Upland Resources Share Discussion Threads

[zengas] 25/10/2023 15:44

Oilisgold, strategy or not, they also need cash imo to pay for what i have mentioned.

Heaven forbid on unequivocally dismissing 14p, they choose to try and raise new capital much less than that ie 2-3-4-5p while its in investors minds that someone was prepared to pay 14p and think they're getting a bargain because they think it will be worth more than 14p on the longer term - because of the company's say so.

SS but in that case surely they would only buy UPL if they were in possession of a PSC and as yet are not. In addition what has UPL paid for the PSC - nothing yet - but will they have to pay xxx amount from the 14p to the government ??

More questions than answers im afraid.

[ssrover] 25/10/2023 15:43

why would it bankrupt many the share price was 3p before a bid!

ZENGAS,Its called strategy. You never accept the first bid. The bid has to be formal. The reason you are seeing a drop in share price is also due to bid not being formal. When the bid becomes formal, the share price gets close to the offer price. The market currently is not pricing in any offer. Also we had warrants hitting the market. Like i said we have untill 20th November. It will either make many investors very rich or bankrupt many

[pwhite73] 25/10/2023 15:42

Not entertaining, educating. Most of the posters you come against are third rate. Not me.

[loglorry1] 25/10/2023 15:39

LOL you are a laugh a minute PWhite. Keep it up very entertaining.

[oilisgold] 25/10/2023 15:38

ZENGAS,Its called strategy. You never accept the first bid. The bid has to be formal. The reason you are seeing a drop in share price is also due to bid not being formal. When the bid becomes formal, the share price gets close to the offer price. The market currently is not pricing in any offer. Also we had warrants hitting the market. Like i said we have untill 20th November. It will either make many investors very rich or bankrupt many

[pwhite73] 25/10/2023 15:34

loglorry1 - "I'd have thought *IF* the bid was real then not accepting it would be a sure fire way to lose their jobs!"

You can't just remove the board. One of the two major shareholders would need to call an EGM and propose resolutions to remove the board. However they would not have to do this because if the offer was real SEC Capital would be back with a firm offer for which the shareholders would accept. The board hopes that by stating the bid significantly undervalues the company SEC Capital would backdown from getting involved in a hostile bid which is what it would effectively be if the board reject their 14p offer.

[oilisgold] 25/10/2023 15:34

Fear has been created and this has panicked small investors like us. One of the strategies when shorting a stock is to employ someone just for social Media and these boards and results are normally excellant

[zengas] 25/10/2023 15:33

It doesn't add up to dismiss it and as LogLorry says a surefire way to lose your job would be to dismiss a 600% premium after 9 years of nothing considering 5X dilution to original holders.

Would we be looking at $30-50m needed here for PSC payment, 2-3 wells, say 500 km 3D which is under 9% of the block in the year ahead going on as is ?

All it has is 456 km total lines total 2D. If they are 0.5 - 1km apart, you can see how little coverage there is on a 6500 km block.

There's no reason why they they shouldn't bite the hand off someone offerring 10p never mind 14p. They could cash out and set up another listed company and stress how successful they were at a 900% - 1300% return since listing at 1p.

[oilisgold] 25/10/2023 15:31

20th November is the day for many investors now. From experience if the bidder was to make another bid it will not go down to the wire. I say that week will be huge for UPL investors. If you bought around 5 to 8p then i suggest just stay put and ignore these boards. You will only find here armchair CEOs , shorters , derampers and rampers.

If we do get a formal offer , which i believe we will, it chould get the share price closer to offer price. Its tough but the rewards are worth the risk.

[pwhite73] 25/10/2023 15:24

truant2tb1 - "PWhite At what point do you accept there is no genuine bid?"

When the company says so. The fall in the share price hasn't got much further to go. Prior to bid news it was at 3p. So warrant holders that have exercised but not sold yet would be saying to themselves well I could have got 3p last week so I might as well hold.

Furthermore if you look at the graph you will see the share price had been rising significantly since August so the market was clearly rerating the company based on existing news prior to the bid.

[loglorry1] 25/10/2023 15:19

I'd have thought *IF* the bid was real then not accepting it would be a sure fire way to lose their jobs! Their shareholders would quickly dispatch them for incompetance.

