Member Info for Jackinabox

I can't believe that the senior lender or Anavio will let this go bust with the amount they have to lose. They will be looking for a sale to at least get their money back

Might explain the over 200m share churn over the last 3 days?

I am with AJBell too. 1m vote against.

IG wont allow you to open a short position (well on my non-professional account) but can go long. Does this mean they expect it to drop and not taking any more bets or there is no short market as they all expect it to rise?

Maybe, and I am clutching at staws, the BH want to convert before the RBL or JV is delivered, so that they dont have their bonds repaid and not benefit from a rise in SP? Maybe it is close now !

Maybe its legal fees for the bond issues?

Thanks Shouston.

Don, you are correct and that would be based on current production and state of business at a point in time. The extract from the RNS on 20 March says that the majn lender will make addional finance available, if needed, so slightly contrdicts the statement yoi refer to.
If they can get production up, RBL sorted and JV, so they dont need additional funding then the 2023 account will look a whole lot different. However if they dont they will also look different but not in a good way.

Wwal17. There is a mention in the RNS for the bond issue on 20 March.

 A further undrawn element has been made available by the Main Bondholder, should it become necessary, to ensure COPL will be appropriately funded into 2024

A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period.

There are many factors that could doubt the continuation as a going concern, copl production is at about breakeven that covers finance costs too. But if production falls back or loans get called back, oil price falls significantly, interest rates rise etc. , they would all have an impact on going concern. Accountants and particularly auditos have to express an opinion which cover all risks.

The final page of the account shows post year end events, which clearly lays out the March bond issue.

I have just been contacted and invited to take part in the book build fot the placing announced half an hour ago. The price in 10.41p, why would I do this when I can buy in the market at 8.5p (albeit the market is currently closed). Does this mean the price will be at least 10.41p in the morning or am I missing something ? Any help or comments ??

Dusterhater, current quote on AJBell for 100k are 5.55 to buy and 5.36 to sell

I just took another 100k shares at 5.55 (best I could get), so price moving up slowly

Fish - there is probably no proof with a majority of post on here, nothing is truth until news from the company lands...and conspiracy theories it's a bit rich coming for you, who continuously spout conspiracy...

MD248
I agree with you on the indicted buys and sell, the true trades would be reflected in the SP - and just as I posted my response a 100k and 150k sales came through. as you say it must be traders as who can be selling at these levels having received the info from flaring meeting yesterday, bought yesterday and sold today to make 5%. Lets hope get some big news that gets the value into the SP.

MD248 Yet LSE showing,, bought 2.6million shares and sold 192,000 ? and still the buys are coming through, you couldn't make it up !!

Doesn't sound like this is going bust to me. Positive update. Onlyextended by a week and news in the next few day..super.

Altag - great minds think alike lol. Still I see it as positive news.

Exactly, why would the bondholder convert into ordinary shares at13.75p, with an sp of 7p and also reduce their security of debt for shares in a bankruptcy situation....