Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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'A return to one of my favourite subjects....Notore Chemicals' ah Junkie i see nothing's changed you're still the grandmaster of complete irrelevances in the business affairs of san leon. you're just a big yawn as nobody (seemingly except yourself) is remotely interested in Notore which has no relevance whatsoever to san leon. did you miss the recent announcement that san leon is now going to be focusing on transporting oil via its majority interest in the ACOES? OML18 will only account for about 30% of our business so whatever you think about jite and Eroton (personally i think you're being a bit harsh) that's pretty irrelevant to us, as everyone except you apparently can see :-)
That's 2 out of 3, if we get the third one then we must be due an RNS..
A return to one of my favourite subjects....Notore Chemicals which was once the sole offtaker of OML18 gas (that is when in years gone by OML18 actually produced gas). It still owes Eroton 21 billion naire for its gas supplies, one of the principal reasons given for NNPCL seizing the Operatorship just after the start of the year.
The latest set of 3Q/23 accounts show an absolutely dire situation with losses for the year to date at 66 billion naire (or 82.5USD. To put things in perspective, finance costs at 23 billion naire were nearly double the value of sales. That was before the addition of 28 billion naire due for foreign currency losses due to the dramatic devaluation of the naire (reference BlackSwan's comments on the Nigerian economy.).
Total borrowings are now an eye-watering 200 billion naire or 248million USD.
Why does this matter?
First, it seems extremely likely that Eroton will ever see its 21 billion naire unless NNPCL sues Notore and the valuable site is sold.
Second, it shows that the much lauded Jite Okoloko is showing very poor business judgement. One of the very basic rules of business is that unless you have extremely good reasons otherwise, you borrow in the currency of your sales.
Nearly all Notore's sales are in naire whilst it is largely financed in USD, the devaluation of which which has now strapped the company with suffocating debt, if it wasn't bad enough already.
One other thing, and I've never seen this in publicly published accounts before, the Group table of Fixed Assets doesn't add up!!!! (interestingly the table for the Company does)....sloppy beyond belief.
Alaric - dear fellow you missed the point again, as usual, the company is fine it's the state of the Nigerian economy that is.the problem. The verbosity of your responses to anything leads me to revise my opinion of you from being a pensioner.in a care home with nothing else to do or your an early model AI Chat Bot with as yet not lot of I.
Happy with that answer Zoonosis? me neither. as i
said before he specialises in insinuation and avoiding facts, always failing to address arguments that don't support his negative positions on the company. his purpose? like most trolls he seeks to denigrate the company probably as a poorly paid lackey of a long/short fund looking to profit from taking short positions in San Leon. if he were genuine we would get reasoned responses to our reasoned propositions. we never do, which tells you the real answer to your question. when the $125m arrives in our account as it surely will and soon, do you believe for on minute that we'll receive a reasoned analysis of the situation for us? i'm very happy to be shown wrong but that would be a first on this board:-)
Zoonosis - Ref your recent comment - "BS I don't really understand the objective of your analysis?" - my analysis was intended to simplify the situation we now find ourselves or to paraphrase Bill Clinton - It's Nigeria stupid!
Courtesy Philby1 on ADVFN
Malcy's thoughts;
This is good news from San Leon, obviously the first payment having been received is a major step and the rest of the pieces of the jigsaw will fall into place. This includes TRAM buying a stake in SLE at 30p with further options higher up, and paying off Toscafund and creditors.
But it really is only the start of the next phase for the company, plans to buy a bigger stake in ELI opens up San Leon to the valuable pipeline and infrastructure system from OML18 with concomitant increased profitability.
The combination of all this means that when the shares return from suspension, shortly it seems there is considerable upside from the last time they were traded. I interviewed Oisin Fanning when the deal was announced, in case you didn’t see it I repeat that interview below.
Core Finance CEO Interview: Oisin Fanning, San Leon Energy
Agreed. but it's not in a state to be sold anyway.
