Member Info for Hedgehog100

26th Oct 2023 9:07 am RNS Project Update

Citius Resources Plc (LSE: CRES), the London listed natural resources investment company is pleased to announce that it has entered into a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, "Acquisition").

Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate.

Citius has agreed to terminate its previous agreement with AUC Mining (U) Limited for the acquisition of the Kamalenge Gold Project in the Mubende Gold District, Uganda with immediate effect. The Company will remain suspended pending the publication of a prospectus providing further details on Harena and the Company as enlarged by the Acquisition, or an announcement that the Acquisition or Reverse Take Over (''RTO") is not proceeding.

Should the Acquisition complete, it would constitute an RTO under the Listing Rules and accordingly, the Company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange.

Cameron Pearce, Citius Director commented:

"The Citius board looks forward to keeping shareholders informed of further developments in what we believe is a compelling Acquisition in an exciting commodity space, as the global move towards decarbonisation gathers pace.

Citius will be working closely with Harena, which is already in an advanced RTO ready stage, to complete the due diligence and prospectus for the relisting of the company as soon as practicable." ...

https://www.lse.co.uk/rns/CRES/project-update-lxz32owbgm2rxq2.html

"The latest company estimate of risked PMean recoverable resources is now 35.4 million barrels. The changes from previous internal company estimates can be summarised as follows:

• Risked PMean recoverable resources in Fault Block 1 increased from 10.5 to 12.9 million bbls;

• Risked PMean recoverable resources in Fault Block 2 increased from 4.1 to 4.9 million bbls;

• Risked PMean recoverable resources in South Fault Block unchanged at 17.6 million bbls."

https://www.towerresources.co.uk/operations/cameroon/

35.4 million barrels of oil x US$88/barrel = US$3,115.2 million.

The main bear case here seems to be that because TRP has gone down this year, it must be a 'bad investment'.

So the purpose of flagging up recent ten-baggers or more like UPL and ORCA is to show that things can and do reverse very rapidly, and on fairly predictable news.

And that that is happening now, despite the wider bear market in penny shares.

That said, why should TRP do likewise?

Well, apparently there were recently just a couple of minor rig clauses for TRP to sort out.

When that's done, it's the key to unlocking a project with risked pMean recoverable resources of 35.4 million barrels of oil:-

https://www.towerresources.co.uk/wp-content/uploads/2023/04/2023-04-24_CAM_Thali_TechnicalUpdate_Rev7b2.pdf

At the current oil price of c. US$88/barrel, that has an in situ value of c. US$3.115 billion.

And that is over a thousand times TRP's current market cap. at just 0.031p.

Plus TRP has other hugely exciting projects as well.

In summary, the value here is quite simply mouth-watering.

Orcadian Energy (ORCA), 21.5p (market cap. £16.22M.), has now more than 10-bagged from its low of 2.1p in June.

And here's an example of a relatively recent post made at fractions of its current s.p.:-

JamesSimon Posts: 1,563 Price: 4.50 No Opinion

Liquidation soon 31 May 2023 07:01

"Directors are receiving £595k in salaries . They are smashing it in a co with zero income . Their £1m loan repayment is due shortly . Don’t put any money in this , the go will go into liquidation and you will be wiped out ."

https://www.lse.co.uk/ShareChat.html?ShareTicker=ORCA&share=Orcadian-Engy&page=26

Cm,

In my opinion, there's little chance of the deal falling through, because it isn't reliant upon raising any more funds, both sides have completed due diligence, and they've announced today that they expect to announce a firm offer by not later than 5p.m. on Tuesday, which is pretty close.

Though in theory if it did fall through, TMTA shares would likely hold up better than BELL, because of TMTA's cash underpinning.

TMTA's current mid price of 17p is less then its cash per share, for a cash shell where interest on its £4.7M. cash has been covering most of its costs (TMTA's directors aren't currently being paid ... which is in itself impressive & attractive).

In addition, TMTA would find another deal, possibly at an even higher premium.

Note that earlier this year TMTA's then three directors each bought 40,000 TMTA shares for 18.25p/share.

It looks to me that BELL are getting TMTA relatively cheaply, as the percentage premium over TMTA's cash isn't high for a listed cash shell deal.

I think that TMTA have probably agreed to relatively generous terms because they think that BELL is a particularly good opportunity.

But BELL needs TMTA more than vice versa.

The TMTA acquisition still looks a good deal for BELL.

Remember that TMTA's £4.7M. cash is in effect worth a lot more than that to BELL, because of the frequent high cost of raising capital through placings, and possible significant discounts required.

Shells like TMTA also tend to have a very 'sticky' shareholders base, probably more likely to add to their holdings than sell.

