Member Info for Jim800

Sorry Dec 22 for the 2Mn offer from Altair - not Dec 23.

£10Mn loan arrangement was Mar 22 - a real (but expensive loan).

£2Mn was Dec 23 - an expensive fudge with Altair involving warrants, Share options, arrangement fees and interest in advance.

See, I can read RNSs as well. So nope, it’s you wrong (or blindingly optimistic over funding again).

Hence at least 2 additional placing sun the last 12 months - hardly the sign of a finically healthy company. They’re lurching from finance crisis to finance crisis.

5th May RNS was financial highlights for previous 12 months. They had a 10Mn loan, used half of it (plus a large charge to access and some hefty interest) and were later unable to access remaining half (seemingly because they hadn’t started repayments and SP had tanked).

2phevs, your opinion (definitely not fact) on EQT’s finances continue to be wrong. They do not have a £12m credit facility!

They had a £10m loan option, borrowed half of that and seemingly were then refused access to the remaining half - hence the latest raise.

They have what they raised, less what they have spent recently, nil access to anything else and are having to repay a £5m loan at some point.

Opinions are great, false and misleading claims masquerading as facts not so good.

Placing currently cheaper than buying on the open market and nil dealing costs.

Time to stick or twist!

Several posters wanted the BoD to do something to halt the SP slide.

3 positive RNS in a day (2 personal buys and a share buyback) are certainly a good start. Don’t really agree with buybacks but a few million to set a floor would be good for confidence.

Stabilise today????

Guess anyone who is thinking of buying in (even those with lots of confidence) are waiting to see where the bottom is.

Those of us who bought / topped up at 95p must be wishing we’d waited as well. Hopefully once we find a bottom (though not sure what will fix that) the buyers will return.

Where is it and what will stabilise it???

AoC, .

You stare that the annual production decline rate quoted changes from 8.5% in the Feb to 4.5% in the May.

In my maths a decline getting smaller is a positive not a negative so using this as an example of DEC being optimistic is clearly wrong. Surely they were pessimistic initially and got more realistic with more information (unless you just think they reduced the decline to make numbers look better).

I’m also in the camp that thinks multiple banks looking over DEC finances and stumping up $30mn each is a positive not a negative.

Machin - the joys of thinking about trading with hindsight!

Suspect we all wish we had sold everything (not just DEC) 2 days ago and bought back first thing this morning.

I'm a little nervous that more than a quarter of my SIPP and ISA are now in DEC so although confident the SP will pick up and loving the dividends getting back to that 120-140 range would make be more comfortable as average is only just below £1 so looking like 10% down (though I have had several years worth of dividends).

Guess today's UK price cap reduction will also make investors think gas prices are now set to fall forever.

If you’re using the debt wisely to enhance profitability and can afford to pay it back it’s not a crazy amount at all.

Yep, Andy’s analogy better than mine.

No money is lost! It’s just you may have got better (or worse) prices if you hadn’t hedged. The accounts just reflect accounting rules.

Hopefully there will be a time when they show huge gains if hedge is above spot price but we don’t actually get any more money.

No money is lost ;-)

Jiffy, It's not like losing a bet at the Bookies as no money is actually lost, they just haven't achieved what might have been possible had they held out and sold at the relevant spot price.

If you want a gambling analogy its more like continually betting on favourites and continually winning smaller amounts vice betting on outsiders and taking the risk of much bigger wins or bigger losses.

no comment today then wilco?

we did say financial management was ****.

No arguments on the acquisitions but they’d be more profitable based on a 6% loan rather than issuing more shares at 15%.

Just issuing more shares to buy things looks and feels more like a Ponzi scheme than a business.

I’m my view the problems with a placing for a mature company are:

- existing shareholders are diluted. I accept the acquisition should eventually bring market capital and hence share price back up but the inevitable drop in SP to the issue price ties in a load of investors until a SP recovery

- it smacks of an inability to borrow at normal terms due to banks not likely to assess finances and approve.

- it’s expensive! Issuing more shares when dividend is 15% effectively means you’re paying that rate on the new capital.

- today’s debt rework is far better with the positives of several 3rd parties reviewing figures and confirming they’re content to lend.

Irrespective of my views look at SP moves immediately prior to and after placing.

Repeated placing and subsequent dilution are an AIM strategy, not one for a mature, well financed company.

Krusty,

The BoD are partly responsible for the Share Price fall from the 120 area. They allowed the news of placing to leak which led to a drop to the 105 area over a very short time.

The placing was in direct contrast to promises not to do more raises and issue more shares. It also made it look like a slightly desperate placing implying banks were no longer ready to lend or extend current arrangements. This spooked the general market and annoyed many private investors who only had 24 hours or so to identify the opportunity, sort funding and apply. I was away so missed the relevant emails until after the placing.

Hopefully lesson learnt this time and new funding looks good - but markets and investors have a long memory so it may take a few years to convince many that they won't do the same again.

I still think it's a great company and a great share - but recognise they shot themselves in the foot here.

No oil flowing yet. Although agreement in principal reached weeks ago, specific details such as location of bank for payments, setting up account etc still not agreed. Turkey also want to agree a second arbitration case in advance of opening pipeline. Turkish elections delaying negotiations.

Given Eastern negotiation tactics there could still be lots of hurdles and lots of weeks with no oil flow.

Wilco, I have been reading. His opinions don’t match yours, get over it.

I’ve looked at his last post. He makes two points. VLS do not have any operating waste to end product plants. Fact, they don’t!

Secondly he says offtake agreements aren’t usually binding. Again, correct, VLS have had and lost several without a penny in income.

His opinions might not be supported by facts (as ours aren’t -else they wouldn’t be opinions) but I haven’t seen any evidence of him actually making things up and claiming them as facts.

I don’t think he is the world expert but he has been right more times than not on factual issues - unlike many of the unrealistic dreamers on here.

I’ve been reading here for last 3 or 4 years. In that time XPB has had many exchanges of views with differing posters but has ultimately been correct.

Think he’s frustrated because he liked the VLS tech but they let big airline partnerships fall apart, didn’t deliver on promises and have struggled with finance, project management and delivery.

To imply he’s a paid de-ramper because he doesn’t agree with you is lunacy.

Personally, he saved me from buying in at 7p ish levels and waiting to sub 4p. Hope that VLS can now prove that they have overcome their previous shortfalls, worked on finance and partnerships and now deliver projects.

GLA

I think reducing the dividend would have been the end of Genel as an investment option.

In all dealings with KRG Genel have to be cautious what they say publicly.

Hopefully, the possibility of re-opening pipeline is closer / more certain than they can say so they think dividend is safe. Plus they’ve had a load of cash for an acquisition and haven’t made one - so perhaps nothing out there at fair price currently.