History would caution selling your old car just yet!
"As previously announced, TRAM has confirmed that all conditions precedent to its investment have been satisfied and San Leon has accordingly requested draw down of the US$125.0 million convertible secured loan from TRAM (the "Loan"). In this respect, TRAM has confirmed to San Leon that funds are in the process of being transferred from TRAM's bank in North America and San Leon has since received confirmation that payment has been made. San Leon expects to receive the net proceeds of the Loan shortly. "
The shares (44m+) Tram are getting are priced at 30p (vs stalled market price of 16.5p). Is it wise to speculate that they're priced low for tax purposes, but are expected to rise over time? Just noted that warrents for a further 62.5m are priced at 60p.
Worth noting that there will now be a total of 495m shares in the issue (+62.5m warrants) as opposed to 797m which would have been the case if the Mid Western deal had gone ahead, i.e. more jam in the pot goes to us little people. Speaking of which, has any figure being issued of the potential income from Eli?
With issuing of TRAM's shares, and the commencement of drawdown on the loan, are we now set to go back to the market? I need a new car...
Alaric old chap, I asked Sam the question, did you forget who you were signed in as today? It would appear that you and this chartrader character have more than one thing in common.
But surely you know 36800, since chartrader was an old mate of yours on the other board until he got banned for libelling both Oisin and San Leon. he used a number of different handles (at least six for sure). he posted the most scurrilous lies about the company (even worse than our board trolls, including yourself), often 25 times a day! hard to believe but over 5 or so years he posted more than 100,000 times. a complete luny of course but i understand he lost many thousands of pounds during San Leon1's phase in Poland and blamed Oisin personally for this. so there you have it. at least he wasn't some lackey of a hedge fund, paid buttons to write garbage about San Leon : his garbage was gratis presumably just for his own entertainment. let's face it nobody with more than a pea for a brain found his scribblings remotely entertaining :-)
Charttrader? Sam, please enlighten me. My internet search came up with trading software. Thanks.
Best thing to do is for all of us to use the 'report post' button on all of the trolls!
great post Alaric... I'm looking forward to relist in November!
BS I dont really understand the objective of your analysis? The shares have been shelved for 3 months and its been a difficult ride for the last couple of years, but lots of us have stuck in there on the basis that thats just the oil business, cliff-edge ups and downs. A large deal is negotiated that seems to clear cashflow worries and open up lots of windows of opportunities and you want to micro analyse timelines, body language and physical aura. How is that helping and why would you tread that path after months of frustration? I want the business to move forward and the share price to move up. I cant see how you are helping?
Exactly
Desperate stuff from you again BS. all through the piece you trolls have at best dissembled and probably been outright mendacious. at every turn you have spun a tissue of fabrications concerning everything from how Avobone would bankrupt us to how nobody would loan money or invest in us. when as always you're proved wrong, you fail to address the fact and merely move on to the next fabrication. you claim your big mate Afake has been 100% correct so far about San Leon. that's complete garbage. by the time our story unfolds Afake will be shown to have been 100% wrong. you specialise in insinuation and avoiding facts, always failing to address arguments that don't support your negative positions on the company. how anybody in their right mind can have contrived to spin the latest news as bad is beyond credibility. for the record obviously Martin Hughes was never going to let this matter inherited with Aurelian bust his massive investment in San Leon, which any fool with half a wit could tell you. btw the loan and prospective investment are amongst the largest to an AIM company this year. also anyone who knows the company will understand that getting a controlling interest in the ACOES has been a strategic objective of the company for some time. god knows where you got that bunkum about being forced to invest more because of Eli's financial problems is anybody's guess. the point you choose to miss because it doesn’t suit your agenda is that it demonstrates how nimble Oisin has been in using Eli's financial woes to our advantage and frankly negotiating incredible terms for these investments. so you can put that lot in your pipe and smoke it :-)
EDREEDEV - Ref your recent post where you refer to - Seplat Nigeria - Seplat was OF's original business model when he first took SLE into Nigeria - obviously from your comments you are aware of the difficulties Seplat, a very well-run local company, have been facing including the attempted removal of the British CEO by local interests. It would seem to indicate that OF original plans for Nigeria should be reconsidered and in the extreme maybe just retain the status quo consisting of an FSO and maybe just maybe keep existing holdings in OML18 but completely abandon his original planned take over with Eroton of OML18 (I.E. The now outdated business model for foreign entities operating in Nigeria).
