You said I was wrong about Coro a couple of months ago. Since then the share price has plummeted. Looks like I am right. A company that could have had huge potential but ruined by mismanagement. |
blakie. I was fortunate in that months ago I decided I couldn't justify holding both eme and coro,for basically the same purpose - Duyung. So I sold all my coro at around .23p and then watched the suspension and the subsequent collapse.
Today, my interest in coro is rekindled. I'm toying with the idea of trying to get some in the retail placing.
Current mkt cap £750k with loads of debt. New implied mkt cap after reorganisation is around £7.5m with no debt. Question is - will the new valuation at 1.5p hold, in the absence of any Duyung news? I rather doubt it and I think you will be able to buy cheaper.
On the other hand, with 475m new shares in issue, any sell down on Duyung would be significant on a " per share " basis.
If I could post the scratching chin "hmmm" and shrugging shoulder emoji, then I would!!
Imo |
Jemjem do you hold any Coro? |
Jemjem, if you are correct, existing shareholders will own just 6% of restructured CORO; that's a dilution of more than 16 times!
That must be some sort of record isn't it, even for AIM? |
JJ did you see the revised rns? |
Just to answer my own earlier question...
"Perhaps someone can explain this.
Under the proposals, existing shareholders will have 28.6m of the new shares.
The bond holders take a huge haircut but end up with 311.6m new shares.
And yet it is stated the existing bond holders end up with 66% of the new enlarged share capital and no outstanding bonds (75% written off).
I can't understand the maths. It seems the bond holders end up with over 90%. What have I misunderstood."
I missed off the equity raise of circa 133m new shares.
So total shares in issue will be around 474m, of which the existing current holders have 28.6m, bond holders have 311.6m (circa 66%) and shares from equity raise - 133m.
Imo
Imo |
https://www.proactiveinvestors.co.uk/companies/news/1063943/coro-energy-launches-plan-to-raise-new-funds-and-wipe-out-its-debts-1063943.html |
Oh! How rude?
"What have I missed?"
Perhaps you've missed the cash raise.
Be careful. |
I'm happy for the company that they are "delighted" with the various proposals, as opposed to just pleased.
I wonder if it may come to pass in a future RNS that they are delirious. |
Perhaps someone can explain this.
Under the proposals, existing shareholders will have 28.6m of the new shares.
The bond holders take a huge haircut but end up with 311.6m new shares.
And yet it is stated the existing bond holders end up with 66% of the new enlarged share capital and no outstanding bonds (75% written off).
I can't understand the maths. It seems the bond holders end up with over 90%. What have I misunderstood.
Either way, it's survival but at one hell of a price.
Imo |
It means we have a chance of surviving and reaping the rewards from the Mako gas field. |
So equity raise at equivalent of 0.015p but all debt converted to equity and some written off. At least we live to fight another day! |
Reckon the 40m is a buy |
Ffs a 40 million sell |
The Richardson effect?! |
Coro and eme to a lesser extent have performed woeful, what the hell is going on with Coro, |
What about the 50 sites that were supposed to be operational in November?? Ffs |
Happy New Year all. I wonder if we'll see a Coro update in 2025... |
Apart from Richardson & Parsons who don't deserve any kind of holiday after this years performance imo |
Merry Xmas to all our readers! |
Still no update on Vietnam!! |
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