Member Info for Silversoldier

Completely agree MrNation, however if i see another RNS drop with a placing being done at 0.3 that could be it for me and COPL. Happy for a placing but start moving the price up, start asking for 0.35 etc, almost like the forget to update the price when going through the placing paperwork

Completely agree with you Jiving, i certainly don't you want you to think that i'm ignoring the past.

This is the last throw of the dice for Art and COPL, if this deal doesn't get over the line Essar will just reopen the court case and COPL disappears overnight. They have more than enough funds to deal handle the case, COPL doesn't.

Whilst COPL has agreed to forgo a large part of the equity in OPL226, Essar will still want to see a future for the company and not just "ok here is some equity and we can deal with everything else further down the line"

I do hope that we get some form of deal but if it comes tomorrow i'm not so sure, fingers crossed though

All - I share the nervousness around another timeline potentially missed and what that means for us going forward but lets take a step back and look at the bigger picture:

1) The private placing of 400m announced today was a shock, however those individuals would not be buying substantial amounts at this level if they thought that a deal couldn't be done with Essar. The placing would still cost those individuals a lot of money and given the worlds current climate (covid) most people are not willing to throw money out of the window. Would any of us be willing to put in 6 figure sums into an investment that is imminently due significant news which paths the future for the company? I'm guessing most would answer, no (including myself)

2) Whilst some believe the placing isn't as transparent as we would hope in terms of who is buying into them, Art still has a reputation to uphold for himself and for the company. Any future fund raising would be virtually impossible or will come at a huge cost if everything falls flat here.

3) If you owned the majority of an investment you would want to make sure that before you offered a smaller company a slice of cake that they were solvent and were well positioned to support - a company with no cash and debt isn't going to be much use at all. Essar will want to make sure that this agreement is finally it and everyone can move on from this, with substantial sums already invested all will be looking for returns.

I believe that all will become clear over the next few days.

Of course, all in my opinion.

i am starting to suspect that, given COPLs history of financing, Essar might be pushing Art to have a stable cash base and no debt prior to any deal being completed, the deal today could be it?

on a more positive note, as of the latest year end accounts we had roughly 1.5m of liabilities, that would make us nearly or debt free following the latest conversion?

i have absolutely no idea where this could be headed now, we have known about debt to equity so nothing new but the private placing, i'm not so sure.
My head is telling me we are back to the days of 0.29-0.31 whilst my heart thinks we stay around this level?

indeed, and this placing will hurt, another 433 million hitting the market this week.............

so that is 3 separate times we have been waiting for constructive news and each time it has amounted to the creation of more shares for 'big' investors to get in at 20-30% discount to the current price, why aren't we requesting a higher price or even a premium if we know that we can be worth 10-15 times this valuation

and guessing from this we should expect an rns later today or tomorrow that we are delayed?

So looks be another placing at 0.3 (why such a discount again...), repaying of debt (good) and also some of the cash is being used as working capital to help close out the agreement on OPL 226?

0.4 not 0.41

Delayed trade of 11m at 0.41 published after the close

near full ask being paid, i'm expecting a 0.39-0.41 close

here we go, order filled in the background and back over 0.40 for the close please

i think the drop now is to accommodate a large order into the close, lets see the delayed trades after the close, pretty sure Bladderman sees them most days just after 5pm

the bid is slowly creeping up too, expecting to see 0.4-0.42/0.43 soon

certainly feels like that Shaa

Another good spot bladderman, my platform misses the delayed trades unless its from the same day which is annoying.
The timing of this suggests it was a buy, and a very nice once too

The spread is wide at the moment despite being able to get a quote for 0.41 to buy, suggests this could be the level for the moment

the MMs don't seem to be too happy paying more than 0.4 at the moment, will need more of a push i think to go any higher.
Currently 1v3 and the next level on the ask is 0.45, all remaining MMs sat at this price

Agreed Bob, i was hoping for something by now - lets hope we get something this afternoon