Member Info for Serif

Finally formal approval of licence extension. Let’s hope they are a bit quicker on approving the farmout deal or this process could drag on, when all we want to do is get on with firming up the drill.

Can you really complain that an arbitrary process that has given you an unequal advantage over other shareholders is unfair if it’s then applied in an arbitrary way?

@ Gerry. Thank you for emailing. I am sure that I, Flombo and any number of other shareholders will be interested in the response.

That would be terrible - it would suggest that there was something unfair about the Wrap process….

Good to see him flying the flag at the top price.

Perhaps the next raise will be limited to Irish shareholders who use the IG platform - that would level the playing field a little and follow the same principles.

Only - the next set of accounts are due to be issued shortly and this is likely to be driving the timing - they have to get the accountants to sign off that they have enough money in the bank to be a going concern for the year ahead, which they wouldn’t have had until the £3.5m placings. They can now get the accounts signed off and issued sometime after the GM.

Aimshame - you’ve been here long enough, including for the Serenity placings to know that statement was the triumph of hope over experience with our “institutional” and trader investors!

It’s a great result for the company showing the strength and money raising ability of their shareholder base. They can now be confident that any going concern issues are sorted by the £3.5m placings and that they can easily raise more on top from shareholders as needed. Just imagine how much they could raise at the drop of a hat if they went equally to their whole shareholder base.

It might be with the Wrap but can’t see it would be by a standard “corporate action”.

Gerry - think there are quite a few lths who have been excluded - the offering seems mainly to work for the more trader focused platforms, which probably explains why we get left out. Also seems very odd that Irish investors are excluded when we have always had a following there for obvious reasons. I am hoping beyond hope that they might separate the placings resolution from the wrap resolution at the GM or this “retail offering” will leave several (if not many) of the lths alienated for no advantage to the company.

Dai - that’s just the Boards using persuasive arguments - vote for what we want (even if you told us to come to shareholders first at the last AGM) or else!

Is it not a book build rather than an allocation - ie first come first served until it is completed?

GP - May reflect the reach of the scheme.

Either way it doesn’t read well for EOG leadership - either they didn’t care that this vehicle would randomly disadvantage many of their shareholders or they didn’t care enough to do due diligence on whether what Winterflood were offering was all it was puffed up to be. The whole wrap business is a sop intended to get more PIs to vote for the placings- the Wrap offer doesn’t even need to be part of the GM vote as they can do it under resolution 6 from last AGM. Of course shareholders will back the placing as the company clearly needs it to be successful. Why are the leadership so under-confident in their ability to take shareholders with them rather than bullying them?

Riverflood - Winterflood! Everything is clearly just a washout at present.

Confirmed by my platform that they can’t do this kind of transaction and have no current plans to start. They are investigating why Riverflood are displaying their logo on their website as a distribution partner, which they say they are not. What kind of company have EOG used here?

@Meldew - the bucket shops already have 290m shares - wouldn’t have thought they were that bothered by these few!

I suspect you are right - but I suppose it probably “buys” us our rampers which all seems part of the process in getting the placings away - at least that’s what happened with Serenity. Board will probably be unusable for normal discussion after March 3rd once the shares have landed!

It’s not just Halifax other platforms are not set up for this - random advantage for some shareholders.

Should be several as the level of dilution will push all large current holders down the percentages. At least it will give us an up to date snapshot on WAs holding. I suppose a bucket shop (sorry I means new “cornerstone investor”) might have taken a big chunk, but they usually like to spread the risk and keep totals easily sellable.