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I'm not sure why you're angry at the company. They published RNS advising of a six month delay to operations, they published the CPR detailing the assets and contingencies in Rukwa, they published their intention to seek a CLN finance agreement, they even had a shareholder vote on it. After all of those disclosures the share price was still holding within it's long term trading range around 0.9p.

Still making 10% or more margin on their current conversion options around 0.34p, if they chose to

I jest :-)

But maybe similar size to Tranche 2 is more realistic

That's my assumption, negotiated cross trade, plus other notable blocks, plus whatever is cooking today

I don't think they can shuffle the whole pack and still manage to maintain an orderly market but hoping to see maybe half the debt cleared within the next week or two with a bit of luck? CLN holders would need to convert £2.275m for that, which might be possible with perhaps 600-700m shares? Just a guess.

*isn't

I notice he's not yet declared as a director on Companies House since his confirmation 30 July, hope our new Head of Governance and Compliance is falling behind with her workload ;-)

“I would imagine there is communication between the parties and no one wants the SP to decline any further ”

Are you suggesting that the directors would collude with third party financial institutions and market makers to fix the price of their shares? 😬

Hopefully they ordered it in exchange for shares 😉

Sure, I was recounting the numbers so far, not making a prediction. Future conversions could be priced higher or lower. Lower is more likely in the short term but could be higher later if there’s significant news. Due to the ten day formula we always know the next price, give or take a small margin of uncertainty.

The numbers are clearly set out in RNS for each conversion tranche with the price and the number of shares. You have new shares for the £1m retail offer, then £1m for the CLN holders, then another £1.725m, each at different prices (reducing with each tranche). Fewer than 1bn shares have been added so far.

As with the block cross trades reported above market price before the first tranche conversion, the numbers don’t add up as an ordinary trade. At their face value the 309m shares would be worth £1,816,611, and the other £226,175 (less than their printed trade values). Negotiated trades with a margin just like the others were?

That was yesterday

The UT reflects the real market level at 0.41p (the price region where the shares are being sold). Available conversion price c.0.35p, so a decent 15% profit there still. Question is whether they called the convert today or they leave it to run longer. I thought they might wait a week but looks less likely now.

That's the one, printed at 13:41 following after another 41.5m trade print at 13:40

MC, I'm not sure who you're trying to fool, but with the professional experience and market knowledge you claim to have here you know perfectly well no-one 'bought' £2m worth of shares. It's good that they're getting the shares cleared anyway and the sooner we get back on firmer ground the better.

And bingo, someone removed the marex thread

The trades are not delayed. Like the block trades a couple of weeks ago at 0.68p this looks more like a negotiated cross trade between associated funds/broker than a 'buy', reflecting the (re)packaging of assertive CLN share distribution at scale (imho). For example, a debt fund converts CLNs cheaply (say 0.35p). Its equity fund affiliate 'buys' the stock at a higher printed price (0.5879p), stabilises the market price and boosts liquidity interest from other buyers. On paper, the debt fund books a profit on conversion. The equity arm recycles the stock at market levels (e.g. 0.40p), booking a notional loss but balancing a profit across the finance group. The broker makes commission both ways on the volumes. Just hypothetically of course.

I take it back, the daily VWAP will remain above Monday ;-)