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My reading of it is that they can sell at whatever price they wish. The agreement only refers to the conversion price, this is the price the convert options into shares.
With regards to what the conversion price will be for the next tranche.
If they converted 100m shares at 0.4p would be £400k
If they convert at 0.3p it would be £300k therefor there is a £100k shortfall
My reading is that they will therefor have to PSG that £100k shortfall upon the next conversion.
I think Sefton is basically saying they are likely to convert at 0.4 as converting lower will cost them more
That said, those numbers are as of the 1st.
Lots of volume since then
So an rns showing the fund down to 15%
oilnovice looks like you were a lot closer than me
Previously they did block dumps but not many have gone through recently.
Looking back to the previous conversion they went from 28% to 6% from the 21st March to 29th April
The volume over that period was 1.9b so they sold at rougly 10% of volume.
Since the last notification the volume has been around 900m so maybe its more like 90m of the 203 sold
Since the 29th 800m shares have been traded. I doubt they have only sold around 50m into that volume as you are suggesting
RNS dated 29th shows a holding of 203,143,420 which was just over 20%
Well, Tuesday
Looking through the large trades for the past week, I'm estimating that there has been around 150m sold from the last conversion.
If my analysis is correct then the fund is now under the 5% threshold and will have notified WDC. Therefor i'm expecting a holdings update either this afternoon or monday
With the amount of volume today and the number of block sells it shouldn’t be too long before we get a tr1 showing the funds holdings. They had 220m at the beginning of the week, I’d expect at least half of that to have been worked by now.
Not sure if this got picked up the other day, but did anyone consider why they only took their holding to 22% and not 29% like they have on previous conversions. Just seemed a little odd
Should settle around .5 - .6 in the next few sessions
Time forth is to start moving north again now. Should settle around
Flow has increased to 385bopd with no stimulation.
This looks very good indeed
It’s not 0.345 live mid price
What is the expected production increase once a compressor is installed?
Are the suggestions of 7x production based solely on a compressor? If so surely the logical thing is to get one installed and reap the benefits from the increased revenue. This would pay the compressor cost and the production plant costs in no time.
7x60,000 is 420,000 /m
IG will quote me up to 2m at 0.62 but can’t get any quotes for 3m from ig
Would love to know where all these 2m sells are coming from
Forgetting this mornings antics and the dodgy letter, there seems to be substance to this rise. Also noting quite a few 1m+ buys.
Very interesting indeed
Seems like the news we’ve all been waiting for. Just need the company to issue an rns to confirm
Align up to 24m shares
This has confused me no end. No what I was expecting.
LB, if you are correct about the roughly 150m of sells then it must be wins that have sold. But in that case where is the tr1.
With respect to today’s rns. Why have the fund notified as previously they have only notified once they had finished selling.
Does Sefton currently own any stock. I’m thinking if he has agreed to take stock directly from the fund they might have had to sell their holding down to keep him under 30% after the transaction