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They are two contracts that are tied by agreements which have to have certain things happen for one to have an affect on the other.
And we can not know whether one affects the other until the 13th January at the earliest.

Only if the put is offered and taken.

" (iii) in respect of any shares issued pursuant to the exercise of the Put or Call, the date on which BPC may be required to make a reconciling payment to the Investor is extended from 60 days after the date of spudding of Perseverance #1 (which would be 20 February 2021), to 16 April 2021"

Oh but with the caveat the hedge fund still have to be rid of those shares, whether the original 375 million or any taken under the option by April 16th. At which point BPC do not have to make up any short fall.

Thats what we have been discussing the whole time, this means the Hedge fund do not have to dump all those shares and can hold them if they wish to results. It is a gamble taken by both parties.
More important to us is whether BPC place the "put"

I have already stated in my reply to Cars on the other thread that if P1 is a duster BPC get 2 spankings instead of one

Roseanne "So you think that, to benefit from their guarantee, 1798 Volantis still have to dump what remains of their 375M shares pronto and that the extension of the guarantee period only applies to further shares that may be issued if BPC elect to go down that route again?"

No it was already in the original RNS

"The same terms will apply for any funds that may subsequently be made available to BPC under the Funding Option Agreement."

The funding agreement is done, they have the remains of the 375 million shares on the terms agreed in the funding agreement.

The "put" and "call" are part of the funding option agreement.

I really am at a loss as to what needs to be clarified.

Roseanne "It’s getting hard to see how BPC can avoid having to issue a clarificatory RNS."

Only to appease those who are of limited understanding and basic reading skills.

Which part of the following do you require explained ?

"in respect of any shares issued pursuant to the exercise of the Put or Call, the date on which BPC may be required to make a reconciling payment to the Investor is extended from 60 days after the date of spudding of Perseverance #1 (which would be 20 February 2021), to 16 April 2021, this extension allowing a considerably longer window for the determination of the need for a reconciliation payment (if any), which BPC considers to be to its advantage."

ThePole "I have to agree Harry, find oil or go bust"

90% here see this as a binary share, so whats new ?

Harry, prior to the legal challenge and the bad finance deal I expected 4-6p at spud. Much has happened on the way

You mention the legal challenge and share over hang, but I notice you skipped the part where through most of Nov-Dec you were a one man share destruction machine. You have been teetering on the edge again for a couple of weeks. Its time for you to change the record.

I am pretty sure that the reason for all the confusion is simply not recognising the difference between

Funding Agreement (that which has already happened)

Funding Option Agreement (that which has not happened yet)

Happy to hear views

ThePole, anyone who clicks on your name and views your post history will plainly see you have NEVER engaged in debate.
You were all for BPC until you sold at a loss and now you try to damp it, but you are so transparent even Stevie Wonder sees through you.

Zurichsee, I think a few are confused between the Funding agreement and the Funding option agreement.

Chesh we all know Roseanne knows exactly what the RNS meant, for her to be playing dumb and shocked is amusing to me.

" the date on which BPC may be required to make a reconciling payment to the Investor is extended from 60 days after the date of spudding of Perseverance #1 (which would be 20 February 2021), to 16 April 2021, this extension allowing a considerably longer window for the determination of the need for a reconciliation payment (if any), which BPC considers to be to its advantage."

Perfectly clear even to Roseanne

Antha, that only applies to any shares sold before April 16th.

TRP-BPC take your "shooting star" and candlesticks (Lit) and shove them where the sun dont shine.

Cars the first thing I am going to take for granted is that there will be no insider info being given to the Hedge Fund, since that would be illegal.

So the next thing is The hedge fund are still getting their 15% the date at which any reconciliation has to be made has been extended to April 16th. Thats a done deal so whether they sell them now or in a few weeks there is nothing we can do about it nothing has changes but the reconciliation date.

Now the further funding date which was originally 6th of January has been extended to 13th January for the "Put" IF BPC CHOOSE if they do not the "Put" lapses
If they do make the "Put" then the hedge fund have until (a) An RNS with results or (b) 12th February to take the "call" which ever is the earliest.

Given where we are in the drilling process you would have to imagine that BPC at least have some indication of the result. So if by January 13th they do not make the "put" then I would have to assume that they feel they do not need the additional funding at the terms previously agreed. So if come the 13th there is no "put" then I would take that as a pretty good sign that the results appear good.
If on the other hand BPC do make the "put" I would take that two ways, either no idea of results is known to BPC or the drill looks bad.

The only thing I am not happy about is that the date at which the hedge fund can make the "call" personally I feel 10 business days after the "put" would have been more in line.

So if there is no "put" on the 13th even I will buy more.

To me this looks 100% like a hedge by the BoD

The extension may also help since the hedge fund can gamble (hold) on results and still not lose.

The deal was crap. we all know that but it is done, if P1 is a duster then BPC get two good hidings instead of one.

I do not understand what you all are not understanding

Joatman, its possible I am one of your 46 filtered posters. But this is a bad analogy. Its kind of like a 40 stone guy on one side of a seesaw and two 10 stone guys on the other.
If that were not the case the SP would be on the rise.

Harry is that you selling in to the rises ?

Scar, we will know if that is the case, no TR1 and SP rising without large sells. Its possible but they already off loaded a good chunk