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Johno, a CEO who has destroyed shareholder value to this degree through incompetence and deceit, should absolutely make the statement if he knows it's the reason for said sp destruction, and he is committed to fixing the issues he created without destroying shareholder wealth any further. If he had a backbone, he'd stake his $800k job on it. Either he gets the money from dodgy brothers, changes the loan terms, or works for another non-dilutive option, such as an offtake deal. It puts the pressure squarely where it should be to fix the mess in a way that doesn't hurt long-suffering PIs any further. Instead, he uses weasel wording to get people excited about there not being a raise, but still a way out should he need to go there. And he doesn't even put it in an RNS.

The simplest fix is to change the loan terms to remove the $18m equity raise, which he said our close banking partner didn't even ask for. Or was that yet another Calamity Baay lie...?

I'm not even going to refer to him as Roach anymore, as it does George a serious disservice. Baay is far worse with a monstrous wage for such a tiddler, where he doesn't even put his own money back into the business. I'd love to know how many of his shares he actually purchased with his inflated wage, rather than receiving them as a bonus for doing nothing other than destroy our wealth.

I think a very clear message needs to be sent from the PI shareholder group, and that is if Calamity Baay and his fat bod don't sort out the mess they created, in a non-dilutive manner (except for securing the funds from the 20.5p raise), then we will vote for their removal at the next AGM. To think he is even contemplating a raise below 20.5p is beyond the pale.

I've got some pretty obvious (to me) concerns with the recent update.

1. The wording being used does not categorically state that a placing will not be entertained. Instead, Calamity Baay is saying 'no placing whilst the Portillion situation is being worked out'. We all know that Portillion is a dead end. So that leaves us with a placing still being on the cards.

2. At no point has he mentioned they are looking to change the loan terms wrt $18m equity funding being required. This is the quickest and simplest way to fix the share price. Why isn't Calamity Baay saying this will be the secondary focus behind the long shot of securing the funds from Portillion? Remember, the bank didn't ask for the raise (Baay's words for what they are worth), so this should be the easiest fix beyond receiving the funds. Or has the bank already said no to that question...?

3. Why not state if options 1 and 2 fail, then we will do A, B, C, but importantly, not another fund raise to satisfy the loan terms that our 'friendly banking partner' didn't ask for, and are now unwilling to change.

Simple way for the absolute f@cking !diot to fix things are as follows:

1. Get the money from Portillion and/or

2. Change the loan terms

If the above fails:

3. The $18m equity component that our close banking partner is unwilling to change in the loan terms will be satisfied by 1. Offtake etc etc.

All he has said is that he won't f@ck us over completely with a raise in the low teens until Portillion falls over, which he should know by now. And based on the fact the loan terms being changed hasn't been mentioned as the next port of call, I'm guessing that the bank insisted on the equity component in the first place (so he lied, shock horror), and are also insisting on it remaining.

Our pathetic excuse for a CEO takes over 6 months to close a simple, straightforward deal by doing a last minute raise with bucket shops, which then falls over with the dodgiest bucket shop not coming up with the MAJORITY of funds. He doesn't tell the market about the equity component attached to the loan at the time, and instead misdirects the market on this point, but then takes over 7 weeks before telling us when everything falls apart. During this time he takes over 1 month before telling us of the missing equity component with dodgy brothers, but at no point mentions in the subsequent 2 x updates the true importance of the matter. How in god's name does this happen? The guy should be put against a wall for crimes against management.

But here he is saying 'don't worry I'm not going to screw you until the Portillion fiasco that I created falls over', which he no doubt knows will, or worse still, it has already happened and the bank told him to f@ck off, and he isn't telling us. And folks here are happy with that...? After everything that has transpired recently and over the years, people are looking at this update in a positive manner?

We need to see some decent numbers in September. Nothing incredible, just in-line with the guidance they have provided. If they are focused on paying down debt this year, then we need to see at least $20m repaid in H1, and be confident in $65m Adjusted EBITDA this year. If they can also reinforce 2026 guidance of double digit growth, and Search being re-based for growth, then it will be far easier to value the company. On the back of these numbers, I can see us regaining the 80's. I can also see an offer landing as it will be clear to any acquirer the predictable value in the business, and that debt is under control, which is the big anchor around our necks. All hinges on September results. GLA

Agreed Tobin. At the earliest they will be able to re-start drilling at the beginning of August via cash coming in, but we don't know how much of this is spoken for already. Playing things through (in TXP time), I imagine gas flow would be late September / early October. But, this doesn't allow for the usual f@ck ups from Calamity Baay. For all we know, there are other terms he has agreed in the loan deal that could screw everything up. Or, the cash us already required for something else. We simply don't know, and when we think we know (after huge delays), you cannot fully trust what the weasel is saying.

