Member Info for MozzaBezza

Daveri, if you're lurking on here, have you heard anything from your sources?

Surely we must be getting closer to something!

Nice to see what looks like one person/entity picking up ~£30k this morning.

I hope it's a leak! It would be really nice to finally get an RTO going here.

I'm somewhere in the middle. I think that any RTO will likely be significant, however, I think there's a strong likelihood that any RTO has been delayed by probably at least three months just due to covid.

We'll see. I'm continuing to gently drop money in here.

I think they must be out by now, because their Notice of Statement of Affairs on Comapnies House (28th August), says they had stock held with IG of £32,742. Now they were down as having 308,800 shares on Longboat's Website from April 30th, so I think they must be near enough done or completely out.

https://beta.companieshouse.gov.uk/company/08803382/filing-history

Funny, I was about to post exactly the same question Ash!

Come in then Chanceman, what evidence do you have for this?

You can see why I'm skeptical, because if this really is true and you know, then we would expect evidence in the market that others know too and this would be as leaky as a sieve.

I agree. I think that covid must have delayed them at least 3 months, else I think we would have heard something/seen something in the price.

I know what you mean.

Currently, I'm working with a base scenario on an RTO of 5000k bopd with equity (no idea how much) probably raised at 300p.

I'd like to think otherwise, but in my gut I struggle to see that more equity would be raised at a higher price than that, even if it were for more BOPD.

Now, maybe Daveri007 can comment here on the funding - i.e. how much they were looking at debt vs equity, but nevertheless 300p raise is my base scenario.

I added another little bit. Nothing big, but in light of the fact that there is no real expected time frame here, I've always thought it best to slowly drip money in here.

Either way, I have enough stock now that I'll be happy if a deal appears and if I can buy more in the coming months I'll also be happy to add more.

It would be nice to have an update, although I understand that they would be able to say little.

To be honest, even if they just said something like: all on track negotiating, but it's taking longer due to complexity surrounding the size of the deal, covid, etc. That would be nice.

Volume seems to be flying in now. Maybe some positive news is leaking, or it could just be that the market has cottoned on to how cheap this is.

Hopefully, they can wait a week or so as I'm planning to drop some more in here next week.

Fingers crossed whatever it is, it's a big deal!

Jub Cap had 3.1% as of April 30th, now it could be that they have just sold the whole lot to a MM in one hit and then they are rebalancing but I think they're dripping it into the market.

It might not be them, but IMO, that makes the most sense. If it is them, they must surely be nearly done.

I disagree. I think they would he in trouble from the FCA if they did that, because it is pretty blatent insider trading.

I do think however that the seller is Jub Capital, who have in effect gone into administration and will be liquidating right now.

I really think it has nothing to with getting a seller out, because that would be horrendous corporate governance that would get them into a lot of trouble if they were caught doing that.

I think it's just a big/complicated deal.

Good to hear. Very many thanks!

Yes, Daveri, any news or whispers?

Right now, I think there's a very good chance that covid has probably delayed things, but the upside of that, is that I can keep gently buying up stock here.

I think that any RTO will likely leak and we will see evidence of it in the volume before we actually see one announced to the market.

High quality ramps only please, dusterinmong.

I like to think that the group here on LSE are 'rampers with A-levels' and that we at least have some substance behind our ramps.

All the best,

Really this is where Stifel (their NOMAD) should step forwards and find a buyer for that stock, so it can be taken out in one hit.

I would be very surprised Oilman if that's the case, as it's pretty poor corporate governance if they're delaying it for that reason alone. I think it's much more likely that 1. either a deal fell through, or 2. they were able to do a significantly large deal than initially planned due to the oil price drop.

Hopefully it's option 2!

Also, I think that Jub Capital/ their creditors still have to be selling down here. I can't see why anyone else would be in such size.

https://twitter.com/DDS_DocHoliday/status/1289482978746175488/photo/1