Share Name Share Symbol Market Type Share ISIN Share Description
Columbus Energy LSE:CERP London Ordinary Share GB00BDGJ2R22 ORD 0.05P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.30p +7.79% 4.15p 1,845,499 12:56:53
Bid Price Offer Price High Price Low Price Open Price
4.00p 4.30p 4.15p 3.85p 3.85p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 4.79 -5.02 -0.94 31.5

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Columbus Energy (CERP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-10-17 15:18:224.152,19290.97O
2018-10-17 13:37:114.19107,3984,499.98O
2018-10-17 13:24:564.0025,2751,011.00O
2018-10-17 12:41:254.255,000212.50O
2018-10-17 12:23:134.10100,0004,100.00O
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Columbus Energy (CERP) Top Chat Posts

DateSubject
17/10/2018
09:20
Columbus Energy Daily Update: Columbus Energy is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CERP. The last closing price for Columbus Energy was 3.85p.
Columbus Energy has a 4 week average price of 3.65p and a 12 week average price of 3.60p.
The 1 year high share price is 7.10p while the 1 year low share price is currently 3.60p.
There are currently 759,452,621 shares in issue and the average daily traded volume is 2,890,293 shares. The market capitalisation of Columbus Energy is £31,517,283.77.
17/10/2018
07:03
smoggyg: Columbus is pleased to announce that, further to its announcement of 15 October 2018, it has today posted a circular (the "Circular") to Shareholders regarding the conditional placing of 71,428,571 new ordinary shares in the share capital of the Company (the "Placing Shares") at a price of 3.5 pence per share//// 71,428,571 new shares! This will inevitably take the share price down to 3.5p and probably lower. If you want an example of what happens after big placings then look at Cerps share price now compared with the 5p placing.NR did several placings here (when the company was LGO) and the share price fell and fell,only when Leo took over did it rise fast. The real reason for the falling share price is Cerp/lgo has always been a cash loser,it still is. Maybe one day LK will buy enough add ons to turn Cerp into a profitable company but it will be at the expense of present holders,via dilutions.
15/10/2018
08:09
smoggyg: I guess I was wrong on the placing,I didn't expect one until next year to fund a deep well,everyone makes mistakes. Here it is./////RNS Number : 9671D Columbus Energy Resources PLC 15 October 2018 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN COLUMBUS ENERGY RESOURCES PLC. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF COLUMBUS ENERGY RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. 15 October 2018 COLUMBUS ENERGY RESOURCES PLC ("Columbus" or the "Company") Conditional placing to raise up to approximately GBP2.5 million Acceleration of growth strategy The Board of Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to announce a conditional placing, by VSA Capital Limited ("VSA"), with new and existing shareholders including Schroder Investment Management Limited ("Schroders"), Michael Joseph and Burggraben Holding AG ("Burggraben"), of 71,428,571 new ordinary shares in the share capital of the Company (the "Placing Shares") at a price of 3.5 pence per Placing Share (the "Placing Price") to raise approximately GBP2.5 million (before expenses) (the "Placing"), subject to approval by shareholders at a General Meeting proposed to be held on 2 November 2018. Highlights: -- Conditional Placing of Placing Shares at 3.5 pence per Placing Share to raise approximately GBP2.5 million (before expenses); -- The Placing Price represents a discount of approximately 6.67% to the Closing Price on Friday 12 October 2018, the last trading day prior to this Announcement; -- The Board intend to use the net proceeds of the Placing to: o Repay the North Energy Capital AS loan facility ("North Energy Loan") in the sum of US$1.25 million (instead of the intended drawdown from the 2018 Lind Facility which was referred to on 10 October 2018 in the Company's Business, Operational and Financial Update); o Establish and implement a multi-well drilling campaign on the Steeldrum assets and also in the South West Peninsula ("SWP") - driven by value and "best bang for our buck"; and o Upgrade facilities in the South West Peninsula, particularly at Bonasse and Icacos, to speed up oil production growth and sales and also allow for early sales from any exploration success at the SWP in 2019. -- The Placing is conditional upon the passing by Shareholders of a special resolution to waive pre-emption rights on the issue of the Placing Shares (the "Resolution") at a General Meeting of the Company to be held on 2 November 2018; and -- Dealings in the Placing Shares issued pursuant to the Placing are expected to commence at 8.00 a.m. on 5 November 2018. Leo Koot, Executive Chairman of Columbus, commented: "With the completion of the Steeldrum transaction, Columbus now