Member Info for okenia

As Donald Trump might say, SAD!

Gosh some familiar faces here. What's this then Zumore? Have you suddenly developed a passionate interest in coal bed methane? Or are you passing time as usual trolling companies that RRR or RGM are invested in, as a proxy for criticising Andrew Bell?

GCHQ monitor social media for words like 'explosive' etc

That's GCHQ following this thread now ...

Funny how the buying has started a couple of days after the end of the Closed Period (Interims are now out).

There's now very little stock left with the MMs. They've been busy trickling it out during the no-news lull. Try buying now and even relatively small buys tick it up (or it goes straight to negotiated trade) That feels very tight and perfectly posed for a substantial re-rate on the upcoming news and any sniff of interest/momentum. Could be a rather interest few months ahead, esp if it runs away and becomes a momentum play (eg like NTOG did the other day - exactly same summer setup with the MMs being drained of stock)

Clearly not. Bless.

If you're going to be a 'concern troll' (clue - google it) the ffs make an effort to follow through.

There will be some excuse about distance , washing his hair, Bake Off being on etc etc etc. Bless.

And if you'd been there you could have heard the answers. We did encourage you to stop being a sad keyboard warrior and turn up!

It's good business sense for ST to not give everything away for free. They're not a charity. Don't criticise them for that. Come along next time Zumore and join us for the Q&A and the pub afterwards! Andrew owes you a pint for keeping the interest and discussion in RGM going.

yes 3.2p and 4.34p are what I have. AFAIK there aren't any other warrants, although there may be some management options floating about (the Prospectus covers that, if there are any). In practice people won't even start thinking about warrant exercise until the price is stable and a good 50-100% over the exercise price, so you'd not be getting much exercise until we hit ~ 5p I'd say. That's about a four-bagger from the current price so when we reach that we'll all be smiling and not that bothered about warrants!

Which warrants are you thinking of? There's some with the recent fundraise and some with the prior CAF fundraise (speaking as someone who holds both!). Details of them are in the fundraising RNSes

Here you go, p79 of the Prospectus (on the website). No salary until the acquisition is done. I've capitalised the key sentence. "Mr Linsley and the Company are parties to a service agreement dated 17 February 2017 pursuant to which Mr Linsley was appointed as Chief Executive Officer of the Company with effect from 2 February 2017. Mr Linsley�s employment is based on an average of 25 hours� work per week. The service agreement was for an initial fixed term of 3 months and was subsequently extended by a further 4 months on 16 May 2017. Conditional upon Admission the contract will be extended to be on a rolling 12 month basis. The service agreement contains provisions for early termination in the event, inter alia, of a breach of a material term of the service agreement by the director and, where such breach is capable of remedy, the director fails to remedy the breach within 30 days of notice provided by the Board or where the director ceases to be a director of the Company for any reason. The basic annual salary payable to Mr Linsley was �10,000 per month. MR LINSLEY WILL RECEIVE NO SALARY FROM ADMISSION UNTIL SUCH TIME AS THE COMPANY COMPLETES AN ACQUISITION WHICH CONSTITUTES A REVERSE TAKEOVER, at which point the Remuneration Committee will review the position with the objective of agreeing a salary level commencurate with the scale and nature of the acquisition. The service agreement contains restrictive covenants for a period of 12 months following termination of his employment. There is no right to any further benefits."

Actually with the exception of Gati we do know the compensation - that's stated explicitly in the admission document and DL confirmed that in a recent interview. Let me find the section I'm referring to ... hang on a moment ...

Levi - yes the board are not being paid until they complete the first transaction. That's stated explicitly in the (very very long ....) admission document. Formally speaking we don't know if this also applies to the new NED, Gati A-J, but I would be surprised if it didn't. The current Board wage bill is zero and will stay that until they deliver on their stated aims.

Yes the "take three brokers into the shower?" issue has been resolved. It was a bit silly at the time but I do understand the desire to spread the net as wide as possible for that fundraise. Now its been done, the broker count is being reduced back to more normal and sensible levels. I agree there's clear steps being taken to rationalise costs to a minimum - being on the Standard List helps ofc, as you immediately don't need the cost of a NOMAD for example. A standard listing can be maintained for relatively little cost, thus maximising your firepower for acquisitions .

Actually they've just reduced it. They've removed two people from the Board (Webster and Bryant, legacy from WTI/CAF days) and added one (Gati Al-Jebouri). McAllister remains on the board but has moved to being non-exec Chairman. That's one person less on the Board by my math. As an aside, Gati took 5.6% (12.5m shares) in the placing. That's personal skin in the game and something I always look for in a board. Now that the closed period has just finished with the Interims now released, I would hope to see similar on-market purchases by the other Board members. They are expecting a lot of goodwill and trust from shareholders at the moment (until they actually deliver something) so some director purchases would send a message that they also believe in the company and themselves.

Market makers are masters at playing that sentiment as well. I sell a share only for it to immediately tick up in price once I'm done. I bail at the bottom (well I try not to, tbh!) before it immediately starts a climb back up. etc etc. MMs play the market like masters, that's what they do. Some call it market manipulation but to be fair, their job is to make a market by being the other side of trades in an otherwise illiquid share that couldn't support a matched-order book. And they move prices around not to REFLECT demand, but to CREATE it. People often get this the wrong way round, that MMs are passive responders to changes in market demand whereas in reality they are usually driving it - they need liquidity to make profits as they get income from the spread. PERE is an obvious case in point where the stated news flow (there will be a hiatus while DD takes place) gives a lull patch, one that MMs can use by dropping the price and encouraging "the rats to leave the sinking ship" IYSWIM (no offence, newbie2015). Once that wave has been finished they move to the opposite, which is "choo choo train leaving the station, climb aboard!!" - they raise the price steadily and people clamber abroad for fear of missing out on the rise. All driven my the MMs, not the market itself. OK that's enough strangled transport metaphors for one morning ...

Give me strength, this is #fakenews even by your usual warped parallel spun universe! Do you have ANY idea of how the DTR notifications of holdings work?!? If someone is building a stake gradually (and in a low liquidity, MM-driven micro cap that's exactly what you would do - and may have no choice give normal market size), the rule about disclosure still applies. That is, the moment you cross a notifiable threshold EVEN BY A SINGLE SHARE you must notify the company (and FCA if standard list) via TR1, as soon as possible. Thus you inevitably get TR1s in these companies being notified at "just over 3%" "just over 4%" "just over 5%" etc. It's a natural side-effect of how the immediate disclosure works combined with someone building a stake in the secondary market. The main times you see a sudden large change in holding is where there's been a placing and someone has used that to acquire a material stake at one go, or else (cf RRR and the Swedish investor who is now 14.95%) you do a one-off off-market transaction with another substantial shareholder.