Member Info for jonbudzynski

I don’t often post here but have been here since the GWIK days. My holding is also likely small fry to what some people have here. Either way, with my own personally experience as a Director of a UK limited company (thankfully as a private one and not AIM listed!), here are my 2 cents for anyone who cares:

Current SP/Mcap: yes, disappointing it’s down around 50% since early September. As much as Liberator and Liberator west seem like high quality assets with good potential, especially with current oil prices, I guess this is how the market reacts when it sees continuous delays and doubts. I feel your frustration WTD, since it now feels like it will be another fair old wait before we see any potential uplifting news.

BOD: I personally still believe in them despite the fact I feel like they’ve not managed our expectations as well as I feel they could have. They still own a fair chuck of the company is one big reason why I’m still here - ownership of something really does make a difference.

CEO: I see the appointment of Majid Shafiq as being a positive move to inject a fresh approach and it seems he’s already having a good influence to push things forward with today’s A&D RNS. His credentials look good on paper.

Share Options: Was a bit on the fence here but I guess it’s what’s needed to fully motivate the BOD. Majid Shafiq will want to perform well here while impressing the big shareholders he sits next to in the office.

As an overall, the last month has seen the company undergone some significant internal changes which always takes time to adjust to. To me as of today's RNS, it feels like they are now ready to again move forward and see this though.

Therefore I continue to hold.

just bought some more at 84p

Seen this before with Brammer and Sepu. The SP will likely rise to just below this level, so say if it was 3p, then you'd likely be able to sell for 2.7p or so. And then when the deal finally goes though your shares will be auto exchanged for the buyout value.

Yeah GWIK are no more as far as I'm aware. Recall getting some info earlier in the year about it.

Great day again here Miker. Also thanks for the info regarding show.me, was starting to wonder what happened. Welcome to you new guys too - for anyone unsure what all this Glenwick (GWIK) chat is all about, many of us here invested in GWIK and then they bought CLNs in i3e back in 2016 way prior to AIM listing. Was a long long wait!! But looks like things are starting to properly unfold as foreseen by the GWIK BOD, so if anyone on the GWIK BOD reads these forums, I just want to say thank you. Also a big thanks to Dr Jaap Poll.

Thanks again for the updates here, you guys all seem like a nice bunch :) Thank you PRS for letting us use your board. Best of luck to everyone.

No probs mate :)

Hi Daiwish, There was an update on the 3rd July on the GWIK website about the share distribution. One paragraph reads: "Immediately following i3’s admission to AIM, i3 shares received by Glenwick are intended to be returned to Glenwick shareholders, likely in two tranches, with the majority distributed immediately" http://www.glenwickplc.com/investor-relations/shareholder-circulars/

Thanks for the updates here guys. I've got a bit more confidence of it happening on the 25th now we have share price and anticipated Mcap information as per the most recent schedule 1 update. I'm not sure if it's coincidence or not, but did anyone else notice between Graham Heath and Neill Carlson, they will collectively own 50.6% of the company after the IPO. Perhaps the delay was making sure they have the right amount of funding while still collectively still having the majority vote? Guess it's hard to let go of something that's been your baby for a few years...

"i3 update: HIGHLIGHTS: • I3 Energy PLC IPO announced for July 2017 • i3 Energy PLC shares intended to be distributed to Glenwick shareholders, commencing immediately on IPO i3 Energy Limited (“i3”) remains in the process of seeking a listing on AIM and on 30 June 2017, i3 issued a Schedule 1 Update in which it stated that its expected AIM admission date is “Mid July 2017”. We will update our shareholders as and when we find out anything more. Immediately following i3’s admission to AIM, i3 shares received by Glenwick are intended to be returned to Glenwick shareholders, likely in two tranches, with the majority distributed immediately. Shareholders should note, as previously advised, that any further Company updates will be posted on the Company’s website, http://www.glenwickplc.com/. For further information, please contact: FIM Capital Limited Graham Smith"

I'm not sure Miker, but it could be based on a calculation for those shares holders who were invested before GWIKs suspension and those who invested after like PRS (so a pro rata calculation). Just my guess.

In brief, It's just a bit of reassurance things are still on track. Atb

http://www.glenwickplc.com/investor-relations/shareholder-circulars/

In my mind, any future date from here is meaningless after three delays. It will list when it lists (I guess). If I were a director of GWIK, I would now be perusing an update from the i3 board to just reassure my shareholders. A project the size of the Liberator field is complex and delays can of course happen. Perhaps i3 want to make sure their share value remains good after it lists as the market doesn't react well to delays (imagine if i3 listed in May and these delays we are seeing were a supply chain issue which therefore held the project back by 2/3 months, the SP would probably plummet). So I'm looking at the positives here, and therefore hoping the i3 board are looking at reducing any sort of risk before launching into the market. Lets face it, I'm planning on holding shares beyond i3 being purely exploration based. I feel the true value of this company will likely be unlocked only when they start producing and selling oil. Just my view..

My understanding with this sort of fund raising is all the 3rd party investors would have got convertible loan notes (CLNs). The GWIK negotiated deal with i3 specifies the share conversion of these CLNs being mandatory upon the completion of i3s IPO. Therefore, If i3 do indeed open their doors tomorrow, I would imagine seeing a few of these take place (in the form of an i3 RNS) sooner rather than later as outstanding CLNs can have a major impact on the spare price of a company and make the MMs twitchy. Once the conversion takes place and GWIK PLC receive the shares, I’m hoping there wont be any last minute changes in the original plan to distribute these directly to GWIK shareholders. Considering these shareholders include PRS, AVD and Sam Quinn, I'm hopeful this process won’t also be too time consuming. I could be wrong but that’s how I think it will go down. Atb.

Yes seems very broken here. I've noticed it with a few other AIM companies I follow.

Thanks Miker, I'm keeping on eye on things here now that I know what to look for: "http://www.londonstockexchange.com/exchange/searchengine/news/search.html?q=i3 energy&lang=en" Apart from i3 and GWIK being mentioned in the PRS RNS today, nothing has yet appeared (which I guess is good). I'm staying optimistic this time round based on the fact it's their half year and all other sources comment to i3 completing their IPO by the middle of the year / end of Q2. Fingers crossed.

Confirmation of the two previous delays, announced as a "Schedule 1 Update" on the London Stock Exchange website were released at 3pm the day before the expected admission date... so I guess we have 10 or so minutes to wait.

Thanks for the update show.me. This is both reassuring and ties in with my thoughts considering they both own fair chuck of GWIK shares.

The following was extracted from the Paternoster quarterly update today. No new news but nice to see: "Glenwick plc Glenwick plc ("Glenwick") is continuing to progress the acquisition of 100% of the share capital of Cora Gold Limited which would constitute a reverse takeover ("RTO") under the AIM Rules. Glenwick is not currently listed and so as part of any transaction would seek admission to AIM. Furthermore, i3 Energy Limited ("i3") in which it holds £1.1 million of pre-IPO convertible loan notes, is seeking to complete an IPO by the end of Q2. It is expected that once the IPO of i3 is complete, the convertible loan note will be converted and shares in i3 will be passed through to the shareholders of Glenwick. Paternoster will receive a pro-rata entitlement to the i3 shares on distribution to Glenwick shareholders. The conversion price is expected to be at a significant discount to the price at which any new shares in i3 are subscribed for by investors at the time of the IPO."