has a diverse production base and multiple, large exploration prospects. This is despite the legacy issues we have faced over the last year, which have made a dent in our funds earmarked for further development and have slowed our pace of growth. "Today's announcement follows strong market interest from two of our major shareholders who approached us late last week to provide the additional capital needed to fund an accelerated growth strategy. It also introduces a new institutional shareholder to our share register, Burggraben, whose principals visited our operations in Trinidad with our Board for a few days in August 2018. The placing provides us with the financial flexibility to pay off the North Energy Loan, thereby simplifying and strengthening our balance sheet. As a result, we will no longer need to drawdown on the 2018 Lind Facility to repay the North Energy Loan. Our major shareholders were keen to stress that they would rather see the monthly repayments, that would have been required to have been made on that Lind loan if it had been drawn-down, being invested in more value-adding opportunities in our operations. "Columbus can now establish and accelerate a multi-well drilling campaign on the Steeldrum assets, capitalising on the optionality the acquisition of Steeldrum grants us, and also bring forward activities in the South West Peninsula region. From these assets, and our ongoing other work programmes previously announced, I believe we can make some very strong, quick returns on very little capex. "We are grateful for the long-term support from our shareholders and are delighted to welcome Burggraben, who expressed a willingness, after their visit to our operations in Trinidad, to invest in Columbus when the right opportunity arose. We remain committed to the further creation of value for all invested in Columbus and are confident that today's placing provides us with the springboard to deliver additional production growth that will in turn be reflected in our cash flow and the share price which, in turn, rewards everyone, including myself and the management team, who are still effectively using half their salary to buy equity on a monthly basis at 5.1p per share." Background to and reasons for the Placing 2018 has been a year of significant development and progress for the Company. The completion of the acquisition of Steeldrum Oil Company Inc ("Steeldrum"), has been a material step in the growth of the Company and establishes a very solid base for our Trinidad operations. The Company now has a large, well balanced portfolio of assets across the south and south-west of Trinidad. The portfolio includes low-risk but highly prospective exploration opportunities in the South West Peninsula, a development project in Cory Moruga and 5 producing oilfields (Goudron, Innis Trinity, South Erin, Bonasse and Icacos). This provides the Company with an excellent opportunity to exploit our existing and new assets through operational excellence and also grow organically through exploration and the Cory Moruga development project. We will now focus on growing production and revenues in Innis Trinity and South Erin through the adoption of a similar operational strategy to our existing fields. Company Loans The Company reported in its Business, Financial and Operational Update (Q3 2018) on 10 October 2018, that Columbus planned to drawdown US$1.25 million from the 2018 Lind Loan, announced on 13 July 2018 alongside the announcement of the Steeldrum acquisition, to repay a US$1.25 million loan which Steeldrum holds with North Energy Capital AS ("North Energy and "North Energy Loan"). The planned drawn-down under the 2018 Lind Facility, which was specifically envisaged within the 2018 Lind Facility when it was established, would require repayments to Lind by the Company over a two-year period at approximately US$62,750 per month. The Company would rather invest an equivalent amount in more value-adding operational and business opportunities. In addition, the Company wishes to improve its balance sheet by reducing its outstanding loan position and has been seeking a more efficient means of repaying its loans and also introducing additional capital for new growth opportunities. Recent discussions with two of the Company's major shareholders, Schroders and Michael Joseph, as well as with the principals of Burggraben, indicated a willingness by those investors to provide a combined total of GBP2.5 million of funds via the Placing to enable these objectives to be achieved. Use of Proceeds The Board believes that the Company has an excellent opportunity to capitalise on its producing and exploration assets in Trinidad and to accelerate its growth in to South America. It is the Board's intentions that the net proceeds of the Placing (amounting to approximately GBP2.365 million) will provide the Company with the capital required to not only pay off the North Energy Loan but also to continue to enhance its