Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
With the recent placing and the fact that we are due some news, I do feel that 0.11p on the bid should be the bottom.
Without news to impact it, of course!
They received 70m free shares at Options in April 2023 as part of the STIP. RNS on 4th April
As much as I’d love to say that was two big buys, it’s almost certainly just a rollover.
3 positive and 3 negative. Looks like a rollover and some adjustments.
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.”
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