Providence Resources Forum

If there is a cash element to the supposed BROE deal which is very close then the size of raise is criminal!

Malcy's Blog latest take on Providence: Providence Resources Lazarus like in its nature, the rise from the Transocean debris was completed yesterday when the company raised $68.4m plus proceeds of the open offer at 12p a share, a discount of a modest 13%. Enough to pay the court for Transocean, discharge all the debt to Melody, pay for some working capital, drill a well on Druid next year and still be able to provide a solid background to farm-out Barryroe and Spanish Point. Yes, Barryroe is still waiting for farm-out although I am reliably informed that it really is now closer than ever before. The placing is quite an achievement in these markets although there is a definite air of confidence around that I hadnt smelt much recently, apparently existing holders as well as a blue chip list of new institutions are now on the register. With today’s announcement of another licence in the Porcupine Basin adding to the portfolio, PVR finds itself in a very strong position and having discharged its liabilities now works from a clean sheet of paper, worth a close eye on nowadays…

@Phonner thanks for posting link.

A interesting link where Tony gets to talk about the recent developments in the company. Click on the Podcast at 15. 15 to listen [link]

Watch this space , two weeks or a month after the last fundraise

Might be more profitable to dilute shareholders who are buying at high price in expectation of what they were told that to get oil from offshore

It may be the case that there were those who who knew what was ahead and those who were misled to believe something totally different lay ahead like taking candy of a child (signed, close, imminent, before Christmas early in New Year)

Nows the time for a Torexit. My money stays in my pocket while the balderdash continues. Message thanking shareholders says it all. The smugmaster strikes again. Its like water off a ducks back to him. He will do it all again next year. He is due a champagne year with all the new cash. 1st class all the way. Step down at the EGM please .

Think market is moving in our favor. PVR has screwed Its small shareholders no doubt. But We will Get nowhere complaining. My average is about 55 cents now. Believe this year We will Get good news on Barryroe as Well. Big IIs obviously seeing something We are not. My advice is to average down. I bought some today at 12.5 and Will be in for placement. Also in LOGP, amryt pharma. Hopefully a Deal on Barryroe Will allow me to Get out of LOGP and reinvest in Amryt and Immupharma

The high of £7 is now I think equivalent to about £1.10 way below my average. If I'm not mistaken Davy were upbeat when I bought .