Member Info for Pecten11

Kewben, read the revised terms again
They can choose the VWAP from any single day (of the preceeding 20 trading days) - so not the 20 day VWAP

Jarv, not an interview. Not legally binding
Should be RNS and Fatty Cornish should have to come clean as to when (day, hour, minute, second) that Atlas issued the conversion notice

However, from the revised terms of the bonds RNS on 31st Jan

"The conversion terms have been amended to a price per Ordinary Share in the Company equal to 90% of the daily Volume-Weighted Average Price published by Bloomberg of such Ordinary Share for any single day in the 20 Trading Days immediately preceding the date of delivery of the relevant Conversion Notice where such single day is chosen by the Bondholder and notified to the Company on the date of delivery of the Conversion Notice and the RIGHT OF THE COMPANY TO MAKE A CASH ALTERNATIVE ELECTION SHALL CEASE

So Atlas would be within their rights

Would explain why they asked for the £1M advance, so they know about the conversion notice at the time

Highlights

0.7 placing and subscription
20% interest per annum on a $4m loan... and another £3.25 long term equity option which Mercuria can exercise option at a 10% discount to the mid closing price on the previous trading day to exercising the option.

MickR, any to contribute re Mercuria's convertible debt?

Or the discounted placing?

Vast has agreed a long term equity option in the Company for Mercuria unconnected to the existing debt or repayment thereof.
· Up to £3,250,000 in full or in tranches
· 12 month option
· Can exercise option at a 10% discount to the mid closing price on the previous trading day to exercising the option.
· Control mechanism to take no more than a 20% stake in the Company.

How is that much better than Atlas??

Here's another one - I havent made any price predictions or suggested anyone buy or sell, just cutting through some of the blah blah

Just stating facts MickR - what do you contribute apart from noise?

So with the last issuance to Atlas plus the new Subscription/placing, will be back to over 1.2 billion shares, not including any warrants

Good news re Atlas, but now Mercuria have a CLN instead

Jarv, that's from the original bond doc - they revised the terms on Jan 31st this year, but only gave cursory details

The original terms allowed for max 10% of outstanding bonds to be converted per month, however, based on the last two months when more than 10% has been converted, the max allowance obviously fell away under the revised terms - strangely VAST decided that part wasnt worthy of being included in the RNS. Incompetence or misleading - or is it malfeasance?

From the above RNS

The conversion terms have been amended to a price per Ordinary Share in the Company equal to 90% of the daily Volume-Weighted Average Price published by Bloomberg of such Ordinary Share for ANY SINGLE DAY in the 20 Trading Days immediately preceding the date of delivery of the relevant Conversion Notice where such single day is chosen by the Bondholder and notified to the Company on the date of delivery of the Conversion Notice and the right of the Company to make a cash alternative election shall cease.

So the threat of another conversion notice will continue to pretty much the end of the month

Gug , Friday 12.42 "Continues to plummet $33875

Gug , Saturday 09.37 "Further falls $34351"

I know your desperate for attention but do you know the difference between up and down, or falling and rising?
You really are a left handed monkey wrench arent you?

Bridgedogg1 '10p a real possibility before the end of the year.'

Even if, you genuinely thought that was possible earlier in the year, the huge growth of shares in issue, means that unlikely possibility gets fainter and fainter

Before VAST updated the shareholders page on May 4th, Axis were also listed as holding +3%, but as they are a broker dont think they need to issue TR1s
Interestingly, the updated page has Atlas at 4.18%, my understanding is as they're arent a broker they should issue TR1s if they pass thresholds (but never have done so)
I think they mainly shift the shares they get to Axis, who sell them into the market, but have been caught out slightly by VAST updating the holdings page only 1 day after the shares from the 27th April were admitted in the 3rd May

Likewise Shaun Dowling used to hold over 8%, but has been diluted to under 6%, so should also have issued s TR1.

Sandy not quite sure what you mean?

Iirc, AP held over 5% at the start of May, so when the Atlas shares were admitted on/around 6th, he would have dropped through the 5,4 and 3% notifiable thresholds, any one of which should have caused him to issue a TR1

No, its was $300k total (two notices apparently) for 89,255,224 ordinary shares
admitted on or around 6th May

We never got the TR1s from AP for the dilution of his holding

Sadly, obviously not

I's said earlier in the week that it would be a test of the strength of that verbal, non-binding agreement when there was big money to be made
And, if they chose they can still convert at 0.27 for pretty much all of the month