Member Info for Strongman

Correct, once conversion done, Sandabel will return the borrow that it dumped last week to lender. So no more shares to dump, its already been done.

I expect the share short register to first show the bigger short, may tomorrow as deadline is 3.30pm today for last Friday. Then I expect to see short register updated to show no zero short, lets say 30th November (day after conversion).

I have been in contact with DS today, I can tell you he sent me this:

''While I am very angry about the situation and it makes it highly unlikely we would take more funding from Sandabel (even under the new terms prohibiting shorting that were agreed yesterday),''

So that greed from Mr Sandhu of Sandabel Capital has just cost him future business with AAOG. Some of these sharks will never learn I am afraid, no need to take it all, take a good piece of the action, but not all.

On Mr Sefton, he is the innocent party here, although the major error in not putting a ''no shorting'' clause in the agreement is his alone. He went with the snake oil salesman pitch from Sandabel of ''do not worry, we will not sell and will be supportive'' as a gentlemen agreement. He has found to his and our detriment, that you cannot trust these people.

Lets us see if Sandabel comply with the FCA register for the 5m extra short dump on Friday, which increases their position substantially. Here are the rules:

You should notify us of your positions by 3.30pm on the trading day after the day the position was reached. All calculations should be made as at midnight on the trading day the position was reached.

A public share notification must be made when the net short positions of shares reach 0.5% of the issued share capital of the company concerned, and again at each 0.1% increment after that.

This relates to both increases and decreases of the position (including each time the position drops from 0.5% or above to below 0.5%).

I imagine it is the short increased Friday by 5m, but as yet undeclared on the FCA register, which they should do by they end of the day today. That means all the conversion has been dropped into the market last week. When they get their shares on the 29th, they are simply returning the borrow to close the short.

Looks like Mr Sandhu has been a naughty boy, I wonder if he fessed to DS that they increased the short on Friday, my guess he did not.

Looking much better, should be a good day now most of the shake is done.

6.825 v 7.14 tells a story here, its in the perfect buy back zone for them at the moment. Engineered, yes imo, expect a buy order is working hence PEEL at 7.00 and actual ask at 7.14.

A few fun and games this morning before the clear road ahead.

Taken a long position at 7.10, thank you.

Always possible, but I am not sure they will be focused on that £250k yet. After promising the company to close the short, they need to get a buy back as close to the dump of 7.10 to remain good on it. The conversion has worked for them for £750k shares, so Sandhu will be happy with that. He is also aware everyone is checking the short register to see confirmation of short closed, so no hiding from it this time.

Trying to control it to 7.10 which was their dump price, watch the amount of buying in that area soon. Give this a hour or so, it will turn up hard.

Only allowing £750k @ 6.30 is punishment, as the remaining £250k will have to be done at this weeks low bid, which will of course be higher.

The pledge of no more shorting also goes a long way in this busy period for the share price.

Out of 11m shares Sandabel get on the 29th, 5.8m odd are allocated to go back to short lender already.

The Company is also reviewing alternative sources of capital financing available to it in order to ensure that the capital required by the Company is secured on the best terms and takes fully into account the interest of shareholders.



I think that means, no more CLN after this first draw down paid. Looks like Sandabel are out in the cold once paid.

I wonder how many leveraged smaller shorts there are on the stock, piggy backing the CLN short. Time is up for them all now, drilling is re-started, first zone hits end of next week. Exciting times for shareholders who have suffered here the last two weeks, more so last week via Sandabel shorting into low volumes.

I expect volumes to pick up, sentiment to go positive, the market is looking for a winner for Christmas, could it be us.

I guess we may see a podcast today or tomorrow, but I am looking forward to see the conclusion of the shorting scandal this week via RNS.

Looks like MATD hit a dry hole, guess we may get a bunch of those guys in here this week to recoup losses.

Perfect start to a week, resumption of drilling and compensation being paid direct on day to day costs of drilling this well going forward:

The mechanism for this compensation is through a significantly reduced day rate for the rig going forward.

This is a good start, Sandabel will find it tough going into open market now.

TheMadStork

We all know how a death spiral works, and I do not think anyone here is under the illusion that a CLN will forward sell normally to get first conversion via naked short. But question for you, when was the last CLN you seen on AIM, do a public short at anytime pre draw down / pre conversion. The answer is never, and I have been on the markets just as long as you probably.

CLN providers do their dirty work behind closed doors and behind a cover. Sandabel have messed up here by doing it publicly, direct in the shareholders face and a complete opposite of what they were telling Sefton only two days ago (we are not selling and are supportive at this low price).

I now know DS has blown a gasket here, and it is now being looked over by lawyers today. There is a break in the agreement and process in regards shorting the share by the CLN.

We will see a RNS on the matter soon, that is how serious the breach was.

TheMadStork

W

If that is true, then we will see a short squeeze from the off tomorrow. 5.8m odd shares to buy back from the open market. I will be watching the disclosures register to see the short being removed -

https://shorttracker.co.uk/manager/sandabel-capital-lp/

I hope DS told Sandabel not to look at any of the last three days for conversion bid print (especially Friday), otherwise they have succeeded in getting extra shares courtesy of the short.

Rig operational RNS coupled with short closure buy back on open market of 5m odd shares, well that is the perfect way to start a week IMO. Well done gentleman, sometimes the small pi's do win a few here and there.

Have a good evening, and lets see the charge up next week.

Luckykids, good post and more or less what has happened here. The company do have a choice though, they can return the £1m and cancel the facility. They can say to Sandabel you have to convert at the bid price before they placed a short on the stock i.e 19th November, which was 7.16 I believe, and then cancel the remaining facility. Or the company can play tough, and say convert at 10.139 and goodbye to the rest of the facility.

I do believe David with cancel the rest of the facility with them either way. Once trust is broken and manipulation found out, it is no good dealing with them again.

Out of all the scenarios above, the share price is due to rise.

Loz786

In my mind, David is as surprised as anyone else. The question now is what will he do about it. Shareholder protection and interest must be at the top of his priority here. Lets face it, £1m is insignificant when you have a market cap of £10m+, but the way Sandabel have worked the share price to gain an unfair and manipulated advantage of Fridays 6.315 low bid print is now questionable. We all know they do this type of thing, but in this case it is staring us in the face via the short register.

On 20th short showed 0% from 2.93% and we saw a trade of 4.7 million would this not be the short closing?

No this is the fist short being dumped on the market through the day. They have a position for the fist short at 7.10. The increase after is much lower share price I guess.

Washers

Wherever a fund goes short on a stock, normally by way of borrow, but can be leveraged as well. As per the regulatory rules, it has to declare any short position over 0.5% at the end of the trading day. Sandabel took a initial short out of 2.93% and declared it on the 20th November. In my mind they would have taken it out the day before (19th). Now regulations say any increase or decrease of the reported short must be reported immediately. So when Sandabel increased the short from 2.93% to 3.6% on the 21st November, they reported the increase. So they have not reported any closing of the short but actually increasing it.

Now it is reported, they must declare any decrease until it goes under the report-able 0.5%. So keep a check on the short tracker for updates on position. Like I say, any movement up or down must be reported.