The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
It is now nearly three months since the aborted deal.
I know it has been a very difficult time the last few months and for months to come.
The problem is we have an experienced bod that have made promises.
Instead we have had nothing
It seems we have a virtual bod.
Even an update of some sort but nothing.
Annual accounts should make interesting reading.
No income no new investments. Basically just roll the date forward a year.
I assume fees and other costs still being paid.
The board may well be working on a new deal or deals but nothing in over a year is very worrying imo.
Maybe the farm out sale of Ruvuma is holding things up.
Overall I think long suffering shareholders deserve better than what they are getting.
Chris,wouldthis be the 4th qtr of never !! How many times since your friend threw over £2m company money into an unproven pot ,squirrelled off to its 6 invisible off shore directors ,have we been told it’s going to be the next 3months ,6 months or even next year !!! They’ve managed to syphc it to 4th qtr.,it,looks be mid 21 next ,and so on and so forth ,I believe it’s called legal robbery ,by a bunch of spivs.
"Just waiting one signature now" is it days/weeks/months away that is the "BIG QUESTION" , once they get the lead items ordered they can speed up the drill as the Q1 2021 was based on continue lock-down in Tanzania and we all know this is starting to move now and with testing kits available now this will be a game changer to getting this going GLA !!!
Glad to hear and I think the same regarding the likely significant increase in value post C1 drill.
The Helium-1 CEO said the other week that they expect to drill in the 4th Quarter, which can only happen post IPO. Seeing will of course be believing.
Hi, yes all fine thanks. This is Solo so I still expect it to take longer than we think.... :-[
The ARA investment is hugely important but I would still like to know what Solo plans to do. Do we sell as many here seem to favour or raise the cash, invest and reap the long term profit which currently I tend to prefer.
Also any sign of anything happening with our Helium friends?
Hi Jetty, hope all is well for you and yours. The licence was a long time coming and in the bag, so once the farmout is complete then the project is 75% funded to production with an estimated spend of around $120 million.
Just waiting one signature now.
Hi Chris, there is no volume, a mix of "sell in May and go away" syndrome and the fun and games on the FTSE100. The day traders are all making their annual bonus on TUI so don't need to look at AIM at the moment. The spread doesn't help either, MMs not keen to hold either so you need a 10% profit just to get your cash out.
I agree once the buyout is complete and operational plans are published we will have a much better picture on the value of the asset and Solo's future.
Dropped the bid after 3 trades worth less than £3k total John, not worth getting wound up about.
Farmout completion this week or next would seem reasonable and then we might get to see what the deal is with SOLO's 25%
on 11 trades with a very small balance in favour of sells seems a little excessive to me.
Tomorrow is another day - where's the news ?
Or in the words of 'Take That'
'Today this could be the greatest day in our lives'.
But some have been saying that now for 8 years and all we have had is failure
Was going to come up with a few lines from 'Silence Is Golden' by the Tremeloes but unfortunately with Solo Silence is a pile of sh*t.
Hello Solo my old friend,
We have no red dot once again,
Will tomorrow be more fun ?
Maybe some news on helium one,
You promised us 20,000 barells a day,
Something worthwhile to earn your pay,
growing older as we stay,
Within the sound of silence.
Morning Chris.
Sure hope something happens here.
Hardly a word from the board in 7 months.
I assume they are actively working hard on their strategy.
At least weather is good and lockdown being relaxed.
Imo once farm out agreed we will sell our entire stake.
Tanzania is just too slow all round.
Reasonable probability that the AEX/Zubair farmout will complete this week/next and the $40 million effectively handed over for 50% of the asset. Lets see if that unlocks the BOD farming down/selling solo's 25%
Market hates our investments BD or market not caught up with our true MC yet (take your pick) :o)
Big week/s coming up for Solo shareholders now, what is in store for us I wonder !!!!
Still waiting for resolution, the GOV held back payments for gas sold in excess of the disputed tax amount as per below from the AEX annual report.
"The Company continues to meet with the relevant Tanzanian authorities to discuss and resolve the issue of outstanding receivables from previous gas sales from KNDL."
Owed to Gov (disputed)
"the TPDC has requested payment of certain amounts totalling US$6.0 million for liabilities arising on revenues from gas sales, of which Aminex’s share is estimated to be US$2.7 million."
Gov owe JV for gas sales;
"TPDC trade receivables balance of US$7.8 million, of which Aminex’s net share amounted to US$3.2 million, due from the TPDC for invoiced gas sales and interest for late payment thereon"
Cheers BD. And our only actual income was a pittance from KN1. Talking of which - what's happening there with the disputed payment?
I suppose we should deduct proceeds of Horse Hill and IOW investments. About 4.5 million pounds.
So net fundraising about £27 million pounds.
Maybe Ruvuma can be sold on for that without further capital raising for drilling etc.
Have a good weekend.
Solo Fund raising
List of funds raised through share issue (dilution) resulting from a quick analysis of past RNS -
Nov 2009 raised £6,400,000 Tanzania
Apr 2011 raised £2,100,000 Reef
Jan 2012 raised £ 350,000 from £10,000,000 equity line
Feb 2012 raised £ 750,000 from £10,000,000 equity line
Feb 2012 raised £ 250,000 from £10,000,000 equity line
May 2012 raised £ 150,000 from £10,000,000 equity line
Jun 2012 raised £ 128,000 from £10,000,000 equity line
Jun 2012 raised £ 300,000 from £10,000,000 equity line
Aug 2012 raised £1,500,000 Tanzania
Jan 2013 raised £1,500,000 ‘Strengthen company Balance Sheet’
Mar 2013 raised £1,000,000 ‘Strengthen company Balance Sheet’
May 2013 raised £1,500,000 ‘Strengthen company Balance Sheet’
Jun 2014 raised £ 500,000 Tanzania
Sep 2014 raised £ 760,000 placing and £1,500,000 conditional placing totalling £2,260,000
Feb2015 raised £ 700,000 Tanzania
Apr 2015 raised £2,000,000 Tanzania and UK
May 2015 raised £ 200,000 ($300,000) BURJ Africa
Apr 2016 raised £ 800,000 Tanzania
Sep 2016 raised £2,000,000 Tanzania
Feb 2017 raised £2,000,000 Tanzania
Mar 2017 raised £1,350,000 Helium - part of £2,550,000 investment
Nov 2017 raised £1,500,000 Tanzania (from £5M convertible loan)
Feb 2018 raised £2,000,000 HH
Mar 2018 raised £ 650,000 HH
Totalling £31,888,000
Mkt Cap
13/06/18 = £11,720,000
Summary
£17,400,000 Tanzania
£ 4,000,000 Balance sheet strengthened
£ 1,928,000 from £10,000,000 equity line
£ 2,100,000 Reef
£ 2,650,000 HH
£ 2,260,000 placing/conditional placing
£ 1,350,000 Helium
£ 200,000 BURJ Africa
£100m
No RNs Monday bank holiday
how did your AML go Chesh, not invested there yet so can`t earn a AM tail light bulb let alone the car, anyway back to Solo risen from 1.175 this week so shouldn`t be too greedy I suppose and 1 week closer to amazing update here or not as Crusty thinks ;o) (Maybe he is correct) anyway I more confident with our board be it slow but are they putting the ribbons on our present we will have to see, Steve it could be worth as you could of been a HUR investor (so sad really) have a good weekend folks and stay safe and look forward to a (Monday) RNS !!!!
......... :)
All the best (I will, don't sell yourself short :)
No not until at least 20p.
Have a good weekend.