Vote FOR Please27 Aug 2025 15:48
PART 1:
SpaceHoppa (SH) is still at it, long after he said he'd finished moaning and wouldn't say any more.
A big difference between a rights issue and the open offer is that even if you don't want more shares, or can't afford them, you can still trade the rights, selling them to someone else, which you can't with an open offer, so maybe SH hasn't got the spare cash to buy the new shares, or if he's invested in an ISA, can't top-up again until April 2026? Had it been a rights issue, he could have sold the rights to someone else and made some extra money without making any commitment to the RKH fund raise, which is what he appears to be moaning about, regarding the Placees.
I think there's a whole lot more to this than SH's view of the situation. RKH were probably relying on the OM tranche 2 payment of €65M. If tranche 1 (paid June 2024) is anything to go by, that was paid immediately - in fact slightly early. While tranche 2 wouldn't have been enough for all of RKH's contribution to FID, it would only have needed a modest top-up and tranche 2 would have been available immediately.
Even though Sam had the foresight to insure against it, the annulment must have come as a very big shock to everyone at RKH. As we are seeing now, while the insurance €31M will probably be paid, RKH still haven't got it yet and that 'top-up' would have to be a lot more than had tranche 2 been paid in May.
In the mean time, I wonder whether everyone had sort of overlooked the significance of the looming FI election, due in November. I wonder whether a penny dropped at Navitas, or even RKH, that if FID was to be announced in 2025, then it would have to be before the election, otherwise FID would almost certainly slip into 2026 (by the time the Legislative Assembly had been closed down, the 6 to 7 week pre-election period, the election itself and the new administration getting back up-to-speed after the election).
My guess is that, immediately after the shock annulment announcement, GT starting putting pressure on Sam to get RKH's FID funding sorted out PDQ, because Navitas will want to be able to say that the RKH funding is already in place, when they hold their SL FID funding meeting on 7/9/25. GT probably offered to assist in getting the funding sorted ASAP, which is what appears to have happened and while some are moaning about the favourable terms offered to the Placees, the RKH funding was in place almost immediately, while the €31M insurance payment still remains unpaid. GT could not hold his SL FID funding meeting, on 7/9/25, without RKH's funds ready and waiting.
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