Member Info for Jiving

Congratulations you have bought a small stake in a company you clearly know nothing about - you are not the first. You came here because of some chartist gibberish that has absolutely nothing to do with the factors that will move this share price. Chartist gibberish has no more to do with the future movement of COPL share price than Mystic Meg telling us about Pluto & Mercury.

God help us Suhail you sound like a washing powder ad "..a new hope, being positive and a bright sunshine in the world."

Last year we got an update & outlook statement on Monday 27 January 2019. This was separate from the actual annual results for 2018 which were announced on 29 March 2019, the 2017 results were announced 23 March 2018. it is possible alternative finance transactions could be awaiting audited or even non-audited 2019 figures.

Even if there was a need for a cash raise in the summer it would not be 'substantially dilutive' if it was only for running costs. 10% of the current share capital = 28.6m shares @ say 7p placing price = £2m. Given there has been no cash calls for 9+ years since the IPO thats not horrific, certainly compared with most other AIM mining/resources shares.

I join those seeing the LEK situation likely playing a big role in our rise last week & our fall yesterday. Some investors will have seen the big rise in LEK after the financing RNS and looked around for a similar play.

Thankfully the boutique COPL is using has a decent record: & personnel & past deals are viewable on their website. Including a recent 'ongoing' one for a company called COPL:
https://www.cofarco.com/recent-transactions/

No drivel posted for over an hour. Does that mean he has finally dumped after today's last pump?

Regardless of his nonsense, we are well off the December bottoms and we must get financing news in January either long awaited alt finance or a placing.

I have been searching for the Glencore comments on Zanaga which I read a few weeks ago & finally tracked them down. This is from December 2017:

"Glencore is not interested in building iron-ore mines, but will consider buying one if the economics stack up, says CEO Ivan Glasenberg. The large mining and commodity trading company has written down its iron-ore investments and does not mention them unless asked. But when quizzed, Glasenberg was clear that the company, which favours mining and trading bulk commodities, had no interest in bringing undeveloped iron-ore assets into production. In fact, Glencore regarded its 50% plus one stake and management control of the Zanaga iron-ore project, with its 2.1-billion tonnes reserve with a 34% iron content, as an option on a high iron ore price and a saleable asset, said chief financial officer Steven Kalmin. "For us, it’s largely option value," Kalmin said. "At some point in a high iron-ore price, if someone offered us a nice price, for those we’re probably more of a seller than a developer," he said. "

https://www.businesslive.co.za/bd/companies/mining/2017-12-14-glencore-could-buy-if-the-price-is-right/
You can read complete article at Press Reader.
https://www.pressreader.com/south-africa/business-day/20171214/281762744603935

NoEasy all good points as ever. The positive aspect of the LEK news is that there are substantial amounts of third party funding available for developing Nigerian oil fields. Also material is that LEK is a tiny player by oil industry standards with a pre announcement mkt cap around £24m, so a large $184m loan that dwarfs the operator 's financial resources. Nigeria is back on the oil investment map!

Groover, looks like its just another one of those computer generated sites. But the prediction @ 1.223p - that gives COPL a mkt cap of around £43m based on approx 3.5b shares outstanding - which given where other LSE small explorer/would-be producers trade (ie 88e, BPC etc) is about where I would expect it to be on definitive 'news'.

Bolton we are in a binary position, Arthur is either going to finally announce the first deal (of an assumed package) or we are going to get a monstrously dilutive placing (but which saves us from bankruptcy). The last quarterly showed our meagre cash would last till around end Nov, we are now end Dec. IF any emergency placing was needed pre Xmas/NY I would have expected it today at the latest. So IMO the saga continues into January.

Also it should be noted the security situation in Moz has deteriorated significantly recently, an Islamic insurgency in the North & breakdown in order elsewhere including the capital Maputo. Nigeria looks a way better play at present.

IPO price 156p in 2010, roughly same amount of shares outstanding, how long till we get back there?

Absolutely positive. Dan's a great careful manager of our resources if he felt a small placing was needed to cover expenses, so be it. It should be positive for the share price as funding risk is now removed. Good to hear the progress on our main drugs & I liked the specific emphasis on NXP004. IMO it won't stay long under 10p.

Just read the December issue of Fortune Asia magazine. They have their latest estimates of the net worth of India's richest 100 families. The Ruia brothers come in at No 57 with an estimated net worth of $2.33 billion. This figure is after they lost Essar steel, so is an estimate of what their shareholding in the remains of the Essar empire is worth

MK. The issue re Action Group is what action we could/should take that would improve our position. In the short term in all honesty I think very little, the parties involved - Shorecan & Essar need to cut a deal & we as shareholders need them to cut a deal. Everything else is secondary to that & calling an EGM (about what?) would simply waste precious resources .

However medium/long term we need to dramatically change the way shareholders are (mis) treated. The company has effectively been run like a private company & the dual listing/Canadian incorporation has disenfranchised London shareholders (representing some what 90% of shares). We definitely should seek to change that & use our votes to effect meaningful change, but that is not for now but realistically for the next AGM.

Well I think we have pretty much worked out where we stand and why.

Baserite. Thats also my hunch that the original offtake offer back in Spring 2018 was insultingly low & played a part in provoking this response. The Ruia's have bounced back far & fast almost from that moment. The Karim's seem to be focussed primarily on Nigerian issues.

Sub. Essar's position relies on the Shareholder Agreement - the basics are in the Prospectus. Essentially certain key matters such as formal proposals to the authorities require unanimity, this was designed to 'protect' minority interests once they handed over 80%, but could clearly be used as a veto & bargaining tool.

CND. I have often wondered what this bunch of highly qualified people do for the 75% of the year when they are not working on COPL matters. Stare at the wall, computer games, whatever it is it has never led to 1 cent of income for COPL. I don't know if many of you guys have worked in offices where mainstay revenue has fallen off, the ones I worked in we were actively ordered to pursue whatever got revenue into the unit, whatever your job title/description didn't matter 'get the money in'.

Your thoughts pretty much match my own NoEasy. OPL226 is clearly an extremely attractive oil play that seems to be able to attract SP/finance, but the deals never progress, presumably because they meet the immovable legal/contractual veto wielded by Essar. If there was an easy solution or bypass presumably it would have been found & implemented during the last 18 months.

I agree Bolton, the negativity is overdone, relative to the beginning of the week little has changed. certainly nothing to justify this share price collapse. But shorters and nervous holders are sellers in this type of environment, causing the share price to fall a long way % wise on relatively low volume.

Whimax. Lots of private companies partic in finance have considerable amounts of info available about their activities & personnel because its needed by third parties, of course greengrocers & taxi drivers dont need a website. Long term investors like to know who their company is dealing with, if you dont thats up to you. MMs will play games whatever anyone posts on here, thats no reason not to ask questions.

It would also be nice to know if Ebers have any capital or financial commitments from anyone. Six months after the NFX deal was announced all we have is a one page website, that states "..backed by leaders from the financial sector..".