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Unfortunately I don’t have much faith in our Scott, he’s messed up this Co. and probably is being far too greedy with the companies vested in a RTO, probably hence why SSSIG walked away, I personally think this Co. will do the same, all the while whatever assets we have left are being disposed of. I do hope I’m wrong by the way but I’ve already written off my investment now!
2 hours later - Another exclusivity extension arrives (until 01st July). Painfully boring process, lets hope the reward is worth it.
The fact that they have published such information is a good sign and shows both parties must be fairly confident that a deal will be struck. Let's just hope it's a good deal for current shareholders that have been sat on the sidelines for months on end.
I did see a note on the Poseidon website, suggesting a deal may complete by mid 2021, .. no idea how long it’s been there though.
In February 2021, Poseidon entered an RTO/IPO process with Curzon Energy, a company listed on the Main Market of the London Stock Exchange. The transaction is expected to complete in mid-2021 and will provide access to capital markets and enhance transparency for potential partners, investors and customers.
http://poseidonplastics.com/about/
I am surprised the DD has dragged on this long given that the team at CZN had been through a similar process with SSSIG last year.
Fingers crossed a nice RNS will land in the next few days. At this point in time the current MCAP is well below that of a half decent cash shell.
Previous RNS extensions have come prior to exclusivity period deadlines. No RNS yet so today / tomorrow and if not..... deal successful??
Nice Pay Rise For Our Scotty !
Hopefully the last extension indeed and positive to see work continuing. Recall a figure of $30m spent developing this CBM Project to this stage so even half of that in an RTO delivers meaningful upside from today's bombed out share price.
Sorry. Trying to type to quickly and not paying enough attention. I meant CZN. Apologies.
VELA is a different business altogether (not a bad one as it turns out)
VELA ? not come across that name before - who are they and are they listed anywhere?
I have previously seen numbers banded about ranging from 2p to 10p, however, I believe these were all complete guesses.
VELA retains the Coos Bay asset where £m were pumped in over the course of a couple of years but I have no idea what the current value is or could be.
The current MCAP stands at just under £800,000 - Cash shells have previously sold for £3m to £10m so there is potentially some decent shareholder value there?! (3x the current SP would get a few shareholders comfortably in profit given the trading range over the pas year.
Has anyone looked at different scenarios of what they are willing to pay and the share price that would give? Or are we all in the dark lol
Good to see the BoD are at least updating the shareholders monthly. Exclusivity extended until 01st June. Fingers crossed that's the last extension necessary before we find out what PET are willing to pay.
I just need a small 100% increase to get back to even on this one. Fingers crossed haha
If deal goes ahead this will rocket.....but for now we are just sat on the runway as passengers with no update on when our flight will take off......c'mon curzon, lets get moving soon!
I think we will probably get a monthly update (if we are lucky) until some solid figures can be presented by the BoD. At least the due diligence shouldn't take as long this time given the BoD have done it all before less than 6 months ago.
Good things come to those who wait, and wait, and wait ...
Anyone have any ideas??
Sadly this extension was entirely predictable.
As they say, "good things come to those who wait". Not that any of us have a choice at this point in time!
Extension Lol !
SSSIG Talks Lasted Nion 11 Months ! Pared Energy Talks Lasted A LoT Longer Than 11 Months !
Exclusivity Seems To Be The In Vogue Cash Cow For Directors !
28th is Sunday so hopefully we will hear something tomorrow or more likely Monday
Does anyone have a rough idea of the potential resale value of Coos Bay, or if demand exists for such projects? Hard to believe a company focused on recycling single use plastics would want to be involved in a CBM play. Good way to raise some cash and avoid any large initial placings if they could get it sold quickly.
Bored now :(
LOI signed with PET and initial dd to 28 Feb
Speedy
I have found it on the CORE (Irish companies register) but its a paid service so cant see much. I assume they have registered in Ireland because of the better corp tax rates and more generous tax breaks for development/research activities.
Looking into what Poseidon do, it could be a pretty exciting opportunity (EQT and VLS have rewarded investors on a few occasions in the last year or so in the renewables space)