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I agree.
Some sort of share holder action is required before Arthur gets away with another placing (and certainty of salary and expenses) without actually:
1. Reducing his salary and that of others to reduce the $400k per month cash burn
2. Linking remuneration to results
3. Delivering results
4. Making more promises of jam tomorrow
The man has no shame and a new CEO is needed at the helm!!!
I see the COPL's PR company trying their best to promote - where are you guys when investors have concerns and questions (strangely silent at those times??).
More and more evidence that a placing is indeed on the cards. Don't think it will be as easy this time for Arthur to con investors...especially if he refuses (as he has done for the past few years) to reduce cash burn!!!
Looks like this is the placing rampathon in full swing...hope no one gives him the time of day...
If there is a placing I would expect a heavy discount and wouldn't buy any more shares in COPL for the time being.
Investors / placees should not throw any more money to fund Arthur's lifestyle until he changes his ways and reduces the $400K a month cash burn!! We are paying for his lifestyle (fast cars etc).
I haven't seen the Proactive video yet (and am loathe to watch it) but I assume it is more of Arthur using ifs and buts to justify where we are and blaming everyone but himself. Does he take the opportunity to discuss cash flow and or reducing cash burn of $400K a month?
Mark, thank you for sharing your response from the pie man. I'm particularly dumb founded by this sentence:
"Once we have received the the final permits we can push the button on all fronts. Until that time it is prudent not to engage firm commitments with contractors to mitigate any question of standby charges."
Sure the above approach should be used in terms of staffing and cash burn?! What the heck are all these staff and contractors that cost $400K a month doing exactly and why cant the costs be reduced?!
COPL has turned into nothing more than a lifestyle fund for Arthur and his cronies. I mentioned to Cathy some time ago that Arthur was putting up pictures of himself and his flash cars on Facebook (which was funded by us investors that pay his salary) and she found it unbelievable that investors would even raise such a thing!!
Given that Arthur is doing PR and is replying to emails (which he normally ignores) it is more than likely that a placing is on the way. This being the case I think all investors should make clear that this is unacceptable and that we will no longer fund Arthur and his lifestyle unless the cash burn of the company is significantly reduced (and that includes Arthur's salary until such a point as certain milestones are achieved and delivered).
It is our money after all and after years and years of funding his failure we deserve better and this needs to stop!!!
Fair enough mate. I was under the impression that they were cashed up until April but happy to be corrected. In that case, it means Arthur has about 4 - 6 weeks more before he is up sh it creek.
I agree with you re some sort of investor action - at the moment he and his stooge Cathy seem to think he is untouchable and it is investors fault for questioning him and his constant failure.
The company have stated they will be out of cash by around April 2019 at the latest.
They would be silly to do a placing up to the last minute so would want at least a 4 - 6 week buffer (so mid to late Feb for placing).
Arthur excels at and has consistently missed every self imposed deadline he has ever made - the City (and any sane potential investor) will be very wary of Arthur and as such will want their pound of flesh so I would expect a SIGNIFICANT DISCOUNT in any placing (assuming he can get one away in time).
The SP is .25p now - there is no way he Arthur will get a placing at this level. The last placing was at .33p and the SP has never risen above this price so many placees are still at a loss (or would have sold at a loss).
We will all know when a placing is coming as Arthur will go on the PR offensive and try to ramp up the SP.
Arthur has form and has consistently under delivered by shafting investors and refusing to cut his salary or overheads. At some point investors need to say enough is enough and the gravy train must stop.
Arthur is an ABSOLUTE DISGRACE! The best thing that could happen is that he is got rid of and a capable CEO appointed to help restore confidence here as the assets the compelling.
Rant over and good luck to all.
Not sure what to make of the RNS other than that it’s full of ifs and buts.
No mention of their cash position either. They are due to run out of cash by around March / April if I remember correctly so there must be a cash call / placing due soon I would imagine.
After a few days of consolidation we are now beginning the next leg up I think.
With everything on track for Verbier and Schroder's increasing their stake I can see this nearer £3 in the run up to the drill!
Good luck all
This has consolidated nicely and was expecting a slight pull back. However, it looks like the buyers are back in at around these levels and if these continue this looks set to go blue and begin the next leg up...
Looking very good here in the build up to the appraisal well!
Some massive buys going through - looks like this is set to pop!
I think the infra day high was around £3.80ish. Not sure where it settled after that but if was definitely more that £3 after the discovery as I watched the trades go through.
Agree mate. Absolutely no reason here for the drop. Some seem to have panic sold because of the Wick result (which has absolutely nothing to do with UOG).
Colter is next and is an appraisal well (low risk 58% cos)...plus we have news flow due on:
1. Jamaica CPR
2. Waddock
3. Crown
4. East Selva
5. A 'transformational' new deal
UOG offers a very good risk / reward ratio IMHO
Agree Paris...drill still some time off I think...
Disappointing for all holders. Mentioned yesterday that companies usually hold off bad news until the last minute.
However, Tunisia and Sarawak still mean all to play for here.
Best of luck to all holders.
Three weeks into a three week drill....I'm glued to the screen watching trades and looking for RNS to drop.
Unless there are problems with the drill the outcome must surely be known by now. O&G companies are usually quick to announce good news and hold on to bad news until last minute but with UPL I guess they are bound by Corallian so any news must have their sign off hence the possible delay.
Thankfully Wick is just one of the pies that UPL has its finger in and there is plenty more to come irrespective of the outcome of Wick...news incoming soon!
I've become very weary of these rises with COPL.
In the last placing I think it was mentioned that they were only funded up until April 2019 (as Arthur refuses to cut over heads).
I doubt they will leave it to the last minute to raise and the cynic in me feels that this is being pumped for another placing.
Time will tell but good luck to all holders.
It will come.
Are you still a holder?
45p ask!
Wooohoo!!
43p getting taken out too!
This is RELENTLESS! £1 is possible at this rate!!
Here we go!!!