Sirius Petroleum Share Discussion Threads

[dr rosso] 02/11/2016 11:39

SXX also setting aside 10% for existing holders.



"But what does this all mean for the humble private investor who already has a stake in the business? As CEO, Chris Fraser has long hinted, they haven’t been ignored in this process. Of the new share issue, roughly 10% (£40m) will be offered to those who already hold the shares. Perhaps the most interesting aspect of this offer is the fact that existing holders will be able to apply for as many new shares as they desire. This may lead some to question whether they should jettison their existing holding and buy back in at the placing price, assuming this is lower than the price they originally paid.
So, I should sell? Not so fast. I would strongly caution against any investors dumping their shares at such a crucial time simply because there are no guarantees of being able to repurchase their existing holding (and more) once the offer goes live. The issue is likely to be heavily oversubscribed"

[1alfi] 02/11/2016 11:36

If at the forthcoming AGM, all the resolutions are passed, would the directors require any additional authority in order to pay their accrued fees in shares at par value .25p

[bronislav] 02/11/2016 10:52

Good point Alfi..Bobo has warrents at I believe from memory ,5p and 9p....Surely ,if Sirius delivers to the degree we hope then bobo will be deserving of far more unless of course everything has been orchestrated by other than the board.I wonder if big D has been the conductor.

[dr rosso] 02/11/2016 10:31

Still no sign of the required cash for Ororo. Yet GP has a $15m tax bill outstanding, which means they must have received over $100m, prob via the lucrative fuel import/export scheme.

[dr rosso] 02/11/2016 10:05

Just 50m being issued (for free) at a notional 2p would see off the D accruals.

Neither Schlumberger nor Havoc will be buying any shares via the market. They have no need to. There is prob also an agreement in place as to what their holdings should be capped at. If S & H split the 522m batch (specifically designated for the provision of oilfield services) equally, S will hold 7% and H will hold 9% (incl. their 100m w) of the total 3.8bn fully diluted.
The money being raised in the process is probably $0. S are owed "x" undisclosed amount of money and Havoc too is owed $492k up to Dec 2015. Pay these 2 oilfield services Companies in free shares in lieu of cash, so giving each a decent stake in the venture. At the same notional 2p, it would mean S & H receiving the equivalent of £10.44m ($13m) cash for services provided.

[solarno lopez] 02/11/2016 08:35

Thanks for the post HT your thoughts make a good deal of sense

[htrocka2] 02/11/2016 08:33

'We continue to read about PIs being excluded they have never been excluded and why, because they have been able to buy in the market.'




7.1.3 the allotment (otherwise than pursuant to paragraph 7.1.1) of equity securities up to an
aggregate nominal amount of £1,305,018 in connection with the settlement of fees incurred in
connection with the provision of oil field services;


solarno's post struck a chord....Conversely, why would Havoc pay £2m to convert warrant at 2p when they had the opportunity to buy the same amount on the market for £250k. When Havoc made their Warrant deal with SRSP, the company put into brackets (8% of the company). That percentage is now close to 2.5. The 'allotment of equity securities to an aggregated nominal amount of £1,305.018 in settlement of fees connection with the provision of oil services'. If Havoc are to be gifted these shares at or around the current share price of the new proposed total of 4bn shares, ie, 200m being approximately 5%, would bring them back to the original deal level of 8%. I believe this is where this lot is headed.

[solarno lopez] 02/11/2016 07:21

We continue to read about PIs being excluded they have never been excluded and why, because they have been able to buy in the market.

And more especially at very favourable prices !!

[drrichard] 01/11/2016 23:05

But does not the 40% share only kick in when we are the producer, not the technical advisor?

[dr rosso] 01/11/2016 22:43

Does ewt from an appraisal well count as producing? I wonder if they are still intent on continuing with non-producer/operator status whilst they sell off test-flowed o&g and use the revenue to further prepare 241.

[bumhammer] 01/11/2016 20:36

That's correct rich. It nearly happened when I was 7, but the surgeon slipped and got the sack

[chris shiherlis] 01/11/2016 20:30

Bum hammer you were nearly circumsised but they weren't sure if was gonna grow any longer so they couldn't take the risk as it was already woefully small already.

[bumhammer] 01/11/2016 20:21

You go first rich, How many you packin?

[chris shiherlis] 01/11/2016 20:01

How many you got bum slammer?

[dr rosso] 01/11/2016 19:31

Bron. So basically it will have been a 6-year exercise from March 2011 - March 2017 to distribute 3.8bn shares disproportionately between insiders and a bunch of pis, to the exclusion of iis. Is that the plan they've been working to all along, knowing that big gas would be needed from mid-2017. At 20p t/o target, £760m is shared out accordingly. But let's see 2p (£76m) reached first, based on a funding/jv/asset news release expected ahead of agm.

[chris shiherlis] 01/11/2016 18:30

Bronslave are you attending the meeting this time you fiend

[x1000] 01/11/2016 18:01

Bronislav, what exact fruit do you think we might harvest at the agm ? Or will the agm merely be some fertiliser on the seedlings ?😊

[bronislav] 01/11/2016 17:58

Within the 1.7 billion lurks the final percentage and the 1.7 billion dictates the final percentage.All,worked to a timeframe with a fruition / maturing at the AGM.

[ropot] 01/11/2016 16:13

Yep, just like last time!

[chris shiherlis] 01/11/2016 15:55

Ropot are you gonna grill them hard out like you did last time?

[chris shiherlis] 01/11/2016 15:54

Bum hammer you going? In your birthday suit.

[drrichard] 01/11/2016 13:53

ditto, 1 dsk. Hope to read excellent reports and happy happy feelings, not more doom and gloom and aspirations.