Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Malcy not Malay, F-ing auto spell...
There is little I can add to what Roger Kennedy has said given that I know next to nothing about the detailed facts of the case which has been left for the current board to face up to despite them not having initiated it. Indeed, I know the CEO and CFO very well and I can say that they have worked all the hours that god gave since their appointment to clean up VOG in many areas.
Time will tell what will happen, if the work that they have done with RSM is meaningful then maybe a sensible settlement can be fashioned over the longer term and operationally the company will be able to survive and grow to everyone’s satisfaction, losing VOG at this stage will benefit no one.
Vog.l Insolvency/delist not the best answer for RSM and generally here imho.. so my guess is vog.l is not dead.. huge set back from an already weak position granted..so a BIG mess whatever.
(I only had 2 odd k gbp left of my bet here so I feel 'lucky' to the extent I didnt chase it down at least.. but have lost good few K more too altogether here.. still, that's the nature of the games I play in AIM O&G.. and I wouldn't have had Rose/Zephyr in 2021 and plenty of other big wins previously without playing such games.. but I feel sorry for anyone who has large exposure here , of course.. AIM O&G can be a brutal game.. but mathematical probability / bet spreading across multiple names can help a lot imho.)
Re: Taverham post, yes, I would hope a payment plan based on future revenue can be agreed, insolvency would unlikely get them their cash back. Not good news, but I still have some confidence in Roy and team after the past couple of years' efforts.
I won't gloat but we definitely weren't all wrong..
I don't feel sorry for those that tried to chase me off for pointing out what I thought was glaringly obvious, but it's still very sad to see..
Some still in denial even now - the Parrot is dead..!
It's not easy to admit you were wrong Sparrow so well done for that. We were all wrong really. In that we could have cashed out at anywhere between 8p and 3p in the last couple of years but chose not to in the hope of recovering more losses.
My first 2 investments since retiring in 2008 were BMR and VOG which between them have cost me around £40k but thankfully other investments since have easily wiped out those losses.
Onwards and upwards.
Sorry to read the news.
(I was very lucky to be on the sidelines, having been a keen supporter of the new VOG management).
I note: 'A large part of the Award is devoted to the treatment of the royalty payments made to Cameroon Holdings Limited ("CHL") in the calculation of the Payout date. '
Surely, this means an end to our monthly payments to CHL Holdings?
I have always argued that there should have been a clawback on CHL Holdings for any payments due to RSM. - Presumably there was something like this negotiated with Foo? I would expect CHL Holdings to pick up a large part of the bill, if not all, and not VOG.
Let's see what the lawyers can do.
LTHs excepted, of course
"The Board thus has confidence in the management to navigate through this legacy issue and return the Company to a healthier footing."
Roy Kelly
A healthier footing - Ponzi 2.0 at best..
"The Board thus has confidence in the management to navigate through this legacy issue and return the Company to a healthier footing."
Roy Kelly
Don't know how Fook sleeps at night. Then again it's probably easy if you have no conscience
a conclusion like this was bound to be the company's fate
yap,,, Kevin Foo k the share holder from the beginning till end including me.
.
I sold out here a few years ago but think that the company owed the money might agree terms for payment rather than pick up the mess of insolvency which will take longer and may produce less cash. I would not give up all hope if I were a shareholder. Good luck pi's you deserve something here.
Never been shafted from beyond the grave before.
Hope it's not too hot for you down there Gryn!@
I don't think that would be in RSM's long-term interest. Roy remains confident that a solution can be found. Let's hope so. Kevin Foo's legacy still looms large, sadly! The sale of West Med would've probably covered this but for Putin's war. We do seem a bit cursed. GLA.
ive been with this dog for 15 years and its been a disaster all the way now its finally met its end
There is no coming back from this, game over for PI's I'm afraid.
