Member Info for CarsCoffee

Thx Maytag, English was never a strong point for me.

“ in respect of any shares issued pursuant to the exercise of the Put or Call, the date on which BPC may be required to make a reconciling payment to the Investor is extended from 60 days after the date of spudding of Perseverance #1 (which would be 20 February 2021), to 16 April 2021”

The point I was making that is says the new extension would be in place if the Put is taken by BPC regardless of the Call.

Anybody in the palm beach area? Some info may be going around the bar this weekend.

The other thing that this whole debate has shown is that the RNS on the funding was not very clear and in my view was designed to bamboozle the pi’s so we wouldn’t see how terrible these terms are.
Then then tried to cover themselves by the end statement saying they believe it is in the best interest of the company.

The mute point I was also referring to was my point regarding splitting the put and call as that deal is way to good for them not to call if they get the opportunity.

My post below. I was referring to the put OR call part. They don’t have to execute the call for the put to have the new terms.

“ Sharescare the call is not required for the new date to be activated. Just the put shares will qualify for the extension but why would they not Call with that deal? They will, so it is a mute point.”

I know I have seen information regarding the DBX chassis being build with the ability to have a battery bank in the floor.
I am not sure if the intention was a pure electric but certainly a hybrid will be on its way.

Sharescare the call is not required for the new date to be activated. Just the put shares will qualify for the extension but why would they not Call with that deal? They will, so it is a mute point.

Very nice beach, I guess you had a slow Friday night.

Jolly the share overhang from the fund is very likely to stay around until after the “put” date as that will determine the sell timescale for the fund to maintain its guaranteed return.
The increase in volume could be good or bad. More sellers but also more buyers at this lower price.
Best case we don’t activate the “put” and the new free ride to results with extra shares flooding the market deal is canceled.
This will mean the fund will start to increase selling to clear all the shares before the 60 day barrier runs out.
The only other scenario would be that they know that we are having some good early results and hold some of the shares, or the results are due to be released before the 60 day timescale is reached.
Difficult to know which way this will go but it is unlikely that the fund are the sellers at this point.

151, that is a very small issue then. Does that also mean they have only sold 151 DBX? Hopefully a problem that was picked up after the first few batches.

Don’t you mean 500 Harry?

Sharescare I was referring to the original funding and the original 60days. 5 weeks to sell 300 million is plenty when you can sell at any price. I will buy 300 million from them today at 0.5p

No reason for the fund to be selling at the moment. They will wait to see if BPC go ahead with the next option.
If they take the option they hold for results if they don’t take the option then they will start to sell before the 60 days are up.

I don’t see the recall as a major issue as long as it can be fixed at the dealer.
Maybe 1,000 units at £1,000 so £1 mil in the scheme If things is a very small issue.
As pointed out by others most ground up builds end up with some kind of recall and this would be a best case scenario in my view.
Good luck all.

Hey Sharescare, I am not 100% convinced that it only applies if the put is taken however I do see that as a strong possibility.
This still doesn’t help the fact that the next funding may be taken and my view on the outcome of this deal along with a duster still stands.
I really am optimistic that we find oil for many reasons including the Bahamas being my home However I defended the dilution and the CERP purchase due to the board touting the increased funding options. Along with that the development of the assets gave us a great hedge against a failed drill.
If this next funding is taken we will without doubt end up with a £10 million plus bill to pay if we don’t hit.
I would like a clarification of the RNS and I hope the BOD is working on other funding options this week to avoid this new deal moving forward.
I will stop with my rhetoric now as I am boring myself. I can only treat this now as a win or loose play on P1 as it was before the CERP merger.

This is the first time star that I have to say you are talking nonsense.
No way would they hold shares on a duster. That would make zero sense to anybody.
Also I am sure they would execute the call so you are looking at 675 million shares that need to be dumped if a duster.
I accept and really hope none of this matters and we strike large oil but the alternative with the hedge using CERP will disappear if the additional funding is taken.

I am certainly not clear on the RNS still. What does seem clear is that if we take the next funding we wi definitely be in a death spiral if P1 is a duster.
I was giving the board some slack as I was hoping the development of the CERP assets would hedge some of the risk.
Now with the extension period and the ability of the lenders to hold until results this will leave us with a huge top up bill with no way to raise more money which kills the potential of the CERP assets.

Sorry that is £12 million pounds not dollars

Oultonmike this being the case, this will only be an advantage to BPC in case of a duster as the date will not be relevant if oil is found.
This maybe is to stop the fund dumping all the shares before results which means they obviously messed up the original funding agreement and realized it was going to decimate the share price and they would end up paying a lot of money to make up the deficiency no matter the results.
Now it means they will hold to results and if a duster the company is finished. The once hedge that was the CERP assets will have no value as we will have a $12 plus million bill to pay from all the 0.5p shares they will sell.

“ which BPC considers to be to its advantage.”

This part at the end is to cover the backside of the BOD’s as they are supposed to be making decisions in the best interest of the company.