Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Reading through the resolutions I see Resolution 10 is authorizing the board to issue up to 400M shares for 1 year, and then the special resolution to buy back 120M shares. It would appear some shares+debt deal may be in the works. It's just so confusing, and frustrating.
Haven't really done a correlation of the share price to WTI, but I do have the impression that it is much less than other names I am invested in. Nevertheless, if the prediction of "yuge" inventory draws is even remotely directionally correct, the share price should head back over 20p soon.
@tonynorstrom1 Great synopsis of what be coming down the 'pike' as they say. Wouldn't the delayed Q1 update be a further indicator that something may be cooking in the acquisition front?
@bottomsup I'd say it is more like $KEL, but I like this 114% of PDP 10-NAV.
https://twitter.com/Kevin_AGraham/status/1651286009215164416?s=20
@jezzoo not trying to peddle anything. It is my largest investment, and I am interested for them succeed. Should be worth 37p if valued like a similar Canadian competitor. However, it is not. The macro is not co-operating, and they appear to be quite sluggish in reacting to close the valuation gap.
Cash flow problems may be? I mean they did draw CAD $75M out of that $100M facility...so...
I do forecast GBP -1M FCF for the first 6m of 2023, so that's not a bank breaker.
@stas20 I have already cured my 'alarmism' on other boards. Certainly jumped the gun, and it would appear I am not the only one fooled by the legalese of a sales form that has to be filed monthly.
As for the volumes for the date in question: we're talking way above average, 10M shares, and respectfully your source is only partially counting the total volume across all Canadian exchanges.
It would appear I did not know that. My apologies for the alarmism.
Reading some more on Notice of Intention to Distribute Securities under Section 2.8 of
NI 45-102 Resale of Securities. This Section 2.8 applies to control persons who got shares exempt from prospectus issuance because said shares were pledged as collateral. So, POLUS got the GBP debt discharged, and now wishes to discharge the collateral. It will be a "private sale".
See the question and answer from the form below:
Will you sell the securities privately or on an exchange or market? If on an exchange or
market, provide the name.
The Ordinary Shares will be sold in one or more private transactions and/or through the facilities
of the AIM market of the London Stock Exchange under and/or the Toronto Stock Exchange.
Thanks PP: that is indeed the second "basis" of my "alarmist" post. The first being the SEDAR filing by POLUS on Jun 13.
Hopefully they can sell the overhang back to the company after the 10% share buy-back is approved.
Checking Canadian SEDAR, and I found this:
[LINK REMOVED]
There was a massive increase in trading volume in Canada yesterday (10M shares. Normally, the average is 300K shares), but I didn't see a similar volume in the UK. We're talking about a 235M share overhang at this point, and they may only have been 10% done.