The latest Investing Matters Podcast episode with multi-award-winning fund manager and international bestselling author Lee Freeman-Shor has just been released. Listen here.
It may be me, but I don’t think those documents have been updated since the beginning of this year. I also can’t see any confirmation that the wells have had anything other than approval to drill.
I also thought the second one had an approval date of 5th January 2023 not May 2023 (US format).
Worth a closer look when I get time.
The President says:
‘13:39 We are happy that we are going to get a lot of benefits from this project
As we are aware, Zim is endowed with vast coal and coke reserves. The Muchesu bed has over 2.6 billion tonnes of coal. Every month this mine will be taking out 10 000 tonnes of coke and 10 000 tonnes of coal’
Https://twitter.com/contangoplc/status/1685957453106610176?s=46&t=xoxWP2VIgEGHTuVA9rjgaQ
Vast - late April/early May 2022. 0.2p to 2p intra-day if not at close. Maybe that’s not 10x.
Just to add, around the time of the refinance for Vast (which may have also coincided with some diamond carrot-dangling from memory) I believe the SP 10-bagged from its low.
Conversion price for yesterdays rns looks like it was around 1.80p. The prior one around 2.05p. VWAP now currently around 1.70p?
Saw something similar with Vast Resources last year. Their bond holder did the same thing, converting and lowering the price, then converting again continuously. Vast managed to refinance and get rid but a lot of new shares came onto the market via their BH.
Hoping copl can refinance soon too and get rid. Possibly complicated by the main BH having a rep on the Board now.
If things carry on as they are I think there’s also a point when consolidation has to happen - perhaps if this reaches 1p. Feels like that’s a long way away to be fair but might be why copl sought the authority.
Duplicate trades on Friday - May suggest share transfers between MMs?
Why has the JV company, large as it is, not just bought copl out? They don’t need copl to spend the money they’re spending to sort out the current production issues before they pounce as no doubt they have their own financial resources. Is there something stopping a full buyout? If so, what could that be?
They’ve just spent $4.9bn on Denbury and they’ve not bought out Copl currently valued at £11m. Trying to squeeze the last £ out of the deal?
He might be better off placing than issuing more bonds, but the bonds are probably a lot easier for him to arrange.
£s and $s mix up in the post below. Price was nearer 2.05p for today’s settlement option rns.
Any ideas why they haven’t just bought copl out? Sounds like the bargain of the century on paper.
With an mcap of £10m and assets worth many times that, why aren’t they just buying copl out?
2027 Bonds principal outstanding: $12.6 million (63 bonds)
2028 Bonds principal outstanding: $13.2 million (66 bonds)
I believe there have been share settlement options exercised for 38 of the 91 converted bonds leaving 53 more to go from these with a further 129 when the remaining bonds are converted.
Realistically, unless the vwap starts to climb, this will be nearer 2bn. Just do the maths.
Higher than normal Xop volume - 740k
Anavio had 79x 2028 bonds and now there are 68 represented by 5 bond holders. No idea which BH holds what.
Anavio had 79 x 2028 bonds after the last round of financing. There are not that many left now so they are clearly selling. Why? Because they’re worried what the shares will be worth shortly having paid 5.4p/6.75p for them?
Any probable consolidation shouldn’t affect their conversion payment rights though as they’ll convert these at the vwap. Todays were around 2.3p I think.
GLA
You might see this action if a placing was coming, but that’s not likely down here. Really odd.
JBER driving the price down to get the 12m away - maybe all today.