Member Info for norb

I can sort of understand them selling into the next milestones and complete their exit in TXP, but I just dont think thats part of their plan if NORTH remains as a going concern. Liquidation has been discussed among current shareholders as an option. Especially due the unloading of shares in TXP and other minor positions. They are strengthening their cash position, and no sign of any new investments so far.

I dont think NORTH has reduced their position since the last RNS early June.

They are not heading for the exit. If they are , I suspect they are selling the remaining lot to a new major holder medio/late Q3.

I am not very familiar with AIM rules so you may be right, but it kind of confirms my speculation. They never intended to divest from TXP. They will keep at least 5%. I am also open to the idea that they are accumulating as we speak, but not under their own name.

Forgot

https://touchstoneexploration.com/investors/aim-rules/

NORTH still at 6,9% and 12,646,750 shares

Tobi is right. NORTH is trading with a discount of +40% compared to NAV, which at closing today was around 23 mill GBP:

Cash 13 (probably more from additional sale of TXP)
TXP 6 (probably less due to additional sale of TXP)
REACH 4 (majority holding / listed at OSX, MCAP currently 50% of their initial investment)

They have divested from all other positions known to the public, and there is no sign of other investments at OSX or other financial markets. If asked to speculate I would argue that they are:

A-Preparing to liquidate all their positions, and they already have a buyer of their remaining position in TXP
B-They are planning to reinvest/increase their position in TXP in a JV with other financial/industrial investors
C-They will keep a 5% interest in TXP, but they are strengthening their cash position based on the assumption of a second wave to hit the global markets (Covid-19)

My 2, sorry 3 cents.

They are also selling other assets adding funds to their cash position. It almost looks like they are preparing for a liquidation.

About NORTH and their divestment in TXP. Here is a little piece of information about their largest shareholder and chairman Mr. Onarheim, his background and his current position as CEO at BWLPG. Kind of nice to have face and a name to blame for the current SP:)

https://www.bwlpg.com/about-us/our-leadership

Half of their assets is cash at hand. I would guess they are happy now, or they will end their selling at 5%. My 2 cents.

Not working

www.touchstoneexploration.com

The production payment to Crown is still in place. Amended, but details not disclosed.

Their timing seems odd. Again. Thats all I am saying.

SimonT, I am a shareholder in NORTH. You may be right, but they havent said anything about a change in strategy. They dont say much at all. So here I am speculating. Their tax claim was settled more than one month ago and I was expecting they would consolidate their position rather than taking profit from TXP. Its nothing wrong with taking profit, but in this case the timing doesnt quite add up compared to the latest guidelines from TXP/PB.

It was difficult to justify why NORTH sold prior to the private placement in February, but it made sense at the end of the day. Yet again I am asking myself the same question. So what can it be this time ? Delays or change in plan and progress with material impact on projected cash flow, or unsettled liabilities on Royston ?

The last RNS concerning NORTH amounts to 1,25 mill shares for a period of 8 trading days - 6th to 15th of May. Anyone who can share how much that is compared to total trading volume ?

No, they were holding 14,24 mill prior to placing of new shares.

So why would they subscribe for 3,75 mill new shares at 40P and sell 14 mill at the same price ? Where is the logic ? And do we really have a big seller ? I would think that a lot of PI`s took their profit today.

They made almost MUSD 1 on their 4,3 sell off, which means their latest subscription of 3,75 mill in reality was acquired at 21P/share. They are now holding 18 mill shares, and I dont think they will sell anything soon.

They have been poor at trading their 4,3 mill shares prior to their new subscription. Nevertheless, they are buying the 3,75 mill with the same amout of cash. More or less.