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If the position takes the holder above the 3% then I guess they need to be declared (as the shares are still in the holder's name - they just owe money to their broker).

I think these are just rolled positions geek233, so actually a sell and an immediate buy back. that said, it does underscore the confidence existing holders have in the stock, as these will be leveraged positions (i.e. holdings that have not yet been paid for).

Hi JackSht - have you heard any rumblings? Everything is so dreadfully quiet - the only thing I see is positions being rolled through. I supposed at least that means that everyone is keeping a hold on leveraged positions, so there must be some confidence behind the scenes......

Does anyone know the level of availability of shares? I can't do dummy buys but would be interested to know what the current buy limit is

And don't forget that XPL have spoken about two assets - IMARA is just one (I don't think they were referring to the fact that IMARA has Kenya and Morocco. Re everyone expecting an RNS by the end of the week - remember that the dates in the presentation are just projections. As we know from XPL, due diligence always takes longer than we think (and want!). GLA.

What's your reasoning Renwick?

Still max to buy is 100 shares, but you can sell 5,000 GBP's worth......

My understanding of the situation is that the main skills that XPL brings is how to better leverage existing assets - this is as much about the management models as it is about the technical aspects of O&G - hence the spread of skillsets across the BoDs. There has never been any question of XPL needing to raise new capital following a reverse takeover - of an asset that will be worth considerably more than the value of XPL. The following is from their original IPO RNS. The initial equity capital base of Xplorer will be relatively small compared with the likely value of the Acquisition, so it is intended to use Ordinary Shares as a material element of the consideration for the Acquisition. As the Acquisition is expected to be of a business valued at substantially more than Xplorer, it will constitute a Reverse Takeover under the Listing Rules, and a new Prospectus, a circular to Shareholders convening a general meeting and a new Standard Listing application will be required. The vendors of the Acquisition may receive a controlling stake in Xplorer as part of the transaction, which may well also result in a person or concert party owning 30 per cent. or greater of the issued Ordinary Shares. As the vendors of the Acquisition are unlikely to be connected with Xplorer and/or own any Ordinary Shares, it is expected that the Company will apply for dispensation under Rule 9 of the City Code, through a vote of independent shareholders (known as a "Whitewash"). The information required under the City Code for a Whitewash will be incorporated in the circular to be sent to Shareholders to accompany a Reverse Takeover and will require their vote at a general meeting. It is expected that concurrently with the Acquisition that Xplorer will need to raise new capital by making an offer of new Ordinary Shares for cash. The Acquisition is more likely to be successfully completed if the vendors agree to receive Ordinary Shares as a material element of the consideration and the Company is able to raise additional capital through the issue of new Ordinary Shares. It is likely that the completion of the Acquisition will be contingent on these events. Of course this does not stop me also wishing that they would get a bloody move on!

One year since the float coming up.

Not sure how you figured that Sprint Capital are not a private equity firm. Page 39 of the prospectus: "Sprint Capital is a Hong Kong based private equity investment manager, focused on undertaking investments in the mining and natural resources sector."........................"Sprint Capital’s investment approach is to partner with strong management teams with a proven track record in bringing highly prospective exploration and development-stage projects through to production."

You might want to read the prospectus and the previous RNSs, especially the role of Sprint Capital. But there is no doubting your logic: if they did not have cash, assets or experience it would be a terrible investment. Luckily, that is not the case.

Hi Jack - I agree with your analysis. Do you have any more information on when the process is likely to conclude?

Or it could just be that they are trying to ensure enough certainty when they do announce to avoid a protracted period of suspension with the reverse takeover. But yes, it is dragging on

I don't think I've seen any info on the acquisitions so must have missed something - where did you get Egypt from? Do you have any other information on what they are doing? Weren't they supposed to be looking at two acquisitions?

When people were talking about a reverse takeover in January....... in February........ in March......... in April............ in May......... in June???? C'mon XPL!!!!!

Would be nice - I am really getting bored by this share! But at the same time, not willing to sell any of my holding :-)

Complete lack of activity!! I am surprised, as it did seem that the appointment of Roger Tucker was starting to generate interest.

Moreforus - the rise percentage could just be because of the change in the spread. It's gone from around 4% to 9%.

Yes - Tucker certainly seems to have great credentials, but this share seems to be so under the radar - there does not seem to have been a single reaction to the RNS (no buys, no sells). OK, I guess it is early still…..

if they haven't actually paid for the shares and are hoping for them to go up in value before they have to pay. As an example, if someone buys 108,500 shares at 45p they will need to stump up 48,825 GBP (excluding commission etc). Normally they would need to pay within three days (a T3). However, you can also get an extended settlement period, so the person might have gone for a T10, thinking that news will come in that will cause the price to go up a lot. They can then close their position (sort of like selling their shares) before the ten working days are up and only have to repay the value of the shares they bought, thus leaving themselves with a profit, without having had to find nearly 50k in the first place. If the news doesn't come in time, they still need to settle their account, so they close their position and take up a new one if they still want the exposure to the stock.