Anavio could fund £1m but high value dilution to existing Shareholders. Primary Bid an Option to current Shareholders but is rip off but less rip off than Anavio for Equity ? A plan needs to be submitted by the BOD and doesn’t look like they are exactly firing on all cylinders ? And also BOD clearly not looking after average Private Investor so far are they ?
They’ll invite offers around quick sale to cover their money owed only. Any unsecured debt potentially see a return thereafter. Other Creditors third. Shareholders forth in the que without a thought.
I was part of a Company valued at £250m. It went into Admin. After debts cleared there was £70 grand left to be distributed and Shareholders didn’t make it on the list. The Administration fees alone are astronomical. After all they serve themselves like everyone else would. They have no relationship with Private Investors.
Rest assured there’d be no left overs for Shareholders / unless they had an interest in that where which I don’t think they do ?!!
Also ; I don’t think the Senior Lender would so be obtuse re Waiver at this time unless they already had secured multiple potential buyers at the right price. And that price will not inc Shareholder distribution because it’s simply not in their interest / unless a bidding war broke out. Do we think a bidding war ? Nope.
Want we want is to obtain sufficient Finance to be able to sufficiently fund production so that we start printing our own money. Copl / Art did exactly the opposite. Obtained Finance at Restrictive Rates and never enough to sufficiently fund production so that we could grow the Company. So Repeat and death spiral followed. I don’t see them as mistakes per se / it’s all we could get as the field was never de risked. If we could have got better Terms, I’m sure we would have. Meanwhile Art said anything to keep Private Investors punting to create liquidity in the Market. While you’re buying / They’re selling. The game is up I feel.
Bladderman. Nobody buys CC for £150m. With respect - Get real. If a Fire Sale goes through / it will be peanuts and most likely £10m. People only buy at bargain prices as we did $2 per barrel ? Nothing is de risked. It would go for Peanuts.
If Copl need $2.5m in cash on Account by Jan 1 and are at least $1m short but had ability to get there then they wouldn’t need this RNS. So they absolutely do need the Finance of say $1m and may well get it if GGS performing near 2000bopd / prob need 2500bopd now. Big ask given Cowan the production man AWOL and YellowJersey PR AWOL. If the Bondholders do stump up from there previous Shorting accumulation, then it certainly won’t be at current or premium to Todays SP. 0.3p MCap £2m ? Need £1m =75% Dilution at best probably. SP can rise thereafter so I will wait but not convinced and Senior Lender still remains unanswered Terms due up 2025 so …