Member Info for bobo

I may be wrong but a joint broker tends to be apportioned for a capital raise. On the positive side, with the current market cap, they could raise significant funds with modest dilution.

I’ll wait on the sidelines, I doubled my money here so even if I’m wrong I’ve done ok.

I flagged the ballooning payables when they released the interims last year whilst the company banged on about cash balances.
Still a couple of months from finishing the Blackburn site and £5m left.

Why appoint another broker?? To sell shares is usually the reason, that’s what brokers do.

Fundraise. At the last interims the cash was down to 8m and the payables was up 5.5m to nearly 16m.
I’m out, maybe revisit after the fundraising

whilst banging on about the better than expected cash position the trade payables is up over £4m since december.
Every ones bank balance would look better if they didnt pay anyone

And the cash is melting away, without investment the production will decline until the the lights go out. the bondholders want a D4E to to allow the show to keep going, current shareholders will get diluted to oblivion and the bondholders will control the company while they attempt to extract their $200m.

The only way bondholders get their money back is to wipeout shareholders.
Always the case.

Amazingly naive, or just plain thick, postings on here this morning.
This is going to tank

You’re being warned of a massive D4E and a potential shareholder wipeout.
Car crash RNS, the bondholders are looking for a way out and they will trample all over the shareholders to do it.

Still flat out at the mill. Next trading update should be a good one.

Yeah, was just reminiscing about the good old days.
Just another oiler that has destroyed shareholders
Took a punt here yesterday

How about the duster in Australia. If I recall the sp was over £1 before that

WGB wallpaper business is trading well, back to pre lockdown levels at least. My only word of caution is that John Lewis are a major customer who have their own problems at the moment.

Maybe life in this dog yet

There can’t be any guarantees until a deal is approved. At least it looks like claesson is prepared to put more money in. Maybe means being diluted to oblivion but there could still be a company. Without him it’s a total wipeout

reconstruction plan for the solvent reconstruction of the Company and its subsidiaries

The only question that remains is whether the major stakeholders will throw good money after bad. Either way it looks like a wipeout for minor shareholders.

Gutteridge is the reason this company is in the mess it's in. How did a company producing over 2k bopd at an oil price double today's manage to rack up $50m of debt. He allowed the company to become grossly over leveraged with scant regard for costs. Unfortunately it was too late when the major shareholders realised we were in the shlt and set about a rescue plan. That rescue plan relied on an oil price recovery which never came. Ask Peter Levine at PPC what he thinks of SG

I get to his awful feeling there's an equity wipeout on the way.....well for anyone who doesn't hold huge amounts of convertible debt. CBA insisting we call in an investment bank, and now the waiver not needed. The company needs a huge cash injection to survive and it's going to be at a tiny fraction of today's SP.

"then at $10/bbl for oip after proven commercial" you will never get $10 per barrel for OIP, maybe for P1&2 reserves in USA in the event of a takeover but not here. You should be looking at $1-2 per bbl for a market cap calculation, double maybe for a takeover. Did you mean recoverable? to get 300m recoverable you could be looking at 2bn OIP.

Because in between fishing golf and training I need something to fill my days