Member Info for oil_trader

2.7-2.9 spread

Volume is well over 400m

All these trades can’t be sells from the fund as they only held around 120m

Could it be that they have been transferred at an agreed price into new hands?

I get the feeling that this is about to get very interesting

2nd Rns showing 10.61% as of today

First rns was from yesterday

Fund down to 12.13%

Smokingjoe, was that badly constructed rant aimed at me?

Not really sure what I said that could be deemed drivel.

Sefton has said the floor is 0.4 and I’m happy to go with that. Although the rns clearly references a ‘theoretical conversion price’ and it states that this could be below 0.4.

That is all in the finance rns.

Also you said they are currently converting. If you don’t know how this works, they converted the shares on the date they issued the tr1 for 22% holding. They are now selling that holding down. They are not currently converting as you put it

Don’t forget, the stock that is now being sold from around 0.45 down to 0.3 was converted at 0.25. They are making a good 50% on most of it

If they convert at 0.4 they will want a reasonable profit.

Sefton has likely promised good news to tie in with the next conversion rns to give a rise in price enabling them to sell into the volume

*Pay not PSG

Too much football chat for my autocorrect

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