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I don’t understand. Why would you choose to look at ‘cumulative cash flow’? Are you imagining the annual cash flows all go I nto some kind of piggy bank?

I can't comment on the motivation but I agree the valuation seems plausible. I agree that large investors buying at 0.11p will expect to see a paper profit (Tulip are locked in so they can't sell) but it's unlikely to be double. Your hypothetical range of 0.18p to 0.25p feels at least comfortable in context. If it's more then great.

No, you're confusing the possibility of consolidation again. I can't believe this has to be explained. Forget about 1.1p (that's the price for 10 shares not for 1 share). It's not going to be 1.1p. The equivalent price for 1 share is 0.11p, it might be higher when it's listed, it might not. If it does get listed at the fundraise price then that's 40% down on the price it was prior to suspension. The company will be worth much more after the acquisition but that value is shared out between a vastly greater number of shares, because of the dilution. So each share might be worth about the same, or more or less. But they are not going to sell for 1.1p!

Don't get me wrong, it's a good prospect and it does exactly what we need, generating a near term cash business on which to build out the strategy and create new project pipelines, but it's not mega bucks (their 'best case' is maybe 50m euros cash flow over the first five years), everything after that really does depend on extracting the assumed reserves that aren't yet online, and investment in other new ventures. Would I invest? Yes, for sure. Would I pay a forward price beyond five years? Probably not.

...and where the blue bars on the graph show the declining annual cash flow year on year?

You mean where it says "Corporate cash flow: Best Case"...?

"The Listing price has already been sorted at 1.2 pence full stop ! Fundraiser of required £6M was completed."

This is totally incorrect. The listing price is unknown and will be determined by the MMs at the time of listing (readmission) to the market. The fundraise was completed at price of 1.1p, meaning they have provisionally agreed to issue shares to those investors at that price. What those shares are worth when they are listed on the stock exchange is another matter.

No, they would make a loss of 40% on paper as the price would have fallen from 0.18p to 0.11p

Do you mean the December presentation?
https://beaconenergyplc.com/media/1114/20221222_corporate-presentation_v5.pdf

If they have their sums right on the scale of dilution and demand they may be able to land a listing price above the previous suspension price, which will generate more interest. The new investors will be discouraged if it's lower and would probably hope to see a 20-30% margin on floatation. Like you say, it might be prudent to expect 0.10p to 0.25p (0.17p would be bang in the middle of that range, c.£17m) ...but still hope to be pleasantly surprised by the market response. If they do consider a clean start consolidation then I think they'd want to be confident of floating above 1p after listing, given there will be more dilution to come for future projects, or wait and see before consolidating.

"1p per share the mcap would be £105m."

Why would the market value the company at £105m, let alone double that at 2p? Are people still confusing NAV with share valuation? There's only $50m or so NAV in the bag, and you have to spread that out over the existing well lifetime (and that's dollars not pounds). Would the company as it stands on Day 1 be valued at more than £50m? I'm not sure, but I'm happy to be pleasantly surprised if everyone's bullish predictions come true. Price predictions on these discussion boards are often based on wishful thinking and often justifying a price that matches their current average ;-)

The PrimaryBid was only open for two hours last night after hours, it's closed now.

Just trading above the raise price now, let's see if it holds up

and the new shares aren't issued until next week so they can't be traded during the churn period. The demand assumption will be that the spot price rises above the raise price by the time are issued.

I guess the logic is that the book building was a done deal before they announced it to the market, and by opening it wider they raised 30% more capital than they were originally looking for.

5 minutes to make up minds ;-)

Good luck! A bid opening for just two hours after 5pm midweek does seem a bit irregular, so I guess they just have some limited shares surplus to the main investors’ needs? Had a dabble anyway.

It would be open for more than a couple of hours if that were the case

*evening rather than morning (typo)

No-one knows what it will open at tomorrow. The new strategic investors are buying in at this price and the PrimaryBid allows retail to participate at the same price. Whether the market has a similar view we’ll see. It’s unusual to do this being rather than morning so presumably they’re expecting either a temporary suspension or a re-rate or both.