Member Info for Jiving

..back please.

Ploppylad great post I see it in similar terms, but am holding as I see the forces arrayed against Agamore are overwhelming including newly elected President Buhari. IMO Agamore represents the 'old way' and will not be allowed to prevail or continue their disruption. But I join you 7 everybody else in a WTFDIK.

R_Dunc the interview I was referring to was the "..meat in the sandwich.." interview. He does indeed outline the implications of the project financing package and how it does not necessitate a substantial equity contribution from COPL. At 6:08 he argues that in respect of going to the equity market "not necessarily", now he is referring to the project finance but it does give the impression that there were alternatives to another equity placing. Incidentally I accept that the podcasts were priming for a placing on the basis of the "service provider in a month" but that was blown apart by the Essar situation.

COPL finance. My estimates of COPL cash exactly match your own, as of 16 April the money runs out essentially in 4 weeks time. Absolutely no CEO would run the clock down this tight, also we are now in the Easter period, many investors will be on holiday partic after Easter, IMO a placing would be practical from Monday 29th onwards. But then the period from a placing being announced to the company receiving net proceeds is typically 2 weeks. Again no CEO would run things that close, so rationally this time there 'must' be an alternative. I note you write "I expect funds will be in place by the end of the month.", well sure hope so thats exactly 2 weeks away, but from where?

That 2015 article was then followed in 2016 by this one, explaining why Shoreline would not be doing a bond issue:
https://af.reuters.com/article/nigeriaNews/idAFL8N1CR3V0

The podcasts do not have any denial of a placing at sub 0.10p. You could listen to them a 100 times and that would not change. Arthur comments that there are other alternatives to equity placings - something he has said in previous podcasts, the last time in August 2018 just before the placing.

I hope there is no placing before news and of course there are theoretical alternatives to a placing but debt financing typically requires assets as collateral or clear & certain cash flows. Of course a couple of months COPL expenditure is loose change in the event of a $200 million project financing for OPL226 but we aint got there yet.

Informed by who? Link please or copy of text.

Seems a lot of red ink out there today.

Thanks Harry, interesting.

I missed this what got deleted?

Is staggering compared to what we have ben used to. All the (paper) losses of last 16 months made back in 3 hours, worth the wait.

Good to see you back Bob. As you know we are (once again) looking for THE announcement shortly and are hopeful Arthur will pull off non-equity finance until after the news.

This is from Market Screener based on share capital of 2.486b:

Rosseau Asset Management Ltd. 120,768,000 4.99%
Arthur S. Millholland 60,176,847 2.49%
Sector Investment Managers Ltd. 20,479,270 0.85%
Massimo Carlo Carello, PhD 5,958,929 0.25%

12/3/2019
11:16 Short 15 million waiting for placing. Going for 25m short. Too easy when arthurs in charge.
phoenix equity

There have been people boasting on twitter and other forums about the level of their shorts for some 4-5 weeks now. The 7.10 brigade of negative 'placing' posters who turn up on 'news' days is also indicative of shorter behaviour. I believe - & hope - there are significant shorts still out there because when news comes there will be the short squeeze from hell.

Harry - we are in the hands of the shorters.

Which actually means 1.5 million shares were traded at 0.287p compared with LSE price of 0.115p. Interesting as that volume (although of course in £ terms minute) has not traded for a while.

Well yes it can be paid off if Miller agrees but the company cant (unless there are very unusual clauses in the agreement) stop Miller converting if he so wishes. Otherwise - convertible bonds have no rationale if the underlying company can decide on a whim that it doesn't the convertible investor converting into shares - its not then a convertible bond but essentially a fixed or floating rate note bond.

So the convertible might not be converted if Miller does not want to or if there are very very unusual clauses in the documentation that somehow give the company the option not to allow conversion at the issuers prerogative. Not arguing just what I know about convertibles.

Now trading over $70 at $70.72

Its certainly small but it cant actually be unilaterally cancelled by the company or paid off in cash IF Miller decides he want to convert, thats his legal right - unless deal has been done. I believe if you look chronologically at the timing of the Miller deal it was not the old management but the new & was in practice a form of bridging finance because the reverse takeover was taking so long.

More nonsense - you bunch are so desperate you still cling to arguments that have already been shot down. As jay has stated you could readily short a few weeks ago when the smart shorters started, IG is not the only broker - may be you didnt know that.

And you are such a keen investor BUT your sole concern is a placing & variations on that theme. Time after time, post after post in last few hours alone ;

"From experience ,I know this means a heavy discount and a further fall in the SP"

"I see yet another placing on the way but at below .10'

"No chance in hell of .11.It will be sub .10..probably .9"

You are not the shorting A team, B team or even P Team you are the X,Y,& Z's. No clue & just muttering the same old D movie script repeatedly.