Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Posted on Twitter but from Sedar - last years results:
https://sedar-filings-backup.thecse.com/00021327/2205181350285001.pdf
Only 2% of shares used to vote for the resolutions. I didn’t realise how much impact we potentially could all have by voting this year.
Just noted the record date of 12/04/23, so yes, unless Anavio already had some shares it’s too late to convert and vote now.
Not happy, just offering my thoughts. AM may be more interested in building his company than raising the SP for us.
The consolidation is probably going to get passed as I suspect Anavio are ok with it and will ‘help’ it through if need be. I also suspect the bod can see how the voting is going before the deadline is reached.
The full 1000:1 may be contingency but 100-1 more likely. The fact it’s been raised suggests that the bond conversions won’t be settled in cash and to be honest I’m sure any JV cash will be used for production/development. Focus will probably be on building the company. The 1000-1 is probably contingency for where the price may end up following the conversions but may not be necessary if the JV comes along and boosts the price.
Is it plausible that they can go ahead without rns’ing the agm and special vote? Are they not obliged to tell all investors?
It’s almost like they didn’t want uk investors to know.
What’s the chances of a bond conversion just before the deadline to ensure the vote goes the right way?
Take your pick:
https://www.investopedia.com/articles/03/081303.asp
They don’t need to consolidate now for funding reasons as they have just gained funds and have an option over another $7m.
So this could be to help with funding later this year or for some other reason.
Just a reminder, they last consolidated at 16bn shares.
Even after all the anticipated future conversions the share count might at most only make a tenth of that.
The last consolidation happened when there were 16 billion shares. 100:1.
This one seems a bit early? Just 400m shares in issue currently.
Something else presumably driving this.
Spreadex
The last link confirmed:
‘Immediately prior to the acquisition, Anavio did not own or exercise control or direction over any Common Shares.‘
So they appear to have disposed of them somehow. Presumably sold?
No indication in any rns of who elects the corresponding conversion payments so they may or may not have done this with these bonds.
Any warrants would have to be rns’d with the funds coming to copl so I’d say no warrants yet.
Started with 84 bonds:
https://sedar-filings-backup.thecse.com/00021327/2207271446219891.pdf
Added 20 at the start of the year rns 03/01/23).
Added 40 here:
https://finance.yahoo.com/news/anavio-equity-capital-markets-master-203500817.html
…..to their existing 98 bonds.
Hope this helps.
On Thursday they said they’d do the second in Q2 so they are probably getting the approval in place for the 3rd one for Q3.
‘ At the CCU, a second Frontier 1 recompletion will commence in Q2 once surface access restrictions due to melting snow and spring conditions allow. The Company is encouraged by its first unstimulated Frontier 1 recompletion at 11-27-35N-77W, which though completed in late December was shut-in for periods in the first quarter due to severe winter storms and high snow accumulations. This well is still under evaluation, with the issues encountered considered for the second recompletion campaign.’
Otherwise why only mention one last week?
Is it likely the bonds would be paid off with any money from the JV? Given the financial difficulties the company has had is the JV company not potentially likely to insist the money is used for drilling and production to uphold the company’s commitment to the JV?
Would be great to clear the bonds but the JV company may have a say in this and I guess Art may decide to use it for advancing the business given what’s he’s done with the bonds.
Need to add in for the conversion payment shares too but no fixed price for that. Also, I thought the cornerstone was holding but it’s clear they didn’t hold all the others. Maybe they will now with these.
I think the bond agreements are watertight and the BH won’t lose out on JV or TO. And now with a director on the board there’s definitely no way they’re going to get caught out. Unfortunately, it is what it is and whilst a much larger conversion this time than before, ongoing conversions should not be a surprise.
There’s been some strange (or intellectual?) posts this weekend regarding the TR1 from Friday. FWIW it seems to me that the infamous going concern rns, the subsequent references to cost cutting and the allocation of debt shares all tell us about the financial difficulties the company has had.
I don’t doubt Anavio are supportive of these additional share allocations as they have lent more money and want the company to spend this in the right places to help production grow etc.
The law firm appear to have been owed quite a wedge and they could have waited and probably waited some more until the company could afford to pay them in cash or take payment as shares. I cannot see them taking payment in shares if they know something is about to be announced as that could look bad on them (at best).
I don’t know why they took so long to TR1 (I think they’re supposed to do it within 4 days) and suspect they have been and will be selling some. I’m sure they have corporate financial revenue targets to meet.
At the end of the day it’s a small percentage of the shares in issue or potentially going to be in issue so whatever they do with the shares it doesn’t really matter. Production, RBL and JV news are what I’m waiting for.
GLA
We were - on 27/03/23:
‘ Further to the announcement of March 20, 2023, the Company has also issued 26,842,036 common shares (the "Shares") settling $2.2 million of payables to arm's length creditors of the Company. The price at which the Shares were issued was at a premium to the LSE share price.’
And yet you’re still interested enough to post.