well-balanced portfolio of assets in Trinidad. The Board therefore intends to use the net proceeds of the Placing to: -- Repay the North Energy Loan in the sum of US$1.25 million; -- Establish and implement a multi-well drilling campaign on the Steeldrum assets and also in the SWP - driven by value and "best bang for our buck"; and -- Optimise facilities in the SWP, particularly at Bonasse and Icacos, to speed up oil production growth and sales and also allow for early sales from any exploration success at the SWP in 2019. Details of the Placing Pursuant to the Placing, the Company is seeking to raise approximately GBP2.5 million through the issue of 71,428,571 new ordinary shares in the share capital of the Company at a price of 3.5 pence per Placing Share. The Placing will be conditional upon the passing of the Resolution at a General Meeting of Shareholders intended to be held on 2 November 2018. The Resolution is needed authorise the Directors to allot the Placing Shares on a non pre-emptive basis. This authority will not extend beyond the Placing Shares. Further details on the Resolution will be set out in the Circular (as defined below). Application will be made for the Placing to be admitted to trading on the AIM market ("AIM") of London Stock Exchange, ("Admission"), and it is expected that Admission will become effective and that dealings will commence in the Placing Shares at 8.00 a.m. on 5 November 2018. The Ordinary Shares to be issued pursuant to the Placing will rank pari passu with the Existing Ordinary Shares. Schroders is a substantial shareholder of the Company as defined in the AIM Rules for Companies ("AIM Rules"). As such, Schroders is a "related party" pursuant to the AIM Rules and the proposed Placing of 21,428,571 Placing Shares to Schroders is therefore a related party transaction for the purposes of Rule 13 of the AIM Rules. The Directors consider, having consulted with Beaumont Cornish, the Company's nominated adviser, that the terms of Placing are fair and reasonable insofar as the Company's shareholders are concerned. VSA is acting as Financial Adviser and Broker to the Company in connection with the Placing. Total Voting Rights Should the Resolution be passed and upon completion of the Placing, the Company's new issued share capital will consist of 830,881,192 ordinary shares with a nominal value of 0.05p each, with voting rights ("Ordinary Shares"). The Company does not hold any shares in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 830,881,192. Notice of General Meeting The Placing will be conditional upon the approval of the Resolution by Shareholders at the General Meeting to be held at the offices of VSA Capital Limited, New Liverpool House, 15-17 Eldon Street, London EC2M 7LD at 11.00 a.m. on 2 November 2018. A circular to shareholders (the "Circular") containing a notice of General Meeting and proxy card will be posted to shareholders no later than 17 October 2018 and will be available on the Company's website hxxps://Columbus-erp.com Importance of vote Shareholders should be aware that, if the Resolution is not approved at the General Meeting, the net proceeds of the Placing will not be received by the Company. Recommendation The Directors consider that the Placing is in the best interests of the Company and its Shareholders and is most likely to promote the success of the Company for the benefit of the Shareholders as a whole. Accordingly, in the Circular, the Directors will unanimously recommend that Shareholders vote in favour of the proposed Resolution, as they intend to do in respect of their holdings amount to an aggregate of 2,688,366 Ordinary Shares, representing approximately 0.35% of the Company's Existing Ordinary Shares. Contact Information
28/9/2018
11:07
offerman: Cheers Smoggy. It certainly does appear that it could come good as several people including Leo have stated that the area is awash with oil. When they were showing the seismic FTG slides at the previous presentation showed distinct echoes of huge areas of interest. I think the drill for 12,000 feet was between 2m to 4m which I think is far cheaper than the original quoted costs. I think they also get access to the best rig in the area with high-tech. Maybe the problems experienced in the 60s might in part hsve been down to equipment as well as terrain. Nothing is a guarantee and it could be that they drill that again and get similar problems. But they will be the best team on the job led by Leo who has chosen the rig negotiation. I'm sure he will choose the best team for that drill. Like you said and I agree that it's high risk but massive reward . And it won't be the middle of next year looking at it it does now look to be 1 1/2 to 2 years time. But before then maybe the shallower drills might encounter some good oil shows finds results which could create further interest give them a good idea of geology and where to drill. So until then maybe the material deal that Leo