Member Info for Invest4theLT

With the option now to consolidate then place, he may not be planning to go back to the BH for more funds?

The maths always said over 1BN, how much over depending on the vwap for the conversion payments.

L2 bid side weak today. Really odd. Maybe AM saw this coming hence the originally ridiculous-sounding consolidation request.

Low volume again. Might be best to ignore.

Rns - bond conversion (12m)

From the report:

Common shares

4,895,960

May 11, 2023 - deemed price US$0.0817 per share

2027 bond conversion US$400,000 principal.

The 2 large duplicate trades:

05-Jun-23 08:46:53 4.30 4,895,961 Unknown* 210.53k

Coincidence?

Unfortunately, this:

‘ The fact that there was a verbal statement given at the AGM that there would be no 1000:1 consolidation raised means zilch, as it is now legally available to COPL should they so desire. ’

..and any other unofficial assurances given to individuals won’t stop the resolution still being exercised in full if copl want to, unless they officially amend or retract it.

Would be good to make it official if that’s what their intent is.

All very odd.

They put forward a resolution to do up to 1000:1 consolidation and then tell an investor after the vote they don’t plan to do that. Why put it forward then?

Just bizarre.

One person on this board said they had 20m shares and voted for the resolutions. If we take that into account, do the results make more sense?

The full AGM presentation pack if not already posted:

https://pipl.site/wp-content/uploads/2023/05/COPL-Annual-Meeting-May-30-23-Final.pptx

Not sure it’s been up long and it looks like it might be a work in progress(?) but:

http://apitest.ffox.site/wp-content/uploads/2023/05/BFSU-and-Cole-Creek-Operations-Photos-2023-Program.pdf

It is possible, given the financial difficulties this year and the cash last declared, further funding will be required in the coming months/before year end. I wonder if copl are asking for approval to the consolidation to ensure this isn’t a problem going forward and that they have the option to place on more attractive terms to II’s and also can show the JV company they can meet their share of the costs.

Why they’ve quoted up to 1000:1 is anyone’s guess though.

I think the JV is still on but has been delayed due to the financial issues the company experienced. I suspect the JV company wants to see copl can fulfill its end of any JV deal.

Please let’s not forget that this was potentially going to the wall before the bond holders bailed us out and the people we owed agreed to take shares instead of cash. Further evidence is the need to reduce costs, and the BH putting someone on the Board to keep an eye on things.

I suspect the reality is the company doesn’t ‘need’ us like they used to, they now have friends with deeper pockets. It was perhaps the choice of tough BH terms or going under, which is why we are where we are. PI’s giving AM grief won’t have helped either and most are probably long gone now.

Will be interesting to see what impact the SAS has if any. I have no idea how many shares they have to influence the votes, but if over 33%(?) of shares in issue are needed to block any votes that’s quite a lot.

Not the best:

https://www.finanstilsynet.no/contentassets/026482aa69b74cf5bb557d419b4e63d0/decision-on-violation-penalty_anavio-capital-partners-llp.pdf

Https://twitter.com/contangoplc/status/1659115791013367810?s=46&t=xoxWP2VIgEGHTuVA9rjgaQ

CSE /XOP document if not seen before:

https://webfiles.thecse.com/CSE_Form_5_-_Q1_2023.pdf?fD7.cXjVrAaPmV86rez8bB0Jf.MKRbW5

The wording from the 2021 share consolidation proposal:

‘Although approval for the Share Consolidation is being sought at the Meeting, such a Share Consolidation would become effective at a date in the future to be determined by the Board

- 14 -

when the Board considers it to be in the best interests of the Corporation to implement such a Share Consolidation, for example in order to facilitate a financing or a corporate transaction. The special resolution will also authorize the Board to elect not to proceed with, and abandon, the Share Consolidation at any time if it determines, in its sole discretion to do so. The Share Consolidation is subject to Shareholder approval and to CSE’s/LSE's approval, if required.’

Looks familiar. That one went through with 98% in favour but there were 15bn shares in issue then.

Also, I can’t see that they publicised the AGM last year or the year before when the last consolidation was put to the vote. They’re consistent and probably won’t therefore feel the need to do much different this time around.

https://webfiles.thecse.com/04_CSE_Form_7_-_Monthly_Progress_Report_-_April_2023.pdf?rZMoDZwJeo7JFxgUtR0xLaYjbFfiMoq.

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.