Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
The share price is now hitting new lows. A real kick in the teeth for LTH’s who have kept the faith for so long and invested their hard earned here. Truly hoping the new BoD manages to pull that rabbit out of the hat in time for the shareholder call. Otherwise what really is the point of this company other than a means to pay the BoD a grossly inflated salary in return for delivering absolutely nothing back to shareholders.
I'll be the first to admit that I was pretty bamboozled by this complex finance arrangement.
Also to add to your summary, they have a £420,000 loan repayable in a year with interest @10%, with a further £420k available to be drawn down over the next 12 months.
These are ambitious financial commitments - why would the company tie itself into a loan with quite a high interest rate IMO if they weren't confident of significantly increasing revenue over the next year?
I suppose the SP is doomed to stay where it is until more material positive news is released on the seismics.
I expect them to be positive though, why else would we have been able to secure financing?
“ During the period, we commissioned a report from the reprocessing of the data from a 3D seismic survey to establish what other conventional oil and gas reservoirs we could target within the large Petišovci license that covers 3,592 hectares and contains some 148 historical well site locations drilled since the 1940's. We have now received this report and our initial interpretation of it is highly encouraging and, over the next 6 weeks or so and together with our partner Geoenergo, we will be evaluating and prioritising potential shallow conventional oil and gas targets and associated well site locations.”
Shareholder called scheduled for October 2019.