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I_K (see what I did?) I agree. I was relaxed that funding was in place, if not as cash in hand, then as approved via CLN awaiting draw down or alternative funding.

I am not surprised to see the deferred salary shares released now. I think for some it is less palatable than others. I suspect they would have been just as vocal if the shares were issued once the drill was turning because the SP will be higher.
Haters gotta hate....thank you miss swift.

I think we are not far away from the next RNS, and 1 or 2 more in quick time. The sequence of news may be interesting.

Fully funded.

CLN - ambiguity.

Until it is stated that we either do or do not have the CLN in play people will argue it on both sides.

BPC do have a history of allowing a degree of "interpretation " or wiggle room within an RNS. Think back to the end of exclusivity. People pushed for answers. The answer that came was that all information that could be shared was in the RNS.

It would be career (and company) suicide to claim fully funded and then be caught out as anything other than fully funded.

All just 1 personal opinion.

please extend my best wishes to uncle Uncas Spirite.
I don't do facebook otherwise it would be in excess of 1001.
He was always a great source of knowledge. The FB group has my endorsement if not my participation.

I am not sure I can give you babies. I think the biology may get in the way.
Settle for a good yarn, good feed and more plonk than is decent.?

agreed Fatal.
I read posts from Uncas and from you will equal weighting.
I think it is good to have the Ying and the Yang. Especially when both present well.

There were many on this BB who feared the worst for you too when your posting went quiet. Glad for it not to have been the case. (and I know we have not always seen eye to eye, normally when i go off on a blue sky jaunt)

.....with the promise that if my slice of pie is dry and has no filling I can go back and lick the bowl....
CEPR - (i mixed that one up, my bad) has just been compared to a dirty bowl that might have something fruity and sweet left behind.

In Summary - we are all just waiting for Maude to get back from her holidays so we can Wipe N Go.

I can see arguments for and against dilution. In my view it very much depends upon the purpose of the event.

If it is dilution to continue trading, it is pure dilution. i.e. shares are issued to raise funds to manage day to day expenses. The cash raised adds limited value to the business. However, if the alternative is that the business folds - maybe due to a global pandemic putting the handbrake on a core revenue stream but costs continue unabated. The business choice is to fold or fund through the troubled time.

No value add but it would be hard to argue in favour of the alternative of total loss.

If we take an example, the Bahamas Paper Company. (any similarities to companies trading now or in the past are co-incidental)

I hold 5m shares in the business, there are 500m shares in issue.
The business has an mCap of $100m

The business has a short term requirement to raise funds due to the global pandemic.
50m new shares issued at $0.18 (just below market value at the time of issue)
$9m raised less fees $1.5m -- > $7.5m value increase cash. Offset by mCap effect of new shares issued at below market value. New mCap if we assume SP falls to issue price $99m (550m x $0.18)

Not nice but needed? my $1m invested has fallen to $0.9m my % stake has fallen from 1% to 0.909%

Further down the line the company are in the final stages of agreeing a very lucrative new exclusivity contract with the number 1 global supplier of bathroom paper goods Wipe N Go. It is just waiting on Maude to return from her submarine holiday home to add a final signature.
It is widely known that the company will require significant funds to invest in a new paper softening plant once the contract is in place. Funds have been provisionally secured through conditional loans but have not been drawn down yet. The company are still actively looking at alternative funding options, equity has not been ruled out.

At around the same time there are two very interesting opportunities opening up.
the first is a new upstart company that has untapped and unproven potential Uruguay Paper Company. $1m future cash burn, no added immediate value. Null event.
the second has some existing revenue streams but they are running old equipment and in many ways they have a reliance on a single supplier and are paying a premium as a result. They have limited options in terms of raising funds themselves but have shared some potential development opportunities with the company. These excite the board and a deal is done for them to take over the Central European Paper Recyclers.

Again a dilutive event but dilution against assets.

Impact 200m new shares issued against a business independently valued at $50m.
750m shares in issue. mCap now $149m.
My % has fallen again to 0.67%
However my value is up to $993k

Small slice of small pie --> smaller slice of same pie or no pie.
Small slice of small pie --> smaller slice of much larger pie (with the promise that if my slice ha

Sometimes reading charts has merit.
Sometimes reading tea leaves has merit.

For tea leaves I think personally the only merit is the financial gain of the reader. As nice as loose tea may be a bag is far more convenient. Eco bags are available.

I am not suggesting that all tea leaf readings are done by charlatans neither am I suggesting that all chartists are charlatans. If anybody can show me one or the other with a 100pct record I will bow down and eat my slippers.

With a spoon.

In the meantime I wait for beef, horseradish and sufficient fine wine to not only induce gout but nullify the pain caused.

Relaxed about the BPC pathway. Anticipating bumps, twists, turns. Knowing that for the brave these are trading opportunities but for me I will let them pass by with a good brew in my hand as I watch the squirrels pinch the bird feed in the garden.

I don't need to read charts or leaves to know if mrs P_I was not out and about the squirrels would have been ushered away.
I am convinced she buys enough food for furry and winged visitors when we are here.

Without reading the trolls....
On one side you will have funding, placing, Leo, 10 years of failing to drill, not getting a major to farm in, oil is bad, the Bahamas government don't want oil revenues, the church will never allow it.
On the other side you will have, middle east structure, POO recovery, Bahamas needs revenue, Stena are waiting to do a deal, the marine life wants the oil extracted because it has a funny smell, oil will save the world, great management team, driving a hard bargain with the group of majors still trying to secure a farm in.

Have I missed any?

Is hard to earn.

For new readers, as always do your own research.
I am not suggesting not to read posts on the BB. I would advise challenging the credibility of a poster by checking previous posts. If they have a dramatic change of opinion ask yourself why?
Entry or exit price?
New understanding?

That is as far as I can recall the most BPC shares in a single trade. 250k gbp.

Observation point only.

Bryn did you add rum recently?
I think I need a link to the website.

Thank you Arma.
I knew it was out there somewhere.
I will leave people to decide for themselves if they feel the conditions are met.

Good steady steam of RNS releases.
SP has said previously that news would be released as and when appropriate.

Did anyone review the conditions that needed to be satisfied for the CLN?
I had intended to do so but operating from a phone rather than pad or laptop. (Small screens and old eyes)

Findme: Very presumptuous of you PI to assume he would want to come here anyway with or without CV19

P_I: presumptuous, maybe. But come on, the UK is awesome, who wouldn't want to go there. (I am UK based for a few weeks. I come home to moan about the weather and drink warm beer.)

Jokes aside, whilst not a Trump fan I wish him a speedy recovery.

As much as I wouldn't wish covid 19 on anyone it has at least given the uk a legitimate reason to refuse Donald Trump entry.

No, I am Spartacus, sorry, Starchild.

P_I has not been excluded.
He has however had to pay a small premium against the 2p placing price.
I will however derisk by offloading half of what I picked up this morning as we recover SP in the weeks ahead.

It is a valid point.
How many posters will be digging out the CLN conditions to check them off 1 by 1 this morning?