Trinity Exploration & Pr... Share Discussion Threads

[marvelman] 14/7/2018 11:14

Yes WITJ, I think most on this board accept that the offer was mispriced. I think also that many of us have bought in at circa 16p knowing the offer would be oversubscribed particularly as it was at such a crazy discount. The system has let down all but the more professional investors with broker relationships that have enabled them to take advantage of the rules and who can blame them for that. The core issue here, surely, was the low pitched offer price and the BOD must take full responsibility for that. Do they care? Well that is where we must make our minds up and therefore whether they can be trusted. I have made my own judgement and I believe the loss of respect for the BOD is irreparable. Nevertheless, it is what it is and now we must make the best of it. Walking away now will not be making the best of it but the future for me in this company is likely not to be a long term one.

[dunderheed] 14/7/2018 11:02

I've got to admit I thought 18p a good price bwtfdik?

[whiskeyinthejar] 14/7/2018 10:56

"offer was oversubscribed threefold"

If offer wasn't for only £1.5m, people would have applied for even more. I bought in open market at 16p because I knew £1.5m wouldnt come anywhere near to fufilling demand. Many others have done so too, of course.

All parts of placing were heavily oversubscribed, so basically it was mispriced. Placings need to be a bargain to be successful, but there was always going to be too much demand at 15p.

The £10k minimum was just an attempt to patch over the problem that the £1.5m allotment was insufficient. Obviously it didn't work, but the real problem I think wasn't the patch it was the price of the placing and the allocation size.

[wwick] 14/7/2018 10:21

Just posting facts Marv. I'm possibly lucky (or astute) having traded a quarter of my holding from 17.9 to 16.2 and then topped up. The offer was always a gamble. But the fact remains that the BOD are prepared to but GREED before EQUALITY.

[marvelman] 14/7/2018 10:08

Eloquently put wwick

[wwick] 14/7/2018 10:05

The market sets the daily price and the market can gauge whether a share offer is undervalued. The open offer was oversubscribed threefold. Conclusion, the offer price was unequivocally too low and the natural conclusion is that Bruce, Jeremy & James were in this for mates-rates. Why did the price recently get to 27p, because of the market action driven by private investors. What Bruce, Jeremy & James have done is to disrupt the market to satisfy their greed. This is a dangerous game because all trust is lost and so the market may fail to function. Nobody should have an issue with a justified need to raise capital, but ALL shareholders must be treated equally.

[dunderheed] 14/7/2018 09:54

At the end of the day guys it's a pretty simple proposition. If you think your money can earn better elsewhere put it there but whilst feelings running very high at the moment don't cut your noses to spite your faces?
Either way best of luck all!

[marvelman] 14/7/2018 09:23

acsatix

I believe your thoughts are pretty much in line with my own and others regarding the necessity for funding now and indeed, like many, I believe that the BOD were too precipitant in triggering the funding at this point. I also assume that unlike many of us smaller PI's they and their supporters got plenty at 15p. However, we are where we are and we would be shooting ourselves in the foot to pull out at this stage at the lowest point (or thereabouts) of the share price I am convinced now that the BOD have regained their appetite for funding ventures in the future but for now we should see this move pretty quickly to 20p and patience is now required. After that it is 50/50 as to whether I want to take the chance of being around when the next cash requirement hits the fan and I am once more finding myself helping out the "company" and its wealthy patrons.Regards.

[acsatix] 13/7/2018 19:31

ACS, What are you going to do if you get your whole subscription after making all this noise, seeing as you don't know yet?

Overnight tune change?

======

no, i am determined to flip all I get. in fact I already did it without waiting...I have enough invested here and I take the dilution on my chin. I have changed my mind on allocation of capital following the recent mishaps we read about in recent days. I am happy with the 10 percent on the flipped shares.

nice weekend

[uapatel] 13/7/2018 18:31

Looked at my account and now have the extra 20K shares I applied for. So under the circumstances happy to not have any issues on scaling back etc.

Good luck all holders

[wwick] 13/7/2018 18:13

acsatix "We'll submit your instruction to the company before the official event deadline" is different to "we will submit a joint application" is there a ray of sunshine?

[acsatix] 13/7/2018 18:04

"Saw an opportunity or a threat that you cannot see."


yes they did see the opportunity to raise funds and reduce ii shareholding quota....two birds with a stone.

[acsatix] 13/7/2018 17:58

here are the terms of the offer:
Offer for Subscription
Subscription price: GBP0.15 per share
Record date: 21st June 2018
Pay date: 12th July 2018
Option 1: Do Not Subscribe (Default)
Option 2: Total subscription amount in GBP
The default option will apply to any holders not making an election by the deadline date.
Trinity Exploration & Production has announced an Offer for Subscription, whereby holders as of record date 21st June
2018, may invest in additional shares at a price of GBP0.15 per share.
If you wish to participate you must specify the total amount in Pound Sterling (GBP) that you wish to invest, under
Option 2. Please be informed that elections may be subject to scaling back.


There are specific restrictions concerning nationals and citizens of the United States, Australia, Canada, Japan, New
Zealand and the Republic of South Africa. It is the responsibility of any person wishing to participate to inform
themselves of and observe any applicable requirements. Should you choose to participate then with your instructions
you are confirming that you are aware of the official restrictions. This Offer is to be read in conjunction with the official
terms and conditions available on the Company website.
Please ensure you have cleared funds in your account by our deadline date. Subscribing holders should expect to
receive their new shares around 12th July 2018.
We'll submit your instruction to the company before the official event deadline. Your account will be updated upon
receipt of the proceeds but in some circumstances there may be delays in the proceeds being credited to us. Please
allow 10 working days for your account to be updated.



scaling back criterion were left unspecified.

[the big fella] 13/7/2018 17:55

It is called understanding the terms and conditions of the offering. I am not sure who you would think of taking legal action against. As for a class action are you going to be lead plaintiff?
Anyway that’s it from me for a while as off to Cadiz for the summer.

[acsatix] 13/7/2018 17:51

folks... why do you get so excited... it is very possible this goes to <15p, as well as above 20 with some catalyst. i give same chance to both events...


what I do not like is the lack of confidence in the board recent events have generated.


BTW not having done anything illegal is not really sufficient in business... you can legally run a bank to the ground for that matter... what is the point?


anyhow if list a company on a stock exchange you normally should aim at pleasing each and everyone of them (provided they have funds), not JUST THOSE that use custom brokering. This basically creates selective treatment of shareholders and I am sure one can build a legal case out of that (if one could be bothered).

note that if such a treatment was to be applied its terms should have been clarified in detail in advance... this was a post-mortem criterion.

[acsatix] 13/7/2018 17:37

this one above was not hinting at capital raise soon to fund short term activity... galeota was just the one where it was mentioned (down the road but against exciting opportunity, not just dragging along 3000 bopd in a mildly cash generative manner from 2020). I can say they were ensuring CLN was to be paid off easily even at lower prices of oil... so we were taken a bit by surprise... judge yourself.