Member Info for Camkite

Additional time has been granted to the Company to raise equity and issue warrants. The previous PIK structure and vesting of warrants to the banks will be automatically cancelled once issued, providing the Company raises equity capital of $25m or more no later than 30 June 2021 (the "Equity Raise"), and raises further equity capital by 31 December 2022, taking the combined fund raising to at least $75m. Under the previous arrangement, the Company was required to have raised $75m by 31 December 2020.



This revised structure provides the time needed to seek to complete the $75m equity raise, as well as review alternatives options to optimise the capital structure, including a refinancing, by the end of 2022, should GMS be able to deleverage the balanced sheet and improve its Net Debt to EBITDA profile.

Two of the Company's key shareholders, Seafox International and Mazrui Investments (both under NDA till this announcement), have agreed to take their pro rata share in the Equity Raise, to facilitate the new agreement with the banks. In this context, the Board would like to thank the two shareholders for their extensive work and support to deliver this improved debt deal, which is a milestone for the business.

Documentation for the revised agreement is expected to be finalized over the coming weeks. Furthermore, the $15m advisor and bank fees reported in the first half of 2020, for the previously agreed June 2020 banking arrangements, have been deemed to have no value and will be written off.

"Reduced interest to Libor +3%, retrospectively from 1 January 2021, to 31 December 2022, leading to a saving of c. $53m over 2021 and 2022, if compared to the prior deal and suggested PIK as approved and recommended by the previous Board."

Nav 60p and now fully secured moving forward... 4 corners write off of $9m not $90m. Fairly big difference :)

Wonder where the market is going to put us considering imv and based on the trading this was on the large part priced to fair anf now is strong and secured for the next 18 months with a strong order book, oil price recovery and slightly reduced ebitda

Oh you beauty.

Never expected it to drag out this long ... I guess they could be getting a decent deal, takes time.

£1m after hours should gap up on Monday.

Thanks shandy will take a look.

L-Graham despite many people thinking that charts are bS they are actually often bang on over a medium timeframe... gotta remember hedge funds & professionals use them for entries and exits, the more people buying and selling based on something = the more reliable they are.

There was resistance at 7.3 ish that had struggled to break twice on the weekly... the PA is in an uptrend. Ie: less sellers at lower levels, getting higher - forming a wedge...

As it gets thinner the odds increase of it breaking to the upside.

3rd attempt is often either a confirmed rejection or it breaks.

in that this wasn’t going to be rejected. Good odds it would break this week before close. I posted on Tuesday I thought it would go on Friday.

If we can close the mid over 7.3+ we may we’ll test the teens next week.

Good luck.

Surely we will get news next week

be surprised if this doesn't rally into close.

Anyone got a link to the most recent presso? Doesn’t seem like the company have uploaded it yet ?

Kenny - please send my regards to David leni gas.

We won’t get news but we will / should see a breakout.

Once 7.2/3 goes & holds we will see it PoP.

Is dragging out a bit.

Pop Friday evening into close ? Don’t think it’ll be that long till we get some news.

Not disagreeing that this is cheap & would be happy to buy at this level (if it was the bottom)

But in 2 days 80% more shares hit the market with the price 30% above will it drop due to increased selling & lack of demand until the company release news / developments ?

I think so, but we’ll see.

Anyone hedge as to if we will see very brief fresh lows on the placing ??

I’ve been undecided but to be honest I think it might based purely on the fact the placing as of yet isn’t voted through.

Haven’t bought in yet & am waiting till Friday to see how things play out.

Interested to hear others take ??

Surely wouldn’t be rolling over on monthly extensions with no defaults if that was the case ?

Surely would also be cheaper to let it default & clear the debt take it off the lenders afterwards.

Surely news this week.

It’s the options tho. They need to raise £1m in the next 30 days.

Sadly, cliff will probably do a placing at 11p or alike.

That’s only 10m shares so a drop in the ocean but there’s no doubt that holds us back.

To add. Imo. If these guys are really adamant on bringing it to market (stupid idea) they will need a lot of funds, it’s going to take a long time, there are / is big competition, the logistics, overheads, potential Pitt falls etc - it’s not a savvy business decision imo.

Just sell it, take your 50p per share and invest in some cannabis & dont faff about with what could be 2 years for a product that has so much competition.

If they do take it to production, it won’t be because it’s the best idea, it’ll be because the old boys running Belluscura want to flex their muscles. Imo. I really hope they have a rethink.

Considering it's announced with very little detail & the market knows its completed by Friday........

Unless it was a good thing... not sure what Savvy investor would take any of it ? as of this evening ?

Not your average placing is it... Announced to market before placee's ??

Doesn't make any sense if its a dirty bucket shop.

" It is anticipated that the Placing Shares will be issued on 11 March 2021 (the "Issue Date")."

Issued, not the same as admitted to trading... issued to holders and settling in their accounts, not addmitted, which clearly says they won't be asking to do...

If it's a typo they have done it on purpose as no one writes 4 things wrong to give a completely different interpretation in one paragraph.