 17.5p gives shares in issue of 345m not your 385m (which is using the low 12.5p example).

BB2.

Star & Rum,

As regards the private placing. One word of caution, the RNS does NOT state this will be offered to Ordinary Shareholders....

Lionhead acknowledges that Cora intends to undertake private placements to enable existing shareholders to subscribe +US$3.75m in the Equity Financing and +US$3.75m in the Convertible Financing such that Lionhead's participation in the Project Financing may be reduced by such amounts.........

It is very possible that this will just be offered to current HNW shareholders rather than all ordinary shareholders. You do not see many offerings of CLN to ordinary shareholders. I may be wrong on this but I certainly would not expect that WE will be offered participation on the private placing.

Not sure if the upcoming Presentation offers a q&a session but could be worth a question if there is one ??

BB2.

No worries AG,

Just to take those calculations a step further, let us look at the resulting Mcap following such dilution.

At 12.50p with 385m shares the mcap equals £48m
At 17.50p with 345m shares the mcap equals £60m
At 22.50p with 327m shares the mcap equals £73m
At 27.50p with 309m shares the mcap equals £84m

Using Q3 2021 Company Presentation as a guide (I appreciate these figures will be different when DFS issued in (hopefully) H1 2022 ) £17m ($24m) Annual Free Cash Flow at a gold price of $1,500/oz.

BB2

Just some basis calculations to contrast the difference the dilution will have at differing share prices...........

Assuming current sp of 17.50p, the $12.5m (£8.9m) equity raise with 10% discount (15.75p) would see approx 56,500,00 shares issued.

Again, assuming current sp of 17.50p, the $12.5m (£8.9m) CLN with 30% premium (20.47p) to equity raise would see approx 43,478,000 shares issued.

So existing 246m shares add 56.50m add 43.48m shares would see a total 345.98m shares in issue an increase of 99.98m figure to raise the $25m combined equity component.

.............

Assuming current sp of 12.50p,(yes hopefully unlikely but could happen if we have a market sell off at the "wrong time") the $12.5m (£8.9m) equity raise with 10% discount (11.25) would see approx 79,000,000 shares issued.

Again, assuming current sp of 12.50p, the $12.5m (£8.9m) CLN with 30% premium (14.62p) to equity raise would see approx 60,875,000 shares issued.

So existing 246m shares add 79.00m add 60.87m shares would see a total 385.87m shares in issue an increase of 139.87m figure to raise the $25m combined equity component.

...........

Assuming current sp of 22.50p, the $12.5m (£8.9m) equity raise with 10% discount (20.25p) would see approx 43,950,000 shares issued.

Again, assuming current sp of 17.50p, the $12.5m (£8.9m) CLN with 30% premium (23.69p) to equity raise would see approx 37,568,000 shares issued.

So existing 246m shares add 43.95m add 37.57m shares would see a total 327.52m shares in issue an increase of 81.52m figure to raise the $25m combined equity component.

............

Assuming current sp of 27.5p, the $12.5m (£8.9m) equity raise with 10% discount (24.75p) would see approx 35,959,000 shares issued.

Again, assuming current sp of 27.5p, the $12.5m (£8.9m) CLN with 30% premium (32.17p) to equity raise would see approx 27,665,000 shares issued.

So existing 246m shares add 35.96m add 27.66m shares would see a total 309.62m shares in issue an increase of 63.62m figure to raise the $25m combined equity component.

BB2

Hardy,

Thank you for reply, good to debate.

I am just disappointed with the lack of debt funding. Previously 47% was debt but not 0% debt. The project is obviously much better than June 20 so why no debt (with the obvious lower dilution). See my last post for a comparison for the dilution.

BB2.

AG,

This is the post that I did to you 10th July....

Hi,

Just some basis calculations, assuming current sp of 11.25p, the $6m (£4.3m) equity raise with 8% discount (10.35p) would see approx 41,500,000 share issued.

Again, assuming current sp of 11.25p, the $5m (£3.6m) CLN with 30% premium (13.45p) to equity raise would see approx 26,750,000 share issued.

So existing 246m shares add 41.5m add 26.75m shares would see a total 314.25m shares in issue. Obviously a higher sp following DFS would see (hopefully) significantly less shares issued than the above 68.25m figure to raise the $11m combined equity component.

An6 thoughts ?

BB2....

To compare to today's Term Sheet.

Just some basis calculations, assuming current sp of 17.50p, the $12.5m (£8.9m) equity raise with 10% discount (15.75p) would see approx 56,500,00 shares issued.

Again, assuming current sp of 17.50p, the $12.5m (£8.9m) CLN with 30% premium (20.47p) to equity raise would see approx 43,478,000 shares issued.

So existing 246m shares add 56.50m add 43.48m shares would see a total 345.98m shares in issue. Obviously a higher sp following DFS would see (hopefully) significantly less shares issued than the above 99.98m figure to raise the $25m combined equity component.

So all other things being equal, the new term sheet means that 99.98m shares issued rather than 68.25m, an increase of 31.73m shares.
As an existing shareholder (8p avg), am I being reasonable in my initial disappointment or am I being greedy.

Happy to discuss.

For the record, I am still very positive re Cora, just disappointed with todays terms.

BB2

Star,

I must admit that I am extremely disappointed with the new terms.

The project is much better than June 20 but the term are far inferior. Yesterday, someone commented on a possible conflict of interest. It certainly seems that existing shareholders are getting a smaller slice of the cake based upon the new terms.

BB2

Hi,

“Posted at a later date” is very vague. It does not state that they will be posted before the AGM date of 30th September. “A later date” suggests after 30th September.

So what happens if the Annual Results are not posted on or before 30th September? TW is stating that in that case the shares would be suspended. Is that correct?

Basically, another badly worded RNS which raises more questions. What exactly is going on here?

BB2

Hi,

Last years AGM was on 28th October, notice given 2nd October following results issued 30th Sept.

So why is this year’s AGM being what appears to be rushed through before the end of September with the Annual Report being posted “at a later date” which means a separate GM being required to approve the Annual Report.

A further announcement will be made in due course seems a tad odd as well!

Is something being hidden here?

BB2.

Basically, if the audited results plus statements/commentary RNS is issued after 4pm on 28th Sept then it is too late to submit any questions to be raised at the AGM. Or that RNS could even be issued after 4pm on the 30th Sept (as late as 6.30pm) after the AGM has started.
Seems a bit odd, doesn’t it?

RKB,

What does this mean ?

It is anticipated that the Company's 2020 Annual Report and Financial Statements will be posted at a later date and a separate General Meeting will be convened to approve the 2020 Annual Report and Financial Statements. A further announcement will be made in due course.

I thought you normally approved the accounts and statements at the AGM ?

BB2.

Hi,

https://zoeticinternational.com/investor-relations/corporate-documents/

BB2

Hi Bellers,

https://www.londonstockexchange.com/news-article/CHLL/notice-of-agm/15125730

BB2

Theanslyser,

Thank you for taking the time to write that. However, I still do not understand what exactly these based payments were for. How do we know it was a one-off (if indeed it was). If it wasn’t a one-off and it appears every year then it is exactly the same as paying additional salaries etc and basically just increases admin costs on a yearly basis . ???

Fred,

Please wake up! CHLL is too risky for institutions to invest.

Can you make me one institution currently invested in CHLL?