focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Cheers, Miker. I guess lots of work going on in the background to tie-up the finance around the deal / IPO. Looking forward to further updates - like you say - an increase in the top line is good for all oilers. If our production costs are in the $20s then we should be fine. This ain't no wildcat drill so we should see good market support in the lead up to the production well going in. 2017 is going to be a great year hopefully - we deserve it after the kicking we've all had so far with GWIK.
but i3 have not raised funds through an IPO. and it is what you said... i3 are hoping to raise funds both with an IPO and through private finance but nothing done yet. getting ahead of yourself here i think.
how do you mean? the rns states the rest was raised by 'private fundraise' GWIK didn't have more than its £1.1m so not sure how we could have contributed the rest...
it's on thursday and sold out... just wondered if anyone was going and may be able to have a chat with her
AVD guest speaker at upcoming Momentous event. Anyone going?
any clues what page? the ithaca drill didn't work out too well
The 'deal' is not at $400m - that's just the value of the field that Jaap has estimated. i3 are hoping to raise $45m around the time of the IPO (presumably by finance) to pay for the field and sink a well. The IPO may only raise a few million in MCAP. If you borrow $45m you are not worth $45m... quite the opposite! It is therefore possible that i3 could find a way to reverse into us. If not, we should get more than 1-2% of the company... We don't know the details of the deal yet, but hoping for more info soon. ATB
everything's still up in the air... we don't really know the terms of any deal... Whilst it's nice to dream of $1b, let's see what's what first. It's my guess most of the fun will happen next year when we presumably sink a producing drill / well into this asset that's already been appraised and we start milking it. Looking forward to more news. Stay strong!
Hoping for more info soon, perhaps in the form of a broker note with a positive assessment from Jaap of the asset and our situation. It may also be nice if we upgraded our broker to one that is more experienced and regarded than the outfit we've had thus far. It would give better Investor Relations too. Stand by your beds!
let's hope so. feeling more optimistic now. I was anticipating a long wait for news... now I'm impatient all over again!
I wondered whether this was anchored to the SP at suspension or takes into account all the people holding at > 0.15p... if we relist at or above years high and go from there I'll be happy
I'm in here more than most and would like nothing more than for this to succeed, I've just been trying to make sense of the RNS and where it may lead. If an RTO can be fashioned out of this situation then great. Either way, it seems we are derisked and our money isn't going to fizzle to nothing. Looking forward to further updates and clarification. Some good reasoned posting going on here.
not giving up, just trying to make sense of how we fit with i3 and their plans. isn't the RTO rule that we have to assume >50% of any company RTOing into us - isn't that why the initial RTO failed back in June? we may well end up with i3 shares, and that may be a good thing but i feel we become a small part of a bigger play.
Unless they can manufacture an RTO out of the situation what else is there? The RNS was quite explicit: This is not an RTO We are still in danger of delisting We (the company) may gain financially from its investment We may gain some shares in i3 if the IPO is successful Apart form the phrase about helping i3 to find the right platform to list in Q4, it's all pretty black and white. I agree more to come out in the wash, but GWIK as the entity we envisaged, with Jaap at the wheel accumulating and developing assets seems a long way off now. We have little to go on at this point so it is just conjecture, but that's how I see it as things stand.
After reflecting on things, I see little hope of us now being involved in an RTO and re-listing within 6 months. We have no money to do so and the RNS states that this was the best offer around. Our best hope is that we get shares in the i3.energy if they have a successful IPO, and that we get growth from their field development and production. Should i3.energy not succeed with their IPO or get their funds privately, then we get a return on our investment (at a profit)and the whole story, frustratingly, stops there. We have to now hope that i3 have a successful IPO, and that our share of the listed i3 gives us a good return. I suspect that we may have to wait the full 6 months to see any gains, unless they decide just to wrap GWIK up early once the i3 IPO has taken place. All eyes on i3 then.
i think it may refer to their previous experience at ithaca , dana etc
hey, random. I think this bit: ''Conversion is mandatory on the admission of i3's shares to trading on AIM; On such conversion, Glenwick will receive a material uplift relative to the IPO valuation of i3;'' states that there's money to be made on our investment when i3 list, and if they don't / can't: ''In the event that the shares of i3 do not achieve a public quotation within 12 months of the closing of the Convertible fund-raise, holders will be entitled to redeem the Convertible, again with a positive return'' I guess worst outcome is the don't get listed / the IPO fails. We have no money to proceed with further acquisitions and will likely fold. We supposedly get some money back in this circumstance, but how much remains to be seen: ''f the Company (GWIK) does not implement its investing policy, in sufficient time, the Board will distribute the holding in i3 Energy directly back to Glenwick shareholders and will seek an orderly and solvent winding up of the Company'' All our eggs now seem in one basket and rely on i3 getting off the ground.
It'll come out in the wash. It's just blindsided us; not at all what we were expecting. On the surface it does look just like a financial play, but perhaps they are looking at ways to RTO it. I guess I'm not sure if i3 were hoping to list once they had the asset, or after. Not sure how they hope to raise the £40m to bring the asset to production - i presume by loan / finance rather than from the market. It seems the initial payment for the asset has been made by i3: ''Glenwick's proposed £1.1 million investment is part of the first tranche of the US$2-5million private fundraise, which has been successfully completed by i3. Following the closing of this funding round, i3 proposes to undertake an admission of its shares on the AIM Market of the London Stock Exchange ("AIM"), accompanied by an additional fundraise of cUS$45 million, to bring the acquired field to production in H2 2017'' If the asset is 'worth' $400m as Jaap says, there's certainly some profit to be made. So many variables here it's difficult to see the path ahead at this point.
but it was always our goal to become an oil / gas E+P...
It's the most abstract website, full of soundbites and poetic indulgence but in there somewhere is this statement about what they hope to do: ''Purchase producing or late-stage development assets from companies where required "finish-line" financing, market conditions, or cost of capital provide opportunities with a sizable margin of safety.'' So it is possible to get a field producing within 12 months... there lots of pipes around to tie into on the north sea bed. Again - I see the point about this being a purely financial play, but why us? why, all of a sudden are we investing our cash in this project? Why are we involved? just trying to make sense of the AIM rules... does the RTO company have to own the asset?