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The RNS on 30th May reports him holding 18.43% as a result of a transaction taking place on 24th May (the open offer).

You are right: He currently holds 15.85% (as per RNS 3rd June). I'd forgotten about the placing on 24th that further diluted his holding, as once again he seems to have been bypassed.

If he exercises his 3% warrants, that would take him to 18.85%, but he currently holds 15.85%.

I think your confusion came from me forgetting about the latest placing, and the fact that it diluted him from 18% to 15%, a difference of 3% which just happens to be the same percentage as the warrants he holds.

While we're talking about that extra placing, I took that to be good news as well. It was another dilution for existing holders, true, but the proportion diluted was much smaller than with previous placings. It used up all the shares that the directors were authorised to issue, so there can now be no additional shares issued (by placing or open offer) without the board asking shareholders for permission.

What exactly is confusing you?

9(i). Antos bought the warrants that had been issued to Peterhouse in exchange of services rendered. This is significant for several reasons. First, he's just put more capital into BOU. Second, he hasn't received any shares, only warrants. If he wants the shares, he'll need to pay more to exercise the warrants. Third, the value to him of those warrants is all tied up in the share price of BOU following a successful RTO. If no RTO occurs, they are worthless and he's just wasted his money. If it does, the more value to BOU shareholders, the more Antos gets from his warrants. (iv) This fortifies the points above: Antos really was not just interested in buying the old PSL, and he really is continuing to invest in this company.

9(ii) Stay with the warrants for one other very signficant point. Peterhouse have now been paid in full for all the work they have done. Antos has settled the bill, which means he's happy with where things are. It would also seem the company is also totally free of any obligations to its current broker.

9(iii) There was a strong hint that the RTO may not (exclusively) be on AIM. So could a main London market listing be planned?

So where are we: We have a major shareholder, who has 18% of the company, and warrants to buy a further 3%. He's not buying on the open market, that we know of, but he is continuing to invest. He's bought the company that would otherwise have needed liquidating, which means the cash shell is now a totally clean shell. All our obligations to our broker are fully discharged.

There's a lot we don't know. We don't know what negotiations are taking place behind the scenes. But all the evidence seems to point to an RTO being in a sufficiently advanced state ("Could I have the bill please?"), and for it to be a company Antos is involved in.

7. At the same time as announcing the Open Offer, the Board announced that Antos had offered to buy Photonstar Technologies for £1. Some wondered: Was his heavy shareholding really just a way to get a controlling vote for this? Were his real ambitions solely about the intellectual property held by PSL? Maybe the RTO is nothing to do with him? Again, we have to wait to find out.

8. As a result of the open offer, Antos holding increased (round figures) to 18%. That means he took up his full basic entitlement under the offer. If that was all he had done, his holding would have stayed at 14%. So he bought an extra 4% of the company. Given the scaling down, this probably indicates he offered to buy considerably more than that.

This answers the two questions we'd been left with. (i) [See 4 above] When he didn't increase his holding at the earlier placing, this was not because he didn't want more shares. (ii) [See 7 above]. He wants his shares for some reason other than the intellectual property of PSL. Had that been all he wanted, he'd already secured that when the Open Offer came, and would have stayed at his 14% (which would have become 7% with the extra shares in issue). Instead he increased to 18%.

9. This brings me to the RNS last Friday. We need to note several things.

I thought it may help some to post what we know by way of a recap, with a particular focus on the RNS from Friday.

1. Bould Opportunities is a cash shell formed when Photonstar Group decided to wind up its remaining trading business: Photonstar Technology.

2. The company formally became a cash shell on April 9th. Under AIM Rule 15, we have 6 months from that date to complete a reverse takeover (RTO), otherwise trading is suspended.

3. The directors have confirmed that they are looking at multiple target companies, and are agnostic when it comes to sector. Folk here have identified a number of possibilities: Coeur Gold Armenia, Phoenix Capital, Scotia Exploration. However we have to say we don't know.

4. On 6th March, Antos Glogowski bought (round figures) 21% of the company. That same day, the company announced a share placing without pre-emption. Those new shares hit the market on 12th March, and we were told on 13th March that Antos' holding had reduced to 14%. The number of shares he owned was unchanged - his percentage holding dropped because of the placed shares. Had he decided he had enough shares and didn't want more, or was he not offered to take part in the placing? We'll have to wait to find out.

5. At the shareholder meeting on 5th April, shareholders approved the directors to issue more shares, but voted against them doing so without respecting pre-emption rights. There would be no more placings to dilute existing holders. So on 1st May the board announced an open offer. Each shareholder is entitled to 1 new share for every existing one, and could apply for excess if they wished.

