Member Info for saintnick

From the Jan 24 presentation and Q&A, didn't JD mention a timing issue with the IP sale (£25m) not being in the YE23 figures. If net debt is running at £28m then IP cash takes it back to £3m.

Write downs and adjustments look conveniently high to me, strip them back and we're in profit. Looks like a well worked plan about to pay off.

Dean01 - it's less about making a jump, more about legacy. This company is him and he is it.

59 on Friday. Who remembers the guy the changed the fortunes of a town then ballsed it up? In the end, legacy, impact, relevance matters to us all. For me, it's how I can help my family now and when i'm gone. For millionaires that story is settled and it tends toward the ego.

If he doesn't buy SD then the worlds gone mad and we should all just hope for and easy end. I, of course, jest. Nailed on JD is buying the company that made his name. Without him, half or more of the intrinsic value is gone as seen previously.

And if he's interested, i still have an original Osaka zip up (navy/orange) from 8Ball on Park St Bristol 2003, which he can have for his dispaly room. Price to be negotiated once he's closed this deal.

Looks to me like the price action is being boxed.

Only 16% in public hands, 2.5/1 buy v sell today alone and yet no significant movement. Volume low all month as price being held to make the offer look quite generous otherwise this should be 50p+ on speculation.

ii's and others setting the acceptable price without the noise of wild swings. Restructuring, write downs and all the jazz hands don't distract from the core truth. This is a viable business with good comparative revenue to current sp and relatively low debt. Strip out the '23 adjustments and what do you have, then see 2024/25 numbers on projection. The annual report is a brochure, designed the distract those who live the short term and attract those that see value. It wasn't done for pi's and has been planned for a while. Why acquire extra debt, well it looks bad, that's all. And the write downs, timing.

They could still dump on everyone and take it on the cheap but they won't. Reputations are hard won and easily lost.

I'm calling 85p (still low ball) dropping Thursday, BoD recommends, Happy Birthday take it off, see ya Monday.

Is there an argument to say that JD and JH could be seen as acting in concert with regard to control over SD?

In which case, there would be a minimum consideration as they collectively hold over 30%.

StarBright - under rule 11, does JD not have to make the offer 79p as a minimum given that was the highest price paid by him in the last 12 months?

This may also be the reason he didn't offer sooner as Jan-Feb 23 he was buying at 112p - 121p.

Can Anavio convert bonds, warrants etc into shares if we delist? I think this is the first time TR has formally mentioned delisting. If so, 90% of COPL is there's and we would be locked out.

If Summit can redeem the bonds due to Anavio's antics that would help but that could take months/years through court, not sure where that leaves us in the end.

Can anyone point to a positive way forward for shareholders? (Besides hope and finger crossing)

RBMInvest - any guidance here would be good. To me it looks like court action via CAG.

On that, do you know when will they be collecting personal details as i've not had an email since early Feb notifying the intent to send a 'prior to action' letter.

Better to stay silent than to incriminate themselves further.

Also no mention of the 993.5 million barrels. Did it exist or are they hoping we forgot?

Stas20 - long thought the same, this only works if Art can control the flow and the players. He picked the players and is now head of operations so controls the flow.

His out, as every bad deed needs a plan B, the bonds. Not Anavio's 93 but the other 14 or $2.8m. Who do they belong to, and how much damage to the SP would they do at these levels?

If plan A has been scuppered, plan B might be cashing in the bonds right at the last moment and owning 28.75% of the issued shares (@0.0015p) so just under the bid threshold.

Glad you mentioned that BoldlyGo, this is what they wrote when signing the Bond deal:

19th Mar 23, Purchase Agreement Schedule 1 Conditions Precedent, 3 (e) (ii):

"..... the company is and should be a going concern having sufficient working capital until 30th September 2023....."

Signed off by CEO Arthur Millholland and CFO Ryan Gaffney.

