Providence Resources Forum

did you hit the jackpot then phonner?

Two fairly big buys coming in at £130,000, and then more than £330,0000 coming in at the same share price of 9.75. I have no idea what that means.

That is true sobeit. Hopefully it is a sign that 10 pence is the bottom for this share.

You know Mamms, that is the worse of it, if I did win the lottery, I would spend some of it on buying shares in Providence. I think I am a just a addict when it comes to Providence! I am out of money now, so I cannot buy any more.

Wowzer - is this real, an increase in SP

Just wait, he'll jump in himself and buy a shed load to restore confidence....

Adding shareholder value at every opportunity our TOR....

Odds are probably better ...

Well said Spuddy, and you are right; the fundamentals are in place for the share price to lift, but it is despairing to see the share price falling every day, but I will not despair too much, as long as I do not see ten or twenty million shares being sold in one day. As a backup plan in case things go wrong, I have decided to buy a lottery ticket every week!

This share price is being marked down and does not represent The real value of the Assets. Before the placement the Share Price was 15.3 pence With approximately 145m in issue giving a market cap of approx. 22.185m. Thus with 3m in cash and approximately 24m sterling in liabilities the Company had net liabilities of 21m sterling. Thus 21 + 22.185 gives what Investors considered potential value of assets. Now fast forward to today.Company has approximately 49m dollars after debt payments i.e. 36.75m sterling. This Is worth approximately 6..2 pence a share. Thus at todays closing Price We Are attributing 3.55 pence per share to asset valuation i.e 20.945m sterling as opposed to 43.185m before the placement When company was bankrupt. If we attribute the same 43.185m sterling value to Assets the Share Price should be 6.2 pence (cash valuation) plus 7.3 pence asset valuation i.e 13.5 pence per share. This excludes the fact that the company was bankrupt before the placement and Assets such as Barryroe Would Have had to be sold in a fire sale. It also excludes the drill on Druid plus the updated reserve estimates for Newgrange. So this share appears Very undervalued. Plus the Price of Oil was 37 dollars a barrel as opposed to 50 dollars today.