Member Info for trader250

This is the crux - no one was willing to take up the (very high) yield bond offering as the project is too risky even for high-yield junk bond holders. There is of course no cash flow. If SXX defaulted, there would be nothing (juts a huge hole/tunnel in the ground) for the bondholders who would then have to pump in billions in funding to get the mine operational to achieve cash flow.

It will probably mean a D4E and significant dilution for the retail investor. It's always hard to have high hopes in this type of project and see the original (daresay brave) investors speculative capital getting little or nothing for their initial stake. I have been here may times before in my long investment career and have seen the likes of EMED, BLVN etc etc. It's painful for sure. Sometimes it is better to take a (large) loss and be patient. Do not chase the next share trying to recover what you have lost. Another opportunity will arise which could be a 2/3 bagger within months. ATB

Me too - been on my watchlist for years too. So sorry for those who have had their investment trashed today.

Agreed. Will take a look @ 10p but it is overpriced for now given the paltry revenue stream.

I would expect CDSs to have been bought here as an insurance hedge in this type of situation. Financial engineering best used by Dr Burry etc in sub-prime. Yes indeed, popcorn at the ready. Quite a show here and a sorry end but the name will live on.

Thanks for that and much appreciated.

I am still on the sidelines here. It all sounds a bit too good to be true and the two concerns I have is the low barrier to entry and the likes of Apple Arcade appearing on the scene. Surely the big boys, Apple Arcade etc will develop their own in-game advertising platform in-house to monetize advertising revenue from gaming?

Lack of interest in the share from members of the extended Quiz family (who can buy) is a concern. This will seep down to 10-11.

Any guesses for price next Friday?

In case it is not now blindingly obvious, the smart money left TCG awhile ago leaving the fools (easily parted with their money) as bagholders. TCG is now officially toast. Sorry to all those deep in the red here.

Awful results. Selling will be remorseless and I see 25-30p on the horizon (at best). Still on watchlist and waiting for meaningful revenues.

RNS reiterates what we already know - not looking good:-

"However, the recapitalisation is expected to result in existing shareholders' interests in the recapitalised and reorganised Group Airline being significantly diluted"

"The current intention of the Board is to maintain the Company's listing. However, the implementation of the proposed recapitalisation may, in certain circumstances, result in the cancellation of the Company's listing"

I think the prospects are good, I have been trading O&G for 29 years now so I have seen many ups (Dana, Cairn) and downs. Needless to say, but the very nature of these companies means high risk especially in the stormy North Sea. Notwithstanding, future development could be funded by pre-selling the oil or lending on reserves. I think the upside is good but there is much work to be done. I see good upside before the drills in due course (assuming POO does not tank) and CAPEX inc costs do not exceed $40. We have the highest the average cost of producing one barrel of oil in the world due to aging infrastructure (pipelines, production hubs, terminals) which require constant maintenance and upgrades. On my Watchlist for now.

"First oil, subject to funding, is targeted for 2024". Don't get carried away. There's a lot to do in terms of FDP, funding etc

Good post. I spoke to QUIZ and as you say, online is the main agenda. Brexit etc worries still pervading. Just let them get on with it!

Likewise and still on the watchlist. It's a traders' share for now and I will at least until Brexit fiasco is over. QUIZ also on my watchlist - know a few of the key staff there but they appear not to be buying even at these prices.

Ditto - 5p earlier than I thought.

Will do - sorry. I just do not want folk to lose what they cannot afford to lose.

NK does not really have any time to do his DD and vice-versa the banks on Anex. He needs 2.5B now to cut any ice and upstage Fosun. I doubt he has that kind of money. Just remember what chief executive Peter Fankhauser said:-

“This is not the outcome (the Fosun deal) any of us wanted for our shareholders,” he said, but added: “This is a pragmatic and responsible solution which provides the means to secure the future of the Thomas Cook business for our customers, suppliers and employees.”

In short, TCG SH stand to lose practically everything.

The BOD keep reiterating that the shares are worthless - the smart money left long ago. Very volatile here. Down further to 5p at least by EOW.