Hardole, you're a penny investor who likes to ridicule folks who have lost tens of thousands of pounds due to a car salesman acting as a CEO. As for my posting, look at the number of thumbs up on the last couple. It would appear a lot of people agree with what I'm saying. You on the other hand are a zero.

39 posts, 16 trades, and 14.75p sp. says it all really.

nothing is going to happen here until calamity baay sorts out the loan terms. given 'the bank didn't ask for the raise', it should be a very easy conversation. not that i believe a word from that weasel's mouth. the production, assets, potential, etc. mean nothing if our pathetic mgt team believe the way to fix the mess they created is to raise again at a lower price. with $18m in equity at say 14p, the sp won't regain 20p for at least a year. i've been in companies that have done highly dilutive raises and can assure you one of that size will take at least a year to churn. the best example is i3e, which had far better mgt, commercials, and assets, and when they did each of their mega raises it was commodity prices that raised the floor a year later.

txp has shockingly inept mgt, far worse commercials, and smaller assets that are a coin flip on what to expect whenever they drill. the !diot needs to sort the loan. from there we regain the 20's in an instant. he can then decide on whether to do a raise at 20.5p or higher to accelerate production. no point debating the potential. it's there. better to focus on the causes of our current shocking sp, and try to pressure calamity baay into doing the only sensible thing, which is to push the bank to remove the equity component. either that or the f@@l needs to get the cash from our dodgy friends.

no-one is buying because of the threat of an equity raise. even those who are very well-versed in the potential here. not rocket science what baay needs to do to fix this latest mess. let's see if he f@cks us all over after making yet another mess of things. if i was him, i'd resign out of shame for the decisions and bull**** that i have fed the market, that have lost people and families a small fortune.

IHNC, there were well bore issues when they went for testing. Read the RNS and gfys.

I mentioned after the last interviews that the mgt team looked a bit desperate selling the investment proposition here. I hypothesized they were doing it to try and give the sp a boost, which is often done when they are trying to bat away derisory offers. This interview was pretty clearly about promoting the DIS part of the business whilst advertising a 'for sale' sign. Very confident we are going to get a confirmed bid for some or all of the business in the coming months.

Couple of interesting points he made on DIS value:

1. They expect Ebitda growth to match last year (+46%) in Domains. That would take the value from $19m to $27-28m.

2. It was mentioned that next year there is a good chance of the same growth again.

Working from these numbers on an Ebitda multiple of 8, which I know is modest, then you get a valuation of $220m for DIS. That's circa 72p of value if they were to sell the Domains business for a modest multiple.

Providing they can reach or exceed $65m Adj Ebitda this year, get debt down to near $50m, and show signs that Search has been reset for growth, then it's hard to see how the sp won't regain £1 in the next 6 months. Unbelievably frustrating share to hold, but can see a huge amount of value currently if their guidance is maintained or bettered. GLA

Good advice - look at the share price. Although today is very welcome, and the last round of news was positive, this is simply our overpaid mgt team doing their jobs. I, for one, think it's scary how folks can get excited about drilling 1 well without issues (so far), and reporting on the commercials of an acquisition after 7 months!!! Our mgt team had nothing to do with Central performance. All they have done is take in excess of 6 months to close a relatively straight forward deal, but with a mind boggling amount of f@cks ups, delays, and withholding / misinforming shareholders of sensitive information.

So sorry if I'm not going to get excited about the sp being in the mid teens!!! We are at least 10p from where the share price should be if the loan and raise were managed by competent people.

PB needs to do 1 thing, and that is to remove the equity component from the loan terms. If Calamity Baay can do this one simple thing, we will re-rate to 25p in an instant. And rather perversely, we'll be in a better position due to far less dilution.

My biggest fear here is that PB uses the current share price strength to do another raise at 15p. HE IS A SNAKE. If he goes down the route of raising $18m at sub 20.5p then we will not regain that number for over a year. Immense dilution. And zero trust that mgt cares one jot about shareholder wealth, an only their overpaid jobs, which no doubt the new holders will protect at the next AGM.

TXP - Yes, great assets. Yes, great potential. But I suggest everyone remind themselves that we were grossly undervalued at 20p. And we now sit on 15p after two big jumps in succession. The sp performance mirrors mgt performance. Not the assets or potential. Today's news means nothing to me. It's just confirmation of numbers that we should have known months ago that have nothing to do with our mgt team. The only thing that matters is the loan terms being renegotiated without any equity component. One job to do for the useless !diot. Let's see what he does.

Thanks Lukee. I agree that $40m reduction in debt feel like a good place to start. So if we use the $55m net debt, $65m Adj Ebitda, and 1.30x currency conversion, you get the following EV:EBITDA ratios for specific sp levels.

