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Joint Official Liquidators (JOL) and Joint Provisional Liquidators (JPL)
Think the free float is actually significantly lower than that. Those with holdings of over 3% of the company account for over 88% of the shares in issue and if the 'major shareholders' section of the company website is up to date then free float is just over 2%...so only 3.4 million shares.
http://www.g3-ex.com/investors/major-shareholders.aspx
From the last RNS...would imagine they'll have firm proposals on these options to take to the hearing on the 11th, so I'd expect an update will be published on the 12th or thereabouts.
Notwithstanding these legal proceedings and the appointment of Receivers on 21st October, 2019, the Company continues as a going concern and has maintained its operations and remains committed to re-structure as follows:
1. Pay its Secured Creditors (Nordic and GIC) in full through either:
a. A Reserve Based Loan ("RBL") of c.$200m through the Green Dragon Gas producing assets. Active discussions to conclude such an arrangement with a bank is underway; or
b. Sale of sufficient equity for cash in wholly owned Green Dragon Gas so as to pay off creditors in full and have additional liquidity. Heads of Agreement with interested party is expected in the near term. A recent report, conducted for the RBL in October, valued the producing Green Dragon Gas, GCZ and GSS blocks at $485millon (1P) and $1.3 billion (2P).
2. Following above execution, dividend Green Dragon Gas to the Shareholders.
3. Continue as an Exploration and Appraisal company specializing in Coal Bed Methane.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, "Over the past two years, we have worked cooperatively, and constructively, with our Secured Creditors on each of our initiatives to repay the debt due and look forward to doing so with the JPL.
We strongly encourage the appointment of JPLs so as to expedite a re-structuring of the company for the benefit of all stakeholders, which would enable the company to continue to deploy its technical expertise in the development of complex CBM reservoirs globally and continue as a going concern."
No date and no dividend agreed as yet...if there was the share price would be significantly higher. But if you look the last RNS it's quite strongly implied. Also several of the previous RNS's suggest returning cash to shareholders via a dividend, so that's the gamble I'm taking.
Well done Rocket and good luck. Personally I’m remaining firm in the hope the a dividend is forthcoming. I’m hoping they choose to return circa $100m to shareholders via a cash for equity raise which equates to about 44p a share by my reckoning.
Hasn’t even started. Should be nearer a 1p now and heading towards 2p on commercialisation news, which will arrive before the end of November. The CEO taking warrants at 3pm and Winston at 1.75p gives a solid indication of their valuation.
Good luck and DYOR.
Just taken a few more...amazed that I could buy just over 1% of the entire company for circa £7.5k.
New due on Gold Ridge and Cobra in the next 2-4 weeks. Current market cap is far too low.
Worth watching: https://youtu.be/YpZ47IvEQBg
As always DYOR. Good luck!
It’s $703m per additional asset of which there are two so over $1.4 billion plus the $563 million for SLN500 so approx $2bn in total. This excludes their pipeline of other assets which fall outside the terms of this agreement.
So potentially billions not millions!
Just listening to the conference call and it's additional potential milestone payment of $703 million per additional asset of which we have two so just over $1.4 billion!! That's on top of the $563m for SLN 500, so nearly $2 billion potentially in total!
The TSX Exchange have already conditionally accepted the proposed ‘Settlement, if I’m reading the news release of 6th May correctly.
https://www.investorx.ca/Doc/1905061646077960
Should anyone be keeping the ‘scores’ I’ve got 63mil and voted ‘no’ to 1 & 4.
I invested here as I can’t see any reason for the current MCap to be below £10m (30p a share) given the existing sales, client list and recent cost cutting. Assuming VM joins the board (which looks likely) the upside could be significantly higher given her expertise, connections etc.
That’s my view anyway but as always DYOR.
Great news...also gives credibility to the timescales Nick Stevens articulated in the last podcast. GLA
I’m already in PYC but luckily reduced my holding by 80% @ 27p having go in at 11p. Personally I’m not concerned about director dealings here at the mo as they already have large shareholding’s so can’t see why they’d want to buy more. My investment decision here is primarily based on: - small market cap - restricted free float - imminent news - innovative/disruptive technology (i.e Medical AI) - market size/potential - multiple potential revenue streams and high margin products - currently funded, so no immediate need for funding (for now anyway!) - and perhaps most importantly the fact that the largest shareholder (TB) is a businessman rather than a scientist/engineer/developer. Thought the fact that they have already mentioned that they are in discussions with a Channel partner/reseller is interesting as anyone that knows this space will appreciate that this is typically the fastest and most productive route to market. Maybe something PYC should consider. Despite all the above my investment it is of course pure speculation at this stage but it would seem that at least a majority of the prices of the jigsaw are there, so it’s just a case of whether TB and Co can now put them together...we’ll see I guess! Good luck wherever you choose to invest.
Yep..originally I bought in at 3.5p then added today @ 4.69p. You’ll notice 2 trades today at 13.25p and 13.28pm which are shown as sells @ 4.69p both of which are actually buys...mine!
Interesting....Would suggest that free floats even less then..sub 50%. Very tightly held.
I stand to be corrected but looking at the company website 42.38% and held TB and 3 investment firms collectively which would leave circa 57% in free float, unless of course they’re are other parties holding a large but undeclared interest (i.e sub 3 %). Total shares in issue just shy of 65m which partly explains why this moves quickly on relatively small volumes...like today.