The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Yes Gordon, exactly you wouldn't be selling if you'd just subscribed, and it doesn't have to be exclusively a shareholder placing. Just a placing that that anyone could subscribe to that doesn't involve Anavio re-setting the bonds and warrants to .15p(and then start selling, because only THEY can sell at a profit at that price because or the terms of their bonds)
Duster, the crucial point about a shareholder placing at .15p compared to an Anavio placing at .15p is that the bonds and warrants wouldn't be reset to .15p (they'd stay at 2.6p)
That make a massive difference. A shareholder placement at .15p allows for the chance for the sp to grow from that low level. If Anavio get to reset the bonds and warrants at .15p we are trapped there and below. (when has the sp ever been above the Anavio bond/placing price.......Never)
If our shamed BOD had any integrity they would put their hands in their pockets and agree to a very short term loan to allow time for shareholders to place the .15p rather than Anavio.
We DO NOT want the bonds and warrants to be re-set to .15p !!! That will kill any shareholder value.
Yep, I am expecting a rise to around .15p Monday.
That would be the ceiling, unless the shareholder dialogue offers an alternative funding idea.
I would love to see Anavio removed completely from any other funding requirements. They have destroyed the sp and therefore our ability to adequately fund the business. Parasitic money men.
Not going to go over 0.15p is it.
Nice to have it confirmed in the RNS that the placing WILL be .15p.
However I still don't like it. .15p reset for the bonds AND the warrants is terrible for shareholders. We know they will convert and sell . It's not in the best interest of shareholders.
What would be in the best interests of shareholders is a shareholder placement at.15p or even higher if it meant Anavio don't get to reset the bonds and warrants.
I would be happy to subscribe to a placement .2p, .3p, .5p....whatever it took
It's easy in retrospect, but if we had not bought CUDA we would not have the bonds.
CUDA assets would have been bought by someone else and we would have had a new business partner. (probably with resources to help get the oil out of the ground )
Well one thing is certain . This last year has been a disaster.
Seems like everyone was banking on a JV with a major. Once that didn't happen everything collapsed.
And when you got the bondholders destroying all value in their path we find ourselves where we are.
I still think I believe in the asset sham, but it needs a new management, more expertise, and a lot of cash to get the oil out.
What ever happened to the proposed drilling of two horizontal wells in the Fed deep that would be pumping 2000bopd !!!
We know the bonds have been a disaster for COPL and it's shareholders.
They now leave us in a very difficult position.
Were the BOD negligent or was there truly no alternative....?
With the sp where it is now we are all (SL, bondholders and shareholders in deep trouble)