Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Has been talking about lgo, ntog, Alex, solo magp etc. This is not on the radar for most PIs here. A deal cold be announced any day.
the Company's business strategy centres upon adding value and a willingness to trade. This means that the future of production and development operations in The Netherlands and the UK has always been under review. In the past year a number of expressions of interest have been made to purchase these assets. The Company has held extensive negotiations with two parties in exploring ways to achieve the greatest value for shareholders from the Company's Netherlands position. Substantial technical analysis has been undertaken by both of those parties and these discussions have now led to two non-binding indicative offers for the UK holding company of the Netherlands subsidiary and one such offer includes the UK assets. The party with the more attractive offer has requested that at this stage prices in the package not be disclosed until a binding agreement is reached. The offers are not directly comparable and while they both contain an initial substantial cash payment, they involve different packages of assets. The Company must stress that these offers are indicative at this stage and the Board hopes to draw the discussions to a conclusion to the best possible outcome for shareholders within the second quarter of this year.
Nice rise, day by day.
Short term 50-60p
Next couple of weeks!! I reckon its sale time
Massive buys today. Is this a leaky ship??
Glass =GLA Bloody iPad!!
The RNS stated before end of q2 2013. So either may or June glass :-)
Sale of uk and netherland assets either this month or next. :-) 30-45million. Yes please!!!!
This will come good. We have a short term cash flow problem and as you said, we are best suspended during talks. If I were on the bod I would be pushing for small reduction in WI in exchange for funds. Preference would be WI reduction on future drills, not this one, as we need the revenue from this first well
Half the loan already converted to shares. So not due 750k!! Read it again
On 23 March 2010, £81,647 convertible loan notes were issued with a final repayment date of 23 March 2015 (the “2015 Loan Notes”). The 2015 Loan Notes are interest free and unsecured. The note holders have the right to convert any amount of the principal amount of the 2015 Loan Notes at any time within two years from the date of issue into New Ordinary Shares at the exercise price of 20 pence per share. The ordinary shares to be issued on conversion (assuming full conversion) would amount to 408,234 ordinary shares. The 2015 Loan Notes are freely transferable and may be transferred to new note holders who will then be able to exercise the conversion rights attaching to the 2015 Loan Notes. In the year ended 31 December 2011, £40,515 of the 2015 Loan Notes were converted and 202,573 shares were issued as a result of the conversion. The net proceeds from the issue of the loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company. On 1 July 2011, a £750,000 convertible term loan was issued (the “Term Loan”) divided into two separate tranches of £375,000 each (“Loan A” and “Loan B”). On the re-admission of the Company’s shares to AIM, Loan A loan notes automatically converted into ordinary shares at 22.5p per share, resulting in the issue of 1,666,666 new ordinary shares. The Loan B loan notes are convertible at 35p per share on or before the final redemption date, being two years from the issue date. If not converted the loan notes will be redeemed by a payment of £750,000 on the final repayment date. An interest coupon is payable on the Term Loan notes from the date of issue until the date of redemption or conversion. The coupon is calculated as 10% of the net revenue paid to the Company in respect of its interest in the I-1 Well and is paid upon redemption or conversion as applicable.
Not much we can do now but it appears our creditor is keen to get this resolved, so can't quite understand why or how AM could not do a deal, resulting in liquidation. Then he would really be in the poop. How would he justify that? Terms were not good, so I thought I would call it a day??? He has to protect shareholder value. The only other way I see this ending is a sale of our working interest. Settle debts and distribute anything remaining. Let's wait and see.
Just found this in the athol gold annual report for year ending 31st December 2012. Released in march. Note the positive stance and the loan size. Silvermere Energy Athol holds a £330,000 loan note in Silvermere Energy and, notwithstanding that Silvermere has had a harder time than anticipated in bringing its I-1 well on stream, remains in close dialogue with the company as to likely further developments. Silvermere completed a small fundraising at the start of this year to tide it over, and most recently has just announced that it sold nearly 11.5 million cubic feet of gas in February alongside production of 1,845 barrels of oil, increases of 32 per cent and four per cent respectively month-on-month. The company understands that it is the intention of Silvermere to attempt to acquire another asset to give it critical mass, finance permitting, and will follow any such development with close interest.
This is excellent news. It indicates that they have as much to lose as SLME if we go t1ts up. Their rns was to reassure their investors that they are not gonna lose big time on this. AM may well have strengthened our negotiating position today.
I read a lot! Just by chance it was SLME content.
Agree. This protects shareholder value.
Probably a regulatory requirement to protect the board. Looks like we still have financing options on the table in discussion.
RNS out from mineral and finance investments Ltd 14:55pm MINERAL & FINANCIAL INVESTMENTS LIMITED ("Mineral & Financial" or the "Company") MARKET UPDATE The Board of Mineral & Financial notes the announcement today from Silvermere Energy regarding the suspension of trading in Silvermere's shares, pending clarification of its financial position. Mineral & Financial has been engaged in active talks with Silvermere since mid-March regarding a potential resolution to Silvermere's financial difficulties, and talks remain ongoing.
I guess we better look for a buyer of our asset. Maybe dominion on the cheap?