Member Info for TrekMadone

Hi SashaCh,

Yes you can see examples in the HE1 & HEX prospectus about lock-in rules. They are there specifically to prevent ‘cliff edge selling’ after listing.

Now whilst we don’t have the prospectus yet for the RTO I can assure you that when published it will have lock-in clauses and orderly market sales rules using the broker…

I have used AI below to explain the rules…saves me going through the AIM rule book, but I know from previous experience this is correct that’s how I prompted AI.

Applicable AIM Rules:

* AIM Rule 7 (Lock-ins for New Businesses): This rule mandates that where an applicant’s main activity is a business that has not been independent and earning revenue for at least two years, all related parties (including directors) and applicable employees must agree not to dispose of any interest in their securities for one year from the date of admission.

* Since M3 Helium is being acquired via a Reverse Takeover (RTO), it is treated as a new applicant under AIM Rule 14.

* The 57.6m shares issued to the M3 vendors fall under this mandate if M3 is considered a "new business" under Rule 7's definition.

* AIM Rule 14 (Reverse Takeovers): Specifies that a reverse takeover results in the cancellation of the existing admission and requires a new application for the enlarged entity. This reset triggers the application of Rule 7 to the new major shareholders and directors.

* Orderly Market Provisions: While not a single numbered rule like Rule 7, these are enforced through a Lock-in and Orderly Market Deed.

* This is a standard legal agreement between the company, its Nominated Adviser (Nomad), the broker, and the "locked-in" shareholders.

* It specifies that following the initial 12-month hard lock-in, any subsequent sales must be managed by the company’s broker to ensure they do not disrupt the market (maintaining an orderly market). 

Usual caveats

Trek

Hi Kernowboy1,

Yes I have probably understated the sp potential from an operational perspective. But my point, badly made, was looking at the conversion prices of the warrants in a ‘linear world’ and its impact on the mcap and share price.

So it’s more about how many shares we will have at a particular price point dependent on the acceleration clauses being struck assuming the achievement of operational and regulatory milestones.

The operational milestones, as you point out, could be easily exceeded and the regulatory listening could also soak up £960k of shares in a blink!

I am also illustrating the difference between dilution by warrants, which adds cash at a higher sp and is more accretive to holders now, compared to dilution by an accelerated book build.

An accelerated book build normally comes with a significantly high share price discount (25-40%) and hits the bottom line of long term holders both share price wise and number of shares whilst the acceleration clauses will take place at a higher share price to now in a thinner market.

If you look at the operational objectives, it is pretty clear to me that all the warrants will be clear before the lock in period ends.

So holders now will have share price ‘air cover’. For sure there may be the odd pull back but looking one year out this is a truly exceptional investment opportunity!

Usual caveats

Trek

Just to point out from the post below, stating the obvious really.

Even though the warrants are dilutive it’s not the same as having a 30% discounted share price placing as is common. The warrants are at higher prices.

So your 1 share valued at 6.5p now it will be 15p assuming the 6p warrants are converted by the acceleration clause.

Operational progress will also be accretive to the mcap.

This is how the warrant process is intended to fund expansion with revenues from the wells.

It’s just that we often see the cap in hand approach from CEO’s because it’s not always backed up by cash generating assets and that means significant discounted placings and confetti shares to compensate for risk.

MHD’s fully diluted share count would be 235m with a £44m mcap at 15p.

By then with Ros 2 and Rost 3 flowing and the PSA facility operational at 1,000 Mcf/day, a £44m valuation implies a market that is just beginning to price in an "8 well" steady-state production rather than just the speculative potential we have now.

Then with the overhang clear, more JV’s more wells…. Does a £100m mcap look impossible?

Do the math!

Usual caveats

Trek

Rost 2 is a significant event not just because it will further derisk the field and harmonise partner collaborations; it is also has a tactical impact on the SP.

Atm the spreads are high because we are thinly traded on Aquis and there isn’t a pool of liquidity.

The 4p warrants will provide that liquidity.

If Rost 2 comes in potentially followed by a Rost 3 JV announcement and around that time we have a hard date for the RTO and moving to AIM then that should push the SP to 10p.

If we achieve the 10p 5 day VWAP that triggers an acceleration clause in the warrants. The company gets £960k and the warrants will provide some liquidity for trading on AIM.

The 57m shares following the RTO that go to Paul Medellin and the M3 vendors will be subject to a 12month lock in and thereafter orderly sales terms via the house broker. So not fluid.

