Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', 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.
According to what everyone says you can only get 6 months! We are now past this and no notification of extension or delist?
Answers anyone?
After that rns, I guess no one will expect the suspension to be lifted at all. in the RNS they say they are trying to sign a deal for another rig for more drilling, who the hell is going to sign up for their rig when they could never be paid.
No one will lend them money so it's only a question of time before one o9f the main creditors calls in their debt with a swap in debt for company. all / any shareholders left will get nothing, and that's been on the cards for god knows when. Another clever move by Foo who saw all this coming and got out while he did. But did he sell any / all his shares as he got out.?
Ps
I Am LTH over a decade!! So feeling the pain like all LTH
Just stating what mess he inherited!
I have no doubt that Logbaba will be a success story.
I also have almost no doubt that I won't benefit from that success.
Can't say I share your enthusiasm for Kelly's efforts for LTHs REC1.
Agreed no mention of any extension but also nothing about being delisted either?.
Let's all remember who got VOG
Here FOO!!!.
Poor Roy been trying to clean up the shambles left credit it to him for trying!
Electricity: how the fire at the Logbaba substation threatens to ignite the metallurgy sector in Cameroon
On September 20, 2022, shortly before 6 p.m., a fire broke out on the electricity transmission network, in particular at the Logbaba transformer station in Douala, consuming the 50 megavolt ampere (MTA) transformer supplying electrical energy to companies located in the industrial zone of Bassa. The metallurgists, large consumers of electricity (31 MW per month), who produce iron-based building materials as well as small agricultural equipment, are the most affected by this incident, which remained unresolved 15 days later. This, due to government inertia, cash flow tensions among operators in the electricity sector and differences between Eneo and Sonatrel on the option to be adopted for a return to normal in the supply of electricity in this sensitive area of ??the Cameroonian economy. Investir au Cameroun conducted the investigation into the impact of this fire, which has plagued the metallurgy sector in the country, with operating losses, job cuts, shortages and defaults on payments to banks. in perspective…
On October 4, 2022, electric cables burned again on the line serving the industrial zone of Douala, in the Cameroonian economic capital. Good sources, a similar incident occurred on October 1 , eleven days after the fire which, on September 20, 2022, consumed the transformer installed by the National Electricity Transport Company (Sonatrel) in Logbaba transformer station, thanks to which the company Eneo, the concessionaire of the electricity distribution service in the country, supplies the companies located in the Bassa industrial zone.
This fire, the consequences of which have not been resolved for 15 days now, “? resulted in the shutdown of several factories classified in the category of “Key Account” customers in the electricity sector. These are manufacturers in the metallurgy sector such as Prometal, Métafrique, Aciéries du Cameroun, with significant socio-economic consequences: thousands of jobs threatened and operating losses ?, "announces the electrician Eneo in an information note published on October 4, 2022. more .......
https://www.investiraucameroun.com/energie/0510-18532-electricite-comment-l-incendie-du-poste-de-logbaba-menace-d-embraser-le-secteur-de-la-metallurgie-au-cameroun
Surely the shares must now be cancelled as we've exceeded the permitted 6 month suspension timescale and there's been no notification of an extension having been granted? Nice one Roy!
And another potentially large ICC dispute, again 'unmerited'....so was RSMs claimed I believe. Final nail with that one
Dealing with RSM will not improve cashflow and unproven assets at matanda of no help with JV, assets to back debt. So no tangible improvements since suspension as far as I can see. Not a RNS that gives any real plan of hope. So just a waiting game.
They can't raise cash while suspended from the market. They are reliant on cash generated through operations for day to day financing. The problem is they will not get the suspension lifted unless they can demonstrate they can operate as a going concern. As the cash runs down the risk of liquidation increases. Glad I only have a small holding here don't expect to get anything back. IMO
Trying to understand RNS
Does it mean they have extended suspension till end of October?
According to the RNS the state of the company is precarious so unlikely suspension will ever be lifted
As is common in these situations someone will acquire this company after liquidation at bargain prices and shareholders left with nothing
THE SILENTS IS DEAFING !!
Not so sure I have a problem with delisting (not ideal I know) - as long as we then at some point relist. The co.is owned by shareholders and a couple of firms (Hadron etc) I believe own c.40% and have loans in place (repayment was waived at present). They are investment vehicles and thus profit and liquidity is a prime need. They also have conversion options. VOG need to be listed to raise money in future (all O&Gs do this!!) via placings etc. So, can't see any rationale in being privately owned - by the shareholders still. Only way to relist is via trading clarity - RSM repayment /agreement of some sort which takes us back to either explo at Matanda (not a clue as yet) ,alternative funding/JV at Matanda/giving RSM more of Logbaba etc. imho these are the key variables to VOGs survival. Suspect any 'info' RNS may well be 'we are in discussions etc' sadly.
Think it's odds on we are going to delist. Seen it all before. It's not about us it's about the people who run vog
Would think this is LSE rules not VOGs. Possibly extension application still in review stage or just a LSE 'normal timescale'.
I'm guessing they have to say something today?
Was interested to see drill funding in Cameroon for TowerRes. IF, that word again, VOG have Marula producing/showing a result of some positive sort and that is 'monetisable', funding is out there???? Believe that VOG has debt in place already with BGFI??
-- June 2022 - Tower Resources Cameroon SA executed a term sheet with BGFI Bank Group, the largest bank group in Central Africa, for a medium term loan of CAF 4.42 billion (equivalent to approximately US$7.1 million) as partial financing of the NJOM-3 well on the Thali block in Cameroon. The loan would cover around 40% of the US$18 million well cost, with a further amount in excess of 25% already having been paid for by TRCSA, and the balance of 35% of the cost of the well also to be funded by TRCSA.
I've sent numerous requests for that info, but complete radio silence. How long is a piece of string.
And we wait??
Morning Voggers. Be surprised if we are not either delisted or the suspension extended tomorrow (??). Can't see a 'last minute deal' appearing over the weekend. If one had been struck then issue we would have been RNSs by now. More interested in any rhetoric/news with any forthcoming RNS. Have they done anything in Marula etc. imho Logbaba has limited appeal given lack of big power, any of the power projects commencing, Entinde still literally not in the pipeline and a local finance structure that appears to have no cash. Just yhe demand for the power! So, Matanda, Marula and I hope exportable energy seems to be our best hope and quite a large one at that i its 'right'. GLA.
Hope so. Found this from Feb 2022. Hope they've been doing some digging ...
GCD's Logbaba field had been meeting demand using two of its three wells at any one time. It has started to prepare site access roads for its Marula prospect at Matanda.
VOG will have to issue RNS either today or Monday!!.
So not long to see what is happening??
Just a thought.
Should we bring back Kevin Foo.
At least he used the word imminent lol.