RG100 - PMO had a very unusual lender. One that knew the FCA would do nothing if they kept a short position quiet (nearly 17% of the company). The whole thing was a disgrace. The hedge fund won on the short and the new merger. Does ENQ have a lender like that - I don't think so. Need to look, I am buying in very soon.
Good luck rico, tough decision. I am staying in - going to give them benefit of the doubt of full year results. If that cash position of £1m + they reported in June has dropped it really should be curtains. They have lied about the Jan refinance which should have taken the CLN balance down a lot more. I am only hear for the hype\herd, the company is a complete lie, setup to pay wages. This whole idea that you need to raise equity to fund a project is utter tripe - if the project is worth it then you buy the shares back when it is finished.
Cheers Jan. I agree with the debt repayment, they have done a great job here. PMO always felt like a black hole - when oil was over $70 their debt repayment was terrible. I am going to buy tomorrow for a long term play.
Jan You been in this for a while? Thinking of coming in here, it just looks so good compared to its peers. PMO might rise but no one knows really what is going on there. I like this due to the inside purchases and debt repayment. If oil comes back that debt isn't even that bad - could be a x1 multiple of EBIT. I take it there are no lenders here that want to short it and shut it.
MT - just time to hold. I can see this coming good. Penny stock are not going to do well with so many blue chip bargains and the vaccine looking more hopeful. This might sound daft but I am hoping people make a lot of money over the next few weeks and a few might then take a punt here!
The purpose of the January fundraising was to pay down the Convertible Loan Note. They paid down £0.56m immediately in February However, since then, nothing. Holders have converted ( so not paid down, just converted) £96,000 in June, and £112,000 in October, bringing the total outstanding down to £1.477m. BUT, the Company has NOT used the fundraising, or the finance facility to pay down the CLNs. The smaller and smaller amounts getting paid by Riverfort must be being used to keep the lights on. At 13.25p WSG would be getting £150,000 per month from Riverfort. But at 6p ( there are commissions to be paid) WSG will be receiving c£60,000 per month only. And it goes on and on, with each month Riverfort able to sell another 1,200,000 shares, not caring a jot the actual sale price.
yrab - was reading about the whole Riverfort not losing part on ADVFN. How is that? I thought they converted to shares so would want higher price. Bit of a novice understanding the whole CLN thing.
On yesterdays RNS - the cynic in me thinks it is a little unnecessary. If there isn't news on something material soon only the 2020 results will be the driver for recover (assuming they show a decent EBIT).
Mrd - fine is a laugh. A drop in the ocean of the profit they made. You can imagine their BOD messaging their PR dept - "can you just put a message out to the press that we take the UK regulator seriously, something nice, we are too busy drinking champagne to do it ourselves".