Member Info for dai2belts

@Twohearts, without retail to off load shares to, then the institutions/HNW will have to hold the bag, or not support the companies needing funds... So they cant go around wiping out people too often... I hope

Twice He1 have used the cash box... Lorna makes Dirty Lyle look Saintly

Not sure its 14%, as Cantors holding was 1st reported on the 21st, at that time no placing shares were listed on AIM..

When I have bought shares through funding rounds, they dont arrive until the day they are listed

Reporting ...."shares to which voting rights are attached that are already issued and are admitted to trading on a regulated market "

https://www.srz.com/images/content/1/4/149202/SRZ-UK-Shareholder-Activism-Briefing-FCA-Rules-on-Trade-Reportin.pdf

I think it was closer was 2.4b, and looks like they got around the restrictions by offering the shares for a non cash settlement .. Using the dastardly clever cash box

@Tro, sounds reasonable but this share was taken sharply down to a discount to the placing price, sub 0.24. At that price its too late to sell, and it did'nt bounce so you would assume many are still holding.. So I think its possible that buying makes up the majority of the trades, the shares provided by the book builders selling ahead of listing.. At the end of the day they are on their books and they need to get rid while the pi believes they have a good chance of upside..

Mmmmmmm, down to interpretation

Exempt Holdings

The following types of holdings are among those that are exempt from the calculation as to whether or not a reporting threshold has been reached or exceeded and may be disregarded:

•Shares acquired for the sole purpose of clearing and settlement within a three-day settlement cycle;

•Shares held by a custodian or nominee in that capacity, provided that the custodian or nominee can only exercise the voting rights attached to such shares under instructions given in writing or by electronic means;

•Shares held by a market maker;

•Shares held by a bank or investment firm within its trading book; •

Shares transferred as collateral, provided that the collateral taker does not declare its intention to exercise, and does not exercise, the voting rights attached to such shares; and

•Shares borrowed under a stock lending agreement

https://www.srz.com/images/content/1/4/149202/SRZ-UK-Shareholder-Activism-Briefing-FCA-Rules-on-Trade-Reportin.pdf

@Coco over 4b already changed hands, so getting close to double the placing....

almost 3.8b traded before the new shares were listed...thats x4 the companies original 950m shares in issue..

So where did the liquidity come from if there is no forward selling, or shares found placees unable to sell prior to the expiry of a period of six months from Admission...?

I guess 0.25p was irresistible, and has helped off load most of the new shares already..

@Chesh, Tro

https://www.handbook.fca.org.uk/handbook/DTR/5/1.html

5.1.3 (2) ?

Cantor selling or buying as opposed to its clients, especially retail investors like us sends a totally different message..

Could be confusing to newbies, but any new should be avoiding this

AIM, seems like there are no restrictions, a way around voting and headroom.. He1 with 950m shares, issued 2.4b in a single raise

@sdg1970..

Even the language used mentioning the fund raise, saying "may need funding", well that clearly suggests that they may have been able to complete drilling Itumbula with current funding, so a top up...far from the real situation

With the delays and rig issues, and good cost control a top up was likely, so they chose wording reflecting expectations...

But why would funders make unsolicited approaches after He1 announced fully funded...?

Duped for sure...

choice of wording, a total contrast to the friday rig update...

Its all going good, 17 hours and not lost a penny....

So if all those statements were true, then the decision to buy would have been a fair one..

If the placing was oversubscribed by placees only able to sell to Qualified investors I doubt we would have seen 4b shares changing hands.. But 0.25 looks to have been too tempting for the non qualified investors to ignore, and all the risk will be in the hands of the pi shortly

Just one Pea

Yep, He1 you were dupped....

Announcing fully funded just days before Tai results, and saving time by moving rig to Itumbula while the rough neck was on its way, and rigging up ready to fit...

When announcing the rough neck arrived, sure Lorna said they would get on with fitting it...But after fund raise they said it was to be fitted part of the rig up..

So there was no money, the rough neck remained in its box, and the rig was parked up..

What happened to the standalone rough neck...?

Did they have the cash to order Tai's smaller Dia drilling bits?

Plus you had the noise from the BB

Like, how did they cement and case a hole, if they could not pull out of the hole,,,, it looks like the cement can be pumped down, followed by a wiper to clean up..

Also the price failed to hold near the all time 4p low, and failed to stay above 3p, all whilst fully funded, and apparently the rig was being moved and rigged up ready to receive the rough neck.. ?

Likely the continued downward pressure was related to the market makers natural bias towards future events,, After all the MM, house broker, analyst and book builder are all just one, Liberum, and they very likely offered their funding services before being approached(unsolicited)..

Unlike H&P who made their notes freely available, Proactive provided snippets of Liberums..

Even when they announced funding they made it a formality by claiming they were just following advice..Claimed cash in the bank, ............

dupped...

@Tro, mostly bought by the public by the looks of it, those not entitled to subscribe, otherwise they would be in tight hands, and 4bn shares would not have been exchanged since the placing was announced..

Who would agree to the selling restrictions on a wild cat drill, while the traders can de-risk ?

Its odd that the terms and conditions are there for the public to misinterpret when surely those who were considered entitled to invest would have received a copy as a matter of course

Probably not an important then ;)

Did Lorna comment on that great big whopping seal described at Tai-1, did it extend across Tai-C ?

He1, 4bn shares exchanged hands already, considering placees cant sell and it was oversubscribed where have they come from ;)

In particular, each such Placee agrees and acknowledges that:

28 that it has not offered or sold and, prior to the expiry of a period of six months from Admission, will not offer or sell any Placing Shares to persons in the United Kingdom, except to UK Qualified Investors or otherwise in circumstances which have not resulted and which will not result in an offer to the public in the United Kingdom within the meaning of Article 2(d) of the UK Prospectus Regulation;

But in some longer if but yes but no paragraphs......there are suggestions shares can be sold the the public

where the Placing Shares have been acquired or subscribed for by it on behalf of persons in the United Kingdom other than UK Qualified Investors, the offer of those Placing Shares to it is not treated under the UK Prospectus Regulation as having been made to such persons;

or in circumstances in which the prior consent of the Joint Bookrunners has been given to each such proposed offer or resale

Nothing wrong with traders, they help create the highs, and lows, create liquidity but don't get sucked into the strory

I think the point of cocos post is reset your goals with the current price, if it multi-bags then consider cutting your losses, back to 4p is x16 or MC £136m , possible but a big gamble..

If the rig plays up, sell and buy the dip

Its not just He1 that will leave you high and dry now, but also the savvy traders selling out