willec
I have £10 for the charity of your choice if Saffron is spud in mid May 2021, as long as you have £10 for the charity of my choice should it spud later. Deal?
GG
Yes, but you then basically give us a list of assumptions. Assuming the worst can help you to protect your capital and past performance certainly encourages such assumptions in this case, but again let’s just wait for the RNS.
SvS
You’re welcome!
SvS
Apologies, it is undoubtedly tedious.
There are two things going on. First, I am calling in4cedros out for making stuff up about me urging a low ball placing:
“your sub 1p urging pre-drill (as a non-shareholding troll!)”
was how he put it. The last time I in fact called for a placing was when the CERP share price was over 4p (I wasn’t even posting when the share price was sliding down to or at the levels in4cedros is talking about).
The other aspect of this relates to his description of me as “a non-shareholding troll”. I’ve been clear that I don’t have shares in BPC and the fact that I live under a bridge is neither here nor there. So I am curious why in4cedros is well cagey about whether he had shares in CERP at the time of Saffron and whether he has shares in BPC now.
That’s it in a nutshell.
in4cedros
“the idea you just ‘gave up‘ on CERP and this meant you were no longer calling for a pre drill Placing wasn’t clear”
No, because you didn’t bother checking my posting history you have now been caught out making stuff up about me calling for a low ball placing.
“as a non shareholder taking so much interest in CERP”
I am interested, but not a shareholder, in quite a few companies. You never know when a company that you have previously researched is going to throw up an opportunity.
Why are you still refusing to say whether you had shares in CERP at the time of Saffron and whether you have shares in BPC now? You don’t have to be a shareholder to post about a company, not in my book anyway, but posters are usually happy to say one way or the other.
PipeDragger
But remember that TRIN will be in focus again next month when we get FY 2020.
BigBear2
The fact is that we don’t have the facts and that is what makes BPC uninvestable. I share neither Bohemia’s shortfall confidence nor Starchild’s irrational exuberance. My best guess is that when the BoD finally deign to clarify BPC’s financial position the current share price may prove to be just about right. But that is still largely speculation. There are basically these three takes on BPC and we know that one of them will prove to be right (though the odds are, as usual, stacked against Starchild’s), but we need to wait for the RNS.
in4cedros
“your sub 1p urging pre-drill (as a non-shareholding troll!)”
Sadly, the facts don’t fit your narrative.
As I explained before, when I started calling for a placing CERP still had gas in the tank and I was using CERP’s own figures to show the cash burn that meant it would not be long before Leo Koot had it running on empty.
But once it actually was running on empty and it was clear that Leo Koot wasn’t interested in proceeding with any margin of safety, I gave up on CERP and stopped posting.
This was towards the end of October 2019, when the share price was still over 4p. I did not post again until the end of April 2020 (to claim first prize in the Saffron drill result sweepstake).
Still, at least you were correct about me not having any shares in CERP at the time.
Did you have any shares in CERP at the time? I have asked you this a couple of times now, but you still haven’t answered.
And do you currently have shares in BPC? For the avoidance of doubt, I don’t.
in4cedros
How can you seriously suggest that the parlous financial state Leo Koot brought CERP to by running it on empty was anything other than detrimental to its shareholders?
Were you a CERP shareholder at the time of the merger?
Are you a BPC shareholder now?
No need for a dividend, just more of a sense of momentum.
That’s more like it.
in4cedros
Have you held CERP and latterly BPC right through from Saffron getting the go ahead in October 2019 (when CERP’s share price touched 5p) to now?
If you have, how on earth can you still be an apologist for Leo Koot?
onlybpc
They are trying to talk it up. I am disagreeing with them. But I am not trying to talk it down - the current MCAP feels about right to me on the available information (as I have made clear a number of times). I am not paid to post. As for not posting, here is the relevant post yet again:
rossannan
Posted in: CERP 23 Mar 2018 10:20
Posts: 6,706
Price: 5.80
No Opinion
Purple Day
Gentlemen and Ladies
Your positive reaction to my absence from the BB has given me an idea. Would you like the chance to make it a bit more long term? If you would, just follow this link:
https://mydonate.bt.com/fundraisers/rossannan
and for more information about Purple Day, just follow this one:
https://www.epilepsy.org.uk/purple
Monday is Purple Day.
Stop posting star poc tiburn. Become activist investors rather than apologists for the BPC BoD. You may surprise yourself with what you can achieve off-BB. Just ask bigmj if he is still around.
in4cedros
That is an interesting take on what actually happened.
Yes, predicting that Leo Koot would opt for a placing arguably gave him more credit than he deserved - I was clearly wrong to predict that he would do the right thing.
Instead of seeking a margin of safety, Koot kept CERP on a trajectory that would, as I illustrated at the time using CERP’s own figures, end up with it running on empty.
And that was what happened, with CERP accumulating the Lind debt in the process, leaving it in the vulnerable state that eventually saw it pitched into the merger with BPC.
The legacy of Leo Koot’s questionable financial management wasn’t just the shareholder value destruction ultimately inflicted by Perseverance. There was plenty of pain along the way - remember that the Lind debt became the Trafalgar debt in the merger and then became the Trafalgar shares. It was the hasty dumping of those shares that battered the BPC share price last summer.
It seems that naivety, aggressive or otherwise, around cash burn and funding requirements is the trap that PIs most often fall into with companies like CERP and BPC. It is the opacity of BPC’s funding position that currently makes it uninvestable. And even if its BoD can square something away there, their track record is hardly appealing. Are they really the best people to take BPC forward, post Perseverance?
As I said the other day, clarification of BPC’s funding position is imminent. A new BoD is maybe too much to hope for, but you never know.
Thebhoys
What anti-BPC seeds am I planting? I am not calling the share price down, not one smidgeon. All I am doing is challenging the rampy nonsense. It is more akin to weeding.
onlybpc
This happens all the time on BBs - folk back the wrong horse and then try to convince themselves that sinister forces (MMs, shorters, whatever) are to blame. This is why BoDs like BPC’s remain in situ for so long doing very nicely thank you on salaries that most of us will never see the like of.
Seriously, it is your company. Focus on the real culprits and make them shape up or ship out.
Far from exciting though.
Starchild
Again with the “special interest groups” narrative?
You need to face up to the fact that we are all PIs here and that we don’t actually need anyone pulling our strings to make us disagree with your take on BPC.
EggChaser1
What mask?