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Poor investor the company just offered 2.320 billion shares (more than twice the number in issue) at 0.25p to the placees.
That will drag the sp down to or very near the placing level as our 956m shares are valued at about 0.70p this evening.
My choices Hold 180,000 at 6p Ave, sell am Thu if possible ( it won,t be ) and buy back at 0.25p, or just accept we've been royally stuffed while invited newbie placee's buy 71% of the company at 0.25p.
Thanks Lorna that’s a great Christmas present.
Thanks hasiba just checked it on the ,phone calculator yes 2,320,000,0000.
So 2,320million shares on top of the 956million in circulation = 3,276m total.
956/3276 = 29% so a 71% dilution ?
Presumably that will drop the sp to around 0.25p = 1/40 of the summer high around 10p
How the hell will LTH recover or anybody see a 40fold increase in the sp to get back there ?
20/12 Bid 0.70p another 16% drop.
A million shares = £7000, 300m = £2.1m
Lorna are you looking to dilute the company by 30% to raise £2.1m approx. bearing in mind the Sep raise was for 1/3rd the number of shares and raised over £6m ?
When will you give us a clue ?
Why the silence.
If we,re waiting for the Tanzanian government ( speaking as a long suffering holder of AEX which has farmout arrangements in place and is funded but has not moved in years, as well as HE1 ) I wouldn't hold your breath for a solution involving them.
There was but I also think we're done.
That said still holding over 90% down so it makes little difference now.
Waiting to see what happens if the SP dips to the levels speculated ( 0.25p )I will buy another 50,000 for £125 to drop my ave by about 35% in the hope of recouping something on what looks like it will be a dead cat bounce.
The company will have known then they needed cash.
Now 4 weeks later they still haven't managed to organise a deal.
During that time the SP has dropped from3.3p to 1.02p knocking over £20m off the MCap.
Struggling to find any positives.
Very true- @ 9.8p I could have sold with a ( very ) small loss.
I didn't and although I've spent a few hundred pounds to drop my average by about 30% now I'm doubting I will get that close to break even again.
You live and learn.
Still gobsmacked by the incredibly stupid actions of the board and the impact on the sp though.