Maybe Barryroe Farminee also taking a share in Landsdowne. In any case to place shares at 5 pence i.e. above the market price is good news. Believe a deal on Barryroe will be announced shortly after the EGM on March 20th. Perhaps the week after. Also there is strong buying interest in Fastnet. This could be barryroe farminee buying or someone who believes a deal is close on barryroe
Firm placing of 20.75 million new ordinary shares at 5p per share and issue of loan note for total fund raising of £2.9 million
* Proceeds of placing and loan note are to be used to meet company's existing liabilities and working capital requirements to end of 2015
* Proposes to raise gross proceeds of £1,037,682 before costs through issue of placing
Good News as it shows confidence in Landsdowne
Firm placing of 20.75 million new ordinary shares at 5p per share and issue of loan note for total fund raising of £2.9 million
* Proceeds of placing and loan note are to be used to meet company's existing liabilities and working capital requirements to end of 2015
* Proposes to raise gross proceeds of £1,037,682 before costs through issue of placing
Its all down to Barryroe farm out now. As we have heard nothing more from Providence i.e. no new RNS we can only assume that the deal is still on track. TOR said or was quoted as saying in the interview with Proactive Investor the following:
He says Providence can now focus on delivering its stated objectives - starting with the Barryroe farm-out.
A deal was signed with an unnamed company for a farm-out deal earlier in February, though the closing of the transaction is subject to the incoming partner successfully arranging finance.
O’Reilly hopes it will be a matter of weeks, or a month, until Providence can open up to the market about the deal.
“We’ve been as transparent as we can,†he said. “The farm-out is subject to the [partner] company closing their financial restructuring, which they are working on.â€
“We remain confident that people still see Barryroe as a world class asset even though the headwinds of capex curtailment in the market and lower oil prices have obviously delayed the process.
“But we do have a signed deal, and we still have interest from others.â€
Jimmy was correct on this one. Better to delay this until Barryroe deal done and cash available. SP will be next year I imagine
Hopefully we can believe his statements that he expects to be able to open up to the market with details of deal within a couple of weeks or a month. Am expecting something soon after EGM, possibly week after. TOR cannot keep on making statements like this without results
Whats your opinion Adven. Expecting better news ?
Agree with you adven. Think these shares will bounce back
Hahaha Fencer. You have hit the nail on the head. Wonderful Company, wonderful BOD, wonderful results, wonderful reputation. However I believe a deal is done and it will give a bit of a lift to us all and set things off on the right track once again. That is why I will take up shares on march 20th and Why I have not sold my shares. May be a fool but live in hope