Member Info for Candlestick

It was definitely - or as definite as anybody can be, looking at times trades.

Buys were going through at 1.79 at that point.

Fingers crossed we can move now that’s cleared - tbf, it was only 3m from 43m traded today.

Like I said, pretty much every time.

Recovering well now, with some chunky buys going through (1m trade just printed)

Placing

$10.5m = £8.4m = 49.47m shares

£2m PB = 11.76m shares

Total = 61.23m extra shares

Currently 757m, so 8% dilution

If we drop 8%, the bid will be 16.56p, likely the offer will be at 17p…. And you won’t be able to buy a bean, same as it’s been for most of the recent days.

Hey, I’m more than happy to be wrong. But I’m pretty confident, especially when there’s a retail offer open to all.

We’ll see, I guess.

Overall, it’s at a great price compared to what others have had to beg, borrow or steal to get funds.

This is what Jay said “ This will not be a long term production test as was the deeper Alkaid zone but is designed to gather reservoir data and test SMD reservoir oil quality and productivity so this data can be used for planning future commercial operations.”

I guess it’s as long as a piece of string right now, but I’d expect them to put some meat on the bones via interviews soon.

It’s a good job they’re taking part, they’ve got a lot of free cash from the earlier selling when we were over £1

Placing at 17p.

Great result in the circumstances. Now we get to test the SMD (I believe this can be done quickly and outside the winter drilling season?).

Should be close to the bottom now. Might drop to 17p, just because that’s what happens every time.

Having a tumour analised doesn’t sound like fun ;-)

From the Form 8-k back in January - https://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=16332666-847-8391&type=sect&TabIndex=2&companyid=1193003&ppu=%252fdefault.aspx%253fcompanyid%253d1193003

Looks like those initially invested in the SPAC took back about 75% of their cash.

Looks like a good number of those that invested took out equity during the EGM - “TETE’s shareholders elected to redeem an aggregate of 8,373,932 ordinary shares in connection with the General Meeting.”

https://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=16560614-821-6168&type=sect&TabIndex=2&companyid=1193003&ppu=%252fdefault.aspx%253fcompanyid%253d1193003

Anybody got the link to this active, ramping Telegram group?

Only ICON one I’m in hasn’t had a post in 2 weeks!

I believe it’s $500k, not $900k

Gotta remember that the voters for the extension are the same voters who will approve the merger.
They could have pulled the plug now - that they didn‘t means it’s going through.

Which will give MBO £15m!
Current Mcap is just £10m

Need a 2/3 majority on 18th to pass the extension.

With the Founder & Placing shares guaranteed to vote YES, and a strong likelihood that the supportive IIs will follow suit, there shouldn't be much to stop the vote passing.
Possibly 2 or 3 more II investors should do it, but I'd expect the YES vote% to be in the 90s

https://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=16287512-783-362642&type=sect&TabIndex=2&companyid=1193003&ppu=%252fdefault.aspx%253fcompanyid%253d1193003

Not sure if the link will work but it’s on the SEC filings website

Date set for the EGM. January 18th at 11am.

Should see some interest prior to then as a positive vote to extend will almost certainly mean a positive vote on the merger

And a whole lot cheaper than the $1.15m per 3-month extension

They first need to get shareholder approval to extend the date (I don’t believe the EGM date has been announced yet).
They also have to file the proxy statement, which they have yet to do. The date of the EGM will not be known until they have filed the proxy statement and gone through multiple rounds of SEC review.
Then they need to call another EGM to get shareholder approval for the merger to go ahead.

The risk of the extension is that it’s another stage that could leave the process rejected, though the positive might be that if there is approval for this it’s likely that they’ll get approval for the merger (why agree to extend the timeline and then subsequently vote down the merger?).

I don’t expect the merger to happen until nearer the July deadline.

With the recent purchase from Derrick, the number of shares held by significant shareholders is over 72%.

So, once news comes, we only have 29m shares to play with - this is what will drive the sharp increase when demand massively outstrips supply.

There is a history with this stock to move fast and high, previously with little/no news. Bring some significant news into the mix and it’s going to be a sight to behold!

Dato' Hussian @ Rizal bin A. Rahman
53,465,724
50.30%

Estate of Dato' Shamsir bin Omar
9,131,677
8.59%

Vidacos Nominees Limited
7,306,219
6.87%

Interactive Investor Services Nominees Limited
3,519,283
3.31%

Derrick Chia Kah Wah
1,800,000
1.69%

Janice Yew Yoke Ping, wife of Derrick Chia Kah Wah
1,943,000
1.83%

Total -
77,165,903
72.59%

Why would Derrick choose to buy 1.8m shares at 9.45p, rather than exercise his options? He has 2 million options priced at 2.5p.

I can only imagine he didn't want to see the drip, drip, drip of that amount of sells into the market and because he can see a great return from this price - he can also then exercise the options at a later date as well.

His wife has had her shares since Sept 2013. For him to essentially double their holding now is such a positive sign; he will have had so many opportunities to increase their holdings at much lower prices in the past.