Sirius Petroleum Share Discussion Threads

[astralvision] 07/1/2021 13:56

No problems bronislav, agree with your take.

[bronislav] 07/1/2021 13:39

I must have missed your post Astral but it's positive that we have concensus/agree.It's also not out of the question that the open offer is at a reduced figure and the market usually knows so could be why there is little business being undertaken on the jp platform.Aside from the uncertainty attached to the jp jenkins share price relative to the open offer there will also be a lot of uncertainty about whether the company can deliver on its goals.

[astralvision] 07/1/2021 13:37

Spot on Bronislav, in fact that's what I said yesterday! ?

[astralvision] 07/1/2021 13:36

Doubt it htrockaI suggest that the open offer will be on relist and that the AD will give the share price for the equity raise and the whole thing will be done and dusted in one go. That makes perfect sense, least to me!

[bronislav] 07/1/2021 13:35

Re jp jenkins.I would suspect many shareholders have significant holdings in Sirius and given the company's perceived history would be keeping any powder dry to add in any open offer rather than go through the unknown of jp jenkins and also the uncertainty of what the future holds for the company.The optimism bodes well but perhaps not enough to throw more cash at it just yet.

[solarno lopez] 07/1/2021 13:06

Therefore Sherlock (posting 10783) despite the intervention of two learned and professional investors one should be acquiring stock through JP Jenkins at the suggested price of 1p ?

[dr rosso] 07/1/2021 12:59

The point I make is that whoever accepted shares at paltry 0.5p got an extra-large shedload, and I dare say they were happy with the Co. progress information they undoubtedly received along with their packet of 100m.


Relist at 1.5p and whoever it is pockets a neat million quid.

[htrocka2] 07/1/2021 12:45

Surely to ascertain the value of the 'open offer' price, first we would have to know what the 'Ordinary Share 'sp is.?. therefore imagine the 'open offer' will come after re-list.

[deadly nightshade] 07/1/2021 12:44

Agreed Sherl0ck I would say that the two transactions that happened the other day were very pivotal in terms of investors showing faith in what's unfolding here.

[sherl0ck] 07/1/2021 12:12

Rather than considering 0.5p a paltry conversion price for illiquid shares in a currently unlisted entity, I’m grateful that someone was willing to help keep the company afloat prior to ATOG, and especially with an oil price slump, Covid uncertainty, years of failed promises and Ororo being under legal scrutiny and on fire! Against this backdrop I suspect very few investors would have been willing to put hands in their pockets. Risk vs reward seems fair, in which case there’s no way an open offer would be priced at 0.5p after so much uncertainty will have been removed.

[dr rosso] 07/1/2021 11:23

If the forthcoming open offer is set at 0.5p, I shan`t complain. Expect something above 1p, nonetheless a bonus for existing shareholders ahead of the market price at relist.

I wonder what the NewCo is going to be called? Panafrican Resources?

[dr rosso] 07/1/2021 11:20

Paying off one of the outstanding loans by issuing 104m at a paltry 0.5p looks to be more about rewarding the loaner than receiving an equally paltry half a million quid. I`m sure there were more efficient ways of raising that cash than an unnecessary dilutory issue of cheapo shares to fill an associate`s boots.

[astralvision] 07/1/2021 11:10

BronislavWhilst I agree with the general thrust of what you say, I expect the equity raise is already a 'done deal' in terms of the share price of the raise or,at the very least in a band subject to certain conditions being fulfilled.My view is based on the information contained in the AR, namely'The Group also has committed equity finding of $20m subject to completing the Proposed Transaction. 'I can't see anyone committing to funding without knowing at what level they are investing. Let alone committing whilst SRSP try to bump the price up so they pay more!!!The balance of probabilities strongly suggests that the equity raise element has already been fixed, otherwise it would prove very difficult to move these projects forwards. imo

[bronislav] 07/1/2021 10:25

Given the recent optimism in what promises to be a rewarding 2021 does this not make sirius shares as popular/sought after as bitcoin.Raising money on the back of sirius shares and given the authority to issue more shares passed at the AGM does it not make sense to get the share price as high as possible before any more dilution.In other words don't sell the crown jewels until they are at full value which hasn't been the case in the past .This is not a criticism merely a common sense observation.A company that hopes to be a long term producer would get as much as they could for the golden tickets would they not.

[astralvision] 07/1/2021 08:48

HtrockaThose definitions are not quite right or full but along the right lines.There is absolutely no reason why an open offer can't be above the prevailing share price, it's not usual but it happens.The other point with rights issue is that the holder of the rights can sell his rights on.That is not the case in an open offer.

[htrocka2] 07/1/2021 08:09

ref Astra..

What Is an Open Offer?

'An open offer is a secondary market offering, similar to a rights issue. In an open offer, a shareholder is allowed to purchase stock at a price that is lower than the current market price. The purpose of such an offer is to raise cash for the company efficiently'

What is a 'Rights Issue'

'A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. In a rights offering, each shareholder receives the right to purchase a pro-rata allocation of additional shares at a specific price and within a specific period (usually 16 to 30 days). Shareholders are not obligated to exercise this right.'

[futureisbright] 06/1/2021 17:04

Agreed HT2. Bang on the money where the following item is concerned


'SRSP have already said that they intend that existing investors should be able to take part in any equity raise so why would anyone bother with JPJ'

[astralvision] 06/1/2021 16:57

HtrockaWe have been informed of the intended route.See the 2019 AR, relevant section pasted below:'The Company has commenced the process for its proposed admission to AIM in 2021 and the Board will update shareholders in the New Year regarding this process. The Company also anticipates that it will include an Open Offer for existing shareholders to subscribe for new shares at the time of the proposed new listing.'

[witchywoo] 06/1/2021 16:55

sorry Carr - was only joking - but of course it is simply matched trades on JP Jenkins, so either no buyers, no sellers, or no matches :)

[deadly nightshade] 06/1/2021 16:44

Ht it might not be a rights issue could easy be a open offer which would give investors the chance to weigh up what's revealed and see if they want to add to there holdings

[htrocka2] 06/1/2021 16:38

Astralvision….


'SRSP have already said that they intend that existing investors should be able to take part in any equity raise so why would anyone bother with JPJ'


What form would the equity raise take?...if it's a Rights Issue (for shares already held)...then I've no doubt the shares on the JP site would be snapped up...however, we've not been informed of the route the equity raise will take.,,,so every one's still in 'no mans land', 'treading water' and none the wiser.

[deadly nightshade] 06/1/2021 16:35

Astra's reply pretty much sums up JP transactions and why folk wouldn't be buying. Makes sense what he says and I shouldn't think there are millions upon millions of shares up for grabs at 1p on jp

[futureisbright] 06/1/2021 16:27

Sol, go figure !!

Carr, nope not saying that at all. But the buyer must meet the expectation of potential sellers price and vice versa. Matched. As alluded to by others above.

[bronislav] 06/1/2021 16:17

Sherlocks mate bought.I suspect if I was Sherlocks mate I would have done the same.

[qprallan] 06/1/2021 16:12

Re the Jenkins site - IMO(The wife sometimes lets me have one) The people that have asked there broker to request that their shares are put up for sale on that site have probably had second thoughts due to the recent updates and decided to hold on and see what happens, thus producing a lack of shares for any potential purchaser.