Member Info for Bridgedogg1

I dont think they will be accepting any more Prem shares in lieu of cash now they have lost out 1 hour later.

I’ve made what should be my final top up. Breaking above 1.3p is a strong indicator. If we can build now we are free to move upwards.

Is it as simple as not commingling funds? The monies will used to upgrade yards and upskill workers who will then be working on the ferry contracts. I can’t help but think that as a competitor you’d be a bit miffed with the gov funding this.

I was looking at Puretech for comparison. IP seems to be way in advance of Avacta and has more depth. £450m cash. £400m potential milestone payments. Share buybacks. Tender offer. Special dividend. £600m mcap.

Then avacta, £1.60 share price would make this worth the same as Puretech. Currently worth 1/4 of Puretech. In that light we look overvalued, and the idea of a £1 plus takeover offer looks laughable, let alone £2, £3 etc.

The way that they fund there research is interesting and should be a model we can follow though they are much more embedded in the US space where funding comes easier.

If this drops below 1.5p before the 31st will the £6m target fundraise not be met? Then what? Conditional placing doesn’t go through and shareholders get left holding a steaming bag?

Can you participate if you buy shares now or was 20th the cut off date?

There are a number of new large shareholders, including a few 10 percenter's who have the power to call for his removal so possibly jumped before he was pushed.

Surprised he has moved on now.

What is the COS on wells like this? 50%? Two hits, two misses or one of each, its just luck and not really down to management judgement. The question is whether the risk reward was worthwhile before you know the results, clearly it was here. We just have to wait and hope.

Incidentally it would be very good to see some news regarding offshore preparation before the onshore well results drop.

Very low volume but there is no appetite for buying above the placing price.

I think we have to accept that there is a material risk the financing don’t come off and that is being priced in. What will happen to Harl if it is rejected?

If nothing else it’s a very efficiently run drilling campaign.

I might be adding sooner than I expected as we move towards 1.3p. This is still priced for failure but we are a long way from that now.

Didnt release an RNS when it went from 7p to 12p to say nothing has changed so why release one when it goes from 10p to 6p to say nothing has changed? thats just the market.

Why would having Corica back on site be good news? They have proven themselves vastly incapable. Securing the loan is very good news and if the debt payments are deferred (at high interest rate) then thats the key issues sorted. Hopefully wont be tied into the gold hedge next year then the majority of debt can be paid down tot he end of 2025 and start making huge free cash flow in 2026.

"I can see this achieving 15p this year, at least."

What sales figures does your modelling suggest are required to hit 15p? How will these be achieved and what market share does that represent? What are the key routes to market and how will they overcome the obvious issues. How will the required ramp up in production and distribution be paid for if and when these routes to market are secured?

The onshore drilling is free upside with no downside due to the offshore drilling in Q3.

Personally Im going to add more once it breaks out of the current range. and hits 1.3p then similar to you i will reduce between 3p and 5p, keeping some for much longer term.

Around 80% uptake required for Rex offer and Open offer to hit the £6m target or the conditional placing wont go through? Leaves shareholders with more shares and much less value.

I think you are kidding yourselves. . No bidding war because there are no multiple interested parties, or even a single interested party. Where was the institutional interest when we were fund raising at a 50% discount? Holders always think offers will come in at their target value and it never happens. Look at whats happened with SOLG. Someone approaching this new today would not pay £2/£3. First offer would be 65p, second 80p, would probably get it. All those new shareholders at 50p would certainly accept 80p.