Member Info for Cardinal3

Leak of lots of oil hopefully

Oktane

the planning officers have recommended approval which is far from saying it has been approved by elected councillors who can take a different view.

Oktane

Where did you see that the Dunsfold application was approved, please?

Mattcarter
Great maths. At $30 profit per barrel at the operational level that means just under 13000 barrels or 59 tankers needed to pay the equivalent of SS's basic salary for last year. All good.

MKx

Resolution 4 of The notice of the AGM clearly states £300,000 nominal, ie 3bn shares. The resolution 5 only allows for those same shares to be allotted without pre-emption rights and is not additional to the 3bn. It is an authority to do it, so they don't have to go back to shareholders if they want to issue shares up to that limit for any reason.

That's not how it works. The price is shown as a buy or sell based on the posting time not the deal time.

Hi Netherwood

I would think it was a sell. People get excited about the last price but if you look at prices earlier in the day, it wasn't the high.

Ironhide

Yes, the Mcap has gone down by £0.45m despite the injection of £2.1m cash, in a nutshell.

I'm sure my decimals are wrong but the totals are right!

Ironhide in answer to your question the placing was at a discount of 17% to the then market price of approx 0.235p making an Mcap of approx £20.5m. This compares with the numbers as of today per RB below of Mcap of £20.05m at 0.0185p.

If, and it's a big if, planning goes through it will present a great opportunity for shareholders to buy more shares on the next placing to pay for the drilling.

Wizard
You addressed a message to the BOD in here. Did you send it to them or are you expecting they read the stuff in here?

PS I see you started your message with a 1-did something drop off the end which is why we didn’t get a 2?

Cheers

Free-Money

Equally there might well be a lot of holders wishing they had sold earlier and/or never invested in the first place! Your opinion depends on the price you paid.

Hi morefondle.

People have their opinions! I was taken by one of your posts back in May 2018 when you said the best thing to do with trolls is ignore them. In light of your posts since then would you like to update that view?

Surely all Canaccord have done is placed the shares in the accounts of their managed clients and don’t hold them for their own account? It’s possible they placed them with clients who already have UKOG shares so as to avoid dilution. Spread across hundreds of clients it is small beer for each client.

Canaccord might have a deal with WH Ireland to get first pick of placings. To maintain that role they have to show willing for each one that comes up. I remember in the old days One well known broker was so powerful they more or less told institutions to accept placings so they weren’t frozen out of subsequent, perhaps better, offers.

The placing hasn't been underwritten according to the documents so no guarantees there will be the full uptake.

I don't want to be boring but I wonder whether by issuing the placing shares before the AGM on 17 June, UKOG will be acting outside its authority limits as approved at the General Meeting on 12 February.
To recap at the GM in February they got approval for up to 3 billion shares to be issued until the next AGM. At the time they had approx 7.4 billion shares in issue which allowed therefore for the total number of shares in issue to be up to 10.4 billion by 17 June, the date of the AGM when the authorities are updated with an additional 3 billion.

However, if you see the RNS today they anticipate allotting the 2.1 billion placing shares on 10 June "or such later time as agreed with WH Ireland". This will take them to 10.8 billion, per the RNS, which is higher than the 10.4 billion in the existing authorities. Someone with better maths and patience than me could check whether I am right. If so they will be in breach of the regulations, probably Companies Act or/and Stock Exchange rules, if they allot more than 1.7 billion shares before the AGM. Hope this makes sense. This assumes I haven't missed any General Meeting authorities!

Skwizz

Far from being a hypocrite you are being honest. Attitudes are entitled to change. Good luck with your trading gamble. Personally I think the risk outweighs the reward but that's why some people make money and others don't.

The RNS of 7 Aug said in relation to YA and the financing of Tellurian
"This Loan agreement also provides for further funding on the same terms of between £3.6 million and £4.5 million dependent on the operational performance of the Horse Hill asset."

That explains at least in part why they are raising now. They won't be able to access that finance now or possibly ever.

Skwizz

I take my own counsel too :)
So should we all. Leave the council to deal with the bins.