And now the publicly issued Q1 2023 Financial Statement, Basis of Preparation; Going Concern:

"As indicated in Note 8, the Company closed a financing comprising of convertible bonds issued in March 2023, however these funds are not sufficient to cover forecasted expenses....."

Hardly a ringing endorsement of the saviour Bond deal is it. You'd have thought the RBL would take priority above everything else given it's importance is expressed multiple times within the Bond terms. Except, that would have scuppered the planned SP destruction so never really an option as proved over the last 12 months.

HarryWh - agreed, I dont see anything other than court action at this point.

Logic, rather than hope, suggests we're dealing with real money and real money men. It'd be nice to think they had a sense of morality about these things but with a week to go i'm not seeing any signs of it so the legal route it is.

I was, actually still am, in FRR. 5 years delisted and that saga continues so I know this will be a long road. Especially for those that have robbed us.

Sharebel - have you read the bond contract terms, I hadn't but I have now. I've also been back through the COPL financial statements (especially Q1 23). The whole thing is a lock in for Anavio, complicit players are Arthur and Ryan. Stevie Wonder wouldn't sign that deal but they sold it as a blue pill for their ailing drill bits.

They also have interesting take on what a Going Concern is when signing the Mar 23 bond deal, compared to the Q1 statement, one for the courts I think. Pure misdirection on public statements compared to deal terms.

Anavio's got it so sown up that if COPL gets sued Anavio can trigger a default themselves. Only routes out for us are proving wrong doing or SL help.

Point is, Summit don't have to do anything apart from foreclose, pay off Anavio then reap the rewards. There are options available to Kravitz, Extraordinary Redemption, Breach of Terms (dilutionary effects, short-selling) and possibly the crown jewel defence. If he chooses none of these by next Friday then we know Summit have made their decision.

They do nothing, they take all. What would you do if you ran a $30b fund, help the shareholders? Ok.

And why is Arthur still there? Complicit or negligent makes no difference at this point, he was in charge, he should be gone. Summit need him is my only conclusion, the rest were chaff and have been treated accordingly. Last man standing wins.

Touchy. I'll leave you to your own self importance. Best of luck.

RodT - Dec 20th Default Notice RNS followed by Jan 10th Next Steps RNS.

Baserite - troll? Ok, if you like, i'm simply pointing to info already released and making a judgement. What are you doing? Tea leaves.

Medjed - i agree there's games being played but i don't think its about share % anymore, it was before the JV went south.

Me, you and everyone else knows CC is worth $$billions but they didn't delineate the field, deliberately. The assets v debt on the balance sheet are negative. Its a lie of course but legally under accounting rules the company is worth less than debt and would be sold as such. CC might be packaged as a prospect and given nominal value, and that's how they'll steal it. Hope i'm wrong but it's pointing that way.

Medjed - fully diluted Anavio will hold 90.4% of issued shares. With that mass bond conversion they lose the security of 2nd tier debt and thats why they've not converted a single bond since Dec 13th just before the JV collapse. Also shares go from 3.7b today to approx 17 billion.

Anavio have been rumbled and are now holding to get their cash back whilst milking the interest payments by selling into these manufactured spikes.

Answer this one, why would Summit settle for just their cash back in an asset sale whilst Anavio could potentially walk away with much more than them?

They wouldn't. If the bonds can't be redeemed by the co. or Anavio refuse to cancel in part then Summit will foreclose.

Jesus, i'll leave you to it. You're as bad as the trolls as you're trying to suck people in. For the punters, crack on, anyone planning on holding this beyond tomorrow afternoon, do some reading first.

RP2020 - Mask slipped the buddy, you either have no clue or are straight up lying. Which is it?

Try selling, no takers at the mo as they have plenty to shift. 850m from Tosca.

Good stuff, Tosca have 850m to shift so they'll be grateful for the cheerleading efforts.

Next week, Anavio conversion of interest payment due. Suspect that's why we had the drop this week, notifications reaching the public suspiciously late these days.

RP2020 - all finance sorted is it? Do tell