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Canadian Overseas secures new financing – almost certainly a death spiral but it deceives

Doesn’t the FCA have rules that cover this? If not it should but I suspect it does and if its staff can take a few minutes out from reading ESG porn they should force Canadian Overseas Petroleum (COPL) to ‘fess up to how it is, again, deceiving investors regarding today’s additional financing.

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When you owe the bank $1 you are in trouble – when you owe it $42m the bank’s in trouble: Canadian Overseas covenant waiver, more death spiral vicar?

Canadian Overseas Petroleum (COPL) continues to breach the banking covenants on its $42 million of senior debt. But what is the bank meant to do? Call in the debt and try to flog Canadian’s shite assets in a market meltdown to try to get its cash back? Really?

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Canadian Overseas Petroleum – more death spiral shares vicar?

The real risks are that Canadian Overseas Petroleum (COPL) either cannot secure additional; finance within the next five weeks and so goes bust or that the owners of $42 million of senior debt get cold feet, call in their loans and the company goes bust. That would shaft 100% anyone daft enough to own the shares but also the providers off all the convertible loan notes, death spiral providers.

NEWSFLOW

Canadian Overseas Petroleum (#COPL) – liquidity covenant measurement extension to 14th March, eventually informs of dire operations performance

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BREAKING: Canadian Overseas Petroleum - the unexplained collapse in January output it is NOT telling you about

The bear case as outlined here is already compelling. But the table below from the Wyoming Oil & Gas Commission serves up data on Canadian Overseas Petroleum's (COPL) January output and that suggests an alarming decline which cannot be explained solely by bad weather.

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Canadian Overseas Petroleum – why not tell us the conversion price?

An RNS is meant to inform, to give clear information allowing we investors to asses exactly what is going on. Of course, Canadian Overseas Petroleum (COPL) thinks that an RNS is just an excuse to muddy the waters even further, hiding the trouble that it is in. Today we have another effort of this genre. It is to do with the issue of death spiral shares.

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Canadian Overseas – Liquidity has gone, the shares can only go one way

A two million share trade went through at just 5.5p earlier. Natch the Bulletin Board Morons saw this as great news, arguing that a big stock overhang had gone and that the shares would now rocket. To be fair they have bounced back but this just shows what happens when Liquidity is gone and we know that there are massive sellers coming at almost any price.

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Canadian Overseas Petroleum – deliberately confusing release as death spiral shares issued at just 7.3p

“I cannot remember the last time that I saw such a duplicitous dishonest company, this has to be one of the easiest shorts out there at the moment!” says Evil Banksta of Canadian Overseas Petroleum (COPL). He is not alone, Lucian Miers has also called in from the grim North today, outraged as to how the FCA allows Canadian to publish the sort of misleading piffle it has today.

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Death Spiral Finance. What Can Possibly Go Wrong?

Providers of loans to small cash- strapped publicly listed companies, (usually, but not always AIM) which are convertible into equity linked to the average prevailing share price (VWAP) tend to get a bad rap in the same way that the loan shark or the “usurer” gets a bad rap. The type of finance which they purvey is known as “death spiral” which says it all. They normally have websites which provide the bare minimum of detail and describe themselves as “investors” or “growth facilitators” or some sort of misleading handle.

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I'm not surprised to see Canadian Overseas in deep financial trouble after my warnings, but I don't think its game over

I’ve been warning for a while now that Canadian Overseas Petroleum (COPL) could find itself in financial trouble due to the large amount of debt that it is carrying.