George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
"Its not just about oil..."
The company strap line, found here:
http://trinityexploration.com/business-making-a-difference/its-not-just-about-oil/
The board has the chance to now demonstrate this.
A mistake has been made (the fault of the company or 3rd parties, regardless) and the Company needs to act quickly and decisively to remedy the mistake and show that they live by this.
The solution might be impractical, complicated, costly...but it needs to be enacted.
I like to think that I have backed quality management...if not, then I have to consider my position and whether long term I want to be involved with this company...
For me the principle of what has happened here is important...over at VOG there is the odd bitter voice that comes on the boards, and curt comments / questions at presentations, and on calls with institutions that talk about the management as being snake oil salesman; and you can tell they have the whiff of something scurrilous about them (having met them for myself).
I don't want that for TRIN going forward...where every pence it climbs someone feels more bitter about how they were treated now.
However good I think the proposition of TRIN is (and I think all who read these boards know that I post in as straightforward a manner as possible what my view is) I want to back quality management.
Now is the time that they can demonstrate the quality I believe them to have.
GO contemplating his position.
I agree... this is appalling!
Let's hope the Board make amends
Very irritating - feel for you! Send them some kick arse origami in the post?
I am a 3rd Dan in Crochet
;-)
You could close out your unallocated expectation by re-purchasing in the mkt a little above your sell price?
Yellow, lets see...slightly odd and a very long process for a comparatively small sum for the corporate world
OK...confirmed from someone I know that he found out yesterday afternoon that he received his allocation.
He applied across several accounts and on his larger account he did not get his full allocation.
On his smaller accounts he got his full allocation.
So, if it helps, smaller accounts seemed to have been favoured and larger encountered some scaling.
If this is the case then expect some selling of over-subscribers starting from yesterday afternoon?
GO
Hi Jack,
Yes...it is this difference I am referring to:
Selling 25,000 BOPM at 59 when you could be selling them at 73...I have made the model forward looking and forgot to take this out post Dec 2018...
Plus, if you want it warts and all, you still pay SPT on the $73 level even though you have sold the barrels at $59 through your hedge (ouch)...
Oops...my apologies for stupid error on numbers I published here recently.
We have created a forward looking model to 2019 assuming 3,500 BOPD.
All good and well...BUT
I forgot to take out the 2018 Collar hedge which will not exist next year and presents a drag on the numbers above ~60 dollars.
Broadly this improves the numbers at $73 per Barrel as follows:
Old...$73 per barrel / $22.1 mln profit
New...$73 per barrel / $25.4 mln
A positive $3.25 mln difference of straight profit.
Sorry! GO
(for the cynical please don't read timing here as a means of affecting placing...DYOR!)
And we would be sitting on 15p - pinned there as the market worked out whether TRIN was a duff because we couldn't raise the money!!
We would, in all probability, be lower than 15p with the bolt shot and no institution interested.
Now we are at 18p and you are breathing a bit easier...in the parallel universe where you feel honoured by the company and treated fairly you are utterly stuffed...STUFFED with no chance of selling a bit at 16p and participating in the placing at 15p.
Sorry, but facts are facts...
GO
Perhaps a better way of looking at it:
imagine that there had been a public placing announced...shares trading circa 23p.
Shares immediately drop to 15p and remain there absolutely because the moment they tick up everyone trying to nickle and dime because of the wider public interest.
You have no resources available...how is your position different to now...you feel more HONOURED but you are in absolutely the same position except you would be afraid the rights issue would fail?
This would be a worse position.
GO
If it were mere favouritism then it would be illegal...but its not because pragmatically speaking, it cannot be.
C
Its one rule for one group and another rule for the other group...I totally agree.
Its one rule for the group that has the money (because they have what the company needs) and it is another rule for the group that does not have the money (because they do not have what the company needs).
Twas ever thus I am afraid.
Why it is a good rule of thumb to have some cash in reserve for opportunities and commitments elsewhere.
GO
Es...do you think the shareholder base could have come up with £15mln at 15p?
If it is over subscribed to the extent that everyone gets 10% of what they really want then yes...agree it could have been done differently.
But, what happens if it was public and it stalled?
Risky call!
What institution is then interested in participating with the share price cratering to 15p (or below) before they make up their minds after a failed/bungled rights issue?
If you were a Director (and they were all diluted contrary to what you say) what would you do in order to raise money for the company? Your musing sound more like understandable sour grapes rather than based on any facts or understanding of what has actually transpired.
A paradox: Let's see how the placing goes...if it is over subscribed then there will be no selling overhang but a residual sense of sour grapes...if it is under-subscribed then there will be a selling scramble to close out over-purchased participation but a sense of a well played placing by the board.
GO
Just Dandy, 10 new wells = 400-700 barrels at this stage.
You are jumping the gun with 7,000.
Each well tops can produce 150 barrels X 10 = 1500 + 2800 = 4300 bopd tops (very tops) by end of 2019.
Deja Vu: Everyone selling on way up towards 17p (4 months ago) trying to buy back on the pullback to 15p! But then it went up to 27p...only this time we now have $20mln in the bank(!!!?!!)
Did anyone think this was going to stay down for long???
And here we are on the cusp of potentially the same...maybe that makes me a perma-bull but I think it is the logical position....27p = 20.1p in the new guise.
Should we be higher than 20.1p? (valuation £77mln) Comparison with before...and what is new:
Oil is higher and looking to go higher still with 2018 demand season now in full swing (unlike 3 months ago).
No debt.
No CLN overhang.
Cash: Momentum and invigorated drilling program in an extremely low cost area with ORR relief on new wells.
Cash: Management with ability to be responsive on Q3 license auctions.
Cash: Possible Introduction of 3D data and multiples of BOPD on horizontal wells.
Cash: M&A
Overhaul of reserves...currently at 47 mln Barrels and counting.
Reasonable chance on SPT overhaul (my thoughts: introduction of being able to offset the tax with production gain costs).
Very real advancement as outlined in interview this morning on Galeota.
Fundamentals always win in the end...company knows it has to deliver on drills...isolated 12 sites to drill thus far.
For those who could afford it: At 15.7p, a 4.6% premium to placing price for certainty on what you get was worth paying.
Like the frackers hedging oil at 50 bucks: I think most people who were going to try to sell and get lower in the placing have now done so.
There may be some more as we push higher than 18p because the risk reward makes more sense.
Then we need to see the calibre of the institutions who have purchased and what their view is.
Fingers crossed for the dip to approaching 15p (that has already happened)...would be good for everyone to feel they have got value...
Good luck all long term holders.
GO
And when does everyone hear by?
My hunch is 70 %...total shot in the dark!
FYI for those who care about the placing...I know of two individuals going for £400,000 (total).
Am I missing something - you seem to want this to go down from your postings (unless I am misreading??)?
Everything OK...you still onboard?
GO