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TRP - Not worried about getting the oil out, more worried about getting my cash out if no oil etc etc :-)
Then at 2p I would presume a verl large share consolidation first.
2nd part of my question, how is that dividend paid?
Cheers
So does a Dividend work per share held, and how is that paid????
Cheers
Lol maybe it's Malcy topping up ;-) ;-) :-)
I believe as Per the last RNS, Holding has fallen below the lowest applicable notification threshold (I Think)
Zag E, in relation to LO holding, they are now under a certain threshold, so correct me if I'm wrong!, do they now not have to notify there % holding being sold.
Cheers
Zag E - I think we have seen the last of LO to be honest, especially as they say it was against against there operational Modus. I believe, or think they will have sold all there shares by now, However, if they have made a profit on there initial investment with the lot they previously sold, then you would just leave them there and cash in.
I just can't see them piling in anymore cash, we may never see 3 or 4p again.
BWTFDIK
GL
Chesh
From Dec 14th RNS below (However, because they are still holding shares unless the remainder have been sold, we owe them nothing!!!!!, or am I wrong)
As part of the terms of the Funding Agreement, on the earlier of (i) 60 days after the date of spudding of BPC's Perseverance #1 well; (ii) 31 December 2021; or (iii) such other date where a reconciliation is permitted under the Funding Agreement, BPC may be required to make a cash payment to the Investor to the extent that the Investor's aggregate return from those new ordinary shares has been less than 115% of the subscription price. The Funding Agreement contains a number of other anti-dilution provisions and warranties customary to an agreement of this nature. The same terms will apply for any funds that may subsequently be made available to BPC under the Funding Option Agreement.
Or is it today or Tmrw Petro BPC has to make up the share difference payments??? REF: RNS Dec 14th.
Petro, Is it today that they have to take the option of the remaining shares or not if they want them?
Cheers
Main point to note, and quite possibly the reason for sale, as well as profit.
UPDATE:
LOIM has issued a second statement in response to the article:
“We regret this situation and are taking the necessary actions to address it. This investment decision was not aligned to our commitment to sustainability and our strategic investment framework.”
p2
balance profit and purpose”.
(See RI’s recent feature on B Corps here)
Insurance coverage of BPC’s operations in the Bahamas is being provided by an unknown syndicate at Lloyd’s of London in a deal brokered by Aon. LLoyd’s had previously denied that the project was underwritten in its market but confirmed its involvement earlier this week.
Lloyd’s has pledged to cease insurance coverage for coal, oil sands and Arctic energy projects by 2030 but will still continue to underwrite conventional oil and gas projects.
UPDATE:
LOIM has issued a second statement in response to the article:
“We regret this situation and are taking the necessary actions to address it. This investment decision was not aligned to our commitment to sustainability and our strategic investment framework.”
tagged with: Lombard Odier, Oil & Gas, Lloyd's, BPC
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Swiss fund company Lombard Odier Investment Management (LOIM) has invested £11.25m (€12.7m) to fund an exploratory oil drilling project off the coast of the Bahamas which has drawn opposition from environmental campaigners and members of the US Congress.
Under a funding agreement with the oil well’s owner - the London-listed Bahamas Petroleum Company (BPC) - LOIM initially provided £7.5m ($10m) of capital which was followed by a subsequent investment of £3.75m ($5m) earlier this year. LOIM received a total of 562.5 million BPC shares in return, roughly amounting to a 12% stake in the company based on 4.7 billion outstanding shares.
LOIM has the option of subscribing to two additional tranches of 46,875,000 shares, priced at £0.03 and £0.04 per share each, over the course of a year.
The investment was made through LOIM’s 1798 Volantis Fund, a hedge fund focusing on UK small caps with around $425m in assets. LOIM took over the fund’s management in 2016 from previous owners AlphaGen Capital.
A coalition of local and international NGOs campaigning against the project argue that an oil spill in the location of the oil well would be catastrophic for the protected marine parks, coral reefs and diverse ecosystem off the coast of Bahamas. The country’s economy is heavily dependent on tourism, which provides an estimated 60% of GDP and employs almost half of the Bahamian work force.
In addition, campaigners have pointed out that the Bahamas itself is extremely vulnerable to the physical risks of climate change. An assessment by Moody’s found that the Bahamian economy would be among those hit hardest by rising sea levels as a result of global warming.
A group of 18 members of the US congress, led by Democrat Alcee Hastings, are also opposing the project on environmental grounds. A letter sent by the group to the Bahamian Prime Minister noted the project’s proximity to the US - 150 miles off the coast of Florida - and its parallels to the Deep Horizon disaster, another exploratory drilling operation, which devastated the Florida coastline in 2010.
According to BPC, the equipment and facilities being used to drill this well “are amongst the most technically capable in the world, and include some of the most advanced safety equipment, processes and procedures in use”.
BPC commenced drilling at the test well in December last year and is expected to take around 60 days to complete its operations, after which the well will be permanently sealed. If successful, BPC hopes to establish production wells in the region over the coming years.
Commenting on the story, an LOIM spokesperson said to RI: “We are aware of the situation and are engaging with the company.”
LOIM is a part of the Lombard Odier Group, which was the first global wealth manager to be awarded B Corp status in 2019. The certification recognises leading companies which “meet the highest standards of verified social and environmental performance, public transparency, an
Credits & Discredited, who will get the spoils and wrath?
So for investors here new and old, I'm not sure who is who to be honest, or who over time, has been on the money, or full of crap!!. If this share comes good or bad, who are the ones who will be getting slaughtered on the board?, just for future reference, and why will they be getting slaughtered (IE: Geoff said this and they know somebody who knows somebody)
Some will say this is not worth replying too, However, for some it will be vital to refer back to something or another share, or this share if it survives.
Cheers
Jdam, PMSL they just move from company to company, believe me.
There are a host of possibilities, but you can see for the small investors how easy it is to get drawn in, believe or even talk yourself into a good thing, especially when people have got the patter. I am down a very large some in FRR on the back of the company people talking up a good game, even when I read deeply into the share you could not see any issues forthcoming (It's in dire sh#t and has been for 2 years).
I have been in here just as long as most, 9 years plus, so many ups and downs, it is what it is, the only winners if it goes belly up are the shorters and management who will all be covered, prior too and after results.
GL
Jdam, I wouldn't either, but if you go back to Desire Pet, a lot can change in 24Hrs, come invest then oh sh##t, or in DES place, water not oil, costs us thousands.
Not sure Jdam, you would think wrap up quickly and save on the day rate of the rig, salaries etc, I just don't know. If it was bad news and all the shares that have just been offloaded hadn't been, where are BPC getting the cah from to pay off the investors. Possibly the investors are covering a % of there bet, who knows!!!!
How much do you reckon news is worth to someone invested heavily, and what lengths would they go to too find out. Also, how much do you reckon a worker knows something, and what's it worth to that person to pass info on. Everybody has there price, it's whether they accept it or not.
The world is full of corruptible people, even the honest ones can be got at if someone was desperate to get at them, have seen it many times in the countries I have worked in.
GL, And let's hope all this is just a blip and false rumours, as we say, never let the truth get in the way of a good story :-)