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Cheers Glen, thought so.
Hi Blue - new ticker is SGN
Hi Guys, have the company now changed the name, NCCL appears to have disappeared off ADVFN?
NEWS RELEASE
Notice of EGM – Change of Name – Solgenics Limited
13 February 2023: Ncondezi Energy Limited (“Ncondezi” or the “Company”) (AIM:NCCL) the African power
development company focused on renewable energy solutions, provides notice of an Extraordinary General
Meeting (“EGM”) of Ncondezi Energy Limited to be held at 2.00 p.m. SAST (12.00 p.m.GMT) at The Silo Hotel,
Silo Square, V&A Waterfront, Cape Town, 8001, South Africa on 28 February 2023.
At the EGM, the Company is seeking shareholder approval to change its name to Solgenics Limited, reflecting
the Company’s transition into a dedicated renewable energy development company.
Notice convening the EGM is being posted today to shareholders of the Company and will shortly be available
on the Company's website at http://www.ncondezienergy.com/general-meetings.aspx.
The Company’s primary focus is the delivery of its 300MW solar PV plus BESS renewable energy project in
the Tete Province in northern Mozambique (the “Tete Solar Project”), and has delivered material de risking
milestones over the last 2 months, including:
• Completion of the Tete Solar Project Feasibility Study
• Completion of Environmental and Social Impact Assessment Red Flag Review
• Completion of Transmission Integration Study and receipt of approval from state power utility
Electricidade de Moçambique (“EDM”)
• Receipt of exclusive use land rights for generation of solar energy at the proposed project site
Commenting on the proposed name change, Hanno Pengilly, CEO, said: “The proposed name change to
Solgenics reflects our updated mission to develop innovative power supply solutions for affordable and reliable
electricity in Africa, utilising the latest sustainable technologies. We will do this by focusing on the development
of grid scale renewable energy projects in the southern African region, predominantly using solar and battery
storage solutions.
Solgenics also provides a clear signal to investors, Governments and potential offtake partners that we are
committed to developing clean, green power projects.
To further support the transition, the Company has launched an ESG audit which will review the Company’s
exposure to environmental, social and governance risks and set out a realistic action plan to demonstrate that
the Company understands the issues and the opportunities it faces and has the correct systems, policies and
practices in place to manage ESG effectively.
Our flagship Tete Solar Project continues to make rapid progress and will support Mozambique’s ambition to
be a regional leader in green energy transition. We continue to progress offtake discussions and are reviewing
additional development work streams which can be launched in parallel to ensure that we maintain
development momentum. We look forward to providing further updates in the near future.”
The Company continues to recognise the importance of ongoing engagement with shareholders and will ho
NEWS RELEASE
Convertible Loan Fully Converted
6 February 2023: Ncondezi Energy Limited (“Ncondezi” or the “Company”) (AIM:NCCL) announces that
following the previous announcements on 16 and 17 January 2023, all convertible loan and interest will be
converted into ordinary shares of no par value (“Ordinary Shares”) in the Company according to the terms of
the convertible loan agreement.
An aggregate of 75,787,027 Ordinary Shares will be issued and application will be made for the admission of
the Ordinary Shares to trading on AIM (“Admission”), with Admission expected to take place on or around 9
February 2023. The Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of
the Company.
Of the new shares to be issued, 3,913,087 will be issued to Company Chairman, Michael Haworth, 15,213,515
will be issued to Non-Executive Director, Scott Fletcher, and 53,580,573 will be issued to Seritza Limited
(“Seritza”), a private company owned by a trust of which Chief Executive Officer of Ncondezi, Hanno Pengilly,
is a potential beneficiary.
The Company’s independent director, Aman Sachdeva, assessed the Company’s rights to exclude up to 50%
of the amount to be converted through an immediate cash redemption, and considers, having consulted with
the Company’s advisers, that exercising this right is not in the best interest of Company, particularly given that
the Company’s available capital is committed to its existing solar power development programme.
In addition to the convertible loan and interest conversion, the Company will issue a further 3,079,852 shares
and transfer the 2,869,840 shares currently held in Treasury, in lieu of deferred fees totalling £71,767 to certain
contractors and consultants to the Company, as previously announced on 22 November 2022, plus a further
£15,000 in deferred fees due to certain consultants.
Following the conversion of the convertible loan and issue of new shares, Chairman, Michael Haworth, will be
beneficially interested in 23,936,549 Ordinary Shares, representing 4.23 per cent of the Company’s enlarged
issued share capital. Non Executive Director, Scott Fletcher, will be beneficially interested in 122,979,090
Ordinary Shares representing 21.71 per cent of the Company’s enlarged issued share capital. Seritza will be
beneficially interested in 53,580,573 Ordinary Shares, representing 9.46 per cent of the Company’s enlarged
issued share capital. In addition, Hanno Pengilly is beneficially interested in 3,531,776 Ordinary Shares,
representing 0.62 per cent of the Company’s enlarge issued share capital.
Following Admission, the Company's issued share capital will comprise of 566,501,146 Ordinary Shares. No
Ordinary Shares will be held in treasury.
