The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
I have been an AIM director as well as NOMAD and unfortunately different companies deal with this in different ways . There should be a insiders list kept by someone responsible (Chairman or CO Sec) and PDMRs will need to ask the chairman permission to trade in the shares of the company to avoid doing something which may look wrong even if they were not aware of a problem in trading. Where I have been involved however all board members would be deemed an insider if there was any clear knowledge on the environmental permit anywhere in the company. This to me shows that the company does not have control of the process - which makes sense. They could get the licence (by chance) on Monday but that does not mean there was any inside knowledge. We know and the NEDs probably know that the permit should arrive this month but i don't believe they could have any more information than that. It is laughable to suggest the NED is working with the MM to bring the price down to get his entry. This in my experience does not and could not happen. For me the NED buy just means he believes the Exec team when they say they are confident on getting permitting and financing. As Westie says there are standard closed period which are before interims and final results and no-one should be given permission to trade in this time unless there is a severe personal need. All good for me. GLA.
I am amused by the armchair corporate governance experts we have here. The share consolidation makes no difference to the company's ability to raise future equity - other than we might be more attractive to funds in N America who have an issue with the actual share price. If COPL has investors willing to take part in a placing it makes no legal difference whether there are 200 mill share or 20 billion shares. The reason for the consolidation is to open up our share to more investors in N America - more investors = higher demand and higher share price which suits me with my 30+million shares - do people not see this or is it just the ones that shout loudest on this BB that don't understand? Let the company get on with it - leave running the business to the professionals or sell if you dont like it.
To be fair the share price has held up really well given a large II has [nearly] sold out. These funds often have their own internal reasons for selling - unrelated to the investee company. That's why i would never invest in a small cap fund!
>5% of the shares outstanding traded so far today and 1320% of the last 30 day average volume. Given the volumes, this rise looks more firm than previous rises which have seen the shares fall back after a spike. As others have said, driven by MV being equal to just one investment of 17 or 18. As I said a few months ago, my first target is around 150p.... then have a look.
Having taken the time to endure the presentation myself, it sounds like the BOD were given advice by their PR that they should do a presentation for PIs given we own most of the shares but in reality there was not anything to talk about. Would have been better to wait for the environmental permit to do such a presentation - as others have said nothing will happen until environmental permit and or news on strategic partners etc, nothing new was going to be presented and not too much to be gleaned from the slightly matter of a fact presentation style. Personally I wish they would stop calling it a project and start calling it a company or a business. Project makes out it is just a scheme they are trying to put together - with £80k of my money I would rather it was a business! GLA
I was a little confused by the wording of the announcement. They have raised the £2 million but they don't close the book-build until Thursday pm... A bit strange. I would be happy to take some at that price with the warrant - does anyone have knowledge on how to get involved or is it institutions only?
Hey crowfoot - you want to post another 5 messages about a placing??? This share never follows normal patterns - if you were in LT then you would know. You are the only one talking again and again about a placing. Either you know or you don't know. If you know then it is illegal to post it here. If you don't know why are you making stuff up to attempt to make people nervous... filtered...
The good news is the CEO and CFO don't seem to worried about the water with the share purchases at 2.52 and 2.6 yesterday. Not the largest amount but given they have plenty of options, an investor friendly move designed to give us PIs confidence. Thanks guys!!!
I agree Danl - the compulsory bid is not an issue. Most important is to get a good strategic investor on board. Who holds the equity of the company should not impact the "distressed or otherwise" nature of the business. We are still in a sector which will grow exponentially in the future and most importantly there will be huge increases in investment dollars from funds for businesses such as ours.
I'm just a corporate finance guy - i just look at things how i would advise clients..... remember the only requirement on buying 43% would be an offer to the remaining shareholders and if they bought 43% cheap from a distressed seller, it does not mean the other shareholders are distressed and would accept a similar price. Actually in reality it leaves more cash for a bid for the remaining shareholders - if the buyer is willing to pay fair value for the company as a whole. Just my view. I am personally not quite ready to buy more yet but i am not selling and beginning to think about buying as this situation resolves itself - which it will.
Hi Casapinos - you make the point "new owner, who would of course be required to bid for the rest of the asset.(likely at a knock down price)" - while they might be required to make a bid for the remaining shares - that does not mean any other shareholder would accept it - we just reject it surely. If you glass is half full rather than empty - you could say removing a lame duck shareholder and replacing with a hungry strategic investor could increase the value of our equity to pre GFG issue levels.
Thanks Westie - I did not manage to catch it but will see if I can find it to listen one evening. From your summary, although words are easy to say, explicit confidence on the financing is interesting as all the indications have been it was a little more tricky than previously expected. I am equally (or more) heartened by the beginning of talk of our project being of interest to larger parties. This for me is what should underpin a share price in double digits in the period up to financing. If true it would take away any downside risk as an investment at todays level.
The idiot herd i am referring to are the gamblers who have been tipped off it is a good opportunity and and will invest without having any idea what the underlying assets are - just a gut feel it will go up based off hype. They don't care about the company and will be out if they can as soon as there is some profit. Anyone who includes the word "boom" is immediately filtered by me.... Pleased to see there are none here for the moment... steady rises are better for me than spikes.