Whereas many small company placees may simply be 'stagging' the issue.

There is also the considerable bonus of having TMTA's very impressive 'shellmeisters' on board BELL.

Here are a couple of recent IPOs with placings of several million pounds each, which each paid well over a million pounds in costs:-

From the Tan Delta Systems (TAND) Admission Document, 11 August 2023:-

"Gross proceeds of the Placing receivable by the Company £6.0 million

Estimated net proceeds of the Placing receivable by the Company(2) £4.8 million"

"(2) After deduction of estimated commissions, fees and expenses (excluding VAT) of the Fundraising and Admission payable by the Company of approximately £1.2 million."

https://www.tandeltasystems.com/corporate-governance/

From the Tribe Technology (TRYB) Admission Document, 30 August 2023:-

"Gross proceeds of the Fundraising £4,500,000

(excluding the Retail Subscription Shares)

Estimated net proceeds of the Fundraising2 £3,200,000"

"2 After deduction of estimated commissions, fees and expenses payable by the Group of approximately £1,300,000."

https://tribetechgroup.com/corporate-documents/

Cm,

People who previously switched some BELL to TMTA, to increase their BELL holdings by c. 10%, have just increased those holdings by another 10%.

Seems they made a pretty sensible move to me.

Unlike those people buying BELL today for 27.45p & 27.85p.

25-Oct-23 13:15:42 27.45 5,000 Buy* 25.00 28.00 1,373 O

25-Oct-23 11:21:13 27.85 6,444 Buy* 25.00 28.00 1,795 O

TMTA currently has a headline offer price of 18p, which on the basis of 3 BELL shares for every 4 TMTA shares equates to 24p BELL - but you should be able to get inside the TMTA offer price.

The buyer of 6,444 BELL this morning could probably have got 8,592 TMTA for 18p or less, i.e. £1,546.56 net or less, compared to the £1,795 net paid.

And 8,592 TMTA equates to 6,444 BELL on the intended deal basis RNSed today.

I.e. the buyer has in effect probably just thrown away c. £250, for no reason.

Why not comment on that?

25th Oct 2023 7:00 am RNS Statement regarding possible offer

"Statement regarding possible offer for TMT Acquisition plc

The boards of Belluscura plc (AIM: BELL) and TMT Acquisition plc ("TMT Acquisition") announced on 3 October 2023 that they had reached agreement on the key terms of a possible share for share offer for TMT Acquisition by Belluscura (the "Possible Offer").

Both companies have completed confirmatory due diligence and expect to be in a position to announce a firm offer shortly, and by not later than 5.00 p.m. on 31 October 2023. The terms of the Possible Offer have been revised and will now comprise the issuance of 3 new ordinary shares of Belluscura ("Belluscura Shares") in exchange for every 4 ordinary shares of TMT Acquisition ("TMT Acquisition Shares") equaling 20,625,000 Belluscura Shares (the "Revised Exchange Ratio").

The Revised Exchange Ratio would imply a valuation of 20.25 pence for each TMT Acquisition Share based upon the Belluscura closing middle market price of 27.0p on 24 October 2023, being the last practicable date prior to the announcement of the Revised Possible Offer (the "Revised Possible Offer Terms").

Accordingly, on the basis of the Revised Exchange Ratio, the Revised Possible Offer Terms will imply a total valuation of £5.57 million for TMT Acquisition, representing a premium of approximately:

· 19.12% to the closing price of a TMT Acquisition Share of 17.0p on 24 October 2023, being the last business day before this announcement; and

· 14.30% to the TMT Acquisition three-month volume weighted average price for the period ending 24 October 2023, being the last business day before this announcement.

The independent director of TMT Acquisition, Paul Tuson (the "Independent TMT Acquisition Director"), has reconfirmed to Belluscura that, should a firm offer be made on the Revised Possible Offer Terms (as outlined above), the Independent TMT Acquisition Director is minded to recommend it to TMT Acquisition shareholders. ..."

https://www.lse.co.uk/rns/BELL/statement-regarding-possible-offer-4rxgolfitvrgx30.html

So, improved terms for TMTA, to reflect the dip in the BELL s.p. - these were probably necessary to get the deal approved by TMTA.

Previously, the provisional arrangement was 15 BELL shares for every 22 TMTA shares; now the intended arrangement will equate to 16.5 BELL shares for every 22 TMTA shares: i.e. TMTA shareholders should get 10% more than previously.

The current BELL s.p. is 26.5p (25p - 28p): which based on 3 BELL shares for every 4 TMTA shares equates to 19.875p (18.75p - 21p) TMTA.

