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Complete overreaction here. The company won’t have put out the announcement today without having a good idea about the financial consequences regarding staff that need to be redeployed /laid off (probably met from current cash balances), and they even issue guidance for FY26. At £3.5m and an mcap of £9.5m, this is now a ridiculously low valuation. In fact Cannacord have reiterated a price target of 20p. The spring NHS review is critical, but there’s money to be made here.

Trades data seem to have been a sea of red for days if not weeks now, yet the SP hasn’t changed. Filling a big order, maybe?

The share price seems to have dribbled back down to a point where the acquisitions may as well not have happened! Similar to many other UK stocks, especially AIM - just not a lot of action or interest right now.

Relevant to if the deal doesn’t go through - worth noting that today in the US “Meta nears its 17th straight daily gain, extending a record Nasdaq-100 streak as AI-driven ad spending fuels investor optimism.”

I think the current SP is simply a function of IIs (mostly) but also retail investors deciding to move on and crack on with other opportunities. Could be months before a 125p offer is made, accepted and executed, by which time money could be made elsewhere. I’m still confident a bid will be made shortly.

The current drilling of JS1 and JS2 is only in the area of contingent resources, of course, but there’s no doubt those should increase (or move from a lower to a higher probability). Sproule’s report states they allowed for a “pay thickness” of only 475m (from memory), so extending down to 5000 feet should add something here.

How this can be extrapolated to the prospective resources is unclear to me (and note Sproule assumed a pay thickness of 1000m, I think, for the additional resource estimates).

Since AFC’s initial market is the UK’s construction industry I’m not sure what Trump has to do with anything.

0.4bcf is not the ceiling. The Sproule report that assessed resources last year had a P10 He resource of 3bcf - but that was an extremely early indication, as indeed will updated figures be even after the step out well. There has been no drilling on the prospective area to the SW of JS1 and JS2, and only 13% of the company’s acreage has been explored.

It’s not marketing that Pulsar needs to do to grow the SP, it’s two key things:

- increase the resource: this will have been helped by JS1 and JS2 but we’ll have to wait for the PEA on that; but mainly:

- get the State to sign off on the leases for the extra acres. These are with the appropriate State department to process but we don’t know how long this will take. Gaining leases from the state with 100% working interest for Pulsar will dramatically improve the overall amount that is for the benefit of shareholders and not the landowners, as currently.

Until these two things are resolved the share price will not increase substantially - IMO.

From their own website, buying TIG outright seems too big for Verdane on their own, which suggests the tie-up with Kestrel etc is the likely model.

“Verdane can take majority or minority positions in either single companies or portfolios of companies, investing between €20 – €150+ million in equity tickets. “

Interesting results. The Domain business alone producing $19m EBITDA - could be worth 10x? And Comparison going like a train, showing the future of the business. Traditional Search has fallen off badly though.

The recent drop in SP is an opportunity for the bold, potentially. At 7p, EV/EBITDA for the year ending 31/3 is only 4.7x if they deliver the forecast £3.5m EBITDA. The presser after the interims was pretty confident, I thought. And if they can improve a little further to, say, £4.5m EBITDA for the coming year then they’d be on a forward ratio of 3.7x.

It’s West Elk Capital, not West Elk Partners, who are invested in Bango. The former appear to be non-interventionist, so I’m not sure they’re looking for a significant hands-on role. (By contrast, West Elk Partners are a Colorado firm who do like to take control).

Scott - I guess there is a (possibly slim?) chance that TSX investors have got it wrong, or are over-optimistic, and the true value of the stock is closer to the AIM price.

(If only it were possible to sell shares bought on AIM on the TSX! But Hargreaves Lansdown tell me that isn’t possible).

He said JS2 going well. He seemed rather ambiguous about whether the drilling might extend resources but then conceded the extra depth might lead to that, plus potentially move some from prospective to contingent.

The PEA will reveal whether they can get to production or need to drill more wells (very few though). Building the plant would take 12-18m so we’d be looking at almost two years from now to get to production. He would look to secure debt funding for the plant.

Yes thanks, I did read it all. Not sure what your point is?

PompeyM, yes that’s about right. That’s gross prospective Helium resource worth about $250m, as you say. However worth noting that’s a) prospective resource - which has not even been drilled and b) it’s gross, not PLSR’s net working interest.

I was just trying to track down where this $2bn valuation had come from - that’d be a dream scenario but it’s a long long way away.

For info, Boku has announced its FY24 trading update today. Revenue of $99m, up 20% (24% on cc). EBITDA 31m, up 20% and deliberately maintained at around 30% of revenue whilst they continue to invest in product and infrastructure infrastructure. Heavily focused on alternative payment methods, local wallets and cross-border E-commerce.

So I guess they are pretty much twice the size of Bango, growing a little faster, somewhat different focus.

Indeed, the resource will go up nicely but by how much? 2x, 5x, 10x?? I suspect it’s more about increasing the confidence from P10 to P50 or more.

Can you remind be where the $2bn estimate for Helium came from? At the $625 per Mcf quoted in the company presentation, that would require 3200 MMcf of Helium. And that would require the gross recoverable from around Jeststream1 (contingent resources - P50) to increase by 140x.

I think it’s about the prospective gross resources, however (ie including the area to the south west). It would need to increase by 8.4x to reach that 2bn valuation.

I note that the P10 prospective gross resource was 2785MMcf, already close to the required number above. So if successful drilling at wells 1and 2 could increase confidence significantly, I could see a lot of resource moving from the P10 to the P50 category.

I’m not sure there are any hedge funds, as such, who are Bango shareholders. White Elk are recent investors and long term holders. There are a few institutions that hold shares for individuals in nominee accounts (eg Hargreaves), or funds/investment trusts (eg Herald, Fidelity) - we did see some selling by Liontrust last year. It looks to be a combination of individuals (smaller, irregular amounts) plus far fewer but chunkier amounts (possibly funds). I’d imagine there will be some volatility while these people sort out their strategies. Just my opinion.