Member Info for bonum

Let's just Dilute further and buy a company manufacturing Solar Panels then!!

My 'listening skills' are fine, as I hope your reading skills are - I did listen to the presentation in its entirety.

I think the company basically pulled us in on the initial investment story, then essentially pulled a fast one, to realize a wider asset acquisition strategy, that's been some time on the making - even though we were '3 weeks from drilling' with no confirmed Rig!

As you'll note having listened to the presentation - they're not done yet, so even more Dilution ahead!

Atb

As mentioned in the BPC merger presentation (5 mins in), they re looking at further Acquisitions and a 'Yes' vote would basically give the BoD a 'Carter blanche' to proceed down that path, irrespective of the proclaimed aim of 'protecting shareholder value'

Let's be under no allusions - this primarily looks after a continuation of salaries for the BoD, imo and transforms into a very different investment proposition from that initially envisaged- and just at the point where we're about to drill after a 10 year wait!

Shareholders have had a multitude of opportunities to invest in stocks with a different risk profile but are now being sold a very different product.

I think many of us would have preferred a P1 & P2 drill, if such levels dilution were going to take place and for what - so Potter, Etyan & co can co tune drawing GUARANTEED salaries, giving themselves more options and living the life in the Bahamas.....and Koot an be part of a more 'exciting play's rather than spending 5 years with a Tortoise like CERP - of course, the other CERP directors can now go to pastures greener and divest their personal stock holdings without any market ramifications.

Beyond the 'support' for the merger promoted by some,- How many BPC holders are really of the view that they would have preferred the (intended) Merger never to have been introduced - and that we were now progressing towards our originally intended Perseverance 1 drill (or P1 &P2)?

Atb & have a good Sunday all, regardless of your standing on the matter.

Tony Hawkins, CEO at Columbus Energy explains why the board recommended a merger with Bahamas Watch Now

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bonum

Posted in: BPC

Posts: 15,012

Price: 2.71

No Opinion

RE: Re: Tony Hawkins Unimpressive Interview20 Jun 2020 09:20

A transient uplift imo and not dissimilar to the initial push on Leo Koots interview.

Nothing new was communicated and indeed, the price slippage since the merger announcement points to the Market not linking the deal.

I have to agree with Jimtheknow (and others) in my assessment that this deal will be a poor outcome for BPC holders.

I look at the 'obvious' though, rather than the possibility of the BPC BoD having 'hopefully' some 'surprise' up their sleeves to make this a good deal for Shareholders - that being that it isn't good for shareholders, just themselves to keep them Salaried beyond any P1 duster!

They're looking out for themselves, just as Leo Koot is in not wanting to spend 5 years of his life, developing a 'slow burner' like CERP.....and Tony Hawkins willing to relinquish his job for 'greener pastures' and being able to offload stock more easily.

That's the Obvious rather than the 'hope' inntrying to understand a frankly terrible deal for BPC & CERP ordinary shareholders, imo.

We can also expe t even further DILUTION, with a clear reference in the BPC merger presentation (5 mins in) of looking at other assets for acquisition.

This is a markedly different investment from the ones that BPC & CERP holders originally bought into - and not for the better, imo.

Atb & have a good Sunday

Indeed Shadow, the Explotation License being the key catalyst that facilitates the other progression as stated.

We should get rapid Newsflow after such, including the specifics of the development finance and Partnership/JV deals etc.

Hence the major re-rate from current levels as investors will be aware (or become aware) of the progression they can reasonably anticipate on various fronts.

Mike Buck is a measured and experienced oil man and I fully expect him to steer the company towards becoming a mid-tier oil producer, contingent on certain outcomes, hence also looking to hold for a suitable timeframe to realize that - and beyond the marked nearer term price Re-rate we can expect.

Atb

You could be left with lots of CERP shares on your hands, if the merger doesn't go ahead!

Im sure there'll be a good amount of holders of both stocks voting against st it, given it changes the reasons for initially buying into the respective stocks.

They also said they're looking at further Aquusitions, which will be funded how - further dilution beyond the billions already?

If Perseverance 1strikes, further dilution wouldnt be needed for additional wells in the Bahamas.

If it doesn't, CERP assers and bottom line revenues wont make much difference anyway, apart from perpetuating the salaries of the BoD.

It really isn't a good deal for shareholders, who would have a diverse portfolio anyways with BPC accepted ad the binary play over the last 10 years of holding for many if us.

