Member Info for SpaceHoppa

''What about the spread ? At the moment it's 0.9p (about 13%)''

Bloobird, the spread is not important.
EG If I have 100,000shares, I could sell 1/8 at 7p to fund buying back at 7p in the OO

I still have 100k shares plus get 9p warrants attached with 1/16th of them as per the RNS.

At the moment people are able to sell at 7p

seems bad news from the mediocre management at Pure.
Whilst nothing new is known, the SP action would suggest the shower in charge
might still not have gotten a grip on the mining ops !

Don't know for sure as I have never had them, but I suspect it will be just as easy as subscribing for you OO shares. They expire end of 2023 so plenty of time to see what the SP does and to exercise them 'when' Rock SP is in the 20 to 50pence range :)

Antc1, if you do nothing your shares remain exactly as they are today.

A better plan if you have a decent number of shares to mitigate the approx £10-12 dealing cost, and if you can sell at near 7p, is to sell 1/8th of your shares and then subscribe for all of them in the OO. This way you end up with the same number of shares, it has cost you only the dealing fee but you gain the ability to buy warrant shares at 9p if the SP rises.

I think this is a pretty strong indication ''RKH is a good investment''

19 April 2022
* Rockhopper, Harbour Energy plc ("Harbour") and Navitas Petroleum LP ("Navitas") have signed legally binding definitive documentation in relation to Harbour exiting and Navitas entering the North Falkland Basin
*Rockhopper 35% / Navitas 65%
*technical and financing plan to enable the development of the Sea Lion project to achieve first oil on a lower cost and expedited basis
*Navitas to provide loan funding to Rockhopper
* majority of Rockhopper's share of Sea Lion phase one related costs from Transaction completion up to FID will be funded through a loan from Navitas with interest charged at 8%
*Navitas will provide an interest free loan to Rockhopper to fund two-thirds of Rockhopper's share of Sea Lion phase one development costs
and possibly a big win from OM
*Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty

Possibly you have to have held the shares by record date and also have held them until the ex date,
after which you can sell them and still participate??

Open Offer Record Date.. 6.00 p.m. on 15 June 2022

Same day as placing announcement.

It would be a mistake to assume all who are/were in the suspected anti-company/SL email group, will do as urged. I had an email suggesting to vote against Res 7 and 8, but voted for them, and said as much a week ago.

Looking at last year's AGM numbers, it's highly unlikely Res 7 and 8 will get voted down by the required 25%+

Lets say you have 64,000 shares and sell 8,000 now ... when the Open Offer occurs, you'll then only be able to buy back 7,000 (1/8th of 56,000).

BlooBird, that depends on what day they say is the 'Open Offer Record Date'.
I don't know, however suspect the record day will be the day of the placing RNS or earlier. Less convinced it will be afterwards. I agree with the sentiment best to wait to see what day they use though as there seems no downsides to waiting, unless the SP was to drop below 7pence.

EG77, yes, once you elect to take up your allocation you will get them once the offer completes. But you need to ensure you have funds available to buy them . HL pick up the phone pretty quickly so just check with them for timings. I've already sold 62,500 in my isa so I have funds ready to buy them all back.

Astin, true the odd couple of million ATM doesn't make too much difference. Getting £15m plus from OM would obv be significant tho.

EG77, I am with HL, but if fully subscribed you can't add more funds so would have to sell another holding. Best one to sell is Rock, sell 1/8th at just over 7p atm, and you will be able to buy them all back in the open offer at 7p.

This way you might make a slight profit on the trade, more more importantly aquire the 9p warrants.

HL will tell you you have a msg when the offer becomes available.

Oh FFS

£12.48m million or $ 15.23m
.......... I'm off to wobble my head

~ It should be noted that this would have brought in £5.75m, plus £4.1m option shares, and an additional £2.05m in warrant shares as well. Total £11.9m / $14.5m

Just an observation for those who correctly point out that if you add the current placing shares, with the shares if ever option share was taken, plus if all the warrant shares were also bought at 9pence, then yes we would have been diluted by about 45% .

It should be noted that this would have brought in £5.75m, plus £4.1m option shares, and an additional £6.3m in warrant shares as well. Total £16.1m / $19.7m

Yes agree with all that LTT. Nobody likes dilution although it is the first one since 2011.
I would have preferred Rock waited for OM to be announced however hypothetically it could be FIG want to sign off, but wouldn't unless Rock had more financial muscle, hence the fund raise. I also feel it is a painful but precautionary move.
I expect a minimum $15m award net to Rock from OM, add that to the approx. $10m fund raise and Rock are on again financially sound. If OM pays out $50m plus net to Rock, which is a reasonable possibility, then 7p will be a distant memory.

All things are starting to line up nicely.
Navitas keen and on board
Immediate funding sorted
POG stubbornly over $100/bbl
OM award importance negated, and coming to a conclusion.

Need FIG to sign off and then Navitas to get moving but things are looking substantially better than from just 12 month ago.

''Are you eligible for it If you buy today?''
Answer is we don't know yet as per below. I would be mildly surprised if you could buy today, and still get the warrants, however I am not sure.

"Open Offer Entitlement"
the basic entitlement of a Qualifying Shareholder, pursuant to the Open Offer, to apply to subscribe for 1 Open Offer Unit for every 8 Existing Ordinary Shares registered in his, her or its name as at the Open Offer Record Date

"Open Offer Record Date"
the record date in relation to the Open Offer, to be set out in the Circular

''So does that mean they are worth 4.5p SpaceHoppa''

No, every share you buy, either today, or in the OO, or if you exercise your right to buy 9p warrants, will be worth whatever the going market rate is at the time of sale.

They are the 'rights' given to you if you only if you buy 'new shares' in the open offer.
You get 1 x 9pence warrant, for every 2 'new shares'.

''BUT, you can buy them now at 7p without any hassel, why the bother?''

Currently people are paying 7.25p to buy, and those do not come with any warrants attached.

To gain the most from this 'opportunity', if you have a decent number of shares, say 100,000,
this would allow you to buy 12,500 'new shares' in the open offer,
as you can buy 1 'new share' for every 8 you currently own.

Each 'new share' gives you a 9p option should you wish to purchase them at a later date, even if the SP is say 20pence.

The OO is subject to approval at the AGM, but that is highly likely as it would need 25% of the little guys to vote against, I don't see that happening.

So my recommendation for anyone with sizable shares, who either doesn't have the cash to buy more shares in the OO, or doesn't want more Rock exposure, is to sell 1/8th of your shares, especially if you can at or get more than 7p, and to buy them all back in the OO and have 9pence warrants attached to use at a later date if the SP rises.