But TMTA is currently 17p (16p - 18p), giving a reasonably attractive arbitrage opportunity here again, especially if you can get inside the headline spreads.

LSE Volume Top Lists

EPIC Name Vol

TRP Tower Resources 204M

VELA Vela Technologies 117M

VAST Vast Resources 115M

After well over half a billion TRP shares being traded yesterday, there is again big dealing interest in TRP today, with TRP way ahead on the top volume list by number of shares traded.

Ballard's posting history clearly suggested that he dumped his TRP at/about the all time low of 0.03p last week:

https://www.lse.co.uk/profiles/ballard460/

And if someone is comfortable with their selling decision, they tend to just sell and move on.

When news leaks, you often tend to find that the s.p. move on it a few weeks ahead, as with the strong move to 0.04p early this month.

Conversely, in the current challenged markets, there are plenty of reasons why some people might sell, soaking up a lot of insider buying.

So I believe that people have positioned themselves here confident that positive rig news will be soon.

But you can't always 'micro time' that to the precise day, or even week.

There can be a last minute hiccup of some sort, that needs a few days or so to sort out.

To paint that as being 'lied to' is rather silly, and there's no reason to think that we haven't been told things in good faith.

" ... would be around 1.75p for Tower ( 1 billion shares v 8 billion) still quite a dramatic shift from 0.03p ..."

Yes, Giza.

That would be more than fifty-bagging for TRP.

Which could transform £20K. into £1M.

23rd Oct 2023 7:00 am RNS Response to Speculation

" ... The Board of Upland confirms that it has received an unsolicited, very preliminary approach regarding a possible offer for Upland at an indicative price of 14p from a potential offeror referred to in the approach as SEC Capital ("Potential Offeror").

The Board has unequivocally rejected the approach as it believes it significantly undervalues the current potential of the Company ..."

https://www.lse.co.uk/rns/UPL/response-to-speculation-pnayfkozdunbcvk.html

Amazing to think that UPL was just 0.165p on 1st. July last year, but is now rejecting an indicative offer for about eighty five times that s.p.

And UPL hasn't even conducted any drilling during this period - though it has signed a 'drilling letter of intent' for drilling during 2024.

This shows just how wrong the stock market can get it.

LSE % Gainers Top Lists

EPIC Name %

UPL Upland Resources +113%

UPL has more than doubled so far today, up 3.31p to 6.25p.

"Did you know that the technology in today’s oxygen concentrators is basically unchanged from oxygen tech from the 1970s? We need to do better! Join us to raise awareness and support for those on oxygen therapy leading up to #WorldOxygenDay on October 2nd.

For the last 40 years, supplemental oxygen therapy has been a mainstay treatment for millions of people of all ages living with respiratory problems. These people rely upon oxygen therapy to relieve the symptoms like breathlessness and limited activity caused by chronic problems like COPD, as well as more acute conditions like pneumonia and sleep problems. Despite its ability to add years to people’s lives and life to their years, advancements in oxygen therapy technology have been very slow to happen. The COVID-19 pandemic made the problem even worse by increasing the demand for oxygen equipment as well as straining supply chains. Many people who could benefit from oxygen therapy do not use it as prescribed because of the inconvenience, the cost, or the stigma that can be attached to it.

There are simply too many systemic challenges for people to use oxygen therapy effectively to live their best lives. World Oxygen Day was created to change that.

Sign up to get involved: copdf.co/worldO2Day

Learn more about World Oxygen Day: www.worldoxygenday.org "

https://www.copdfoundation.org/Take-Action/Get-Involved/World-Oxygen-Day.aspx

There are multiple points from this piece of relevance to BELL:-

1. The outdated oxygen technology, that BELL is 'disrupting'.

2. The long-standing (decades) importance of oxygen treatment.

3. The COVID-19 pandemic increasing demand for oxygen equipment.

These points help to explain why, in my opinion, BELL is the most exciting UK new issue of the last few years.

And perhaps of the forseeable future too, if the support of TMTA's billion-pound track record 'shellmeisters' is anything to go by.

A twenty-bagger is very sweet: it can turn £50K. into a cool one million pounds.

In contrast, even 5% interest, for a year, would only turn £50K. into £52.5K.

It doesn't really compare, does it.

The main point of investing into penny share is for the possibility of potentially life-changing amounts of money.

And TRP has that sort of towering potential.

Remember TRP's similarities to recent O&G multibagger UPL (Upland Resources) at UPL's low in the summer of last year.

Well, UPL's s.p. has been going from strength to strength recently.

UPL rose from 0.165p on 1st. July last year, to 3.4p on 17th. October this year: i.e. a twenty-fold increase in barely a year and a quarter.

