The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
2.2 Going concern
The Board have performed an assessment of whether the Group would be able to continue as a
going concern for at least twelve months from the date of the consolidated annual financial
statements. The Directors took into account the financial position, expected future performance of
the operations, the debt facilities and debt service requirements, including those of the proposed
refinancing of the Company’s Retail Eligible Bond, the working capital and capital expenditure
commitments and forecasts.
The cashflow forecast indicates that the Group requires additional liquidity to fund the Retail
Eligible Bond obligation during the next twelve months; and the Group’s ability to continue as a
going concern is dependent on its ability to obtain the necessary additional funding required through
a capital raise or alternative funding sources, which are currently being considered by the Board.
This condition indicates the existence of a material uncertainty that may cast significant doubt on
the Group’s ability to continue as a going concern. The consolidated financial statements for the
year ended 31 December 2023 have been prepared on a going concern basis as, in the opinion of
the Directors, the Group will be in a position to continue to meet its operating and capital costs
requirements and pay its debts as and when they fall due for at least twelve months from the date of
this report, as the Board are confident they can raise the necessary funding to replace the Retail
Eligible Bond due to be repaid in August 2024.
The reason for giving away 7% of the ORDINARY shares with VOTING rights at a discount is because management are worried that the deal wont be voted through when/if it finally closes. Marco clearly wants the deal otherwise the largest shareholder shares are worthless. Lots of disgruntled PIs who are sitting on now worthless shares who would vote no as a f*k you im sure.
Dilution of voting rights cheaply.
Why is everyone so for getting the FCA involved? if anything it will reduce the value of your holding down to nil if that breaks on the market. FCA wont help you get your money back
Sorry whats TD?
I am new to oil and gas shares. they gave timeframe of 4 weeks for testing and further 6 weeks for secondary testing. At what stages do O&G companies typically give an RNS?
go for it. only 3.5p to go to zero
This is a nothing RNS - those EIA reports are given as a matter of course. looks like they are scraping the barrel for "good" news.
There is a large sell order of 1m shares at 3.30p...
How do we sign up to be involved? i can see it on the website but there is no link or anything.
Can the chairman now sell all his shares on the market/privately to another company?
The chairman resigned due to ill health. However he doesnt appear to have resigned from any of the other boards he is on.
Crude mentioned something about "selling compliance rules" (if it is due to ill heath i wish a speedy recovery).
Can anyone explain what these are? can SD now sell all his 17m shares?
There are less than 500,000 shares in the whole BUY level 2 order book - all the way down to 1p
looking grim
At this point given the failed wells, would you not say its more likely than not that we end up with no production to show for it all.
Sorry that should be 2p (0.02 £)
Can someone better at maths confirm the below is reasonable:
(assumes no value from anything apart from the cash elements of the deal)
£m
Cash at 30 June 11
less cash burn for 5 months -5
plus 85% of the cash consideration* 35.8 *$54.3m @ 85%** /1.29 =
less debt at 30 June -21.4
And 5% accrued int on the above -0.5
NAV (£m) 20
NAV £ 19844069.77
Shares in issue 1,079,612,264
NAV per share 0.02p
** - Cash consideration only consider the 85% (55% and 30%) as probable (the other 15% is less certain)
So one YES.
YES or NO responses please (how will vote at the AGM to approve or reject this deal)
Lets actually use this BB for something useful!
Extend and Pretend... there are always mezz lenders around who charge 10-20% p.a.
Curlyputt
You need to deduct the significant debt from that calc also, and factor in a year or 2 cashflow burn. (i.e. the rest of the company is worth a negative figure and needs to be deducted)
SM?