The Fanning/Wood Interview - It opens with a misstatement from Fanning that SLE has always wanted to increase its ownership in Eli Akaso when in fact SLE was forced to invest into the project in order to maintain the viability of the FSO (Eli Akaso/pipeline) which was facing imminent bankruptcy proceedings in the Maltese courts.Further OF seems confused at times mentioning the pipeline will be starting operation “this week or next week “ that would be difficult since it has not been completed. The FSO system including pipeline he claims will only be completed in another 120 days which takes us into Jan 2024. OF infoms us Shell are taking oil off Eli Akaso “at this moment in time”, really, and his suggestion that Eli Akaso will replace the Bonny terminal is nothing short of pure theatre as is his claim of the number of firms who have “already signed up or will sign” to use the FSO facilities.
OF informs us that NNPC is now “effectively” the operator of OML18 but that “documents” haven’t as yet been signed between the original partners which does rather leave the question up in the air as to whether the disputes between NNPC/Eroton/Sahara will continue or not with its adverse affects on the continued financing/operation of OML18.
The sympathetic body language (ear stroking) between Wood and Fanning when Wood asked for a possible relisting date for SLE and with OF suggested it as being the 2nd week of November did not inspire confidence.
I would expect the share price to initial rise somewhat above 16p on relisting but then remain moribund as Nigerian realities once again reassert themselves on SLE’s attempts to complete the Eli Akaso FSO considering in the difficult situation companies are currently facing to work effectively in the Niger Delta.
Overall, the interview did not leave me with a positive impression as OF, grimacingly at times, tried to put a positive spin on the situation we are currently facing in Nigeria – he is certainly not the same person that gave the televised speech at Davos some years ago regarding our upbeat prospects for Poland, but then again given what he has been through in Nigeria neither would I be.
If you look at the Malcy interview with Oisin posted by Naibob, you will see he suggests some time around 2nd week of November for resumption of trading in San Leon.
RE: " at what price will we open?". The big question, or maybe not, depending on your scalping propensities. What price can be attained is the elephant in the room. Our new buddies have been given options at 60p, so at what price do they foresee exercising them? We're no longer seeing the whopping great dilution in terms of shares in the issue, which makes things less painful. Two months till we get the keys to our new house? Very frustrated, but we can only wait.
Https://www.youtube.com/watch?v=yN_w3RLuB3s
The man with the tiny spectacles and the large Panerai looks Cheshire cat like to me....couple of minor flags re timing but love the positivity overall
'The Ordinary Shares will remain suspended until the Company has published an admission document in relation to the New ELI Investments and the Company's shareholders have ratified the actions taken by the Board.' this is from the rns yesterday. so i reckon we're only a month or two at most from accounts being finalised and the resumption of trading in san leon's stock. btw i think it was Eli we were waiting for as they were clearly stretched. the fascinating question now becomes at what price will we open?
Ed, i understand that NNPC were bad at paying their bills but that's all but sorted now.
I think it's fair to say that OF's endgame was not self-ruination. He's been chasing opportunities, which have been cast off as a more lucrative opportunity has caught his attention. It's been a VERY bumpy ride, but it looks like we've got the keys to our new home. What would be a nice-to-have before moving in is a set of accounts, and the re-listing of the shares to see if the market's convinced. It looks like the big players have won big, but us little guys are still very much on the side line. Anyone got any opinion on when the accounts are likely to be complete? We were waiting on Marwester and/or MLPL weren't we?