Member Info for Blubay

It’s certainly possible, and HE1 may have reserved judgement on that call to see how things developed. Good news anyway for now, glad to have the debt cleared this week before operations commence. There are still some contingencies and possible delays but hopefully solvable to the deadlines set.

No, it’s operated by BNL’s wholly owned subsidiary but HE1 has a 50% beneficial ownership in the project. It does clearly refer to HE1.

The CLN holders will convert whenever the broker can accommodate £1-2m worth of shares at say 20-30% paper margin, likely that equates to somewhere between 450m and 900m shares. When the market price rises that helps the margin on forward selling. If it rises for too many days in a row it then starts to erode the margin on previously forward sold shares by raising the conversion cost. So it's all about timing the optimum balance of volume, tranche size and price.

Quite happy to keep repeating for as long as there are misleading posts about how the CLN facility works. Wouldn't want anyone to lose money by mistakenly believing that the investors "will not be interested in an early request for settlement of the CLN", or "will have no interest in a quick conversion", or that they'd be "far more likely to want to convert when the share price is 3.7p", would we? Think of it as public service :-)

CLN conversion is all about time/liquidity to distribute the shares. The price is largely irrelevant to the CLN holders as long as they can book their target percentage margin each time. For example, the broker would need to distribute about 700m shares to facilitate another £1.6m size conversion (typical CLN tranche £1-2m). The rate of churn requires perhaps 4-5x the number of shares traded in total market volume. So, with a bit of luck, they might have that in hand with the recent uptick in volume.

"The next CLN conversion will be higher than the last"

Why will it be higher? The last conversion was at 0.235p. The available price option this week is 0.228p.

Roughly 450m shares per £1m debt conversion at the moment, so the added volume certainly helps speed things up.

"why try to ramp this for new investors to buy in now"

because, in the absence of company news, periods of price stabilisation generate new liquidity volume and are an essential part of the CLN share distribution process. But always nice to see so many genuine new investors ;-)

That's the good thing about a market, everyone's free to buy and sell whenever they like, according to their own risk appetite and timescale, each to their own. I'm only correcting the information about the available conversion price, not my business to suggest when anyone buys or sells. There's plenty of other posters here keen to offer financial advice.

...but that will flip if they didn't call it yesterday, as the lowest day formula will come into play after today, more like 0.228p (if today finishes as now)

The current available conversion price is between 0.21p and 0.22p

"Pattern’s pretty clear now if you line up the RNS dates"

How is that a pattern of dates? The first one is ten days, the second is four weeks! The pattern is more about the tranche sizes and conversion price margins. Converting between £1-2m each time would be a fairly normal pattern and just depends how much liquidity they generate to distribute shares in a timescale that allows them to maintain the target profit margin (around 20-30% on paper). The third one was just harder work.

At the moment the lowest day is 0.27p, the average is higher so it’ll be 80% of 92.5% of the last ten days, currently around 0.216p

Today’s price action should keep the conversion price up closer to 0.22p than 0.21p and if there’s a positive operational news coming then it will help them distribute more shares faster on that rising demand. Once they get past the halfway conversion point hopefully expectations will rise too.

A £650 risk limit, really? There is no advisory showing on the T212 instrument details page for HE1. Maybe yes for CFDs?

You are the noise

Brokers steering a steady course to manage the distribution while maintaining daily VWAP at 0.29p for pretty much six days in a row now, very orderly. If they can keep that up tomorrow then it'll be interesting to see what happens on Thursday, from which point 0.29 would start to raise rather than lower the ten day average.

There is no such limit, there are hundreds of millions of shares available. It just means your broker isn't carrying them in inventory, just do a limit order or try a different broker.

How can you watch this level of detail day after day and not understand how this works? Of course MREX are low on the bid, they're trying to distribute hundreds of millions of discount shares to the market. You can't "take out MREX" when they're the broker for the CLN holders. This is intern level ramping.

I'm interested in the company story, it's a hobby share for me, or whatever you like to call it. I find it interesting. I wouldn't personally invest more than 10% in AIM shares or more than 5% in any one AIM share but that's just me. Everyone's different. This is an entry level anonymous public discussion forum, swarming with misleading opinions, so no-one here is expecting credibility. Could equally ask why you spend your days raving at other posters rather than discussing company news. Not sure that kind of stress is necessary but enjoy your day.