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My guess is people sitting on profit's thought they’d be doing their end of year tax allowance trades into a PSC announced rise and instead we are in a holding pattern with not much buyers liquidity so these profit taking trades are weighing the price down. It’s presented quite the opportunity if you’re a believer in where this company is headed and get your timing right
What you outline is why you are able to buy this for only £30mn mkt cap.
Onshore, cheap drilling. Sweet spot adjacent to massive oil/gas fields. It’s definitely a unique opportunity and nice to be in a country without the usual Political risks for blue sky potential. We’re all waiting for that PSC and further clarity on way forward , financing partners etc and that is where we are. A lot of folk holding tight right now including the cornerstone warrant holders you allude to who could have exercised and offloaded. Any switch up in demand and this will fly following this sustained period of consolidation in a news void.
I also understand that it’s difficult to come into a stock that the market forgot about due to previous management poor decisions and has 10x from lows whilst quietly building up in the country it was always supposed to be in. But that is where we are.
Whilst it would obviously be good to get some news - We must obviously be in a silent period as the PSC terms, other parties, financing etc are agreed. This is the single most important event pre drill obviously!
The volume lately is very low. Not really any particularly determined sellers (or buyers). A lot of people will have made profits this tax year on this so there will be some necessary crystalising going on ahead of upcoming year end to optimise allowances etc.
To dispel some nonsense on twitter I keep seeing. Directors recent purchase prices were disclosed on company website as stated in RNS
Hurst 500k @4.03p / BolHassan 1,233,000 @ 3.96p/ Murray 508,334 @ 3.99p / Forrest 500,000 @ 4.02p
Lastly, we should take comfort that on a fully diluted basis our Directors/PMDR’s own 17% of the share capital. Add Zakaria and that becomes over 25% so our interests are all nicely aligned.
Good luck- Q2 things should start getting interesting again, one would think.
‘ to create an illusion of confidence. That said, of course they have confidence in this project’
Sometimes if you don’t have anything to say it’s best to say. nothing at all
Directors paid prices ranging from 3.9p- 4.08p between 15-17th Jan. Great to see
They couldn’t have caveated the original RNS any more
These should be coming thick and fast you would think!
Well he would have had to disclose at 5% so he would not be able to get to 30% cheaply. Also and this is why you often see outright bids without any stake building. No one wants to own 10/15/30% of a company make a bid which fails and then be stuck with the holding when they wanted the whole thing or nothing
Unless over 1% and make a trade then people have to disclose by 3:30pm the following day. If no trading then yeah looks like 10 days.
Forget TR1 disclosures. Where are all the 1% disclosures under rule 8.3 of UK Takeover code which UPL now falls under?
I like that the UPL chat boards are so quiet. It’s one of those stocks that is just writing its own story and investors are very comfortable watching it unfold. Well done Upland for consistent progress and Sarawak for opening the door.
Yeah could be TR1 if all one holder. Guess we’ll see….
Actually, I haven’t missed anything. On 26th oct management dropped out of cap raise due to lots of external interest so they haven’t exercised any of those warrants
Good spot. I missed this bit on my table of holdings
As part of the Placing and Subscription, Bolhassan Di ,Chairman, has subscribed for 12,000,000 shares in the placement with 6,000,000 warrants and two PDMRs have subscribed for 8,000,000 shares in aggregate with 4,000,000 warrants."
So we should have some PMDR notices incoming and probably not a TR1 depending on where the rest of warrants went to
Anyone interested in E&P should have some shares in this company. It’s by far the most exciting smallcap E&P and has sat under everyone’s radar for so long due to poor pre-Sarawak plays. It has now very much found it’s route to success
That’s basically all the first lot of warrants exercised in one go. If that was all one investor then expect a TR1 major shareholding notice over next couple of days as that’s over 5% of issued shares.
Loving the drilling update. Busy busy….
Not much more to say I don’t think . Ducks have all been lined up. Just waiting for the shots to be fired.
In case of interest. These are the main shareholders ‘fully diluted’ from available info that I can find. ( options / warrants inc. as all in money. )
Plenty of director alignment - 30%+ of shares held in solid hands.
MNB Zakaria. (Former chairman). 125,674,475 (8.54%)
Bolhassan (CEO) 92,759,622 (6.31%)
Tune Assets (T Fernandez etc) 74,579,604 (5.07%)
Aimi Nasharuddin (PMDR) 32,730,770 (2.23%)
John Forrest (PMDR) 28,812,499 (1.96%)
Gerrard Murray (PMDR) 28,412,499 (1.93%)
Dixon Wong (PMDR) 18,000,000 (1.22%)
Andrew Hurst (PMDR) 12,500,000 (0.85%)
Haven’t included Big oil Sarawak (1.54%) or Leigh Allen (3.31%) or Optiva (3.84%) as no visibility as to if they’ve sold any/all
Shares have consolidated beautifully from traders to investors over the last month. This is so ready to fly on a sniff of everything management have teased being delivered.
So if they haven’t been selling shares (which we do not know) based on the 26 July RNS where they bought 1,333,333 shs and that they must have taken 13,777,776 shares in Feb placing to get these 6,888,888 warrants. Big oil ‘could’ hold 21,999,997 shs or 2% of undiluted currently