Member Info for doubleup

All i am doing is stating facts, Simon could release news tomorrow which could change the whole direction of the company i 100% agree but thus far since taking filling the void when dave left they have raised £1.5million and what has been delivered thus far? Cash burn is 120k per month which they need to curb asap untill generating profit.

As i said i made my choice to sell but for friends i have still invested in here i hope the company turns around but imo its not a "new company", its the same bod members who sat there and creamed off DW, what has changed?

The 2bill could have been forward sold but not the 3 billion as the 3 billion needs approval.

Incorrect, the BOD have the authority to issue 2 billion now, they need the 3 billion to be passed at the agm of which it will. IMO most of the placing would have been forward sold during the massive volume days over the last few weeks.

I would have hoped they released some news regarding asset with todays placing rns. And i dam hope they have taken some and i mean alot of the placing, not just a token amount but feel if they had they would have said in the rns like they did when they took some at 0.1. Question is what are the funds to be used for?? Drilling in north sea will cost millions upon millions. They need to release some indo news with some meat on the bones asap imo

Also for clarity i think my average was about 0.12 :(

Ha not at all, there was a group of us who were invested of whom i have spoken with for the last few years and i want them to make back their losses. I sold yes but not bitter at all, my own fault and should have got out quicker.

Just stating what the text in the rns means, doesnt mean they have taken 2 billion just means thats the amount they could have issued without and agm. Google the meaning of "pursuant to existing authorities granted to the directors"

Just for clarity it doesnt say the directors have taken 2 billion, 2 billion is the amount they can issue without a egm / agm approval.

Time will tell if they have taken any.

They dont have anymore shares to issue, they would need to hold an EGM before any placing shares are complete.

Who are these new guys you refer to? The current bod is the same as the last few years minus Whitby

2.7. Going Concern

The financial statements have been prepared on a going concern basis. The Company raises money to support its corporate overheard, its operations and capital projects as and when required. The Group requires additional funding to meet its daily working capital needs, to settle its outstanding liabilities and in order to fund the development of its projects. As additional funding is required in order to settle outstanding liabilities, to meet on going working capital needs and to raise finance to fund project development there can be no assurance that the Group’s projects will be developed in accordance with current plans or completed on time or to budget. Therefore future work on the development of the Group’s projects and financial returns arising therefrom may be adversely affected by factors outside the control of the Group which are inherently linked to the availability of funding for the Group.

The Directors remain confident that the potential income stream from the development of its projects, the continued deferral of remuneration by the Directors and senior consultants, together with the Directors historic ability to raise additional funds and the availability, subject to mutual agreement, of the Volantis loan note facility, will enable the Group to settle its outstanding liabilities, finance its future working capital and fund the development cost requirements of its projects beyond the period of twelve months from the date of approval of this report. However, there are no confirmed funding arrangements in place at present; as such there can be no guarantee that the required funds to settle current liabilities, meet future working capital requirements and fund future development costs will be available to the Group within the necessary timeframe. Consequently a material uncertainty exists that may cast significant doubt on the Group’s ability to fund this cash shortfall and therefore be able to meet its commitments and discharge its liabilities in the normal course of business for a period not less than twelve months from the date of approval of these financial statements. The financial statements do not include the adjustments that would result if the Group were unable to continue in operation.

Anyone shed any light on this?

Spent less as had less to spend via placings?

Have they reduced debt or just spent less due to raising less via placings? Be good to see what was raised in 2016 against 2017.

given the price at the time i think sells mate, doesnt matter though.

Bit quiet in here, awaiting casa i guess

They sold on the 15th so couldnt have used the RNS to bring price down. They first reduced due to the placing and more shares being issued bringing their holding down without selling. They then reduced their holding to then buy back again, why is anyones guess. They have now reduced their holding again. What they do next no one knows but them.

Just wonder why they have gone via eagle and not straight into holywell

Indeed

I agree the company looks in better hands now but they will need funds and quite a bit going forward hence consolidation

They have deferred monies owed, not monies going forward.

Cash burn was 2 mill per annum prior to 25% savings., look at the rns