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Just to add, around the time of the refinance for Vast (which may have also coincided with some diamond carrot-dangling from memory) I believe the SP 10-bagged from its low.

Conversion price for yesterdays rns looks like it was around 1.80p. The prior one around 2.05p. VWAP now currently around 1.70p?

Saw something similar with Vast Resources last year. Their bond holder did the same thing, converting and lowering the price, then converting again continuously. Vast managed to refinance and get rid but a lot of new shares came onto the market via their BH.

Hoping copl can refinance soon too and get rid. Possibly complicated by the main BH having a rep on the Board now.

If things carry on as they are I think there’s also a point when consolidation has to happen - perhaps if this reaches 1p. Feels like that’s a long way away to be fair but might be why copl sought the authority.

Duplicate trades on Friday - May suggest share transfers between MMs?

Why has the JV company, large as it is, not just bought copl out? They don’t need copl to spend the money they’re spending to sort out the current production issues before they pounce as no doubt they have their own financial resources. Is there something stopping a full buyout? If so, what could that be?

They’ve just spent $4.9bn on Denbury and they’ve not bought out Copl currently valued at £11m. Trying to squeeze the last £ out of the deal?

He might be better off placing than issuing more bonds, but the bonds are probably a lot easier for him to arrange.

£s and $s mix up in the post below. Price was nearer 2.05p for today’s settlement option rns.

Any ideas why they haven’t just bought copl out? Sounds like the bargain of the century on paper.

With an mcap of £10m and assets worth many times that, why aren’t they just buying copl out?

2027 Bonds principal outstanding: $12.6 million (63 bonds)

2028 Bonds principal outstanding: $13.2 million (66 bonds)

I believe there have been share settlement options exercised for 38 of the 91 converted bonds leaving 53 more to go from these with a further 129 when the remaining bonds are converted.

Realistically, unless the vwap starts to climb, this will be nearer 2bn. Just do the maths.

Higher than normal Xop volume - 740k

Anavio had 79x 2028 bonds and now there are 68 represented by 5 bond holders. No idea which BH holds what.

Anavio had 79 x 2028 bonds after the last round of financing. There are not that many left now so they are clearly selling. Why? Because they’re worried what the shares will be worth shortly having paid 5.4p/6.75p for them?

Any probable consolidation shouldn’t affect their conversion payment rights though as they’ll convert these at the vwap. Todays were around 2.3p I think.

GLA

You might see this action if a placing was coming, but that’s not likely down here. Really odd.

JBER driving the price down to get the 12m away - maybe all today.

‘ Finally, the Company and I announced today that after more than 10 years as the founding CEO of Bushveld Minerals, I will be stepping down and will not seek re-election to the board of the Company. Simultaneously announced today is the appointment of Craig Coltman as CEO of the Company with effect from 01 July 2023.’

Going concern section also worth a read.

The recent AGM notice gave pay details for the Directors - some useful cost saving today.

L2 - someone not really caring what they get for their 2.5m shares?

Depth 10

11:09 10,000 3.25

10:32 10,000 3.25

07:56 10,000 3

13:00 10,000 3

07:50 10,000 3

07:56 10,000 3

13:50 2,500,000 3

10:44 10,000 2.75

11:00 10,000 2.75

07:51 10,000 2

9 Depth

3.75 10,000 13:00

3.75 10,000 11:09

3.75 10,000 10:44

3.75 10,000 11:00

4 10,000 07:56

4 10,000 07:50

4 10,000 10:32

4 10,000 07:56

5 10,000 07:51

I think the JVP wants to see that copl can stand on its own two feet and fulfill their commitments in any partnership. Complete the GGS works with the right looking outcome and that could (and/or an RBL) be the trigger for the JV.