Maybe too many cooks spoil the broth. He just moved all his shares into a tax efficient pension fund. Maybe he knows he is about to make a shed load of cash and want to retire or didn't want to play second fiddle to SP and doesn't need the stress.
As someone else mentioned on here, the 'Tight hole' is something they use quite a bit in exploration wells especially in frontier drilling like this where it's such a big deal for the government so I think it will all depend on the relationship they have with the government officials, then whether they will be allowed to do a pre-release. This is just my own personal opinion and the thought that BPC want to keep the Share price above 2.3p. I could be waffling complete S*!t
Chesh - I think this is an agreement between BPC and the Government due to how politically delicate the information is. If not then BPC can announce what they want whenever they want that is in their best interest.
Just as an idea I think there maybe an RNS Thursday morning saying they have had oil shows on route to initial TD and they are now announcing to the market that they will continue to the secondary TD extension with full results given at the end of the drill. In doing this they will really get the SP moving up to potentially 7p region over 3-4 weeks that it would take for the full results to come out and then protecting the Call from LO and also ensuring if it is non commercial but a technical success the drop would hopefully be only down to around the 2.3p mark , this would also ensure they don't have to pay compensation to LO as they offload the overhang shares. Before someone says tight hole - yes that can release this news as long as they stick to the rules they have in the agreement with the Bahamas Government, which I would think is them being notified before any announcement to the public.
Share I think you know this but LO don't have to take the call at all and if they do they may only take the 187.5m. I haven't done the research but another poster mentioned that very recently LO have gone into an agreement with a huge commitment to some tree hugger portfolio so they might not want to commit to the Call for financial or ethical reasons. I guess we will have to wait and see.
I can't believe I'm actually having to do this but here you go. Cars and I were I believe both talking about the funding RNS on the 12th - At the same time, BPC entered into a Funding Option Agreement with the Investor, under which BPC was granted an option to place a further fixed number of up to 187.5 million shares to the Investor, at a price of 2p each, to raise up to a further £3.75 million ($5 million) (the "Put"). If the Put is exercised, the Investor has the option to double the amount the subject of the Put on the same terms and conditions (the "Call"). As advised on 7 January 2021, the parties had agreed that the last date for exercise of the Put by BPC is 13 January 2021. · Today, under the terms of the Funding Option Agreement, BPC has exercised the Put, pursuant to which BPC will receive gross proceeds of £3.75 million (approximately US$5 million) through the issue of 187.5 million new ordinary shares to the Investor, at a price of 2.0p each. The Investor now has until the earlier of (a) the date of BPC's RNS announcement of the result of the Perseverance #1 well results, and (b) 12 February 2021, to exercise the Call, failing which the Call lapses.
RNS on 14th was showing a cross of the 7% threshold (for institution 7% for PI 3%) where LO had sold some of it's INITIAL holding i.e. shares issued prior to the RNS on the 12th
RNS 19th is showing the additional shares issued by BPC taking up the PUT option from LO as per the funding RNS on the 12th remembering (there is a 2 day or at earliest opportunity thereafter window to report crossing of the threshold) and US markets were closed on Monday due to Martin Luther King Jr. Day
If LO take the Call it will be an RNS event that would be announced to the market along with if they have taken the option to double up. Ladies and gents this is all in the RNS's, all you have to do is actually read them.
ShareScare - I think there comes a time when it's just time to give it a rest. I agree with what TheBhoys said in that you and star are both appreciated for your input but it gets to a point when it starts to turn into a bad episode of nagging from the wife when you have a hangover.
Cars - Agreed. If the Call had of been made it would have been RNS's and share holders informed as all holders would have to be informed and also if LO decided to double up on the Call. This morning was just the shares from the Put being placed as we were informed before in the RNS.
Smoggy - You are 100% correct, the Put was RNS'd and taken by BPC there would need to be another RNS to inform shareholders and the market if the PUT was taken by LO and if LO decide to double the size of the Call option which they have. Todays uplift was just the Put shares applied LO's existing share holding to the open market on the 14th as already RNS'd.
RE: Bahamas PM yesterday announced creation of $2b Sovereign wealth fund15 Jan 2021 06:12
This is very a very interesting development, this along with the government dropping the $200,000 bond for the plaintiffs yesterday. Do they know there has been a oil find already and they are preparing the public for the wealth creation this could create. Whilst dropping the bond it keeps them well in light of the tree huggers whilst knowing in the background that an oil find has already happened thus saying we will protect our natural resources for wealth creation of the people, and also getting the public ready to accept any future developments with oil production, win win for the next election coming up. Just my thoughts of the possibilities.
Share - No you have got me wrong. They have taken the PUT but the CALL can only be made if it is done before and RNS is released about results, therefore if there was an RNS tomorrow for instance the CALL could not be made and therefore the lender looses the right to the 2.3p protection and will be issued warrants instead.