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Yes it would be good if you could copy and paste the contents of the letter.
Perhaps they are ready to launch soon?
0.0467 dollars per share is about a hundredth of what the previous payments were?
Never mind, hopefully the tokens will be worth a lot. I have a feeling they will be popular in the first year after launch.
How much did you recieve per share?
I'd be interest to know how you recieved them?
Are other people contacting the napster email directly?
They should be live soon so will be interesting to try to value them.
Blimey! That must be massive interest rolling up on the debt.
The shares here must be worthless. They would surely need to raise quite a lot of money to keep this going and can't see that happening.
Lights out soon I suspect.
Is no one here shorting this? Seems like a slam dunk to me. I doubt we have at all heard the last of this.
If this stays even close to 2.5p tomorrow (if not suspended) then I think the smart money will be shorting heavily at that price.
Some may try to sue the company and recover losses that way.
Legal authorities may want to investigate.
After the collapse they'll be lucky to raise any money in a further heavily discounted placing.
You couldn't get any more of a barge pole stock.
To the person with a limit buy at 1p, be careful! You could still lose the lot if it gets suspended and never returns to trading.
Good luck to the innocent people that got roped into this on total nonsense. I feel for you. But the people still trying to ramp this deserve a bit of a thrashing tbh.
Why on earth would you want to buy this at any price after last week? The rns on 23rd was at best extremely misleading.
Hopefully the regulator just suspends trading on this to protect people from themselves.
So no one can give an explanation as to why has the share price increased 20x from being a market cap of less than £3m?
No they are not "about to drill a multi billion barrel field"
1. There is only "potential" for this and that potential is going to be less than 0.001%
2. They don't even have finance to drill yet.
3. Even if they get to the drill stage, the chance of finding nothing commercial is extremely high.
Who now Is going to give them the 10m+ they need to drill after management credibility has dropped to the worst position currently on the lse?
Since the rise of 0.2p when the market cap was pocket money, what has the board actually achieved to now make the valuation hugely undervalued at £140m?
Possibly because they believe the share price will go lower plus they are getting 20% interest and will be able to convert twice as many plus interest if it goes to 0.1p. Yes and I doubt others will want to get involved in the same amount of shares in an open offer if they did! But anyone that did would add more to that dilution.
There is an £11m convertible loan note that can be converted at the vwap. At this price and market cap, that would equal approximately 1375% dilution.
The interest rate on the loan is 20% and the company has been losing money for years to the point they are delisting the stock in less than a month.
There is a 0% chance this will move like itsarm. There is no comparison.
Infact investors will be lucky to ever see their money again after October.
Unfortunately when a company delists from the exchange, a few years later it is very common that shareholders get utterly screwed one way or another. Absolutely disgusting behaviour often from the larger shareholders.
Pip56,
The 2 main holders have a convertible loan note of upto £11m which can be converted at the lower of either the previous 5 day vwap or 0.5p.
At this price, it would be approximately 1100% dilution.
I believe as it's delisting, there is a fair chance the vwap gets even lower, e.g. 0.1p, which would equal nearly 3000% dilution.
I have no holding here either but have also been watching the train wreck unfold over the years.
Do you think the 57% holders will get this out of the eyes of the public and strip the remaining assets then put it in to administration over the next fewnyears or will they convert their debt to equity?
The directors have a total shareholding of 400,000 shares which equates to around 800 quids worth. So they clearly have no skin in the game.
Either way, it looks to me like a terrible investment at any price. Enormous dilution at a very low price or administration.
No unfortunately they do own 57%. Of course the company would not make a mistake on this. Anyone can look for themselves on the website or in the previous rns's.
Also they can dilute the shares to own way above that and get the 75% they need to delist. They have con notes for around £11m with a 20% interest rate. If they just converted £1m of this into equity at the current 5 day vwap, they would have a lot more than 75% of the shares to pass the delisting. This seems very unfair to minority shareholders but the company has had a disastrous time in previous years and would likely find it impossible to raise money from anyone else.
There would not be convertible notes to the tune of 11x the current market cap if the assets were solid or were able to easily sell or liquidate for that price, especially with an interest rate of 20%.
As per my previous post, I believe this will be very high risk and low reward investment and it has been since the convertible loan notes were there.
People noting the NAV at 5p per share are not taking into account the inevitable dilution by the creditors or the risk the company would not get anything remotely close to that if it were wound up.
They do have 57%. Look at the website or the relevant RNS. They also have an enormous amount of con notes that can be converted into way more than 75% if they wish to.
The company is loss making for years, with yearly losses way above the market cap.
The company is dependant on its creditors who have £11m con notes at the lower of the 5 day vwap, which is currently around 0.25p and falling, or 0.5p. That is 11x the market cap, so 1100% dilution. These con notes also have a 20% coupon.
The NAV of £20m would never be achieved by an administrator and presumably no one other than the large shareholders want to finance this and only will do so on onerous terms.
I think you have a situation where either the shareholders will get very little or nothing back when the loans are called in, or the shareholders will be diluted many times over up on equity conversion.
In short, no, this ain't ever doing an Itsarm style rise!
There's a reason there has been very little volume traded in this in the past 18 months or so.
I suspect people buying in now, only did so because it dropped a lot in one day and they haven't read the news of the company in the past 2 years!
My guess is they will either shut the company down in the next 2 years or continue to lend money and dilution will eventually be ginormous.
If they do not have the 75% votes needed in the bag already, they can easily convert their notes to get it.
Any idea what price the tokens are trading at?
I'd like to think the cash equivalent would be less attractive than receiving the tokens, as would usually be the case in a deal like this.
So we may be pleasantly surprised that our tokens might be worth more than $4.47 per share in the next year or 2.
It wouldn't surprise me if they are a success and end up being worth substantially more down the line.