Member Info for Blubay

They have authority to issue as many shares as they want to, the percentage dilution is very small, and the proceeds are envisioned Tomas a bonus to general working capital. I’m assuming that, as in the past, if the retail offer is oversubscribed they would consider their discretion to increase the sum raised if they can. It would make sense at this point, for say 5%?

Thanks, look forward to a meeting update then

Then I am mysteriously blocked from seeing - "Page not found. We're sorry but this page no longer exists."

MCNoll was attending but his account here has been deleted. I think our regular name-a-day poster was intending to go and shout at Sarah Cope, threaten legal action or punch someone. Was Crypt going?

Hard to say, there's not much actual trade to justify higher bid/offer apart from the two buys at 11:11 and 11:13 unless MMs working more in the background

Judging simply by the price data, motions carried

Depends when/if the offer or conversion/cashbox is called but certainly looks like option (ii) at the moment - "a floor of 92.5 per cent of the VWAP for the 10 trading days immediately preceding" whatever the date will be. At the moment, I think your rough estimate is the same is mine, but obviously that could change a bit.

The 18 July RNS stated that notice of meeting would appear ‘on the Company’s website shortly’, which they did not do so far as I can see.

I think questions were requested to be submitted in advance.

I guess the unknown is whether the market price will first converge to the discount (i.e. either the offer, conversion or cash box price), which often happens, or whether it bounces immediately on confidence boost.

It appears not. No notification and no reply to request.

Primary objective of the business strategy was always to transition from explorer to producer within 2025. That has to be the priority if it can be achieved. First gas to market and first company revenue would be a huge milestone in legitimising future objectives.

Fair enough. That is of course possible.

Good luck. I admire your perseverance, adding yesterday and today. Will you be buying the 20% discount offer also?

Absolutely. It’s a business not a religious cult. The board requests £10m from investors/shareholders, half of which is for Galactica with no explanation of why this is need when the objective was fully funded from the previous request to shareholders last year. The CEO mentioned briefly in an interview some delays or overruns (these are not mentioned in the RNS). The budget has ‘doubled’ without explanation. The board are asking for ‘twice’ as much as their partner company towards the same objective. If there are larger objectives then they should explain them. If there were larger losses, or the money was spent elsewhere, they should explain. I’m not against the raise but transparency would be helpful.

AGMs have always been available live online. Not sure about OGM/EGM.

I’m out of the country so I won’t be there but MCNoll was intending to go (although his account here has been deleted).

92.5% of 10-day VWAP still seems to be running higher than the lowest single-day VWAP, so that's probably going to determine the retail offer price. I think it's currently around 0.66p (from VWAP 0.71p), so the 20% retail discount might be somewhere around 0.53p if the offer date was called tomorrow (or higher/lower if called later)

It's AIM, HE1's ordinary shares are of no par value (nominal legal value 0.001p)

“Why would anyone be selling below the conversion price?”

No one knows what the conversion price(s) will be. No one knows what the retail offer price will be until they announce the date of the offer. All we can do is guess the date and work back the 20% discount calculation from there. Then you have to wait for the investors to choose their conversion date and make the calculation again. That’s why the price is dropping.