Member Info for theAccountant

enjoy the weekend now folks. Nothing we can do now.

All the best.

Hadron Capital LLP reduce holding from 10.87% to 4.53%

https://www.**********.co.uk/rns/announcement/b68f0df2-25d3-4ff4-a8c0-c53dd96a01db

Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces its intention to conduct an accelerated bookbuild (the "Bookbuild") to raise net proceeds of approximately £13 million by way of a placing (the "Placing") of, and subscription for, new common shares of nil par value in the Company ("Common Shares").



The Bookbuild will open with immediate effect following release of this announcement. The Placing is subject to the terms and conditions set out in the appendix (the "Appendix") to this announcement (which forms part of this announcement). A further announcement confirming the number of new Common Shares issued as part of the Placing and the price being paid per new Common Share (the "Issue Price") will be made following closing of the Bookbuild.

Thanks CawCaw. I confirmed that with Cathy but I was told it was the closing price at the time of the deal and not the preceding five days.

In the bigger picture, each minute is bringing us closer to the deal date.

All the best.

Folks, I looked at the RNS and I still don't know where the ‘5 day average’ calculation has come from. Hence, earlier in the week one dropped a note to Cathy to confirm this. I have been informed that the $4m will be based on the CLOSING price at the time of the deal.

I hope that is helpful.

Folks, I have been reading on this board that the $4m Atomic shares on deal closure will be based on the 5 day average share price. Where has this come from?

My top up buy has just appeared as a sell.

Exciting times ahead.

@busymumof3 - glad you took the time out of your 'busy' schedule to join us on this COPL journey ;-)

3 times more shares bought than sells - follow the money!

Have a good day all.

hi @dougb189 - how will the mc rise if the sp remains the same and the number of shares increase?

Looking positive, step by step.

@MrsBirt - who knows, maybe we'll find out tomorrow who the lender is.

Of course - it's like a money lender (i.e. a bank) performing their due diligence to ensure that you can repay back the mortgage payments. They can bring anyone to perform the due diligence to receive comfort that they are in a healthy financial position.

https://www.cnfexchange.com/business-loan-due-diligence

That is a fairly standard practice in the M&A accounting world as the lender needs assurances that the 'target' can generate enough revenue to repay back the initial loan and interest payments. I think audit is not the appropriate word in this takeover as we all consider audits to be part of the year end reviews. I think in this instance, Art should have used 'review' or 'due diligence'.

In any case, we have the guaranteed 15% of Atomic so we are revenue generating with increasing oil prices.

PS - I work for a large global firm so know about these disclaimers in reporting packs etc. It is to remove liability and in this instance, it is standard wording used in a marketing material so I wouldn't focus on it too much.

Fingers crossed for a RNS in the morning.

@CawCaw - absolutely valid points, it's sensible to have both sides of the case.

I agree with Bladderman too, with HSBC taking a big stake, the confidence in COPL has grown. If only I didn't have fat fingers. Hope we're back up to .36 soon and then beyond.

Good luck COPLers

Just out of interest, does anyone whether the presentation was on the website in the morning? Or was it only uploaded in the afternoon?

@andy952 - good spot! I blame the excitement.

I tried to get a sell quote earlier and accidentally sold at .3368. I then tried to identify a re-entry point but noticed it was going higher so purchased back at .36ish.

I then read the presentation and bought more than my original holding. This was due to the presentation coming out with the following key words:
- COPL has 'secured' a $65 million Credit Facility
- COPL 'will' close the acquisition on March 15, 2021.
- COPL 'will emerge from this as a producing oil and gas company'
- Assumed market capitalization post completion: $109 million (£75 million)

@shaa - can you post the link to the HSBC site stating the investment?

Cheers