Member Info for Jonno41

A difficult one to call - we are due news which could be good or bad, and there have been lots of rises and falls recently, so trying to decide which one this is.... is tricky...

Mo - do ASAG have a view on this - Franky has a point, a multi million pound platform being used by Ireland and bought from the group for an undisclosed amount that was funded by Amigo - they have no right to asset strip the company at this stage where things are still up in the air - another step towards not have the common sense to at least try a 3rd scheme

It also suggests their business model is working and can get funding, otherwise it would never have been bought... insane treatment of shareholders, everyone wins apart from us... They really are having a laugh now

Forest - I would argue in time you will get to a much better place through optimisation - generating more revenue from leads and being able to use your IT to only receive leads on business you have a chance of writing - this is typically how leads farming works, and over time you end up with a better and better process.

Also Novice - no figures have been shared as far as I know - if we know how much a new scheme will cost, and how much one years board salaries, redundancies, other wind down costs live PCW costs you will almost certainly find creditors would be better off should a new scheme succeed and I don't believe for one second that a well thought our scheme would not have a good chance of passing. No self respecting board would choose a wind down over a chance to continue. They are clearly thinking of themselves. Although they might well resign now they know shareholder are so angry we are very likely to get rid of them by voting them out

And if they don't backtrack they will have a legal battle with shareholders who are furious they were not consulted before they made this announcement. As I say, the mistake has already been made by the incompetent. money grabbing, virtually no skin in the game board - what happens next is unlikely to undo the mistakes of last week

Which is why they should never have made the announcement without consulting shareholders to see if there was another option. There is so little logic to them moving to the wind down scheme where this is the worst possble outcome for shareholders and creditors. They had absolutely nothing to lose to go back to the courts and ask for another scheme

Wonderful news

Not sure about that? Retirement is short - so coming out of it for a couple of years to earn a couple of million is probably all he was prepared to do ... He's done his bit, decide as will as to how he has performed, shareholders will only know when the RI is announced, but to say this company is all but finished! Absurd unless the FCA screw them even more.

IMHO

Penguins - most placements stop the provider from selling for a period of time - no idea if it happened on this occasion and if it did not then yes the placement holder could be selling at anything over the placement price - UKOG are surely wise enough not to let that happen, but perhaps not - I would not assume that is the case without seeing the contact though.

PI's buying - maybe, I bought a few today but there were some pretty large trades going through and assuming every large investor could of taken part in the placement is obviously not right, might of been over subscribed or under subscribed forcing the placement price to drop - neither was stated in the RNS - but you cannot say any II or large investor could of taken part in the RI.

Lets both keep an open mind, and perhaps we should send an email to UKOG and ask for the full placement contact the to be sent and we can post it on here, if it does not have any covenants, then the subscriber could well be the seller.

GLA

Yes it is, its a trade reported after hours because its been worked all day - as in a broker selling shares throughout the day in order to announce one large after hours sell - how else do you expect such a huge trade to go through? It almost always happens when you see buys flooding the market all day without the price rising.

DYOR

Huge background sale of over £182K - I hope a long term holder is unloading and UKOG have not given the the placement team permission to sell immediately - does make you wonder who has bought all those shares? PI's ? Anyway bottom line price went down for the placement and failed to rise because of a large background seller holding back the price when decent buys came in.

GLA

Its not related to demand its related the placing price, 90% of the time MM's drop the price to the placing price - which makes sense when you consider the level of dilution and Mccap.

Clearly the sales and buys are coming pretty quickly and as many want to leave as want in so the price is staying at the 0.09 placement - it could easily rise or fall from these prices, but clearly UKOG have persuaded someone to part with £3M quid so presumably persuaded them that the price would not fall - not that it will rise it just means someone has been persuaded its good investment

Ninetails - I am not commenting about how good or bad this share is, I am merely stating a fact - if you want to buy there is not much liquidity and if you look at the trading patterns you will see bigger buys are followed by a series of smaller buys due to the lack of liquidity

This was my experience can't be bothered to log in and try again - I am sure others on this BB will have tried and struggled to buy this morning - perhaps there is a lack of liquidity on sales as well.

The trading pattern of buys is clearly showing a lack of liquidity as this price, suggesting the price might raise a little as the MM test what price slows down the volume

Plenty of volume showing on L2, mainly buys and it was not easy to buy earlier, presumably a large background seller is still there, so the price will remain depressed until they have sold out - hopefully the buyers are still around when the seller goes. Interesting how easy it was to place the shares,

@Robespieree I am not disagreeing with you, but can you give me a past example when someone has raised more than 5x Mcap. I had always considered that raising this sort of money in this case for lending would be done through Bonds not dilution.

Also worth considering that if money was raised through a RI as Robespierre says it can be, the Mcap and therefore the share price would need to consider the fact that post raise there is£165M in the bank more than before so the only loss of cash is the £15M - then there's the likely share consolidation to get us back to 450M shares and away from 9BN

@ArgyleAgony how can you raise £180M when the market cap is £30M - its just not possible - when you think about it logically if you had a company worth £30M would you consider raising £180M by diluting shares (when all your shares are only worth £30M!).

If only it was that easy to raise money....... investors would need to see a return

Saying that this truly unique situation means nothing is off the table - normally you would expect Amigo pump the SP with good news making the £15M dilution almost irrelevant, but they cannot do this because of the 19-1 agreement.

Therefore if they are forced to uphold this agreement the dilution needs to be super creative.

We know they need to raise £15M and probably no more, we know how many shares are in issue so therefore we know how many new shares will be issued if 19-1 is right (about 9bn) so we could divide one by the other and get a value per share.

We don't know how they will do this though and we do know this is pretty unique so not much precedent.

Thus the risk

GLA

I suspect they will suspend until a decision has been made - it might not be on the day of the hearing (hopefully it is though)