Member Info for Tex2374

There goes the rest of the 4.7m share sell.

Hopefully see some positive movement today.

Pretty weak outcome of the strategic review. Nothing really strategic, but a new Chairman should please the market.

It would make sense otherwise we would have seen a more prominent move down. We were down about 8% versus Friday price before the 4.7m sale

Also, explains why we had 2 x 500k buys and nothing really moved north.

I assume we are now almost through the 4.7m so buys tomorrow will continue the northward trend we have seen for the last few weeks. Volume is crazily low though.

..... must be time for some more news soon. :-)

Interesting, that’s about 2.8% of the company in two trades.....

Swiss, how do you compare JAN and EUA? I think their market cap is about £115m now, up from about £10m before the finance news.

Massive rerate. I wonder what the trigger will be for Jan?

Worth keeping an eye on ValOre today as well.

Strange day of trades and share price movement. I need to look at the trades in more detail, especially the 2 x 500k ones.

This level of shift is really minima bearing in mind the spread and liquidity of the share. I’m actually surprised there wasn’t a bigger swing as 2m+ traded is actually a pretty busy day for JAN.

Yeah I just did the last 2 buys of 150k and 50k.

Now I am definitely not investing more (said that last time).

Declines are too big for my liking. Even if they are being driven by shorts, I would be fearful of this happening the few days before the financial results and new market guidance for the next period.

I think their Q1 end was Friday just gone so there may be a view on the half year position and sales.

Cheap as chips still but there could be further down side.

So options still open, let’s see if someone else steps up!

Yellow, does this tell us anything we didn’t already know? I don’t think it does, which makes sense becomes anything new would have to be in an RNS, not a letter to sharesoc.

Same goes for the meeting. Nothing new will transpire which hasn’t already been formally announced.

I think AAL approached Sxx, right?

If it was Sxx approaching AAL then I I can see the conspiracy. If it’s AAL approaching Sxx and trying to buy the company then what’s the issue? The reality is they probably were willing to offer more before the failed bond raise!!! Maybe Sxx should have engaged with them straight away, it could have been 10p+ a share.

As Scotsman says there should have been a major involved much earlier given the size and complexity of the project.

It was a high risk strategy which failed and AAL were clearly waiting for their opportunity, I am sure they are laughing at the price they are getting Sxx for, and were probably expecting to pay more.

The response to sharesoc sums it up. They had a plan, they failed, they see the only current option to get the mine built as selling the company or face going bust. I doubt the meeting next week will give any further details, it’s purely paying lip service to the disgruntled PIs.

Let’s hope that the consortium can up their offer and base it on acceptable terms.

This is a BB of faceless posters many who can speak very eloquently and in an informed way which gives a sense that they clearly understand exactly what will happen. Of course the reality is that most have as much clue as you!

Bizarre so many people on this BB still don’t see that the main reason they lost so much was because they came here in the first place, listened, believed what they read and then contributed by regurgitating.

Reading hundreds of posts day after day and then wondering why they became emotionally attached to the share. Banding together in defence of the company and fighting off any negative views.

These boards can be addictive and more damaging than valuable for many.

LTV. I doubt they will be hanging their heads (whether people agree or not). The mine will be completed, how many jobs have they created and how much regeneration will the project bring to the area? They had a massively ambitious plan and almost pulled it off (the going it alone bit).

Yes horrible for many PIs who were caught out but as Molky stated earlier there are lessons to be learnt.

As for the strategic review, I’m not sure what people were expecting. They have conducted a strategic review, they announced a revised strategy at the end of last year and the clear outcome on the way forward to get to production is that they need to sell the company. not palatable and maybe the consortium will yet come back and manage to provide a material upside by providing funding rather than takeover.

I’m not sure what else people expect from the Strategic Review.

BTW a ‘strategic review’ is usually used by companies in a bit of a pickle as a mechanism to buy time with the market while they work out a way forward.

Currently working at a Company in the middle of one :-)

So the question is, will a major look to get in early pre-drill at a reasonable market cap or wait till post drill when there is some level of reduced risk, but a materially different market cap.

From my perspective, I would see the risk profile as reduced so it would make sense for a major to make a move pre-drill, if they can table a deal which the BoD see as fitting the the strategy of the company.

“But it might not be more preferable for the senior execs, who have all been offered lucrative jobs with AAL, where they wont have to continue to bust their balls raising the remaining in two years time.“

Not sure a job in AAL is what CF was looking for when he started this. Yes he makes a decent payout on 5.5p, but the consortium option would give a multiple of that on paper, plus he would see his plan of ‘going it alone, against all odds’ coming to fruition.

I doubt CF started this with a game plan of a 5.5p buy out and a job in AAL.

Well that’s an interesting point I wasn’t aware of.

The last RNS definitely delivers a clear message of ‘we don’t need you to drill’. Maybe that will force the issue with potential partners.

Using that line of thinking there is another interesting comment in the last RNS:

“ Recognising the extent of the well programme and the consequent time taken to finalise a number of key contracts, the Company and the parties to the conditional convertible loan note subscription agreement have agreed to extend the date for satisfaction or waiver of all conditions precedent to 9 March 2020”

I wonder if there is another reason for this extension? Potentially giving a little more time to finalising a farm in? I assume the CLNs are not required in the farm in scenario.

I could be barking up the wrong tree here so feel free to call me out on It :-)

Tex

I think this week could see further announcement with the MF closing on the 7th feb and the latest RNS stating that ....”

Indications of demand are expected towards the end of the subscription period.”

Clearly the timing of the last positive RNS drilling update was a final push to give a compelling reason for Bahamian IIs to take advantage of the 2p fund price. I assume that the full 100 million will be taken with an additional over subscription level. It will then be interesting to see how BPC deal with this, given their options set out:

....”To the extent that the initial subscription proceeds of the Fund exceed this predefined amount, the Fund may either request to acquire additional new shares directly from the Company (should the Company agree to issue such shares), or the Fund may seek to purchase existing shares openly on AIM, making the required market disclosure in either scenario.”

I can’t seem to see any timing for dealing with any over subscription. If the fund closes on Friday then I assume the BoD would need to give their intention are over subscription this week?

Anyway, whatever the outcome clearly we will have more news in the coming days and more positive sp pressure.

Tex

The bigger picture seems to be very clear (if you believe the BoD can deliver and the govt will give the necessary ticks in boxes).

“ In our view this makes Perseverance one of the premier prospects that could be drilled globally this year with the potential to not only fundamentally alter the status of BPC in the market, but to also transform the revenue generating capacity of the Bahamian economy.”.

When I read positive comments from the well grounded and pragmatic fatal, then it can only be good news.

“ Fraser is after the kudos of overseeing a start up company into an independent leviathan within the mining sector. He always has been and until the last second shall continue to do so.”

I think this sums it up 15Lives. Ambitious plan with high risk associated, at the moment he has failed to execute but maybe he could still pull it off.