The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Hopefully a little dead cat bounce after the initial open drop may allow some to get out at less of a loss.
A stop loss on open may give you the very bottom of the cliff price on open so may not be the best option?
The problem I fear is that all these oil giants are cut-throat. They don’t care what Copl’s true value is they are going to get it for the lowest price possible.
And perhaps that was the plan all along.
My prediction is if we do see a return from the sale, it will be just a million or two to share between the shareholders.
Just scanning through, on p26 it says
“65. As at September 30, 2023, COPL had combined total assets with a book value of approximately $114,829,000”
It would be good if they could get a sale for at least that price. Further down on p30 the total debt is $78m, plus if they max out the $11m new loan facility total debt would be around $90m
Probably wishful thinking and overly simplistic, that could leave around $25m for shareholders?
That could equate to a sp of around 0.5p
Nick, fair enough. I think you’re right they made loads on shorting and bonds.
It is still curious they held onto 20% into suspension. With all their other dodgy insider trading I would have expected them to dump everything they had.
I am sure they knew what was coming.
Any chance Anavio and other bond holder will try to do something to help ensure a better offer to cover their bonds?
Anavio also hold 20% shares (if yesterday’s ridiculous RNS is to be believed) so it would be in their interest to get something back for those too.
Good research guys!
So Kravitz is essentially saying he doesn’t expect the sale price to be greater than $81m + his expenses?
And if it happens to be a bit higher the leftover cash goes to bond holders first I expect?
Does anyone know or can estimate how much the bondies are due? Is it simply $135m-$81m=54m?
The previously quoted $135m debt, that includes the bond holders?
How much is Summit debt, $50m?
I don’t think Kravitz is looking for an offer high enough to recover the bond holders, as per his 11 March RNS:
“The Company believes there is little prospect for a return to shareholders or bond holders.”
I wonder if bond holders are now panicking and if they will also try to find a way for a higher offer to cover their bonds?
I don’t think Kravitz
Zak says if it closes above 1.37 it should go back to the 2.15 area.
Looking good
https://m.youtube.com/watch?v=b74XYSV_9pI
Are you that impatient you couldn’t wait half a day to gloat. Just wait till the end if the day once the position is known.
If you truly love sushi you should also embrace other Japanese qualities, for example, patience ;)