Member Info for SecretBlueprint

It's a pound to a penny he has extrapolated it from Jason Sutherland's CV. No matter how you look at it, Blackstone Tactical Opportunities cannot fit the description of " a leading UK asset manager" as the company described it on 2nd December

If you look at the list of leading UK asset managers, there are 7 big names and Blackstone is not there. There is one obvious candidate at position 5 for the provision of the RCF.

John said it was Blackrock. Now it's Blackstone.

Barry
If it is "beyond you", best you stop posting about it. You seem to be stuck up a dead end road at Port au Port. That's over.

Ophidian
I do not believe the Co has any "left over" authority from the cancelled October element of the Colva deal, otherwise why would they say in December that all authority had been used?

I did not see anywhere that the Co has authority to buy its own shares in the open market.

It's a minor issue but If I was offering $100 million of a RCF, I would want it cleared up properly at a general meeting, not through the skulduggery of a director transaction.

"I agree - you'd think this was perceived and kill two birds with one stone."

That will do nothing for the Company's ecology credentials. Two Occam's Razors is more benign.

There is more than enough authority in the AGM resolutions to deal with the Colva obligation, so immediately after the AGM, the Company will issue 2 million new shares and award them to Colva for services rendered. There is no immediate need for a cash placing, despite what Doc Holliday says. IMOI

And I think that oversight of the 2 million shares is impeding the due diligence on the revolving credit facility. It might be all agreed subject to the AGM resolutions being approved, but it will not be announced before 7 Feb IMO. The House of Cards needs an actuary on board.

I think Occam’s Razor applies here. The Company has simply run out of authority to issue new shares, and it needs to issue new shares to satisfy a contractual obligation on 1 March 2020. Perhaps an oversight that needs a remedy before that date? Such as the 7 Feb 2020 AGM?

On 17 Dec 2019, the Company stated, after a placing to pay for the warehouse facility…

“The Subscription Shares will, rank pari passu in all respects with the existing ordinary shares and following the issue of the Subscription Shares the Company will have utilized all of the currently available authorisations it has to issue shares for cash.”

So it could not issue any more shares without a general meeting approval.

Then on 30 Dec 2019, buried deep inside the annual report the Company said….

“On 21 October 2019, an agreement was reached by the Company to suspend the share purchase agreement in respect of Colva, with effect from 1 October 2019. In replacement of this agreement, the Company will issue 2,000,000 shares on 1 March 2020 to Colva for continuing services provided, subject to certain conditions being met.”

So they are 2 million shares light on their obligation to a key partner in this complex scheme. They have to find those shares before 1 March 2020. Hence the early AGM.

No need to look for any other explanation IMO.

Barry, you are using an Americanism "Reverse stock split" ; in British English it's called a share consolidation, and there are no plans for one and no need for one. Even if there was one it would make no difference to the market capitalisation of the company. This is a persistent hobby horse of yours which has no relevance here.

Also, the company has nothing to do with Newfoundland or Shoal Point Energy any more, so what is your point?

Just a musing here. The whole structure here looks like a complicated jigsaw. What with the SLIMJV, the BOAGF LP in Cayman, ALM in BVI, the BOAGF GP , the Warehouse SPV, the Irish feeders, the RCF from (M&G?), ALGW itself and....Colva the actuary, a key component of the scheme.

Until 1 March 2020 when the acquisition of Colva is finally completed though the payment in shares, perhaps the whole jigsaw is missing that piece of due diligence, and perhaps that is the delay in bringing all this to market. It would explain bringing forward the AGM, because the company has said it used up all its issuing authority for the year, and probably needs that authority to conclude the Colva acquisition.

Who will put up $100 million without the whole scheme being bombproof?

Ok.... so much for that theory then!

To be honest, if this C4 team pull something off over a few months, where Minty couldn't pull something off in a decade of misadventure, I will be pleased that it pokes Minty in the nose. All his hubris and lies will take some explaining to St Peter on the day of reckoning, which we are all stuck with at some point.

"They just might make it work if they pick up a decent second asset."

opp03ite... That is the gamble here, no more no less. I think it's worth a punt.

Coro Energy (C4 team) is looking to divest its production asset in Italy, because oil and gas exploration in that country is being increasingly banned. Consequently there is no exploration upside and Coro focus is moving to SE Asia. No-one is interested in Italy because of the exploration ban. They need a new home for it to leverage value

I expect the production asset in the RTO is the Italian asset to make max profit from the NUOG tax losses and generate revenue. I also expect the new NUOG to go elephant hunting where it is allowed, such as Gulf of Mexico (Cuba?)

opp03ite, the RNS are in the Coro bb not here.

Thanks Giles
That clears things up. At 13.00 I could have made it, at 08.00 I can't, so I have sent my votes in via the broker.

My AGM notice from Interactive Investor has following details.......

ALPHA GROWTH PLC
Meeting Details
Meeting Date 07-Feb-2020
Meeting Time 08:00 AM America/New_York
Meeting Location LONDON

08:00 New York is 13:00 London time

Wot the ....?

Can anyone check their own notices for clarity?

"Be interesting to see if these guys come up with a transaction before the 6 month countdown clock hits zero."

They have one "oven ready" as Boris might say , in Italy.

I reckon anyone going to the AGM at 8 am will find a couple of solicitors with power of attorney, and the directors on Skype, somewhere in California in pyjamas waiting to go to bed at midnight.

Hold that thought.

Father, forgive them, for they know not what they do.

There is a fundamental philosophical problem with market charting. If it worked consistently, everyone would do it, and there would be no losers. A market needs winners and losers to operate. So that is an oxymoron.

It is a bit like astrology, it works some of the time, but without any underlying science. It is an attempt to forecast the future on the basis of the past, and so aligns itself with religious belief.

The most vocal of chartists will always find some historical event to explain the current share price. There are more characters and markers in the chartist’s lexicon than extras in a war movie.

The apparently subjective mess of lines drawn to achieve a desired result, with no objective reason for their start and end point only helps the self-belief in the process.

Having said that, there is no doubt that among the hordes of traders in very liquid stocks who subscribe to the religion of charting, there is herd momentum around the best known characteristics and it becomes a self-fulfilling prophesy.

It does not work for illiquid stock and as sure as heck it does not forecast the kind of disasters like SXX, Carillion, FlyBe, which might be more useful to retail punters.

Significant news tends to trample the charts underfoot, which is why everyone would prefer inside information to the hourly candles, and it is why rumours abound.

Did anyone see a cup and handle on the daily and the 3 monthly? Must be tea time.