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Shareholders will be wiped out - DBay own 49% and control the company via the PIK loan - private shareholders will get wiped out imho over the next 12 months via dilution and debt. The big boys sold off book while suspended at 6p lol - will eat humble pie if it goes to 20p - otherwise see you here next week at 7p

Agree with you Zahid, don’t think they will go under but shareholders will get wiped out. I was a long term holder and sold out at 12p - this will be back at 7p by next week - great for those that bought in this morning but the party is over I think.

Thanks Woodstock - totally agree, I expected the crash over the last 4 weeks and it all kept going like a train - until yesterday. Despite the initial bounce early today all back down. Will be reviewing tomorrow and consider going all cash other than a few long term defensive plays like this one. Let’s see how things develop but a certain degree of caution is definitely called for.

Hi Woodstock, Thanks for that, I thought it was still under debate, but then again I might have missed something. It's poor performance from the BOD in my view to have visibility of a 6-9 month cash pinch point and still not have something raised 8 weeks before D-Day, particularly given the cash they have raised over the last 5 years, which may of course be one of the issues. Agree once the funding is sorted there will be a re-rate and my approach was exactly as you suggested, have put in an initial amount and have two further tranches planned . Let's hope we have clarity and no/not too much dilution in the near future.

Thanks Dev, whats your source for "finance in the bag shortly" ? Will help me decide how much more to invest here.

I hope so, just doubled down on my original investment on this morning's dip - gla

@Iglu - You misquoted me - what I said was "they both have no cash and both need to be refinanced in the next 2 months or they will both go into administration" - You avoided the part where I said "re-financed in the next 2 months" ie by the end of April. As you can see, I like to stick to facts as opposed to speculation lol

I agree that the financing for TRX is completely different to that of SXX - but they both need cash to survive ! The statement of facts is not scaremongering - it is what it is. TRX has cash until best to the end of April, probably less after the production stoppage. They cannot drawdown the MidCap funds without apporval from MidCap - ie that cash is not available as of today, so don't say I have't done my research ! For mcbride to say "They will get finance soon" without any facts to confirm how and when this will happen is just wishful thinking as opposed to logic based upon facts. I am invested here and holding, so I obviously see value, but I also recognise the facts and the risks and believe the potential reward outweighs the risks - but don't ignore the risks or the facts is what I am trying to say.

Of course you can compare them - they both have no cash and both need to be refinanced in the next 2 months or they will both go into administration - those are facts, not my opinion lol - Your opinion as opposed to fact is that finance won't be hard to arrange - hopefully you are right as I am invested here as well - but facts are facts

I understand your point about SXX - the key similarity is both have no cash and need to be re-financed or will go into administration - SXX received a low bid which preserved some shareholder value - let's see what happens with TRX - the value here is more proven but the company has managed it's cash poorly over the last 3 years and has sleepwalked into the difficult position it now finds itself. If it can overcome this without wiping out the shareholders then there is clearly massive value here.

Not a massive fan of TLW but could not resist buying £8k at 36.7p

Can’t see any share buys from the CEO since he joined in 2017 lol - imagine spouting all those positive words and diluting shareholders this morning when he hasn’t put his own cash into the business - class act not lol

Had a look here following the RNS this morning - debt up from £1m to £8m at half year, losses running still at £4-£5m a year and just asked shareholders for £15m - classic Zombie company trying to stay alive when it should be dead.

Thanks to both Mark and Iglu - I think anything above £300m is wishful thinking but guess we would all settle for 25 times the current value lol - In the next 1-2 years I think £60-£80m is viable assuming no massive dilution which at 5 x times current valuation would be very helpful. GLA and let's keep grounded, including the BOD hopefully !

Hi Bertie, yes indeed thick finger typing, thank you for correcting !

@Iglu - I get concerned about my investment here when I read your post and you say that TRX is tipped to be worth £1.5 Billion in years to come ! Who has tipped them to be worth £1.5 Billion and what is the calculation that was used to arrive at that figure. Given you are new and have only posted on TRX my suspicions are aroused when you mention a market cap 125,000 greater than that of today in years to come...would welcome your insight and logic !

So have been in and out and sold at 50p as thought it might retrace to low 40's but surprised by the placing. Bought back in with £10k at 42.7p this morning and will buy another £20k if it drops below 40p. Overall I think they did the right thing even though there is some dilution and the fact that management buy regularly through their scheme give me confidence. GLA and here is looking at 60p by Easter !

So having traded in and out and having been out I bought back in today - just under 500k shares at 0.995 - it's a speculative position I think until the funding is clarified but let's see what happens, gla lth

@MrG123 - I bought in after results and just doubled down today. No debt, good 5% plus dividend and low P/E and I reckon will increase by 40% over the next 12-18 months. Typical boring and unfashionable share but the no debt is the key and am sure it will slowly re-rate.

Great post and link danawinner, much appreciated and learned a lot from it. Thought this might be of interest too, some of it I would take with a pinch of salt and coronavirus not factored in, but interesting read - gla

https://seekingalpha.com/article/4320190-abrupt-reversal-of-shale-oils-fortunes-points-to-radical-reset-of-oil-prices