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I think more like a short hard road ahead, it'll get done soon enough and hopefully before any major good news lands otherwise it'll just soak that up

This one should be bigger, which will get us a good way towards a resolution anyway

To 'all intents and purposes' that might be the case

I think you'll get news very soon after BNL's shareholder meeting on 19 September, or when most of these CLNs are done. No point wasting good news on the CLN holders for no gain.

But it won't be £7.25m remaining because they're already churning this large chunk of that for some time now. There will be a lot less remaining once the conversion is called today/tomorrow or this week.

Yes, by later this week, once the higher price August days drop out of the ten day average, VWAP will fall towards 0.38–0.39p and conversion price towards 0.30p (if they choose to wait longer before the call). Really depends how many shares can be churned at what price/profit.

Not much has changed in terms of conversion price because of the ten day rolling average. If they hold off for long enough that might drop further but even with today's average looking very low the cumulative is only marginally lower than trend. 10-day VWAP 0.44p, 92.5% of 10-day VWAP 0.4p, conversion options available around 0.32p (last week I was suggesting a 0.33p conversion target between 9-16 September).

I think you'll find a decent chunk of that conversion has already been accounted though.

Everyone knows what the ten day VWAP is and what volume of shares have been moved at what price. The CLN holders, the broker, the other MMs, and everyone here knows. Why people don't act accordingly remains a mystery.

The Rukwa reserves need to be proven before any serious discussion of a joint venture or any kind of secured debt finance. That's the purpose of the appraisal phase, which they are just beginning now. There was never any secret that they were just starting the appraisal phase in Rukwa.

In this agreement the only limitation is the 12 month expiry. The holders can call a debt conversion at any point, and knowing the price in advance based on the past ten day average. There's no lock in period. In practice, the shares will be mostly forward sold before conversion anyway (e.g. CLN holder borrows shares from the broker at 0.4p and sells them at that price, down to say 0.35p. When the ten day average has dropped they convert some debt to shares at say 0.33p and return those shares to the broker. That's how they make their profit margin on the risk of their loan. The broker distributes the returned shares into the market, or loans them back to the CLN holders to rinse and repeat, or places them with a negotiated buyer. The dilution is churned through over time with the broker/MM helping to maintain an orderly market that matches buyers with sellers.

There are no big institutional investors in HE1

I just don’t understand your logic in this Toffers. You seem to grasp at the most unlikely and tangential of coincidences while ignoring the most likely and obvious explanations for evidence at hand.

The fact that a non-exec director ‘once had a job at Exxon’ does not suggest they are ‘in this’, anymore than if he once had a job at McDonalds.

“those who accumulate along the way accept higher risk for higher reward.”

How can there be a higher reward for buying shares at a higher price and holding them to a lower price, compared to buying them at a lower price and holding them to a higher price?

I think Spreadex held about 7.5% of the company last time we were in this position December 2023

Half the trolls on LSE bulletin boards are just taking spreadbets

Nah, it's the easy availability of short, leverage and CFDs instruments on apps like T212 that's made the difference. Retail can just as easily play short as long these days, where once you would have to borrow shares and so on.

£2.725m converted so far, with next tranche nearly done by the looks of it.

I do agree that they failed to explain the reasons for delay in Colorado, why there was an overspend, or the purpose for allocating additional funds there, so that was a bit of a red flag for me at the time.