Port of Douala: the English KTH wins the contract to build a new terminal at 427 billion FCFA
The new terminal will be built in two phases. The first phase provides for 450 ml of quay; silos with a cumulative capacity of 30,000 tons, a road and a railway, a weighing station, a maintenance workshop; a 200 m² R+3 administrative building; an electricity supply station; a fire-fighting system; an equipped car park; three stores of 2,000, 3,000 and 10,500 m²; a storage area, etc.
https://www.investiraucameroun.com/gestion-publique/0104-17723-port-de-douala-l-anglais-kth-decroche-le-marche-de-construction-d-un-nouveau-terminal-a-427-milliards-de-fcfa
Electricity: Belgian Patrick Eeckelers takes over as head of Eneo, in a high-voltage sector
(Invest in Cameroon) - At the end of a session of the Board of Directors, held on March 30, 2022 in Yaoundé, the electromechanic of Belgian nationality, Patrick Eeckelers, was appointed to the position of CEO of Eneo, the concessionaire of the public electricity service in Cameroon. From sources inside this company, controlled by the British investment fund Actis, it was a simple formality. Patrick Eeckelers joined the company on 12 January 2022 and was already almost CEO of Eneo, in his capacity as special advisor to his predecessor Éric Mansuy. The latter, who will have spent 3 years at the head of this electricity company, has decided not to renew his mandate.
Formerly of Électricité de France (EDF), now Engie, Patrick Eeckelers has 30 years of experience in the energy sector, including 20 years of international assignments, notably in Dubai, Saudi Arabia, Hungary, Bolivia, Peru, Turkey, Thailand, Belgium, etc. Will this long international experience only allow him to restore Eneo's image? Interface between the sector and the public, the electrician is regularly under the hot seat, because of the load shedding that has become the daily lot of Cameroonian populations and companies.
Indeed, Patrick Eeckelers takes the reins of a company operating in an environment marked by a glaring underinvestment in the transport network, making it the main Achilles heel of the sector today. Throughout 2021, for example, this transport network, whose management has been transferred since 2018 to the state-owned company Sonatrel, collapsed several times, plunging almost the entire country into darkness. Since 2012, investments in the transport segment have been almost stopped. The project to upgrade electricity transmission networks and reforms the sector (2016-2022), which was supposed to make up for this delay, is stalling (around 10% implementation rate at the end of September 2021), despite the availability of financing.
https://www.investiraucameroun.com/energie/3003-17717-electricite-le-belge-patrick-eeckelers-prend-la-tete-d-eneo-dans-un-secteur-sous-haute-tension
In Cameroon, a petro-gas project involving the Russian Lukoil delayed by the war in Ukraine
As a reminder, at the end of a development period of the Etinde project that lasted 6 years, Bowleven (25%) and its partners New Age (37.5%) and Lukoil (37.5%) received on January 26, 2021, the approval of the Cameroonian side to apply for a new authorization to operate this oil and gas block, which covers an area of 2,316 km2 in the South-West region of the country. "This is very positive news for the development of Etinde. Because it eliminates the possibility for the Government of Cameroon to withdraw the Etinde license from the joint venture partners, after the end of the initial six-year development implementation period in January 2021," said Eli Chahin, CEO of Bowleven.
Gas from Cameroon
Thanks to this agreement, the holders of the Etinde license hoped, at the end of new exploration campaigns, to highlight sufficient reserves to make an investment decision in 2021, and thus produce and market natural gas. This deadline was not met. The deadline of 2022 that the project operators finally set themselves for making a final investment decision is also now questionable, due to the Russian-Ukrainian conflict.
However, the Etinde project is also of interest to Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), which has set up the country's first natural gas processing unit, on the outskirts of Cameroon's economic capital. Indeed, on February 5, 2020, VOG signed a "non-binding letter of intent" with the project leaders, to source natural gas from the Etinde field, which could well become on the 3rde operational gas field in Cameroon, after Kribi (South) and Logbaba (Littoral).
https://www.investiraucameroun.com/energie/3103-17718-au-cameroun-un-projet-petro-gazier-impliquant-le-russe-lukoil-******e-par-la-guerre-en-ukraine
Well I think we can safely say that Westmed is completely and utterly useless to us as an asset.
Written down 100%, completely locked in, in a corrupt dictatorship country which is hostile to UK, and costing us huge amounts annually in
C& M costs.
We may as well hand it back now. The effect on the sp would be less than if Russia requisitions it which they are probably going to do anyway.
It's is deafening !!