said would be even bigger than SWP The gold deal May yet come off before year end or end of the first quarter of 2019. So SWP would be just a bonus if the massive deal comes to fruition soon which will add goodness knows how many barrels of oil per day depending on the deal. Then there are all the well reactivation's from the three acquisitions licenses . It does look and it's something I've come to expect just from experience that anything that is stated is quoted always add minimum six months to whatever spoken about up to 2 years. A lot could happen before the next two years until SWP is drilled to 12,000 feet. The house brokers I know many people I divided on their opinions but they somehow have plucked a figure out of the sky of 25p people have said that is the target price for the next year. So what ever they are expecting to get that price they expecting that before the end of 2019 which would be very nice indeed. The news this coming up day on the 10th of October probably won't be any great shakes. It might even be just a damage limitation process for the poor share price and the much worse than expected goudron figures due to problems out of Leos hands. It could also be the other way that the equipment and techniques brought in to resolve the sand issues can actually resolve The problems they encounter. Not long to wait now to find out exactly what is what. I don't expect the share price to go much lower than where is if there are any small surprises to the plus side that should help their share price where is any mediocre news does seem to be already priced in from where the share price was before for long time at 5- 6p range. It could touch down to 3.8 I guess if it did get down to 3.65 again I would definitely be tempted to buy some more as I think it won't go much lower than that especially as fundraising has been ruled out many times by Leo. The good thing is as well is that if there was some surprise medium term for insuring new shares then we would be involved by way of an open offer as they did before and also resolution five blocked.
21/9/2018
11:17
offerman: What intrigues me is the actual ways shares move up and down. People often say it's through buying and selling.Today is a classic example of something else that's able to move or manipulate a share price. We have had a couple of small buys and a couple of slightly larger sells and yet the price moves up. So unless there is a buyer in the background and there will be a late reported delayed buy I can't see what else actually moves the share price. I know news is up and coming with the update but I wonder what actually makes the share price go up and what or who presses buttons to set the price. As at the moment it doesn't seem to be based on buys and sells.There was a period of 7- 8 months I'd say of consistent sales on a daily basis then we had recently big MJ buying a few more. So today we are up nearly 3% but on what? And who. I'm just merely interested in the mechanics of who or what actually changes the share price stipulates I know market-makers can as well. Whether they physically push buttons I have no idea . Sometimes there can be buys and no share price movements likewise with sells . Would love to see the actual inside workings on the way is that share prices move like a documentary or something
17/8/2018
07:49
nexus7: From Garnhiem. Thu 23:59 ------------------------------------- RE: predictions A share price prediction is just that, Unless there’s another motive? No shares issued as of yet, the plan is for the deal to close around October, I believe. Cory Moruga needs a new licence issued before CERP grant “the sellers” the consideration shares. “16,920,083 shares in Columbus in the event the Innis-Trinity field is sold to a third party for no less than US$4,200,000 (the "Innis Trinity Shares")” equivalent of ~20pps. “In the event all of the Base Consideration Shares, Cory Moruga Shares and Innis Trinity Shares vest in the Sellers, the Sellers will hold 18% of the enlarged share capital of the Company. The Sellers are West Indian Energy Holding AS, Rex Caribbean Holding Ltd, Geoffrey Leid, Svein Kjellesvik and Gelco Energy Inc. The Sellers will be subject to certain lock-in arrangements that will prohibit them divesting of their shares for a period of at least 6 months post completion, save for 10% of the Base Consideration Shares.” “In addition, Lind has received 5,472,136 share options, which they can exercise at a share price of 8.1 pence, and will receive additional options alongside any drawdowns on the same exercise terms. Lind also has the right to convert any loans outstanding into ordinary shares at a share price of 8.1 pence per share during the two-year period of the Lind Facility;“ No sign of LIND taking their share options on the remaining amount of the loan?
27/5/2018
09:17
the guardian: The rising price of WTI didn't seem to create a rise in CERP share price. Let's see what a fall in WTI does.
