I've bought some shares,
time after time,
I've done my research,
I've read every line.
(altogether) and bad mistakes,
I've made a few,
I've backed dusters with sand kicked in my face,
but I've come through.
(you know the rest...)
BPC are the Champions my friend's
We'll keep on holding till the end.
In all seriousness, like most on this BB I have a dark corner of my portfolio called 'high risk' all of my explorer O+G and frontier mining plays sit in this pot.
As a general rule I try to keep it to 10% or less of my total pot, the open offer will take me above this even with the reduced allocation I am looking to take up.
Some of the less imminent high risk shares will need to be re-assessed.
DP, whilst I will follow suit and suggest you watch the interview with Eytan in terms of fund raise gossip I will also second your concern in terms of the government in the Bahamas allowing BPC to go it alone without a major.
With the major there is a contingency fund in place should things go wrong, the question I would have is how much of this is through self insurance and how much is through institutional insurance - a market that although costly would be open to BPC with the drill partners.
It is a good point and worth further thought
I had a grand plan to respond in Bahamian Creole. Oddly it is not a simple translate from google.
I would feel sorry for the shorters if we did hit the perfect storm. Or at least for those who are short and open and genuine on the BB about it.
They are just trying to make money. So are most (all) of the LTHs, just that some see the win as making money, others see the win in oil (confirmation/production) with financial gain a by-product
3yrs+ colouring book.
I did one of those a while back. I was over the moon, I had it completed in less than 2 yrs. That said I had gone outside the lines a few times and some of my colour palette choices were questionable at best.
Have a great break IK. Nothing like grandkids to keep you feeling young, such a privilege to be able to give them experiences that so few get to have as children now - some simple, some idealistic, some just outright spoiling and they all have merit.
You forget just how much fun jumping up and down in a muddy puddle is until you go back and re-live it with them. I make a point of doing silly things like that with them if we get a good wet day when back in the UK. (we have done sandcastles on the beach in the rain over here - the locals probably think we are mad but once you are soaked what is the difference? Skin is waterproof after all)
Jim, I have considered trading my smaller pot over the past few weeks but, we are so close here to an event that could see getting back in more of a challenge. Imagine sitting here as a LTH selling out with a view to buy back and being the wrong side of the line as a farm in deal is announced.
No, for me FOMO is beating logic at the moment.
Getting my trading thrills in the banking and retail sector for now.
OK...here goes, tin hat on, bubble wrap envelope tucked into rear of trousers. Are we all sitting comfortably? Good, then I will begin.
I do not have the free cash to take up OO on a 1:1 ratio. I could just about get there on a 1:3 but 1:4 would be comfortable and is in the region I would expect to see from BPC. (1.6bn shares in issue, at a 1:4 OO that would be 400m shares at 2p = £8m - less any expense and anticipated shortfall gap to be funded post offer possibly at a favourable rate elsewhere)
If I had surplus free cash then I may be tempted to take up additional shares now and still take up full allocation in the OO. As it stands whilst I would like to take up the OO for my allocation I am not sure I can justify putting that much additional cash in here.
I have set a cap at an additional cash figure that I am happy with, but it is only just over 10% of what I have in BPC already.
I hope others are more cash rich and risk ready than me or we face an OO shortfall.
I still have high hopes for the BPC prospect so can only hope that the OO is over subscribed by others or that BPC can still somehow pull a rabbit out of the farm in hat.
adopt the position and brace for abuse...
POC - just because the directors hold the shares they are under no obligation to take up that offer.
The only commitment is to the tune of 250k in the event of a shortfall.
There are PIs on the BB who hold more than the BODs as individuals. We are also under no obligation.
It would be a very powerful message if the BOD did cove all of the shares under the offer plus the additional 250k. But again they would probably then be accused of lining their own pockets.
they can't do right for doing wrong sometimes.
Still sat on the fence.
not quite. They will partake in any shortfall to the collective tune of 250k.
Still unsure if I would prefer they lead the charge.
Management have subscribed is a more powerful statement than management will subscribe if there is a funding gap.
Sorry to see you go Inconceivable.
I wish you the best in whatever comes next.
If you change your mind and head back this way so much the better - even if we have different views at times.
If not I applaud you for standing by your principles, they are 1 thing that can never be taken from you.
Scsiborg. I don't mind a risky gamble (they form part of a well rounded investment strategy.
I treat shares in much the same way as casinos.
I only go in with what I am happy to lose.
I know that no matter how much research you do there is always an element of luck.
I treat my wins and losses the same way - just an event that happened.
I have been lucky in the past, it has helped get me where I am today.
I have been unlucky in the past, it has helped me have a sense of balance.
I am very happy that we will be drilling next year - i can't wait to raise a glass to Alan Burns (and offer up a dram in his absence)
Not quite the stagger that you have gone with Bonum.
I picked up a chunk many years ago - Alan Burns.
I then tucked them away in the bottom draw when things slowed down - Macondo.
I then revived them with a view to pass on 1m to each of my grandchildren as the SP had tanked. - before bottom drawing them again. (we then had 2 bonus grandchildren) So I topped up again. SP was in the 1p range at the time.
Then I got bored sitting on the side - missing trading opportunities. So I picked up an extra trading pot.
Average is comfortably below 2p today having been very underwater in the past.
for the avoidance of doubt and to avoid being tarred a ramper or deramper.
I am still sat on a decent number of shares. I have no plan to sell these on this RNS.
My fence sitting relates to increased holding.
I wanted to be in a place where when this day came I was confident enough to top up my holding - ideally almost double where I am today.
The seeds of doubt are just holding me back in that regard.
I think I would feel more confident if the management were looking to lead the charge on the open offer rather than mop up a shortfall.
However, I would probably still cry foul that they take up the offer before LTHs.
Today is going to be a contrarian one.
is it too early for beer?
Investinvalue - If you like the share and are not left in two minds from the RNS this is the situation as see it.
today you can buy below 2p.
Why would you buy today below 2p with a view to buy more at 2p, why not just fill your boots below 2p?
I agree that it is best to see both sides of the story.
If you want to put a positive spin on it share what points from the RNS lad you that way.
If you want to put a negative spin on it again share why you lean that way.
me, I risk getting splinters today from sitting on my fence.
I have read the RNS a few times now. I have read through all of the posts (or at least the ones not deleted) at least twice.
I think today is a day for m to sit on the sidelines.
On the face of it an honourable and very open RNS, however, there is a risk that those II's have already turned this down at 1.6/1.4/1.2p as previously posted.
On the news of a drill date I had originally wanted to buy more, it is the big news LTHs have been waiting for.
I just have a niggling doubt in the back of my mind, an itch that needs to be scratched before I do anything else.
Maybe a day for wasabi hunting