Member Info for CrustyPete

Broadly speaking GL, yes and, yes too on the timelines that you allude to. The only uncertainty on the drill was the precise location and I am pretty certain that they will have that "wrinkle" sorted out very early - Indeed I would not be surprised if that box was already ticked. I do not think it likely that they would announce that information seperately; it is hardly "price sensitive".

Well here we are at 1st July 2022 - the beginning of Q3 - and we are still able to buy them at the similar or even lower price than two years ago.... so much for the FOMO eh? I recall someone telling me that I would be paying a fortune for them by now; so much for that claptrap.

I suppose the question is for how much longer will that be true - well unless we hear that the siesmics and or the spud have been delayed, not much longer methinks; another month? Maybe. Two at the most I suspect. September onwards.

I am not sure that the SCIR sale is a "given".....

Hi pekingd. As you say they are in "the middle" of 3D seismic and presume that is the surevey itself? I too suspect that is the case - the AGM was 25th may and they were due to be starting the data gathering within days of the AGM so, yes, they will be some weeks through it, hopefully - though maybe not yet quite got to the halfway point, I suspect?

Anyway, one and all - I will leave you to your musings; frankly I will be looking to try and put this out of my mind for the duration of the weekend.

Goodnight all.

Wouldn't it be ironic if the PR blunder of earlier this week and the subsequent sp drop was the final nail in 4D's coffin by causing that covenant breach?

I have personal experience of Institutional lending (Credit Funds) and at many times the OF level - I have also experienced being in breach of covenants - often several at a time. The only reasons in my view that OF would have pulled the plug is because either they worried that if they didn't do it now they might never get another opportunity or that 4D alternative funding proposal would have compromised their current preferential position.

Well I believe that the adminstrator will find a way to pay off OF - at least I am hoping so....

Oxford will get cash NOT assets crl.... the administrator protects the company from creditors, it does nopt act for creditors!

The company is in administration not liquidation, fairdealer.

Another conspiracy theory - is this a ploy to ensure that no-one is going to be worried about whether there is to be a 40% or 100% dilution or lose shareholders rights! :0)

But for the "going concern" criteria that the administrator will apply, so to reprise an earlier conversation they will have to raise enough not only to pay off Oxford F but also find enough operating capital to get them through the remainder of this financial year AND another 15 months after that.... common sense would suggest that they will have to scale down the breadth of their dev pipeline to reduce operating expenses over that period; maybe selling the IP off to one of their partners - or get those partners to pay for the development?

Yes Boonco and all for $13m - or, if we are to believe Sang $5m (plus interest) as $7.5 should still be sitting in a bank account somewhere - ior is that where 4D actually breached their covenants?! Maybe that money has been spent?

In any event to allow a business to go into administration smacks of negligence or incompetence (unless it is pre-meditated) - I really don't know which is the worse?

None at all.

The job of the Administrator is to protect the company from our Creditors and they should be able to find a way to honour our obligations to OF. However as an administrator they have an obligation to ensure that the company in administration is a viable concern - without a discernable income that would be hard to demonstrate. They would have to conclude that 4D would simply lurch from one funding crisis to another - unless of course there is a route to an identifable, reliable, quantifiable and highly likley short term income or capital event....

I cannot see how and why a BoD would allow a company to be forced into administration foor platry sum of $13m whn they have a market cap of £28 million....? Indeed back in April when the $45m was due to be raised the Market Cap was circa £90m.

I would not be surprised to see 4D bought out of Administation by a new venture with the current Board and an offshoot of Oxford Finance (or similar) at the helm.

The vultures will be circling now, looking to pick up the juiciest parts of the corpse.....

Anyone going to the AGM? I so wish I could - would be taking a baseball bat.... ;0)

Well Roxbury if you only bought in on Wednesday you probably did so at 20p or less? Not quite the same pain as a LTH who has suffered the death of a thousand cuts and has an average of over 60p eh?

Boonco, I certainly agree that if required 4D BoD could go cap in hand to merck to dig them out of any Oxford Finance grief. So I would be very surprised if OF are the reason for our "demise" - though I am also sure that Merck will be extracting "good value" for any such arrangement and that will be at the cost of shareholder value.

If you do attend Bruce please report back.