RE: Ukog11 Sep 2019 19:34
UKOG will need to soak up circa £7M in new shares in the coming months from Tellurian purchase..
The £12 million consideration is payable in three tranches:
· An £8 million initial consideration on SPA completion
· A £3 million deferred payment, on or before 31 December 2019, in UKOG shares or cash.
· A £1 million second deferred payment, on or before 31 March 2020, in UKOG shares or cash.
The £8 million initial consideration was satisfied through the payment of £5 million in cash and the issue of an aggregate total of 275,988,960 new ordinary shares in UKOG ("Consideration Shares"). The number of consideration shares issued was calculated by the payment amount divided by the 10-day average mid-price of UKOG ordinary shares prior to the completion date.
First big batch looked to go through yesterday, big batch today and with drills coming soon plenty of opportunity to dump the rest
Nothing wrong with SS's timing lol