Member Info for dougb189

“… equal to US$13.6 million base principal amount drawn today, a US$1.2 million upsize option and a further US$7 million in principal, available to be tapped if required …”

Any clues as to why the extra $7M..??

Am I right in thinking that neatly covers two horizontals…

“… The main bondholder now gets the right to appoint a non-exec director to the board of COPL if it so wishes...”

It was stated that they will put in a non-exec director once the finances are done.

Now that Anavio are committing to retaining a controlling interest greater than 15%, now wondering if the excess they own that is above 15% (37% available total at last calculation prior to latest RNS & with no further dilutions / conversions since then) might now get partly used/ partly converted to then promote a TR1…?

There needs to be a wee bit effort shown by the BH (pointless asking AM as any improved flow rates will be given to us again thru a 3rd party) to allow the MM’s to take COPL off the ‘junk status’ that they currently peg it at.

Possibly is the SL but the word salad only states they have the option to roll future interest &/or fees into Bonds:

‘..Senior Lender further supports this Convertible Financing via an option..’ where option is a future tense.
Whilst opening statement is the past tense, ‘the Company has signed purchase agreements with their current institutional stakeholders, and a new institutional investor’
Good news though that the SL are considering taking Bonds.

Further word salad is perhaps used in the warrants :
‘65,850,662 new warrants have been issued & amendments made to the Warrants issued previously. The exercise price will now be equal to the Initial Conversion Price.’
Reference is made in the preceding chapter to 6.75p or US0.0817 (the Initial Conversion Price) but then perhaps the 2022 July initial conversion rate is also an ‘initial conversion price’ ?

Assuming 6.75p then it frustratingly looks like there are 120.63M new shares possibly to hit the market from the above July 54.78M + March 65.85M warrants. A 33% dilution just as a thank you to the BH prior on their ‘premium’ 5.4p purchases.
Lol, previous estimates of c.600M shares now looking rather.. ambitious?

Perhaps explains mkt reactions & why most sane investors have foxtrotted oscar ?!
Will be interesting to see how Anavio’s non-executive director now directs the board. Certainly he/she can’t do any worse.

Not expecting any feedback from AM but do reckon he will be sitting quite content ; he’s now got an extra $11M to cover the next stage of development which I’m guessing will be focused on the 10,000 psi plumbing. The payments due are possibly the interest on the bonds c.15.25% (?) which from memory worked out at a couple of hundred k, each quarter so nowt too significant. Guessing though that those D6 snow ploughs did not come cheap but still would leave c.$10M for AM to work with.
Many peeps concerned on the possible dilution effects but yet, from the number of bond securities previously converted, there are still a larger number retained, more than what the main BH received. Strong possibility using the numbers, that they are in for the long game. Compounded by them also appointing a rep to join the COPL board, immediately the finance is passed across to AM. Strong probability again, that they are in for the long game.

As earlier, AM will not entertain Pi’s but Anavio may have a different perspective on market dynamics, inclusive of sentiment. Next news ? Hopefully is some upgraded flow rates. Do reckon its looking very interesting.

A quick read of TW latest and again, fairly convinced he has it wrong. He strongly believes that Anavio will steer well clear of taking any holdings (he is correct in that they won’t hold even a lowly 3%) but that is Not the terms required for them to install a rep on the COPL board, where they only need to hold the rights to acquire at least 15% of the company shares, which they currently do have, and that they also intend to do this immediately the conversion finance has been passed over to Copl.

It could be said that the main bond holders have been listening to the concerns of Pi’s in that they are giving us what we have all asked for ie a stronger board, creating less foolishly ridiculous errors (AM has zero market sophistication). Outwith the BH listening to Pi’s then it speaks volumes that they have a rep on the board looking after their own interests. Will be an interesting RNS then naming who the new board member is.

Selling? & again suspect is why the MM’s can not let this go; latest bonds are inclusive of some smaller bond holders, but with main BH having a controlling influence. It then suggests to me, they were convinced to allow the smaller BH onboard by AM, and hence my thinking that it is his / Ryan’s acquaintance’s that are doing the scalping. Once they have cleared again, then should see some movement with updated flow rates. Fingers crossed.

Doh indeed bud. You are yet again showing your rather blinkered approach.

