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Haha he gave a perfect description of Roseanne

2.3p

Iamrich, so what do you think happened Friday to have seen a reasonable rise in volume ?

SC "2. Some respected LTH’s appear to be quite stressed over the Lombard option. "

I see no stress, just people sharing opinions. Some of those opinions may not match up but that does not equate to stress.

And yet still down

I see the logic you have applied, but is there no logic in that if the put is not placed and the drill goes on that is an even bigger positive ?

Cars, what would be your opinion of the put not being placed.

Verbier, Cars, I would like to have read the full agreement because this is not so clear.

"The Funding Agreement contains a number of other anti-dilution provisions and warranties customary to an agreement of this nature."

Bespoke, I agree but that is not quite what I meant, if BPC are in the know. They could hold off with the put because they could easily raise funding in the case that they believe they have a good result, without having to use that knowledge to immediately raise additional funding.

Cars because if they were to wait until Wednesday and no put was placed they only have 24 days to off load circa 300 million shares.
I absolutely agree that if the put is placed they would take it just because the extended time and its a deal of a lifetime.
I am not as positive as you are about the optional funding going ahead, simply because I believe there would be much better options to raise funds if they are already in the know.

The lack of a TR1 is interesting as well, the placing seems to have taken place on the 17th ? by the 22nd LO were down by 40 odd million. in the two weeks since then they must have passed the threshold if they were selling.
I thought the requirement was notification in 2 days but I know TR1s are regularly late.

Chesh what name would you give your first option. DSF ?

Zag somewhere in those opinions when mixed and matched is the truth.

Cars fair enough argument, apart from the funding options possibly.
Would you not have bought shares for 2p I would have.

Will they or won't they ?

What can be read from either scenario ?

Opinions ?

Was the 2020 AGM not a phone event ? September 2019 AGM outcome specifically mentions P1 and options, but without the minutes it would be impossible to guess what the share holders voted for exactly.

If you exclude Covid and legal challenges they were probably correct to say they were fully funded at that time.

The real problem will be what exactly did the share holders at the last AGM actually allow the BoD to do regarding financing.
And what will share holders make of the present 2 deals on the table, in the case that it harms the company.

If they place the put in the knowledge that P1 is a duster, then the whole death spiral financing rhetoric becomes very real and they would have done it with full knowledge which means they would have done something to harm/damage the company at the expense of share holders. I know that would be challenged as a matter of fact.

Oh and I agree they would be dumb not take make the call and double up.

Cars the reason for the "OR" is that the put can be doubled if the hedge fund wish.

If the call is made by 20th February then it becomes part of the original agreement which can be viewed where it expressly states that the original shares will be treated in the same way as the new ones which means both sets of shares will be good for reconciliation up to the 16th April.

To understand the latest Option Agreement it must be partnered with the original agreement (but only in the case the put is called) because the shares offered in the put are not shares issued unless the call is made.

I had to read the two agreements a few times, but once I wrapped my head around the wording it became clear. Plain English would be better but they are breakdowns of legal agreements which is why they are so wordy.