22/4/2018
12:07
rossannan: Brasso3 I don’t think it is a reasonable MCAP for a company that produces 540bopd with turnover (not profit) of £8m - £9m. It is far too high unless you take CERP’s prospects into account. Not sure though that the CERP share price would (or at least should) take a beating just because production slips a little below the low case - the key things are remaining CF+, retaining a healthy cash balance and how planned future growth is to be funded. Funding and financial management are the key. BOPD and/or reserve increases mean nothing if they are bought with dilutive share issues or unaffordable debt. For example, if TXP’s production was shown in its next RNS to have slipped back to 1500bopd, its share price really would crater, even from where it is now, because of its very significant debt. If WF at Goudron turns out to be a slower burner than expected it’s not such a big deal because CERP has no significant debt.
16/1/2018
13:36
the guardian: It's all on the website under Q&A: As confirmed in the RNS of 11 September 2017, the Company at that time had successfully re-negotiated certain terms of the Lind convertible security funding agreement which involved, amongst other changes, the granting of 17,992,308 shares to Lind to be held in escrow for at least six months. As part of this re-structuring Lind agreed to increase the conversion price for the first tranche of the loan that was outstanding from 3p per share to 4.5p per share. The Company also confirmed on 19 September 2017 that application for the above-mentioned shares, together with a further 2,307,692 shares relating to the repayment of loan due for the month of September, had been made to the London Stock Exchange and that it was expected that admission to trading and dealings in these shares would commence on 22 September 2017 (subject to the six-month escrow requirements of course). Management were very pleased with this re-negotiation which was extremely well received by the market and contributed within a month to an increase in Columbus’ share price and market cap by over 120% when compared to the share price on the day before the restructure was announced. The 17,992,308 shares currently represent approximately 2.9% of the total shares in issue at today’s date (12 January 2018). Apart from the requirement for Lind to escrow the 17,992,308 shares for at least six months, there were no other restrictions placed on Lind who are entitled to take whatever action they wish on those shares at the end of the six-month escrow period. That said, Lind maintain a very positive relationship with Columbus management and in a meeting in early December 2017 indicated that they were very pleased with the progress achieved by the Company in recent months and were very positive about the long-term potential. They also indicated that they would not take any action which would have a detrimental effect on the Company’s share price and were looking for further share price growth before they may consider taking any action on their shareholding. In addition, as mentioned in the RNS on 21 December 2017, the total debt outstanding to Lind at the end of 2017 had been reduced to approximately US$1.35 million. The Company has budgeted to meet all repayments due to Lind in 2018 in cash, although Lind retains the exclusive right to convert outstanding debt at 4.5 pence per share at any time of their choosing whilst the debt remains outstanding. Whilst Lind exercised their exclusive right in October 2017 to provide the Company with a second loan facility of US$750,000 that month (an amount which is included in the debt outstanding amount of US$1.35 million), Lind no longer have an exclusive right to provide any further funds to Columbus. To summarise, the Company is very happy with its relationship with Lind, who have been extremely supportive of the new strategy being undertaken by management, and is satisfied that Lind will act in a manner which ensures the Company’s share price is not detrimentally affected by any actions they may take in future.
12/1/2018
15:11
rossannan: Garnhiem80CERP have now responded to my question online, confirming that the shares are Lind's to do with as they see fit at the end of the escrow period:Updated Questions to the Team General Corporate In your 11 September 2017 RNS you state that “The Company has granted Lind 17,992,308 shares, to be escrowed by Lind for at least six months from the date of issue (expected to be 23 September 2017).â€? Please confirm that at the end of the escrow period the 17,992,308 shares will be Lind’s to do with as they see fit. As confirmed in the RNS of 11 September 2017, the Company at that time had successfully re-negotiated certain terms of the Lind convertible security funding agreement which involved, amongst other changes, the granting of 17,992,308 shares to Lind to be held in escrow for at least six months. As part of this re-structuring Lind agreed to increase the conversion price for the first tranche of the loan that was outstanding from 3p per share to 4.5p per share. The Company also confirmed on 19 September 2017 that application for the above-mentioned shares, together with a further 2,307,692 shares relating to the repayment of loan due for the month of September, had been made to the London Stock Exchange and that it was expected that admission to trading and dealings in these shares would commence on 22 September 2017 (subject to the six-month escrow requirements of course). Management were very pleased with this re-negotiation which was extremely well received by the market and contributed within