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All quiet here. I suspect based on last weeks RNS news will take a while longer. Has anyone been speaking to Board or heard any rumours in the City abut the deal progress? Thanks DBH.
We are as a tidder are not trying to raise funds alone. It will be effectivley EER rasing funds (as they will reverse into Brady) and they have exciting licences in Nigeria as we both know.
Further to the announcement released by the Company on 30 April 2013 the board of Brady, the natural resources focused investing company, confirms that the Company continues to progress a reverse takeover transaction with Energy Equity Resources (Norway) Limited ("EERNL"). The Company also notes, and is encouraged by, the positive development with regards to the successful completion by EERNL of the acquisition of a 9 per cent. participating interest (16.875 per cent. economic interest) in Oil Mining Lease 113 ("OML 113"), a major offshore Nigerian oil and gas asset, from Chevron for US$40 million. The acquisition of EERNL's interest in OML 113 was financed largely through a loan from First Bank of Nigeria plc, one of the largest banks in Nigeria. Whilst the proposed transaction is at an advanced stage there can be no certainty that it will be concluded successfully. As previously announced a proposed transaction with EERNL will be conditional, inter alia, on the satisfactory conclusion of the Company's due diligence into EERNL and the raising of additional equity finance. In accordance with the AIM Rules the Company's ordinary shares were suspended from trading with effect from 7:30am on 30 April 2013 and the Company's ordinary shares continue to be suspended pending the publication of an admission document by the Company or an announcement being made that the proposed transaction with EERNL is no longer proceeding. Under AIM Rule 41 if a company has been suspended from trading for six months the trading of the shares in that company on AIM will be cancelled. The board of Brady will make further announcements as appropriate.
No haven't spoken to him know there is unliley to be news befored end of August
this is a long long wait. Every day we are getting closer that's about all I can say. Apparently both Company's marketing the deal at present ie selling it to institutional investors who willl lend money in reurn for shares so that there is money in the bank to fund the oil drills. DBH.
http://www.investegate.co.uk/lekoil-limited/rns/issue-of-equity/201307170739054981J/ announement yesterday by Lekoil - raised £13.2 million for drilling for oil off shore Nigeria. Brady told me about this and stated that it was a positive for us as showed is possible to get funding in similiar circumstances.
holding 600k shares myself. Spoke with Brady yesterday. Deal is happening and all positive expect for increased delay due to timing and fund managers (required for us to raise finance vai share issue) being on holiday. Think the plan is to market the deal around the city to try and get as good a funding position as possible. Don't expect suspension to be lifted until at least the end of August.
What did he say? Would love suspension to be lifted before end of July. Thanks DBH.
it's been a long wait but every day we are getting closer. Personally, I can't wait for the completion RNS. Hopefully in time we will all make some serious money.
Yes I firmly belive it will happen. Have you any idea re timescale?? Think the next stage is to market the deal. I'm very impatient (well perhaps not as I've been waiting for 1.5 years plus) but think it will take another month at least.
Spoke to Brady today. Extremely positive. Marketing the deal will be the next step. Just a matter of being patient for a short while longer. Who all is invested here what is your holding? DBH.
today proposed deal progessing well and scheduled to happen but as is almost always the case target deadline has slipped and is scheduled for 6 - 8 weeks time. Positive news but patience required. Will be worth the wait.
expect suspension to be lifted by end of June. Share price is anyone's guess but all I know is that we will reopen a much more valuable company with oil licences in Nigeria and an exciting BODirectors so I expect to see a re-rate to 5p plus. Might take a while to achive this level as awareness of our potential and projects grows. Exciting times for all concerned,
last week. No issues. Full steam ahead. Expect completion and suspension to be lifted within 4 - 6 weeks. Expect SP of 3 - 5p.
4 - 6 weeks from now. Personally I can't wait!!!
Spoke with the Board today. Everything progressing and all very positive. Exciting times.
Anyone else starting to get excited here??!! I plan to call Brady next week for an update. I guess there's no point in speculating re terms of deal but I'm convinced that it will see us reach mutliples of Brady SP prior to suspension. Really hope it's been worth the wait.
suspension to be lifted. I'm guessing end of June 13 at the latest. If deal complete we will become a much more valuable company with licences in the oil rich Nigeria. Obviously there will be dilution in the form of a placing to EER to pay for the deal and to institutional investors to raise funds so there is cash raised to fund the oil drills but all things considered this deal would be transformational for Brady (who would change its name etc) and IMO post placing could see us reach a share price of 5p - 10p upon re-entry.
600K shares here. Was speaking to Alex Boreilli post deal announcment last wek. He is a nice chap, was very positive about the deal and said that both parties wouldn't have made the announcement if they weren't confident the deal would go through. They have been working on it for 6 months. In terms of timescale for completion this will be at least 4 weeks. Personally I'm factoring 8 to be on the safe side. I'm going to get a credit report on EER to see what their current financial statsu is like. It's been a long hard wait here. Keep the faith.
SOU's market cap is £23 million. Brady's closed at £0.6 million. Brady's shareholding will be significantly diluted but EEP have more assets than SOU.