Additional funds would have been better deployed for a P2 drill, which would serve shareholder I terests, rather than BoD salaried positions, much better, imo.

Atb

Also,good to have new posters on the board ;)

Atb & have a good evening

I think 25p plus is what is what most of us are reasonably expecting Shadow and based on the various game changing developments the Explotation License will bring.

Very exciting times ahead for us!

???

There is a 'funding gap' - that's an unequivocal statement by the Company, in those words, in an official RNS of a few weeks ago.

That 'gap' is to be covered by certain CLNs, 'subject to certain conditions being met' and a drawdown arrangement with a 'Family Investment Group'.

It's NOT conditional on the CERP merger going ahead.

Hope that clarifies the situation for you CarsCoffee.

The BoD have also stated that they're looking at further Acquisitions - how will those be played for - an expanded arrangement with the 'Family Group'?

We have many 6-9 mpnths for them to spring something else on us.

Atb

And that's your basis for stating 'the drill wont go ahead without the merger' Carscoffee....??

Remarkable!

Atb

"Didnt you say repeatedly that there was a funding gap bonum""

I didnt say that, the official Company statement of a couple of weeks ago did - I copied the paragraph in its entirety and straight from said RNS.

The 'hysteria' around that post statement was 'fanned' by a certain other poster.

Atb

'BPC without the merger would not get the drill done' - how do you work that out??

I'm actually 4' 10"....;)

Atb

BPC would be more inclined to go ahead with their publicly stated aim of further Acquisitions if the merger vote goes ahead, imo.

How will they fund these acquisitions - even more dilution?

If the vote is against the merger, I'd think.a clear message would be sent out to the BoD by investors.

Imho!

Atb

I see I've attracted the 'mafia' contingent from another investment. Unfortunately, it's a heavily manipulated BB there with posters communicating 'off board's and acting in concert to 'promote' or 'disrupt'as needed.

I'm sure those interested in MATD will do their own I dependent research, which will swiftly put to bed the various 'claims' about the investment.

It certainly makes for interesting times - and hopefully attracts further notice of MATD as an investment, to a wider investor community;)

Atb & have a good weekend

Starchild your point 1 contradicts your point 7 - it's not dilution or no dilution.

However, the BoD have obviously changed course regarding strategy with we can reasonably state, significantly greater dilution leading into the P1 drill......which we can safely say was the main focus of most of us LTHs.

If we wanted to diversify our PF risk profiles, we could have bough CERP (or other prospects) separately.

Potter also clearly states 5 min into the presentation, that other assets will be evaluated to increase the overall portfolio of such that BPC will hold.

Apart from the additional 900M new shares to be issued on a merger, how much more dilution can we expect leading into the long awaited P1 drill.

I, like many others, would have preferred a P1 & P2, if they were so intent on diluting us down - certainly not CERP.

Regarding my own share holding and that of others who are against st the merger as to 'why I dont sell' - well, the merger hasn't been passed yet so I or anyone else certainly shouldn't be obliged to sell if we publicly disagree with it.

Also, I certainly wont be asking you for 'prior permission to post', as you demanded I do.

Atb & have a lovely day

Further Acquisitions (further Dilution) anticipated- 5 min in!!

Yes neon, I'd feel betrayed bitter and a complete betrayal of CERP holders, so a high stakes CEO can indulge in a 'bigger game's, other Board members can offload stock.....and ordinary holders are left with an entity that has a completely different risk profile than their original investment.

They also say they're looking at 'further Acquisitions' in the BPC merger presentation - that equates to even MORE DILUTION!

Salaries for the boys!

A transient uplift imo and not dissimilar to the initial push on Leo Koots interview.

Nothing new was communicated and indeed, the price slippage since the merger announcement points to the Market not linking the deal.

I have to agree with Jimtheknow (and others) in my assessment that this deal will be a poor outcome for BPC holders.

I look at the 'obvious' though, rather than the possibility of the BPC BoD having 'hopefully' some 'surprise' up their sleeves to make this a good deal for Shareholders - that being that it isn't good for shareholders, just themselves to keep them Salaried beyond any P1 duster!

They're looking out for themselves, just as Leo Koot is in not wanting to spend 5 years of his life, developing a tortoise like CERP.....and Tony Hawkins willing to relinquish his job for 'greener pastures' and being able to offload stock more easily.

That's the Obvious rather than the 'hope' inntrying to understand a frankly terrible deal for BPC ordinary shareholders.

Atb