Member Info for icemax

*$5m (£3.75m)

Any shortfall is possibly included in the 'Other Expenses' bucket

"Comprises fees and other fixed licence expenses, business development expenses, merger costs, fundraising fees, repayment of Lind facility consequent on the merger with Columbus, and various other items, inclusive of an estimated $1.5 million in legal fees that have been or are expected to be incurred in relation to defending environmental legal actions in The Bahamas."

The difficulty is that the end to end funding strategy is premised on the following

" Potential Funding Position
In addition, if (i) the balance of BPC's fixed-conversion price conditional convertible note facility (assuming satisfaction of conditions precedent) is fully-drawn, BPC will secure an additional $15 million in funding, and (assuming eventual full conversion) will be required to issue a further 480 million shares (effectively at 2.5p per share), and (ii) if the Investor exercises the Call, BPC will secure an additional $5 million in funding, and will be required to issue a further 187.5 million shares at 2p per share. In sum total, therefore, BPC might secure an additional $20 million in funding, for which a further approximately 667 million ordinary shares might need to be issued (assuming the remainder of the convertible notes are ultimately converted)."

Again, stand to be corrected, as LO haven't been able to sell enough to take the Call, then aside from the need, still, to raise the $15m (£12m) on the CLN to cover the funding strategy, they now also have a $5m (£3m) shortfall.

All assuming P1 doesn't come in, of course.

Yes, I'm guessing RNS early next week maybe.

Lombard have sold off a shedload today (including that 19.5m in aggregate trade) and are now below the 3% notification threshold. As whether that means LO know summit, dunno

Wouldn't LO only be trying to sell at 2p+ if possible (they are not out to ruin bpc i.e. the agreed 15% reconciliation). Could be that LO were motoring on, fulled by some worried PIs, which temporarily triggered the stop losses. And if the MMs can flip these, then why not?

i.e. during the closed reconcillation

Nope, bid dropped to 1.95 right before close

Are you referring the trades coloured red, and which are clearly below the buy price?

EVEN IN CAPITALS THAT MAKES NO SENSE

Bids now all moved down to 2p, with to buy at 2.05

This is not a deramp, but for transparency, these are heavy sells, and now there is only one MM at 2.05, with to buy at 2.05.

Nah, very, very tight spread.

A change from the usual BPC talk... It's been a great week to expose the manipulation of the markets... With Reddit pi's burning short selling hedge funds at the stake.

Instead of waiting for the FCA to do the right thing and ban short selling... the average person groups together on the net and drives the stock price up. Brilliant. To the point where the broker platforms prevent people from buying the stock to save the hedge funds from losing money. Incredible.

---------------

As usual, the chief winners weren't little guys - sure, some may have made small double digits, but most of them are just johnny come lately pump and dump sheep.

It looks possibly like it wasn't some back street punters who hit on the idea: instead, they became aware of the activity being played out by the large players. And whilst I am not at all saying that in this case there was boiler room activity, this sort of thing is believed to occur in markets.

Who were some of the wealthy winners?

Ryan Cohen, the founder of Chewy.com, bought a 13pc stake in GameStop in December for $74m (i.e. a few pennies he found down the back of his sofa) - his holdings were worth $2.25bn on Thursday.

Quadrature Capital - bought shares worth £1.3m - current gain, $30m

North American fund - known also to have been in on the squeeze.

Neil Wilson at markets.com said that the saga was "going to end in tears – these things always, always do".

"It just smells bad and looks like manipulation that relies on the greater fool theory for anyone to make money," he said.

"Not a good look and it’s being justified with high mindedness like ‘democratisation’ of markets. Pump and dump is all it looks like to me."

Bespoke means there are five MMs on the bid at 2.05, one on the Ask at 2.15. Buys around 2.10. Volume thin, i.e not a great deal of action. Currently, a normalish day.

And how would hitting bpc hit the shorters? BPC doesn't have any shorters, nor has in the 10 years I've followed it

https://shorttracker.co.uk/

There'd be no short squeeze, just another pump and dump, which let's face it, is the situation that the majority of those in the likes of Gamestop will find. Even attempts to do the same on the UK main shorters have failed over the last 2 days.

Ear'ole – 6 to 4 (tic tac). Means the odds have moved up slightly from 3 to 1.

Categorically, no, because the share isn't being shorted, outside of a few PI's may be holding spread bets. Plus, a short squeeze like this crucially depends on loss of liquidity / free float. Whilst not all 4.7bn bpc shares are circ, I can't imagine it ever having a problem with a free float.

Activists, maybe?

I see sells of red
blue buys too
I see the colours, and so it's true
And I think to myself, why does price never rise

And I think to myself...why does the price never rise.

themuir, do you have any at all anything of value to post other than a constant stream of sniping? I don't get what your issue is. For example, when the holding RNS came out, I tried to clarify what that meant in terms of holdings, that it was a reconciliation of the remainder of the overhang plus the Put, and you jumped in to accuse me of shorting. FWIW, I don't use spread bets, as they are too volatile for me, and whilst I trade, there is too much volatility here for me to want to do that, although we know others do -- and good luck to them. And yet late, when others confirmed what I was saying, that was all ok, it seems.

I most often qualify my posts by asking folks to correct my thinking, but you just offer abuse? I'm really struggling here, as the logic of all of your posts suggests to me that you are a trader rather than an investor?