Member Info for PopeUrbanII

My guess is tomorrow fails to excite anyone - seems unlikely that there will be news beforehand, would be a big coincidence to be able to schedule something a few weeks in advance to coincide with news that should be disclosed immediately

Maybe tomorrow is just generic info for new Canadians, which could be helpful but not what impatient people (like me) who have been on for a while are looking for

I remain positive for the medium to long term but expectations for tomorrow are low

I hope I’m wrong!

technically it should be possible to reconcile the reserves and the cash but it would need to go back to the beginning of time and would be pretty meaningless so in practice the answer is absoutely not! It's purely a technical thing and nothing to get worried or excited about it. I've seen people suggest the £39m is x pence per share and whilst yes you can always divide one number by another it doesn't mean that it is meaningful

it may be worth noting that when it comes to the company making distributions - whether that is paying cash dividends or dividends in specie it is capped by the quantum of distributable reserves (now the company is profitable these should increase anyway over time) but they can be created through court processes if necessary

It’s an interesting conclusion that no RNS on a Monday means another wasted week! Maybe something will happen during the week? Or maybe it will be next week, or after. I’m pretty comfortable just waiting until it does

There is no way that a 20m deal can justify a fee that is worth Rothschild getting out of bed for

Agreed! Whilst I’ve given up guessing about the structure I’m pretty certain that even a ‘bad’ deal creates a lot of value for existing shareholders (even if not in the short term then definitely in the medium term and beyond). If not I wouldn’t be here - although I’m as impatient as the next man!

The panel will allow a mandatory rule 9 offer to be waived if whitewashed by a shareholder vote so a cornerstone could take end up at 30% plus if other shareholders vote for it. I don’t see that happening but thought I’d point out that technically it’s possible (if they were to take that route I suspect it would through an underwrite of the whole by the cornerstone with an opportunity for other shareholders to clawback such that they could end up under 30% therefore if they do end up over there is no argument others didn’t have a chance and there’s a vote as well - it would be a bit messy probably needing a prospectus etc so I’m not sure this will happen)

I’ve given up guessing how I think this will ultimately be structured- there are too many permutations

Can anyone remember how many weeks ago CF said 4-6 weeks until something happens? My guess is that timeline starts from Monday?? Overall I’m positive but have come to take these estimates with a pinch of salt

Nat Rothschild has nothing to do with the firm of Rothschild & Co. sure he’s part of the extended family but that has no impact

My initial reaction was to be pretty annoyed by this. On reflection I think people like DJ make some very good points and the statement below about getting North American investors on to the register is very interesting. Also on the basis that if the overall capital raise fails this new equity takes a massive hit I find it hard to believe that anyone subscribing has any doubts about the bigger package so this is a vote of confidence. Sure the price could have been higher but on a 30 day vwap it’s probably not bad - so overall I’m happy with this (still wish I hadn’t bought 180k more shares on Tuesday though!)

This is somewhat unexpected, what happened to the Orion money. Not happy about the pricing

It’s a quiet board so this may not be seen for days. Anyone got any idea what’s behind today’s move?

I managed to watch it this afternoon by googling the 3 feb shares magazine presentation, then registering for it (that did work after the event today) then the video came up

Does anyone know if the presentation is available online yet?

That’s great, thank you

I hadn’t even thought about tin until I saw the retention this is getting. I need to do my homework on this to get properly comfortable but am definitely very interested in this. I’m just intrigued as to what kind of range of price ranges people are expecting here? Grateful for any thoughts

My point is that the cornerstone won’t in practice sign up without certainty of a firm element - it can’t all be subject to clawback or there is a theoretical risk they do a loa dog work and get nothing.

My point on insiders is if you are trying to preserve full pre-emotion rights for existing holders that want them but secure a firm element you have to identify existing holders in advance that would be prepared to give an irrevocable undertaking not to participate in the open offer therefore giving certainty over the form element - this is what I’m saying is impossible

In reality equity raisings with so much retail involved are tough which is they at best (in terms of general participation) you’d see a firm placing combine with a placing and open offer. Apologies to carp on about nerdy ECM technicalities - ultimately however the deal is structured I’m sure we’ll all do very well from the current share price

It’s not actually possible to to bring in a cornerstone AND give everyone full pre-emotion rights. No cornerstone will do it without the certainty of a firm element and by definition giving someone something firm cuts across the concept of pre-emption

It could work it you have commitments from enough people that they wouldn’t participate in the open offer so the cornerstone knows they have something firm but you’d have to make a bunch people insiders to have those conversations so it doesn’t work in real life

I’ve just gone back through the presentation and other announcements, the need for the FEED work to be done has been clearly disclosed so I take that back

I thought they were hoping for an Mail before the election? Delays at the government end of par for the course but suggesting that when it seems there are incomplete workstreams is worrying at best. Also not sure how financing is to be completed when the FEED work hasn’t been done

I hope I’ve completely misunderstood this but I was hoping for an ML very soon with financing to follow shortly there after and then construction-

Is anyone else a bit puzzled by this RNS? I have a reasonable position here so want to be positive and overall am confident that this will do very well and hopefully sooner rather than later.

It just seemed a bit odd to me, it covered a number of work streams but there was nothing really concrete or that of itself necessitated an announcement, if say the FEED work has started it would make sense to announce that and then generally update on everything thing else but this announcement seems somewhat unnecessary - in the absence of news I kind of assumed that all these things were happening any and the fact that this has come out today makes me wonder whether there isn't going to be any news for a while - you wouldn’t put out a holding announcement if you thought there would be actual news in the next few days.

All I can think is that there is an interview or presentation coming and they just wanted to put an RNS out almost out of caution so that there is no danger of being accused of saying something in an interview for the first time.

The market hasn’t exactly been excited by the announcement.

I’m sure someone will attack me for ‘de-ramping’ which is not what I’m intending - I like this prospect, have a decent size investment and have no intention of selling I’m just a bit confused by the point of this announcement