£1.10 = 6.25

£1 = 5.76

£0.90 = 5.27

£0.80 = 4.78

Fair value feels like 80-90p with an exit Adj Ebitda of $65m for this year (= 5x EV:EBITDA). This is based solely on confidence being shot, and the last offer being made at the same level. If they can make good on their promises of 'double digit' growth next year then it's easy to see us back above £1 providing cash is pointed at halving debt again, with the remaining cash being pointed at 10% BB program. Mgt have made an absolute mess of things here with their Covid acquisition binge. Sadly the worst acquisition was also one of the most expensive in Shinez, which is worth 10p on the current sp.

Anyway, providing they can deliver +$70m Ad Ebitda next year I see no reason why the sp won't be back above £1. A t/o offer at £1 in the next 6 months remains my preferred outcome though. GLA

Hoping a few knowledgeable posters can help out here - how much of our Adj EBITDA can be pointed at debt repayment if this is the primary objective for mgt this year? I'm sure I read the Adj EBITDA conversion is close to 100% - is that correct? If so, what are folks thoughts on us being able to pay down $40-50m of our outstanding debt this year, coming from $65m Adj Ebitda? This would also allow for circa $10m in interest payments. Would appreciate thoughts and workings, as it appears that generating +$65m Adj Ebitda, and debt mgt, are the main goals for the company this year. Will be far easier to make value judgements working with some well reasoned, ball park numbers.

Yeah incredible how much this is moving on thin air. A decent buy, but certainly nothing huge, and it sets off a 6% run. Holding and hoping for another t/o offer soon. GLA

Apologies for repeating the salary error folks, it was a claim made on here many times about his $1m salary that I've assumed was correct. Doesn't matter too much, he's not worth a penny let alone close to $800k.

Nice 100k buy filled today. At least it appears to be a buy but could have been a worked sell given how low volume happens to be. Holding and hoping for another t/o offer.

Corpse, another investor who has obviously lost very little. As I've said, I'm fine losing money when all price sensitive information is in the public domain and delivered as it becomes known. This has not happened here. PB has delayed, omitted and misled. That is why I'm apoplectic with rage. The d@dgy blowhard has done a lot of people out of a lot of money whose investments were made on incomplete and inaccurate information. The responsibility for our losses sits with Roach. People here speaking of another raise have either lost nothing, or are so stupid they don't realise it will cement their losses for years to come. It will also make it harder to oust him and the other useless members of our bloated bod from their positions. Based on some of the content of certain posters I'm pretty sure I know what camp they fall into.

sm you're a trader. i'm fine with that, and well done if you're making money. but bringing boiler crew ****e at this juncture, combined with your l2 drivel whenever you are pumping the price is pretty poor form. stick to your l2. not that it provides anyone with any useful information unless they are trading the stock.

as for my posting here. tell me where i have been inaccurate on the incompetence, negligence and deceit? i put that to hardole the resident doughnut and got nothing back. just a poo pooing of my language. unlike hardole, who lost his doughnut money, i'm down £85k when i should be up at least £20k. that's over £100k for roach and the bod not doing their jobs.

the stock market requires all market-sensitive information to be released in a timely manner. we have had sensitive information withheld, alongside roach side-stepping direct questions on the matter, plus adding some of his usual spin. and then we have had sensitive information released with massive delays alongside missing key elements such as the loan / raise contingency. there's huge levels of incompetence in how the raise and loan have been managed and structured, more so if the bank didn't insist on the raise. from a legal standpoint i don't roach has a leg to stand on.

i expect the mgt team of any company that i've invested in to do their jobs and exercise their fiduciary duties. the mgt team here have not done this and i don't accept it. i'm not going to roll over for a f@cking snake oil salesman who takes $1m per year from a minnow, where he has single-handedly destroyed investor confidence and wealth from being a blowhard, untrustwothy, clown. what's worse is he doesn't even put all the money we pay him back into the company. he takes free shares for being ****e.

stick to your l2.

Not great that the board has such a conflict. Given we also have quite inept mgt they are no doubt dancing to Ketrel's tune to keep their jobs and a nice parachute payment. I do agree that a sale is on the cards, provided they can hit $65m Adj EBITDA or better this year.

