The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
From RNS:
"1. First placing shares
A total of approximately £3.325 million, representing the issue of 66,500,000 Placing Shares at the Issue Price (the "First Placing Shares"), has been raised within the Company's existing share allotment authorities which were granted at the Company's annual general meeting held on 30 June 2021 (the "First Placing"). Application has been made for the First Placing Shares to be admitted to trading on AIM and it is expected that their admission to AIM will take place on or around 1 February 2022 ("First Admission"). The issue of the First Placing Shares is conditional, inter alia, on First Admission and the Placing Agreement becoming unconditional in respect of the First Placing Shares and not being terminated in accordance with its terms prior to First Admission. The issue of the First Placing Shares is not conditional on the Second Placing completing."
Not sure if this has been posted :
https://seekingalpha.com/instablog/41325066-laurentian-research/5684691-zephyr-energy-and-important-message-from-laurentian-research
Thanks to all for the very informative posts. Hopefully the acquisition deal will be closed by 22 December as per the target date given in the RNS viz:
"Zephyr will pay the Seller a non-refundable deposit of US$3 million on or around 22 November 2021, funded by a bridge loan as detailed below.
The targeted closing date for the Acquisition is 22 December 2021, at which time the balance of US$33 million, less customary closing adjustments, will be due. The only outstanding action required for completion is for Zephyr to arrange the necessary funding for the US$33 million purchase consideration. There are no other closing conditions.
Zephyr is currently evaluating a number of structured debt financing alternatives to fund the Acquisition and has already received term sheets which include options for funding the entire remaining balance on a non-dilutive basis. If the Acquisition is completely funded by debt, pro forma net debt / adjusted EBITDA for the Company post Acquisition would be approximately 1.6x, a level which the Board deems to be suitably conservative."
Search for Zephyr on the page :
https://embeds.audioboom.com/publishing/playlist/v4?boo_content_type=channel&data_for_content_type=4690167&image_option=small#Barney%20Gray,%20Consultant%20Analyst%20at%20Turner%20Pope%20update%20on%20Zephyr%20Energy%20PLC%20(ZPHR.L)
https://embeds.audioboom.com/publishing/playlist/v4?boo_content_type=channel&data_for_content_type=4690167&image_option=small#Barney%20Gray,%20Consultant%20Analyst%20at%20Turner%20Pope%20update%20on%20Zephyr%20Energy%20PLC%20(ZPHR.L)
Some decent sized trades going through over the last couple of days. The share price holding up at these levels would suggest most of these large trades are buys. Price is consolidating around 7p and awaiting the next piece of news to gradually rerate.
Quote from today's RNS:
"As we outlined to Shareholders in January 2021, our goal for the year was to establish production and positive cash flow for the Company either through our existing portfolio, via acquisition, or through a combination of both. Assuming we complete the Acquisition by the end of the year, we will end 2021 having outperformed even my most optimistic expectations, having grown a considerable non-operated portfolio during the year and having achieved a huge milestone with first production from our Paradox project, where production testing data from the State 16-2LN-CC well remains highly encouraging."
Thought BHP's auditors are EY
https://www.accountancydaily.co/mining-giant-bhp-switches-ps12m-audit-ey
Note how both don't commit to production...but mention realising potential of Solgold. They're open to all options.
Liam Twigger:
"On behalf of the Board, I am confident that Darryl with his deep commercial, operations and project delivery experience is the best person to lead this organization forward in order to realise the best potential of SolGold."
Darryl Cuzzubo:
"I look forward to working with the Board, Executive team and Investors as we progress through the next phase to unlock the incredible potential of SolGold for all stakeholders."