Therefore the number of Ordinary Shares in issue carrying voting rights will be 566,501,146 and this figure
may be used as the denominator for the calculations by which they will determine if they are required to notif
https://360mozambique.com/opinion/mozambique-is-at-the-forefront-of-sustainability-agenda/
Slowly moving up with more buys , definitely more activity going on,that’s a lot more positive than a few months ago , what do you all think will Ncon get passed last years high
#NCCL Increasing % of stock in very tight hands, with many LTHs, all holding/ adding.
I would say, a minimum of 70% of the company's stock in tight if not very tight hands. Recent conversaiotn and buying on open market massive signal following Mozambique's EDM (national Electricity utility company) approval of Transmission Route for company's 300MW #solar project, the largest proposed in the country and being 'rubber stamped' (the wider site has been scoped for a total of 5, 000MW!)
How often can a company with £4m market cap say that?!
Upside from current SP/ market cap? Unparalleled, imo.
#NCCL RNS BIG signal! Scott Fletcher adds 2.75m shares, taking his holding to 22.09%.
Increasing % of shares in very tight hands; c43% listed on website as sihgnficant, plus other directors and parteis holding above 1 or 2%, plus numerous LTHs, many holding millions of shares!
All this after EDM approval of Transmission Route for 300MW Grid Scale #Solar Project, the largest proposed solar project in #Mozambique!
Upside from a £4m market cap? Unparalleled in my view.
The signals are there. NCCL will be on the turnaround/ growth stocks of 2023.
This has to be good news ? What do you all think the potential price could go up to this year or do you think it will just sit below the 1p mark, I’m 50/50 if I’m going to buy more shares.
The principal element of his loan can be converted at 25% discount to 30 day VWAP (minimum 0.5p). The interest element is converted at 30% premium to VWAP
I think CF73’s view that loan interest conversion is a positive sign is justified - the majority of loan providers are insiders, thus restricted in their ability to convert and then flip the converted shares, thus the 30% discount on conversion can’t be realised in the short term ( and is also somewhat less than 30% giving the significant bid offer spread on this stock). If insiders believed there was little chance of future share value, they would not be converting (loan interest ranks above shareholders in a liquidation) - I see the conversion by insiders as an endorsement of the companies future.
Scott Fletcher buying hares on the open market are a HUGE signal of confidence. Those conversions are also, as he will be holding shares in the company's stock -- and why do that if going nowehere?!
Let's remember again, EDM has approved the transmission route for the company's Grid Scale Solar Project. This is, as someone else put it, a HUGE rubber-stamping of the project, a view I agree with. That transmission route is to connect to the main Grid, for domestic and export applications (into the wider regional energy pool/ SAPP).
They are all gearing UP!
Good luck folks!
He bought them on the open market. The share conversion has yet to be authorised / carried out
7, 256, 555 @ £83,129 = 0.01145p per share.
#NCCL RNS NED Scott Fletcher buys 7, 256, 555 shares on open marlket & converts loan, taking holding to 21.4% of company stock!
HUGE sign of confidence. I very strongly suspect, they all gearing up for a major positive outcome.
Remembering, Mozambique state utility, EDM, only just approved company's 300MW Grid Scale Solar Project tranmisison route. This is a major step,
1. EDM formally acknowledges NCCL efforts/ progress
2. EDM approves of NCCLs project
HUGE progress on Mozambique's largest proposed #Solar Project!
Massive BUY Signal, IMO.
Some nice buys going through now!!
I hear you glenmorangie. It is disappointed at one level, for sure. But they may well have a future bottleneck of news. The recent news of Transmission Route Approval by EDM points to - as someone else said - a rubber-stamping of the Solar Project, with news due on agreed solution for connection and tariff. So they have to get this conversion done before that news. That said, yes, I agree. There has been considerable further dilution, including every time we look like we could be getting SP appreciation, they do something to kill the SP again. But we are on the right track finally and hope they have good sense/ decency to consider LTHs who have been diluted again, in such future transactions.
CF73 - why did they not wait 30 days or so to see if the price increased to higher levels before they released this news ?
Thus the 30 day weighted average price would be higher and much less dilution ?
Hanno keeps on saying he is doing everything in his power to minimise dilution to the PIs but his actions say different - he was in control of this release i.e. it is insiders who want to convert.
CF73 - all this is going to do is drive the price back down again , every time we get some sort of appreciation in share price we get this sort of news release.
What is the Volume Weighted Average Price (“VWAP”) on the thirty days immediately preceding the date of the conversion notice ? - less than we are priced at now and then they get a 25% discount on that price. Off course they are going to convert.
How much dilution will this add? and there is more to come.
Sorry but not as happy as you are with this news and the timing of it.
#NCCL RNS Converting loans to shares = HUGE confidence shares will be worth more than loan interest
Note: Mozambican State Utility just approved transmission route for Company's proposed 500MW Grid Scale #Solar Project, largest solar project in Moz!
#StocksToBuy #stockstowatch
I was wondering the same, they look like sells, but the sp held up considering.. same ol same ol, the usual uneven playing field of aim.
Must be buys the SP's holding firm.
Are these big buys or sells ?
hopefully CF ..... this time rodders next year ...... with PREM and maybe NCCL starting in anger maybe just maybe