The Company needed the money but he certainly a man who puts his money where his mouth is ! Which reminds me of a true story a grandmother was taking her grandson home and the 10 year old asked " Why do you walk everywhere Grandma" she replied " if you do not use it, you lose it " the little boy responded " well that will not happen to your mouth will it " The grandma is Irish ! and the boy bright.
How a company like this is worth just over £3 million I have no idea, but Cash is King and they have very little, I think a couple of the sells were actually buys yesterday especially the 5, 000, 000 but who knows let us hope we have a bunce soon nice to see the CEO sunning himself in South Africa obviously enjoying the celebrations after the World Cup
I just wonder if anyone can throw any light on PEL, as in the report it states that RUR owns 50% of PEL with another shareholder and that PEL owns 100% of Eds ! I have done a search on PEL and it says it is dormant ! or it is another PEL or was it incorrect in the 6 monthly report.
I think that reading between the lines things are coming to an end with the Sale of the Turbines and the Chilean business whether it is considered viable or not, once we are in a position of strength which I mean no borrowings, the company will be sold to our 50% shareholder in PEL, Rurelec as we know it will cease to exist. With the Head Office now being serviced offices it can only be going that way, as for the Bonuses for the Directors I think the Liquidators of Sterling might have something to say about that. Rurelec will be sold, I am absolutely certain of that there has been no mention for a longtime of looking for further projects and the current BOD are in a "care and maintenance" stance nothing else. If they achieve a Net Asset basis on the Sale I would be happy about that, time to buy a few !
I agree with what you have posted, but as I said he intimated they would not be placing at these "low" levels of SP, I would say once he gets the SP up to 6 pence so company valuation is over 30 million he may do, all in the air until we know he has the initial funding to do the drill, does anyone know at what price per barrel it will need to be to make it a viable project ?
I am not sure you have watched the presentations completely, there will be no placement of large amounts of shares at this price as stated by JA, the SP is too low, it will be a mixture of other finance etc,They have a Rig contracted for after it has finished drilling elsewhere, the delay initially was because the drill site needed further preparation, I think that might have been a smoke screen, as they may have not finalised the financing of the drill, we shall see. The next 2 months will be critical for TRP.
There has been so much dilution here I doubt we will get to £1 over 550 million in issue, and I think we will face more dilution as the SP increases, but there is much potential if they get the funding 20 p would make it £100 million company We should with the funding get to 6 pence and hopefully a steady increase from there only time will tell, but for the Directors to take up £150000 at 1 pence must mean they are putting their money where there mouth is !
Dougal Thank you for your post. I do agree AIM is a bit of a disaster area, but I think this one has a chance MCAP £4.5 million JA has over 25% of the Company, he wants it to succeed, and I think with this current drill he will hit oil, it was not big enough for Total, it will be interesting to see what the flow rates are once they get that "drill" I must admit and I am sure others do, that the slippage in the drill on site does not fill you with confidence, I am no oil man, but I suspect these things do happen. Oh to be a fortune teller ! or Rodney ! LB
Just for info the SP varied between 2 and 28.8 pence during 2016 at 31st December 2017 it was 8 pence. There have been a huge amount of warrants issued since then in 2018, so it will be interesting to see the Accounts to 31st December 2018 which must be out shortly
I am not quite sure why he should convert his Loan via the Warrants, he can convert the Warrants at the striking price at anytime and benefit from any rise without converting, converting his Loan is certainly not something I would do having given the company a Short term Loan, it is short term for a reason, he has borrow that from another Fund he has and wants to repay it ! I see no problem in timing, if it was more than 2 months I would be worried but he has over 25% of the Company already and on conversion he will own more !
I am still invested here god knows why no news no nothing from the BOD who quite frankly seem to do nothing except take their Salaries, I am amazed that the Serling administrators are allowing it ! They may never get their exorbitant fees ! If you want to look at something else try Tower Resources, not ramping it at all, but just have a read and make your own decision. LB
The consolidation was done in April 2016 I share for every 250 as for share placing JA said he did not want to dilute existing shareholders investment anymore than it has been with a SP that he considered too low !