Despite falling back a bit from its recent high, it's still 2.95p (market cap. £32.38M.)

This rise has been driven by the sort of newsflow that TRP is anticipating.

20th Oct 2023 8:43 am RNS Notice of AGM 17th November 2023

"Notice of Annual General Meeting

The 2023 annual general meeting ("Meeting") of Rockpool Acquisitions Plc will be held at The Merchant Room, Eagle Star House, 5-7 Upper Queen Street, Belfast, BT1 6FB on Friday 17 November 2023 at 10:00am.

The following documents have been made available to shareholders today:

a) Notice of Meeting;

b) Shareholder Proxy Form; and

c) A copy of the Company's annual report and accounts for the period ended 31 March 2023 ("2023 Annual Report & Accounts"), which were published on 31st July 2023.

The Notice of Meeting and 2023 Annual Report & Accounts are also available on the Company's website: www.rockpoolacquisitions.plc.uk/information-for-investors

In accordance with Listing Rule 9.6.1, copies of the above documents have been uploaded to the National Storage Mechanism (NSM) and will be available for viewing shortly at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Ends -

For further information please contact:

Rockpool Acquisitions Plc

Mike Irvine, Non-Executive Director mike@cordovancapital.com

www.rockpoolacquisitions.plc.uk

Abchurch (Financial PR)

Julian Bosdet Tel: +44 (0)20 4594 4070

julian.bosdet@abchurch-group.com"

https://www.lse.co.uk/rns/ROC/notice-of-agm-17th-november-2023-ote5iryamidcvr9.html

20th Oct 2023 3:16 pm RNS Half-year Report

"Unaudited interim results for the period ended 31 July 2023

Milton Capital Plc ("Milton" or the "Company") is pleased to announce its interim results for the six months ending 31 July 2023 ("The Period").

The Interims Report will shortly be available to view on the Company's website.

Milton is a company incorporated and registered in England and Wales under the Companies Act 2006 and is a SPAC listed on the Standard segment of the London Stock Exchange. Milton was formed with the intention to identify and acquire a suitable business opportunity or opportunities and undertake an acquisition or merger or a series of acquisition or mergers. These Interim results have not been audited or reviewed by the Company's auditors.

Highlights:

• The Company recorded a loss before tax of £33,841 and had cash balances of £910,589 at the end of the period.

• Search for a suitable acquisition target continues.

Enquiries

Peterhouse Capital Limited

Financial Adviser

Guy Miller Tel: +44 (0) 20 7469 0930

Corporate Broker

Lucy Williams/ Duncan Vasey Tel: +44 (0) 20 7469 0930

CHAIRMAN'S STATEMENT

The past half-year has presented challenges in the capital markets due to the upward trend in interest rates, leading to a general slowdown in markets. The heightened uncertainties have made investors exercise caution, impacting our ability to identify a suitable RTO (Reverse Takeover) candidate. Nevertheless, we are confident in the Company's long-term prospects, and we are actively exploring all avenues to create shareholder value. During this period, we are committed to cost-efficiency, as we persist in our quest for a suitable acquisition target. Further updates regarding our acquisition search process will be provided in due time.

Malcolm Burne

Executive Director

Chairman ..."

https://www.lse.co.uk/rns/MII/half-year-report-r5ocj10cgfuzhe0.html

Kever,

I expected you have now seen my answer, posted four minutes before your latest post.

Sorry I took a few hours to respond to your question, posted at 8.30a.m. today.

I didn't actually log on 'til this afternoon, but answered your question as soon as I saw it.

"Where are you getting this rig news was due by end of last week ? i.e 2 weeks aftere the interim satement ?"

Thanks for your question, Kever.

My source was the following post on this forum by Giovs, just over two weeks ago:-

Giovs Premium Member Posts: 3,276 Price: 0.037 No Opinion

JA Interview 4 Oct 2023 12:50

"He confirmed that the rig contract is basically a done deal either this week or def next week

the licences then to follow."

https://www.lse.co.uk/ShareChat.html?ShareTicker=TRP&share=Tower-Resources&page=7

The TRP market cap. has previously been way over £200M., but it's currently just £2M something.

That gives an indication of the quite enormous upside here, and the utterly bonkers undervaluation at present at just 0.03p (likely to be a very brief buy opportunity in my opinion).

The share price action here is exactly what you would expect in a penny share awaiting positive news: i.e a gradual drift down on minor retail selling.

Note that the typical s.p. follow-on is a steep rise when that news arrives.

The rig news concerned was expected by the end of last week, which means that it's currently a mere three working days 'late'.

Well, I did some shopping a few days 'late' recently ... it happens!