At this stage the mcap, assuming 10p and the 57.6m extra shares with the 4p warrants cleared will still only be £23.5m! That’s for 7 wells plus another announced and the JV’s.

Nick is looking for 100-200wells!

The next tactical pivot is the 6p warrants with the 15p acceleration clause. Assuming this is triggered we generate another £1.16m. There are other batches which will likely clear by then.

100% clearance in a linear world adds up to £3.5m cash. That’s warrant funded expansion ahead of the M3 realisation.

Assuming now 100% clearance at 15p acceleration clause. That is a 44m mcap with NO stock overhang and goodness knows how many wells by then!

That is significantly cheap on a peer basis. If we focus on the low hanging fruit ‘easy wells’, we could be £100m mcap within 2 years with the converted warrants providing a trading pool and cash + helium revenues feeding expansion. But imo takeover before then!

Usual caveats

Trek

Smartest AI’s of 26

https://www.visualcapitalist.com/ranked-the-smartest-ai-models-in-2026/

marktsic,

SXX …. Ouch! I bailed in time but with a loss!

But then some if my best ever performers are has beens now VRS, DDD, then the covid bubble stocks when every one was a winner. Bags galore! gosh I can’t even remember half the stocks now - only AVCT still going and I sold them way over 200p!

Trek

HANDLE…………………………………HOLDINGS

Trek…………………….…..………………..1,050,000

RKB…………………………..……………1,000,000

Barnsley...................................................2,000,000

Supra3,....,......................................................1,205,224

Turnthecorner……………….........…………971,600

Bluesky72……………………....…………..1,202,508

T. Twiptop....................................................330,000

bannsider.....................................................1,565,000

Bomber11......................................................911,832

Canaries .......................................................700,000

Torino………………………………………..1,760,000

Mickey & Mrs …………………………………..1,000,000

Finton .........................................................1,190,000

Kernowboy1…………………………………622,328

101012+partner+kids……………………….880,756

Sasha…………………………………………6,500,000

Sasha’s friend………………………………..6,250,000

The Foocare …………………………………165,000

HGGGCG……………………………………1,610,000

Winthrop........................................................521,000

Sidster79…......…............................................200,000

Holidaze........................................................400,000

Clickandcollect……………...............………40,000

Sheephatch …………………................……500,000

Botham………………................……………900,000

BodRuncie.....................................................749,000

MidasTouch888............................................150,000

Thorpin………………….............…………..450,000

Marko71…………………..............………….84,000

Reserved.......................................................571,729

saintpeter7...................................................588,079

Lincoln..............................................................70,000

REDDINGTONR.................................................358,999

DJM-----------------------------------------------------150.000

Ian Laurence…………………………………58,000

Nom,

Remember HARL — I was one that said here stay well away.

Good luck with that ship building lottery!

Trek

Taken a big slice off the table today sold LGEN, sliced some DUKE ,VIP and bond holdings tfif, Reci, Bips,

added some ukw, QHE and set a buy for atom.

Did a few others but figure that another bump is coming so will buy back cheaper or look elsewhere

Atm I rate helium as one of the best plays out there. I had to sell lots earlier to add to MDH.

Fertilisers (atom) could do well.

My SEPL free carry shares are now +300% up so hanging on to them!

Energy and even renewables could be in for a lift at some point. They are silly cheap, even with overstated nav’s.

If the war ends the weekend I think the summer will be poor for markets… it usually is anyway!

Energyusually holds up albeit a recession will see all sectors decline — but again other than heluim due to supply/demand which imo is a unique opportunity.

Ps anyone tip any fertiliser companies — I am aware of corn a soft commodity play.

Usual caveats

Trek

Well I decided to sell now. If 250 goes I see it dropping and then even more over the summer back to 235 or even lower 225.

Plenty of time to get back in for the next divi. I should have sold on the xd day but hey.

Insurers tend to have a week early summer period.

I sold MNG and SDLF earlier for 50% ish profit and decided to hold LGEN as were laggards.

But I do see an uncomfortable period ahead during which I may reinvest. But atm there are more beneficial plays to add to before switching back to here.

GL

Trek

ATOM — been on my watchlist a while. Have been waiting for this placing.

Big one at 60p — makes it a buy now imo but no hurry as loads of stock to clear.

Should be able to get in below 60p as the money would likely have already been made by insiders forward selling and hedging.

