Sirius Petroleum Share Discussion Threads

[deadly nightshade] 24/2/2017 19:01

Yes ave this is now or never as far as i am concerned, if this does not yield some harvest in the next few weeks then i can't see where it can then go. Looking back over the past year or so its clear that as bobo said there is a chain of events playing out here. There just now has to be a end game, call me cynical but i am a action speak louder then words kind of guy. I was just reading through some of the posts over on the cloudtag bb after the share price tanked today and them posts from some of the folk invested there open your eyes to the risks the average pi take with their money to try and get a good return and a better life for themselves.

[htrocka2] 24/2/2017 18:58

Sherlock...it seems strange to delay the AGM by three months merely to rubber stamp and bring forward the previous years share allocation?

[aventador] 24/2/2017 18:38

Lol deadly that made me chuckle, part of me wishes i had been in a coma would have been less painful than being invested here all these years, roll on the good times when this baby blows hopefully in the following weeks months :)

[sherl0ck] 24/2/2017 18:15

Sept 16 CL was approved since all that was required was the company to be able to issue more shares, which was part of the usual AGM business. The only reason Sept 16 RNS even mentioned the need for approval was due to it arising after the previous year's authority to issue shares had already expired.

[deadly nightshade] 24/2/2017 18:09

If you had bought into this 10 years ago and and after buying got unlucky enough to have got injured and fell into a coma then if you would have awoken today you would be shocked that this was still no further forward, but as the great sir alex ferguson says this is getting to the squeaky bum time and the next few weeks should hopefully play out a end game in favour to everyone long term and longer term and longer longer term holders that are invested here. As adam ant says its time to STAND AND DELIVER :-)

[x1000] 24/2/2017 17:40

So who, how and when will it be repaid ? And then there is why was the decision made in the first place ? Less working capital required as matters drawing to a close perhaps.

[dr rosso] 24/2/2017 17:36

Tell me if I'm wrong but the Co sole debt is the Sept 2016 CL for £500k...........

Convertible Loan of £500,000 Sirius is pleased to announce that it has secured a Convertible Loan (the "Loan") and has received the funds from existing shareholders for £500,000 to provide general working capital for the Company.
Key terms of the Loan are as follows:
• One year term; • Loan accrues 10% interest; • Lenders may elect to convert the Principal sum plus interest into new ordinary shares at a price of 0.35 pence per share (the "Conversion Price"); the conversion is subject to the Board receiving shareholder approval at Company's next AGM


The matter was not raised at the AGM, so no approval was given for conversion. That in itself represents a saving of £550k divided by 0.35p ie 157m shares. The £550k still needs to be repaid somehow nonetheless.

[aventador] 24/2/2017 17:29

Good volume holding the price back though seemingly still.

[htrocka2] 24/2/2017 17:10

Srsp twitter group suddenly sprang in to life...'

Monday week is March the 6th...so some activity to be expected next week.......nothing surprises me with this company any more...we could even be suspended by this time next week.

[swiz73] 24/2/2017 17:05

Srsp twitter group suddenly sprang in to life....cue the next rinse

[drrichard] 24/2/2017 15:01

Meanwhile, it does look like we have an iceberg as we have roughly 16:4 buys

[htrocka2] 24/2/2017 14:50

'Application has been made for the Subscription Shares and the Fee Shares to be admitted to trading on AIM, which is expected to occur on, or around, 27 February 2017'


It would be reasonable to assume that the bod would release some news with this issue.....ie, next week.

[drrichard] 24/2/2017 13:57

Indeed, Sol, but the buy price has crept up to around 0.8 and there have been around 6 m buys since then

[solarno lopez] 24/2/2017 13:49

Now we know why the price hasn't budged with the delayed 3.5m sell at 10.30

[solarno lopez] 24/2/2017 13:38

and still the price does not move

[solarno lopez] 24/2/2017 13:18

ahahh now there is a thought at least I should get a return whilst I fiddle !!

[6cer] 24/2/2017 13:05

Solarno - can't you busk and watch srsp ?

[solarno lopez] 24/2/2017 12:04

feels like an advance by armyworms

[dr rosso] 24/2/2017 11:59

Creeping rto

[solarno lopez] 24/2/2017 11:33

all good stuff HTRocka and activity today would indicate something like news but

[htrocka2] 24/2/2017 11:09

This is my own opinion only.

Read the following and draw your own conclusion.

My belief is that we're entering the 'end game' and are in the 'musical chairs' scenario, with power being transferred from one entity to another. Of the 1.7bn shares held in the 'tank', we have about 1.4bn left. SRSP made a earlier Convertible Loan deal that was approved on the AGM date, that, if converted, would absorb the final 1.4bn of shares. The point being that I believe the convertible loan approved at the AGM was to replace the Calvet Convertible loan. So it was not so much a case of 'clearing decks' but more a case of transferring power. (Calvet wanted 0.5p to convert that the company eliminated, yet kept the 0.35p loan conversion from an 'existing shareholder'. My bet is that the latter was set up to eliminate the former....logic would have suggested that eliminating the 0.35p conversion option would take preference over the 0.5p conversion.......unless of course the 0.35p existing share holder is a non hostile entity....and stake building?)





22/02/2017
The Company has agreed with Calvet for the cancellation of the Loan by way of a payment of GBP500,000.....'



08/09/2016 (AGM date 17/11/2016)

Convertible Loan of GBP500,000
Sirius is pleased to announce that it has secured a Convertible Loan (the "Loan") and has received the funds from existing shareholders for GBP500,000 to provide general working capital for the Company.
Key terms of the Loan are as follows:
-- One year term;
-- Loan accrues 10% interest;
-- Lenders may elect to convert the Principal sum plus interest into new ordinary shares at a price of 0.35 pence per share (the "Conversion Price"); the conversion is subject to the Board receiving shareholder approval at Company's next AGM details of which will be sent out in due course. (All resolutions passed)

[rod99] 24/2/2017 10:43

Haha day off for me.

[solarno lopez] 24/2/2017 10:42

Thanks Rod I do wish the day job did not interfere with my SRSP watching !!