6. When the offer concluded, we were able to look at the scaling down proportions people received through different trading platforms. The calculations concluded that the offer was heavily over subscribed. By a factor of about 2:1 in fact.

@Featherbourne: I've seen you throw a 1p figure around before. I appreciate it's an estimate, but could you elaborate a little? What are your assumptions and calculations to reach a the share price (assuming RTO into a company like Couer) of that order of magnitude?

Nom,

The £6m is only needed if a company wishes to be readmitted to AIM as an investing company. Bou is seeking an RTO, which is completely different and the £6m doesn't apply to us.

There's one other tantalising detail in yesterday's RNS that some may have missed:

"up to the date of admission of the Company's shares to trading on AIM or any other EU Recognised Investment Exchange, following completion of a Reverse Takeover of the Company."

Now, why do they include that detail? It's the first RNS we've had with a detail like that.

It seems to me to be a very strong hint that the admission document being planned may be for the main market rather than AIM.

He's basically settled the bill with PH. I can't see him doing that unless he's pretty confident things are going to work out.

And top of the day to you, too, Dan

Tell me, how do you have access to this "fact" given it has not been released by the company. "Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison."

Or was that a spelling mistake, and you were trying to type the word "opinion" using the letters f a c and t?

My mistake - yes, that sounds like it's Tuesday.

The circular announcing the GM included this sentence:

"It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on or around 10 June 2019."

The RNS giving the results of the GM didn't announce a different timetable. So I think the consolidated shares, and the new name, should hit the exchange tomorrow (Monday). Of course, it may take various platforms etc time to catch up. BEWARE limit orders in the meantime.

As for the name change, it's already been done at Companies House. You may remember that a new company was registered with the name ADM Energy, to make sure nobody else could squat on that name. We said at the time that this new company was only needed temporarily to bag the name - the action itself would involve the company known as MX Oil changing its name to ADM Energy, and the new temporary ADM company having its name changed to something random now it's no longer needed.

Well sure enough: Here's the old company that used to be called MX Oil. https://beta.companieshouse.gov.uk/company/05311866/filing-history. Now have a look. It's ADM Energy Plc.

As for the temporary, new, company that was registered as ADM Energy. Well wa'd'ya know - https://beta.companieshouse.gov.uk/company/11950514/filing-history - it's had its name changed to MX Oil Ltd (not Plc - because that company is not listed).

All done and dusted.

Correct. Because,... the market cap is the market's current assessment of what the company is worth. Assuming sentiment doesn't change because of the consolidation or other news released at the same time, the market cap on Monday morning will be identical to what it was on Friday evening. Without a consolidation taking place, that's another way of saying the share price would open at the same price as it closed (because sentiment hasn't changed). With a consolidation (at 100:1) the price would open at exactly 100x the closing price. In practice of course, the market immediately nudges up or down on any day, and the coming Monday is no different. But 100x Friday's close is the base point against which it moves up or down.

http://www.morningstar.co.uk/uk/news/AN_1559915291210137300/mx-oil-shareholders-reject-half-of-general-meeting-resolutions.aspx

Potentially. But the board sought permission to issue new shares. Approving 2 but not 4 would have lets them do that if they have a need - just have to offer us first.

I can see why people might vote against 3 and 4. But I wonder why 2 didn't pass?

... at last.

Hopefully a corner has been turned now.

You obviously enjoy picking a fight where there isn't one. Perhaps you'd like to explain why you're latching onto my posts in this aggressive fashion - or do you respond to all people on the board in this way?

Do I know how many are attending? Not a clue.
Do I know that it's usually representatives of large institutional investors, and notified-level holders, who attend company General Meetings? Yes.

I've known of meetings where far more rested on the outcome of the votes than this, where the proxy voting in advance was at a very high percentage, and where PIs cared deeply for the outcome - and the number of actual shareholders in the meeting room was in single figures.

We may as well keep talking - it passes the time while we wait for the official news to start to come. In a funny way, even though we're off topic now, keeping the conversation going is still a worthwhile pursuit.

Easy tiger.

I have DMOR, and I don't disagree with anything you say about today being a key turning point for the company's prospects due to our "major investor".

The _only_ point at which I corrected your earlier post was regarding your comment that we should soon expect private investors attending the meeting reporting the outcomes via Twitter. (There won't be many attending, and they won't be allowed to report things.)

I'm enthusiastic and invested, thank you.

I happen to think it's important sometimes to manage people's expectations on here. If posts set readers up to expect (in this case) news to leak within a timeframe of minutes or hours, you get a load of disappointed people who then sell up when it doesn't work that way.