Trek

When will UK plc take data security serious — this is horrendous. Travellers told to pay cost for replacement passports and all the associated worry!

https://www.theguardian.com/technology/2026/apr/23/some-interrail-travellers-told-to-cancel-passports-as-hacked-data-posted-online?CMP=Share_iOSApp_Other

Then there’s the bio bank data sales on BBC today!

I may have posted before that I didn’t renew my general accident car insurance coz their new T&C’s excluded them from any liability for cyber hacks - so if they left their front door open to criminals it’s the consumers tough luck!

I have a flight planned and looking through cancellation T&C’s and there it is with air Canada- no liability for cyber hacks! wtf!

Trek

£10

Trek

Agree — I am watching and waiting for another trade here. Would be the 4th time for me. Also xd is in June so around now would be good timing.

Just gotta time another trade as just about everything else is in MDH atm!

Trek

Well done Torino ! - It’s defo worth pulling this out again for your 1% + for the few others have added and any new investors. Even 1000 shares in sticky PI hands deserves respect!

Cut and paste and update as you wish….

HANDLE…………………………………HOLDINGS

Trek…………………….…..………………..1,050,000

RKB…………………………..……………1,000,000

Barnsley...................................................1,771,185

Supra3,....,......................................................1205224

Turnthecorner……………….........…………941600

Bluesky72……………………....…………..1004728

T. Twiptop....................................................330,000

bannsider.....................................................1,565,000

Bomber11......................................................911,832

Canaries .......................................................700,000

Torino………………………………………..1,416,000

Mickey & Mrs …………………………………..1,000,000

Finton .........................................................1,190,000

Kernowboy1…………………………………600,000

101012+partner+kids……………………….880 756

Sasha…………………………………………6,500,000

Sasha’s friend………………………………..6,250,000

The Foocare …………………………………165,000

HGGGCG……………………………………921,000

Winthrop........................................................220,000

Sidster79…......…............................................200,000

Holidaze..........................................400,000

Clickandcollect……………………40,000

Sheephatch ………………………431,000

Botham……………………………900,000

BodRuncie.....................................580,000

MidasTouch888...............................150,000

Thorpin……………………………..450,000

Marko71…………………………….84,000

GRX is NT for 6000 shares atm. Can sell whatever though.

The chatter is (chatter can just be hope!) that the Poles want the litigation finalised sooner rather than later as they are racking up loads of interest and will I cure more fees!

The govt just paid A$1.63 in interest to GRX against the £252m compensation that has been awarded by the courts to GRX against the Polish govt.

GRX intend to return the majority of the cash (if awarded) to investors.

TFIF - I played it well (ish) sold half my 109p holding at the bell for +110p. It was 111 yesterday but xd today. The divi is 4.81p.

So I got 4.81p on the divi + 1p on the trade and if I get back at 105 that’ll give me another 54 making 9.l81p on the trade assuming the same number of shares.

Sometimes you can get lucky with those as the MM is still snoozing! Wish I’d sold the lot now!

Trek

With big holdings a drop can be a little unsettling but things just don’t keep going up.

Just keep looking at that mcap and comparing it to what we have operationally and look at peer valuations.

Viewing MDH through those optics screams buy even way past 20p!

Chilled even with my 7.4p buys

Trek

About to move up.

Can sell lots only 6000 left at 50p then NT.

Trek

I placed a 10k share sell for today at 108.5… went through at a tad over 110!

Wish I’d placed the lot to buy back cheaper.

Trek

The DAILy MAIL!! On HELIUM!!

https://www.thisismoney.co.uk/money/investing/article-15748523/SMALL-CAP-IDEA-five-firms-benefit-scramble-secure-alternatives-helium.html

Trek

Charles Archer on Rift Helium …..

https://open.substack.com/pub/thatstocksguy/p/rift-helium?utm_campaign=post&utm_medium=email

A long read. But anyone wanting to invest imo needs to read the prospectus as well. Understand the price trigger points and the finance structure.

Get your head around it and it may save you some money, this could also come very good with the PLSR team

— I made a fortune on HE1 getting in from the off and selling in the 20’s! Then again from the bottom getting a two bag bounce + a couple other nibbles. I think I lost on only one trade of many!

I am not chancing my arm again though as I have gone all in on MDH given the ludicrously cheap mcap and that it has 6 producing wells with another hopefully soon at +5% He, own PSA, 2 x tube trailers, 4/5 wells pipped direct to processing plant, JV’s and offtakers!

GL here guys

Usual caveats

Trek