Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
Stas 20 -I vote for reason 2.
As President of COPLA on a high salary he was tasked with getting the JV over the line and to increase production at BFSU.
He failed miserably at both and yet he is probably still drawing his salary at COPLA to this day.
Do we know as fact who the potential JVP was and why they walked?
We are in the position we are in because of the untruths, incompetence and financial mismanagement of Arthur Millholland.
We need to know the actual facts of the decision as the devil is always in the detail. The Chad Ministry may also have put their own spin on the decision.
IMHO this is all legal sparring whilst awaiting the main event.
That main event is the calculation of the compensation that is due to either Save or ExxonMobil following the Nationalisation of the oil fields.
IMO shorting should be banned.
It makes no sense to allow others to borrow someone else's property and then allow them to sell something that they do not own only to buy it back at a later date.
It is just a mechanism to manipulate the market. It is not altruism on the part of shorters.
Any perceived benefit is outweighed by the negatives imo.
Just to clarify the Bondholder debt is the face value of the Bonds and does not include the 'make whole' interest of circa $25m.
If they cannot convert the Bonds then they cannot claim the Conversion Payment (make whole interest).
That accounts for part of the difference between the debt figures now and previous.
Paul - the difference between PFC and GKP is that GKP were in default of the Bonds and Notes. GKP were also struggling to get paid from the Government.
Why would the BH/RCF force a D4E rescue and take a haircut unnecessarily when they could extend the term from 2026 to 2027/28 for the Bonds and 2025/26 for the RCF. That way they still receive 9.75% interest and do not lose on the capital?
A deal could be done with all parties and the RCF could be extended to cover the short term cashflow whilst legacy and advanced payments are recovered and asset sales arranged.
I get it that PFC have instigated the material strengthening of the balance sheet but to me that needs to be done over time and at the right time not when the market cap is £129m. If D4E is done now then it is a betrayal of shareholders at this time by the CEO.
Paul, why would the BH/RCF force a D4E rescue and take a haircut unnecessarily when they could extend the term from 26 to 27/28 for the Bonds and 25/26 for the RCF. That way they still recover 9.75% interest in a falling market and do not lose on the capital?
A deal could be done with all parties and the RCF extended to cover short term cashflow whilst legacy and advanced payments are recovered.
I get it that PFC have instigated the material strengthening of the balance sheet but to me that needs to be done over time and at the right time not when the market cap is £129m. If D4E is done now then it is a betrayal of shareholders at this time by the CEO.
'It’s like your mortgage provider losing 60% on your loan but you not being wiped out! ''
Paul - Surely the mortgage company would extend the time period, recover interest and not lose anything. Subject to the mortgagee being employed ($8m backlog).
Obviously that would not in itself resolve the short term cashflow issue for PFC but it may give the banks the confidence to extend the RCF in both time and money.
The restructure could then be done within the next 12 months whilst legacy payments and advance payments are received and PFC are more financially resilient.
I like this bit of the announcement 'The board of directors of the Company will be considering a process to identify qualified candidates to fill the position of Chief Financial Officer' i.e. Gaffney was not qualified for the position.
The Bondholders still have over $21m of bonds to convert + over $24m of interest payments + 1.6B warrants.
If Anavio or others exceeded 30% of the issued shares then they would have to make an offer at the highest that they had paid in the preceding 12 months - not the highest SP in the preceding 12 months.
Leew/Wybased - IMO the 2 confidential wells have not been drilled. If they had been drilled then it would have to be declared by RNS to the market as a material event. An NDA does not trump stock market rules in any instance. COPL cannot stop disclosure of the revenue, if any, in its accounts as a matter of international accounting rules. The drilling of the wells was a Chinese rumour that has materialised into fact by a poster that appears to suffer from confirmation bias in all they read.
For the record the confidential wells are in BFFDU and not Cole Creek.
Can we now also expect a TR1 from the single entity outside of Canada who purchased the other 25% from Anavio following the last fund raising.
It would be interesting to see how/if that entity is related in any way to Anavio.
Medjed/Wy - a warrant gives Anavio the option to purchase a share at any time at 0.15p/share. To exercise the warrants Anavio would have to make payment to COPL at 0.15p/share, COPL would then issue the share to Anavio. At the moment Anavio have 1.5B warrants which would entitle Anavio to purchase up to 1.5B shares at 0.15p irrespective of the SP at the time.
Hope this clarifies.
Whilst I applaud what the SHG led by RBMinvest are doing in trying to stop the Anavio shenanigans we must not forget that we are in this position due to Arthur Millholland and Ryan Gaffney. It is due to their untruths, financial mismanagement and total incompetence that we are now at the mercy of the SL and Anavio.
FFS they only had to increase production at BFSU and they abysmally failed after how long and after how much?
Yes so many unanswered questions for Shareholders which no doubt the SL and Bondholders have the answers to.
1. Who was the potential JVP
2. Who terminated the discussions and why
3. What commercial terms were discussed/proposed if any
4. Was $1m of NGL injectant purchased in Oct/Nov as noted in the RNS
5. Was NGL injectant increased in Oct, Nov and Dec, if not why not.
6. Why was a Rights Issue or other form of Funding not done at 4p, or a higher figure, instead of a placing with Anavio which was eventually done at 2.6p
If we knew the answers to the above we could make an informed decision on whether to buy, hold or sell.
Arthur Millholland and Ryan Gaffney deserve all the public lambasting that can be targeted at them.
They are the Architects of the current situation due to their untruths, financial mismanagement and total incompetence.