Member Info for itsawrap

the RNS of 26th May says: "On 25 May 2022 the £1 million commercial loan facility (the "Loan") was repaid to Union Jack Oil PLC along with accrued interest as per the agreed terms. "
and
· Accounting for repayment of the Loan, on 1 May 2022 the Company held unaudited cash and cash equivalents of £2.73 million (31 January 2022: £2.08 million) and net current assets of £2.76 million (31 January 2022: £1.16 million).

It's a very odd way to word it, did EDR have £3.73m as at 01.05, i.e. net £2.73m allowing for the imminent repayment of the loan? If so, why not say we had £3.73m as at the 1st and £2.73m after repaying the loan on the 25th?

oilprice.com is great for oil news from all perspectives, more interesting and more in depth than the utterings of our resident nutjob

ujo had £4.7m cash in the bank as at 30th June, the placing was originally pitched as a fund raise for another Royalty with a top up for various projects. It seems to me DB went ahead because the Nomad had already done the work and would surely charge ujo whether or not they went ahead. the price shareholders paid was a halving of the sp

"The way i see it, is the placing was a borrowing from the shareholders, which needs to be paid back."

I see the last placing as a kick in the nuts for shareholders, many of us were saying that it wasnt needed and we have been proved right.

Does anyone know why UJO invested in Elephant Oil Ltd? (now called Elephant Oil Corp and soon to list on Nasdaq)

unionjackoil.com/wp-content/uploads/2022/05/UJ_AnnRep2021.pdf

all the details are on page 73 which has the Resolutions for this month's AGM

ujo also said up to 10% of the shares

ujo said that a buyback would be completed no later than the 2023 AGM and that shares may be cancelled or held in treasury. with regard to the merits of a divi versus a buyback, a divi will of course reduce the sp when it goes ex-div (but should significantly boost the sp once announced), whereas a buyback should in theory increase the sp therefore getting the directors' share options closer to profit, I suspect we will see a combination of the two

during his recent interview, DB said "I'm hoping that the next funding will be via debt with a development situation, a very, very nice development, that's the plan", I wonder what he meant?

thanks guys, this forum is far more interesting and informative when there's a sensible discussion rather than the usual you're a ramper / you're a idiot banter. I for one have a lot to learn about the O&G industry so I'm happy to listen to informed voices

tac, I would love to know your theory as to why the sp is so low when ujo has £7.5m in the bank, no debt and $1m pm from Wresssle? feel free to list your pearls of wisdom as you so often do

sacre bleu...we have a blue finish!

just had a look at atg as I often use one of their bidding platforms, very good but their bidding premium is making them uncompetitive so I always check the individual auction house plus a couple of other platforms which are usually cheaper. based on my experiences ATG seems to be significantly over priced, I'll look again sub 800p

nightingale, the £7.7m 'cash & short term receivables' includes the £1m loan to EDR, repayment simply means it's now cash rather than a receivable

I recently spoke to my bank HSBC regarding shares owned via nominee accounts, they confirmed they do not stock lend these shares although I dont know if that's an HSBC policy or a legal restriction.

$6m RNS from UJO so $4.5m to date for EDR

interesting if not puzzling comment by DB at 06:30
"I hoping the next funding will be via debt with a development situation, a very, very nice development, that's the plan"

...wow , what happened to Saturday, did I oversleep?

may drift a little lower but imo this is a great price with significant upside if one takes a 2 to 3 year view

as at 31.12.21 UJO had 13m shares in EDR valued at 1.45, based on today's bid, those shares are worth another £240k :)