The share price being unaffected by large volumes may simply be that the MMs have set this price. They have to try include any possible significant dilution should it arise.

They like most peeps ate not yet fully understanding who the new players are.

One new player with up to a possible $7M commitment which has been ‘okay’d’ by Anavio is presumably in the same camp as the main bond holder with respect to a long term play. But with a conversion price 5.4p, the MMs are similar to many Pi’s and simply waiting to see if this is a quick flush & dump or if the new holder is of the faith.

The next week or so should tell.

“.. Surely he can't keep getting away with accusing people of being liars, deceiving shareholders etc. It's as clear a case of libel as you could come across….”

Pot calling kettle ?!
From the same guy who labels all miscreant posters as LB & Goldfish123 reincarnated ?! And continues to peddle this even though a quick query to LSE Admin will reveal that LB had left on his own accord (as any fool could easily read that he was a neurotic trader) and goldfish (far calmer than most peeps on here) just got fed up with the constant ramps all hailing AM as the messiah.

Not yet read TW but guessing when i do I’ll be able to find reasonable faults with his arguments without having to resort to libellous allegations.

Very bold move by Anavio (especially with global cocos spooking creditors) and it gives credence to the argument, why pursue an RBL..

Appreciated the insight GN, thanks.

As per Gary’s clarification, we will hopefully less nonsense being constantly posted,

There is way too much emotional arguments between posters. A wee bit embarrassing at times. Understanding that a lot of peeps are hurting with the sp but still a sad reflection on core behaviours.

There are some rough diamonds who occasionally post and is nice to see their different interpretations.

One query to Gary.. as per your February release, do you still reckon the jv is ‘in the bag’ albeit at ‘no premium’ ?

Nice buzz this afternoon. Spring is in the air ?!

Interesting trade, reported ‘delayed large’ (LRGS)
conducted on one of the European exchanges (ECEU)

Our European cuz’s finding it difficult to acquire stock ?

14.03.23
16:07:37
5.92
GBX
210,533
12,463.55
Off-Book
P LRGS
ECEU
SINT

Lol, someone go & wake up HFB,
he was hot on the market terminology.

Sadly Mr.S but this is my week for otherwise being engaged. Costa shopping though will resume next week.
This week gives me a chance to step back, concentrate on other matters, then look at this from a fresh angle,
MM’s clearly are still cautious, no doubt waiting on any possible Ryan inputs. Lol
Reckon though that AM seems to be up & running. As Eazy says, will be an interesting couple of days.

Lol but…Anyone else getting the feeling that a good flaring result will be on par with lighting the blue paper…

‘in securing’ does not emphatically mean there will be more.

AM does not give two hoots on the sp; he’s an explorer, at any cost. The easiest option for him would be to accept another winter tranche of bonds. Yet he does not. There is then quite an interesting probability, that he’s doing okay..

There’s a hint of a suggestion in the RNS that the second tranche of Winter tap bonds (due March) will not be used.

"The Lender granted this Waiver in response to the good progress in securing funding with the main bondholder for the July 2022 Bonds offering."

‘in securing’ is not necessarily a forward looking statement,
it could just as easily be applicable in the past tense,
ie. the SL are relaxed on the covenant due to a committed main BH as per their initial Winter tranche of bonds.

There is a hint of probability that they have achieved flow rate above what is needed to progress the next drill.

Agree there John, a mention of ongoing JV / RBL would of given depth.

"The Lender granted this Waiver in response to the good progress in securing funding with the main bondholder for the July 2022 Bonds offering."

Think of it as an insurance policy. The SL have access to significant hardware / assets. Each O&G operator then has to have sufficient funds to cover contingencies eg. oil spillage. This latest RNS then shows that SL are comfortable with any ‘contingency’ funding if needed then coming via the main BH.

Extend that insurance funding to then covering further development costs (which again sees the SL assets being looked after) and the SL seem amenable to the current status including the winter set-backs.

3M US signatures against the recent Alaskan development, which is then reckoned to then cost Biden a lot of young votes.

https://www.bbc.co.uk/news/world-us-canada-64943603

He doesn’t have that problem in Wyoming.

Lol K3., so you reckon a severe 60+% drop in peeps pension plans,
is unworthy of ‘fretting’…

& not all of today’s trades have been printed.