Out of interest, how much of this Adj EBITDA is converted to cash? I'm sure I read it's near 100% - is that correct? If so, they could potentially pay down 2/3rds of our outstanding debt this year, if it is pointed solely in that direction. The multiples then get quite silly providing they can maintain $65m or greater next year...

sm, you should refrain from posting such things at this juncture, especially given your obvious trading b/g. it sounds like utter ****e, but the sort of believable ****e that lemmings on discord and this site will pick up and run with. i don't care for you posting l2 whenever you want to trade. but this sort of fanciful cr@p needs to be banished.

the simple answer to our predicament is roach needs to renegotiate the loan terms. now 'lyin paul' did say the bank didn't ask for the raise (watch the interview), so it should be easy to remove this from the terms. if true, then roach is the biggest m@ron in the history of capitalism to offer a raise and tie it to a loan for a 'transformational' asset, where we don't even have the funds secured / in the bank, he has little to no idea who is coughing up the cash, and went to a bucket shop for a significant amount of money. or, he just lied again.

either way it's the equity component being linked to the loan that is causing the issue. if that is removed, there is no immediate risk of another raise as we can survive and grow from cashflow, just more slowly. if removed and roach secures a short-term loan for $5m to finish casc 4, then everything is rosy and the m@ron can go back and obtain additional funding when the sp is back in the 20's.

so the only thing our bull****artist ceo and fat bod need to do is renegotiate the loan terms. the rest will take care of itself. let's see if 'lyin paul' can earn his $1m salary by renegotiating with our 'close' banking partner, who apparently never asked for the raise component.

another raise at any level below 20.5p will be unforgivable in my book and cannot be excused or justified in any way. allowing pis to participate is no consolation. it will only favor new pis who are unbelievably trusting to believe our chief snake oil salesman. but it will completely ruin lth's who have had their wealth decimated by his incompetence and deceit over the past few years.

roach and our fat, useless bod need to fix the mess, and that can only happen with getting the 20.5p (from our wealthy saudi backers apparently), and/or renegotiating the loan terms to remove the equity element. and the f@cking !diots need to do it yesterday. roach has made such a mess of everything that he shouldn't be in a junior mgt position, let alone ceo drawing a $1m salary. casc 5 is nice to see, but little consolation with the sp at this level, and us being unable to even hook it up, let alone finish casc 4.

absolute ****show

Yep, only 75k volume. If the algos leaned the other way, it would have set off a 5-10% jump. No-one is buying because they have no idea what to expect from these guys.

you speak for the majority hardole...? can't be too bright if they disagree with what i'm saying, and worse still, have you as their spokesman.

but why don't you find a flaw in what i'm saying...? or are you going to keep sitting on this forum talking b@llocks at investors who have lost a fortune on roach's bull****. tell me in what rnss you saw the loan being contingent on an $18m!!! raise? tell me where they informed the market over the following 7 weeks of its importance before dropping it into an rns stating they are short £10m? tell me where you saw us being short by £10m in the entire month following the 15th may deadline for settlement. then there's the fact he went to a bucket shop for the most important raise in our history. linked the loan wiht the placing, which apparently the bank didn't ask for!!! and based on his non-answers on the new major shareholders in the interview link i just re-posted, i'm guessing there was little dd on who they were, but i admit that i could be wrong on this point.

you don't care too much because you're either a mor@n, or you've only lost lunch money so don't care about being fleeced by a bull****artist clown who gets paid $1m per year?

roach has his nickname for good reason. many on the board believed him to be a joke prior to this ****show, which is a word that doesn't quite capture the shambolic place we find ourselves in. if anything i'm doing george a disservice in the comparison. at least george has put an immense amount of skin into his company, and takes a pittance in comparison to baay. maybe i should call him betts instead of baay.

i see the sp has even retreated on this news. care to spell out the reasons genius? or provide a factual rebuttal on the points i've made?

Imagine if we had competent leadership. SP would now be 25p on the back of Casc 5 news. Another raise and mgt need to be skewered. They have cost so many people, so much money here. I don't mind getting something wrong. But to have hugely sensitive information withheld, and then led to believe things were different and fine, is appalling and mgt. The fact Baay deliberately dodged the question in the interview says he didn't even want to admit to it. Why...? My theory is he got caught in his own web of lies. He wanted us to think the company was on a sound footing, and we didn't need the raise, but they insisted on it because they wanted to super-charge production. This is a clever way to cover up the other porky about us being 'self-funding' and not needing to raise at all. Problem is he couldn't even ensure the most important raise in the company's history was locked down. And ensure it wasn't linked with the loan. You can see how TRIN became a clusterf@ck.

Watch the interview and see the weasel wording he applies.

Even if we don't get the remainder of the raise money the clown can still save everything by negotiating new loan terms without it being linked to raising a further $18m. And get a bridging loan for $5m for Casc 4. If Central is throwing off so much cash, I don't see why and how we don't have the cash for Casc 4 already. But then you never know with Baay.

Option 2 in my last post is the answer if we cannot get the remaining £10m. Kill the 18m contingency and get another 5m loan. Do this and we'll actually end up in a better position. Let's see how 'friendly' our local banking partner really happens to be...