Tethys Share Discussion Threads

[casual47] 03/12/2016 17:45

Of course, if the BOD has already agreed with the Kumars to massively dilute the company then the 180m warrants suddenly become much more like the typical cherry on top.......

[temporarily insane] 03/12/2016 17:38

Thank you Casual47.

[casual47] 03/12/2016 17:33

Peter, yes, that's why there is an EGM 27th January. To allow them to do it.

TI, warrants are meant to be just a sweetener, to mollify the investor and convince them to invest. They are just the cherry on top, if you like. Typically the investor would only take up warrants when the share price is much higher than the warrant exercise price so they make a profit. On paper at least.

Also, who has ever heard of warrants representing nearly a third of the company? It is completely bonkers.

[1399peter] 03/12/2016 17:27

If both Investors were to exercise all of the Warrants granted to
them, each Investor would own approximately 19.9% of the ordinary shares
of the enlarged share capital of the Company. Neither Investor may
exercise any warrants if after such exercise, the Investor would become
a 10% shareholder of the Company until such time as the Toronto Stock
Exchange ("TSX") has approved a personal information form (a "PIF") to
be submitted by such Investor. Further, the Investors may not exercise
more than an aggregate of 12,097,816 warrants unless shareholder
approval has been obtained for such exercise.

[temporarily insane] 03/12/2016 17:00

casual47 why would the Kumars taking up all their warrant prove this whole thing is a stitch up?

[casual47] 03/12/2016 16:53

Also, while I assume that the Kumars WILL immediately take up their warrants, and that would prove this whole thing is a stitch up, there is no guarantee that they will as the warrants remain exercisable for three years.

[casual47] 03/12/2016 16:39

Hguess, why would the share price go up? Olisol had paid 10 US cents for their shares and were going to add more at 3 pence. Yet the share price remained below 2p for months.

Also, I have close to 2 million shares. With TPL being so illiquid there is no chance I can offload that amount at a reasonable price.

The EGM is 27th January. The 8 million USD + interest Cayman loan is due a month later.

[hguess16] 03/12/2016 16:32

Casual, You seem to have got Naim on steroids with your post !.
If you look at the numbers, you will notice that the Kumars are paying over 2p for their total allocation of 280.2m shares incl the warrants.
You said in an earlier post that you would exit if the price gets to 2p.
So you have the option to exit when the Kumars enter the Tethys stage and help grow the company !.

[temporarily insane] 03/12/2016 16:31

Ok naimanka74, you complain more than me!!!! ;-)


I put this question to you. How would you do it????? Or are you selling first thing Monday morning.


Everybody seems to be an expert but nobody wants to say how to make all this right. All quite easy when behind a keyboard.

[temporarily insane] 03/12/2016 16:02

Looking forward to the new directors achieving great things.

[hguess16] 03/12/2016 15:49

Casual,
If the Kumars exercise all the warrants, they would hold 280.2m of the total of the enlarged 687.3m Tethys Shares, ie 40.76% of thge total.
PAM/ALR would hold 76m shares incl 12m additional shares acquired for $168k after converting debt into equity. PAM would therefore hold 11.06%.
The Kumars and PAM would therefore own 51.8% of Tethys shares and as the Kumars have agreed to vote with PAM, they would control Tethys at Board level.
The grant of additional warrants to the Kumars could be positive for the following:
1. The Kumars have decided to commit totally to the development of Tethys with PAM and the new Team. They have expressed their confidence in Bill Wells and Ken May.

2. The price of conversion of the warrants remains at 3.1 cents or 2.48p compared to the current market price of 1.25p.

So, if we think the Kumars are reliable and capable, compared to " you know who", then 2.48p is better than nothing !.

[casual47] 03/12/2016 15:41

I think we're all battle weary

I presume also the Kumars getting 40% won't trigger the takeover code either, as they are deemed to be independent of each other........but who believes that?

If the Kumars immediately take up the warrants it is basically a cheaper, dodgier, quicker version of the BOD's Olisol deal except through the backdoor as there is no contract ("Investment agreement").

[temporarily insane] 03/12/2016 15:30

Casual47, well noted on the amount of shares. I hadnt noticed that. I think to be honest Im a bit battle weary due to everything that has gone on.

[casual47] 03/12/2016 14:13

TI, a bad deal is a bad deal. The fact that the company, through its own actions, ended up on its knees and with a gun to its head having to accept a bad deal doesn't excuse the situation. If they had any confidence in their business the placing price and the warrant price would have been higher. There is no reason at all to give that many warrants to the Kumars either.

Also, I don't know if you noticed, but the number of warrants more than doubled from the first announcement of the Kumars deal to the actual deal. Maybe this was part of the reason for the delay, the Kumars smelled blood and got greedy.

RNS 7th November: "The Company would grant each Investor share purchase warrants giving each Investor the right to acquire up to 43,951,698 ordinary shares of Tethys for a period of three years from the grant date. The exercise price for the warrants would be US$0.031"

RNS 29th November: "The Company has granted each Investor share purchase warrants giving each Investor the right to acquire up to 96,150,000 ordinary shares of Tethys for a period of three years from the grant date. The exercise price for the warrants is US$0.031"

Note that 2 x 96,150,000 would be nearly 30% of the company.....So the Kumars would end up owning 40.48% of the company having only spent 7.3 million USD...which is almost what Olisol paid to get 63 million shares (then 15% of the company).

My ~2m shares won't make much difference. But it's important for me that at least this PI's voice is heard.

[temporarily insane] 03/12/2016 13:42

Casual47, how would you have sorted Tethys out if you had to take over the reigns from just before the Kumars got interested at near all time lows?

[casual47] 03/12/2016 12:42

I'll be voting AGAINST. I voted against Olisol being given 40% of the company for peanuts and the Kumar deal is even worse.

[temporarily insane] 03/12/2016 12:19

Dorset64, its the management of Tethys Petroleum, they have to make everything as difficult as possible!!!

LOL

Hguess16 thank you for replying.

[dorset64] 03/12/2016 08:41

But what a great time to grill the BoD of their future intentions along with the Kumars. I'm assuming/hoping its being held in London but not expecting it?

[hguess16] 03/12/2016 07:19

TI,
The EGM ON 27 Jan has been called to approve the exercise of warrants by the Kumars !.

[temporarily insane] 02/12/2016 23:44

EGM eh, whats the next surprise?

Time to buy more.

[parthus] 02/12/2016 22:28

Neily :

Bet your stammer disappears with the appearance of 2 in front of the share price !

[neilyb675] 02/12/2016 21:13

Mmmmmmmmmmmmmmmmmmmmmmmmm

[casual47] 02/12/2016 20:51

New on SEDAR: EGM scheduled for 27th January.

[dorset64] 02/12/2016 16:54

It rather quite amazing the amount of gained 'knowledge' naimanka has, given by his own admission he only bought a few shares and knew nothing of Tethys prior to this. Also given he now mentions that his brother holds a larger amount and that he, naimanka only bought in relatively recently.

Its almost as if you've got someone to write your posts. How's your dad, better?