Conversely biting the offerors hand off, cashing out and making all shareholdes extremely happy would be a way to ensure they could walk into any new job they wanted or stay as highly paid consultants under SEC Capital. SEC Capital obviously have a magic money tree as they are willing to pay £175m for almost nothing. I can imagine they'll pay their new staff very well.

[supercity] 25/10/2023 15:14

They announce a bid at 14p which they rejected.One day later the share is 3.5p to sell.Even the most optimistic share holder can surely see this isn't right.The share would not be 3.5p to sell - intriguing to see how it plays out but it smells extremely dodgy/fake looking at the price action.Just doesn't make sense.

[truant2tb1] 25/10/2023 15:12

PWhiteAt what point do you accept there is no genuine bid?

[neo26] 25/10/2023 15:12

The best post i read.

[pwhite73] 25/10/2023 14:58

ZENGAS - The unequivocal rejection of the bid because it undervalues the company has nothing to do with assets that may or may not exist. It is solely to do with job protection for the directors. It is not an infrequent occurrence for directors to reject bids only for the company to go bust a year or so later.

The point you make is valid. There is no apparent financial or technical reason why the directors would reject such a high bid but to serve their own self interest.

[zengas] 25/10/2023 14:48

Originally invested here in 2015 but after COVEs Steve Staley went 4 years ago in Oct 2019, i remained on the sidelines ever since and studying the latest news.

Gone from 213m then and with the latest excerise in warrants just shy of 1.2 billion shares today.

Almost 9 years and regardless of share price appreciation to date i don't see where the value is in any of the assets relative to 14p because i would undoubtedly buy at 3-6p if i thought it was on.

A number of questions for me is why after all this time of languishing do they unequivocally reject the offer as it significantly undervalues the potential ?

That's a (£168m) $200m valuation. Who pays that kind of cash for just part of a virgin block.

It's 45% of a study on a 6500 km2 block with no wells drilled and just 456 km 2D and no 3D seismic and no psc.

That's $200m for something that they haven't got as a psc. So is the entire block really worth pro-rata 100% basis around $445m ?

Phenenomenal money - yet they dismiss it uneqivocally - ie not entertaining it.

Given UPL will need more cash (drilling, 3D, PSC payment and only very small 2D coverage) - how much is needed taking into account further shares in issue versus today ?

On that dilutory basis and taking into account all the drilling risk can they explain why it is significantly undervalued and how they see or think the share price will be relative to the dismissed 14p ? on a further 6-12-months/2 years timeline risk with x amount of additional shares ? versus dismissing 14p which is a 600% premium to the 2p share price 3 weeks ago.

They said in their last results they have to bid for the PSC - this leads me to ask another question, what price the government will seek from UPL for the block now they know the company is dismissing a figure of $200m for UPL itself ?

[loglorry1] 25/10/2023 14:34

PWhite had you buying CINE all the way down to zero. (S)He's clueless.

[oilisgold] 25/10/2023 14:29

The share price hit 3.75p Last week. Seriously you get all sorts of nasty ppl posting on these boards. I remember PWhite on another board, one investor thought he died of cancer when he stopped posting there

[oilisgold] 25/10/2023 14:26

Effectively we are now where we were before Mondays announcement. The news sadly has been put to bed by corrupt shorters and those spreadbetting.

[oilisgold] 25/10/2023 14:22

You take a risk for high rewards. A lot bought in 5 to 8p. Lets wait untill 20 novemver 2023. Very interesting times ahead

[pwhite73] 25/10/2023 14:12

soulsauce - "So no evidence other than what you perceive."

Of course its what I perceive. Where do you think these 200k, 300k, 400k and 500k sells are coming from. Its not PIs they're warrant holders who exercised at prices as low as 0.4p.

The share price is almost back to the pre-offer price but in order to find buyers for the warrant holders the MM have to keep reducing the offer as PIs get tired of buying at prices only to watch the price tumble. So to get PIs to bite they move the offer down. When the 4p buyers are exhausted they will move the offer down to 3.50p and try again. The effect is the same as forward selling discount placing shares.

[the codger] 25/10/2023 13:40

Don't gamble what you can't afford to lose

[babbler] 25/10/2023 13:32

I'm sure the FCA are already all over this right now and the recent RNSs... :p

[soulsauce] 25/10/2023 13:30

So no evidence other than what you perceive.