a month to an increase in Columbus’ share price and market cap by over 120% when compared to the share price on the day before the restructure was announced. The 17,992,308 shares currently represent approximately 2.9% of the total shares in issue at today’s date (12 January 2018). Apart from the requirement for Lind to escrow the 17,992,308 shares for at least six months, there were no other restrictions placed on Lind who are entitled to take whatever action they wish on those shares at the end of the six-month escrow period. That said, Lind maintain a very positive relationship with Columbus management and in a meeting in early December 2017 indicated that they were very pleased with the progress achieved by the Company in recent months and were very positive about the long-term potential. They also indicated that they would not take any action which would have a detrimental effect on the Company’s share price and were looking for further share price growth before they may consider taking any action on their shareholding. In addition, as mentioned in the RNS on 21 December 2017, the total debt outstanding to Lind at the end of 2017 had been reduced to approximately US$1.35 million. The Company has budgeted to meet all repayments due to Lind in 2018 in cash, although Lind retains the exclusive right to convert outstanding debt at 4.5 pence per share at any time of their choosing whilst the debt remains outstanding. Whilst Lind exercised their exclusive right in October 2017 to provide the Company with a second loan facility of US$750,000 that month (an amount which is included in the debt outstanding amount of US$1.35 million), Lind no longer have an exclusive right to provide any further funds to Columbus. To summarise, the Company is very happy with its relationship with Lind, who have been extremely supportive of the new strategy being undertaken by management, and is satisfied that Lind will act in a manner which ensures the Company’s share price is not detrimentally affected by any actions they may take in future.
12/1/2018
15:06
jcgswims: Updated Questions to the Team General Corporate In your 11 September 2017 RNS you state that “The Company has granted Lind 17,992,308 shares, to be escrowed by Lind for at least six months from the date of issue (expected to be 23 September 2017).” Please confirm that at the end of the escrow period the 17,992,308 shares will be Lind’s to do with as they see fit. As confirmed in the RNS of 11 September 2017, the Company at that time had successfully re-negotiated certain terms of the Lind convertible security funding agreement which involved, amongst other changes, the granting of 17,992,308 shares to Lind to be held in escrow for at least six months. As part of this re-structuring Lind agreed to increase the conversion price for the first tranche of the loan that was outstanding from 3p per share to 4.5p per share. The Company also confirmed on 19 September 2017 that application for the above-mentioned shares, together with a further 2,307,692 shares relating to the repayment of loan due for the month of September, had been made to the London Stock Exchange and that it was expected that admission to trading and dealings in these shares would commence on 22 September 2017 (subject to the six-month escrow requirements of course). Management were very pleased with this re-negotiation which was extremely well received by the market and contributed within a month to an increase in Columbus’ share price and market cap by over 120% when compared to the share price on the day before the restructure was announced. The 17,992,308 shares currently represent approximately 2.9% of the total shares in issue at today’s date (12 January 2018). Apart from the requirement for Lind to escrow the 17,992,308 shares for at least six months, there were no other restrictions placed on Lind who are entitled to take whatever action they wish on those shares at the end of the six-month escrow period. That said, Lind maintain a very positive relationship with Columbus management and in a meeting in early December 2017 indicated that they were very pleased with the progress achieved by the Company in recent months and were very positive about the long-term potential. They also indicated that they would not take any action which would have a detrimental effect on the Company’s share price and were looking for further share price growth before they may consider taking any action on their shareholding. In addition, as mentioned in the RNS on 21 December 2017, the total debt outstanding to Lind at the end of 2017 had been reduced to approximately US$1.35 million. The Company has budgeted to meet all repayments due to Lind in 2018 in cash, although Lind retains the exclusive right to convert outstanding debt at 4.5 pence per share at any time of their choosing whilst the debt remains outstanding. Whilst Lind exercised their exclusive right in October 2017 to provide the Company with a second loan facility of US$750,000 that month (an amount which is included in the debt outstanding amount of US$1.35 million), Lind no longer have an exclusive right to provide any further funds to Columbus. To summarise, the Company is very happy with its relationship with Lind, who have been extremely supportive of the new strategy being undertaken by management, and is satisfied that Lind will act in a manner which ensures the Company’s share price is not detrimentally affected by any actions they may take in future.
Columbus Energy share price data is direct from the London Stock Exchange
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