Some interesting news here for Providence, notably that Lansdowne will resume trading on the 22nd of June, and that they have done a deal on nearly one million pounds of debt that they owned by trading it for 28% of the company. [link]
Worth taking the risk to wait ontill after the bexit vote to pay transocean
I presume that the One Hundred Million that they are raising is in British Pounds. So if Britain votes to leave and sterling drops against the dollar as forecast, they would lose five to ten million in the exchange rate. Or put another way all the money they own Transocean
I suppose Spuddy as long as we are told the same information and given the same option to invest before the shares are open again for trading, that would be OK really.
That would be good news really Spuddy. The sooner the better really. We will have to face the music sometime.
Hi Spuddy and I understand what you are saying and I agree. I would think that we will be offered some part in the share placement, but at what ratio is the question. My wider point is that Lansdowne have said that their rights issue is a option that they are putting in place in case the other fundraiser that is in the pipeline ( whatever that might be) does not come to pass. Since the only asset they have is Barryroe, the only other way they can get funds is through a farmout of Barryroe of some sort. So I know I am only blowing the brezze but I am hoping that there is some sort of Farmout involved in the One hundred million dollar placement that they are doing at the moment. As I say, ( and it is a wild guess) I am hoping that someone will farm into Barryroe in conjunction with the placement. That would be some good news for us, because if that were the case, and we were given some options on the 11 pence placement, we could at least buy them knowing that those shares at least could be sold at a profit. I would sell them four weeks after buying them just to replace some of my dearer ones. Too many ifs the buts in all this, but sure you have to be saying sometime while we wait. As Sobeit says the Lansdowne General Meeting will hopefully shed some light on things.
Would it be possible that the other investment that Lansdowne are waiting for is some sort of farmout, and could it be possible that the share placement that Providence are doing at the moment is a part of a farmout, I.e That if they raise One Hundred Million then someone else will come in with the same amount again to do a drill at barryroe. That would be the only way that Lansdowne can raise funds apart from doing a rights issue
I just looked up Providence in the Cambers Dictionary and they say it means "Foresight, prudent management and thrift." I nearly cried.
I would think we are getting close to a announcement . If they have seventy million raised since last week, perhaps another week or two to fill the placement.