Member Info for Blubay

It's not an uncommon resolution, if there are long term supportive existing shareholders, and once the bulk of CLNs have been converted. As the existing large holders see holdings devalued there comes a tipping point where they may feel that owning the remaining debt is a better risk for them than further dilution.

Perhaps because yours is 1 August and his is from this week, describing more recent events in Asia.

Same games as before. Ordinary trade accidentally reported earlier in the day as OTC and corrected at the end.

Daily VWAP has been very steady around 0.29p. If that holds for today and again tomorrow then the conversion price consolidates around 0.216p from there.

Cue AI script on gambolling spring lambs

True, I forgot they just moved the registered office down the road to consolidate administrative costs. The AIM admission was registered to the BVI parent company but managed in London. The UK subsidiary has the same name.

C. 450m shares per £1m debt conversion at the moment

Yes and no. If I understand correctly (?) when HE1 ceased to be UK incorporated it ceased to be an issuer under the FCA’s DTR 5, so statutory TR-1 obligations under the FCA handbook no longer apply. But, AIM Rule 17 still requires it to disclose changes in significant shareholdings. The company's Articles of Association (post BVI) kept the same 3% threshold wording, so shareholders still have to notify. The difference is just the legal basis, from statutory to contractual. It doesn't have to be a "TR-1" but they should still notify changes to holdings in company. Someone correct me if I'm wrong...

See Article 25.1(b) etc

"a person’s interest shall be “notifiable” if the aggregate number of the Shares in which he has such interest is equal to or exceeds three per cent. ...Any notification required to be made under Regulation 25.3 must be made in writing to the Company within the period of four days from the day on which that obligation arises."

https://www.helium-one.com/wp-content/uploads/2023/03/Articles-of-Association-of-the-Company-24-11-2020.pdf

Yes, they'd be expected to announce any TR1 filing they received, as they have done in the past, For example, there were 11 RNS of TR1 notifications between December 2023 and January 2024 (around the 0.25p equity raise)

Expo - that depends whether the company aligns itself with London AIM rules. If you check HE1’s Admission Document and Articles of Association they say…

“A shareholder must notify the Company without delay if their interest in the Company’s issued share capital reaches, exceeds or falls below 3%, and thereafter in increments of 1%.”

So HE1 has voluntarily mirrored the UK regime.

Ah, not HE1, oh well

While the conversion price available to CLN holders is running at 0.22p, I'm sure they'll be very grateful to you for it mopping up at 0.29p. Hope it works out for you.

The deal was approved conditionally in July, subject to conditions by 30 September, but it was still on track end of August and this week's release says so too.

https://www.renergen.co.za/renergen-quarterly-update-4/

They did sign a deal but I imagine they'll be surprised by this week's quarterly update from Renergen, stating that the project isn't economically viable without additional wells connected. The discovery looked stellar, they had a deal to supply Afrox with helium, commissioned phase one of the plant, proof of concept to liquid helium tanks last year but they still haven't sold any helium yet (none). “Helium becomes economically viable once the flow rate has increased from the additional wells being tied in... We have therefore not run the helium operations in order to reduce operating costs ”

Presumably ASP were aware from their diligence.

As long as someone is buying that's great as it helps speed up the distribution of new shares. If Marex can offload shares at 0.29p that keeps the CLN holders happy at 30% paper profit on potential conversion (currently around 0.22p).

Absolutely, there’s no inevitability to price spiral if the company can use of the cash advance promptly and effectively with good communication to the market. Rising demand for shares on news would be in the interest of the investors as they can sell the shares quicker. The sale price doesn’t matter as much as they’re converting on a discount percentage.

As identified in any readily available investment guide

https://www.investopedia.com/terms/d/deathspiral.asp

You would have to be living in Mars not to know the likely impact on share price of an unrestricted CLN agreement with no lock-in share ownership period and no conversion price floor. There are barely a handful of actors who participate in this type of capital event on AIM and they’re well known to the broker. They only have one modus operandi, monetise the debt in minimum time with minimum risk.

Yes, I sold mine as soon as the deal was announced in RNS, too risky for me. I’m aware others bought the news, which is their choice. I’m sure there’s an opportunity when this has cleared.

BlueSquare - they published details of the CLN in July when the price was 0.9p. They invited shareholders to vote on it, by which time the price had dropped a third. Shareholders had due notice of the CLN structure and voted for it. Anyone could have chosen to sell at 0.9p on the day the deal was announced, if the terms worried them. Or they could have voted against the deal at 0.6p. I’m not sure what else you expect the company to have communicated.