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#AST: Board changes and new strategy for Ascent as Hutchinson looks at new projects
EXCLUSIVE: Petro Matad announce fully funded 4 well Mongolia campaign


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Member Since: Sun, 30th Sep 2018

Number of Share Chat Posts (all time): 411
Number of Share Chat Posts (last 30 days): 64

Last Posted: Fri 19:13


Post Distribution over the last 30 days




Fri 19:13

Agreement ended today. Presumably they are now completely in the hands of their banks and their facility will now be “on demand”. The fellow Jensen will be in here only to look after the bank’s interests. Presumably the KPMG work will show if this business model actually works, and if it does is their any equity value or will it just generate sufficient cash to slowly repay the banks. I feel sorry for the institutions that invested equity in October as that money must now be at great risk. I suspect a private equity solution.
Thu 10:22

Excellent idea. It would give investors more confidence in the financial reporting that's for sure!
Thu 10:06

Multi site cash business!!
Take a Google at "Vitaldent fraud". Another multi site cash business, in dental clinics believe it or not!
External auditors IMO should be experienced business people - preferably over 50 years old!!!
Wed 22:49

Everyone should sell to DNO asap and wait for the next investment that Graham Stewart and his team embark on!!
GLA
Wed 22:47

If they can normalise receivables this thing will fly. All other KPIs look good.
Wed 22:44

Hopefully next week they will start the Colter dig!!
From a market cap of c£3m if we strike oil at Colter that would bring us 2m bbls close to Wytch Farm!! Maybe £20m of realse value. Only IF we strike oil as anticipated!!! GLA
Wed 22:40

Agreed 100%. Buyout is best option and hopefully MDC will realise that too!!
GLA
Wed 14:27

Ok let's have a sensible discussion on SPI.
1. After their IPO share price rose a bit. Best hospitals are RPI leased not owned.
2. PE house sold out their remaining stake to Mediclinic.
3. Bid made by Mediclinic at over 300p per share.
4. Had CEO & mgt hiatus. CFO left etc.
5. New CEO appointed just over a year ago.
6. Big plans and profit growth touted by new CEO in his first few weeks.
7. Profit warnings followed shortly after.
8. Ebitda on downward trend and close to breaching bank covenants.
9. Massive problem making money from NHS. Private pay tough outside south east England.

Frankly it's been a traders and shorters dream share.
I'm an unhappy but realistic holder btw.
Tue 19:31

Hopefully yes but I have no idea why?
Tue 11:01

Funny there is no mention of Patisserie Valerie on the departing directors own website. Wonder why?
Tue 10:13

I assume a combination of no news on a new or revised debt facility and the fact they are approaching 4X on their net debt to ebitda covenant has spooked the Market this am? Otherwise their figures look ok.
Mon 21:29

I agree with you which is why I refer to the Board as being “weak”. A high quality and functioning Board of Directors would have planned the CEO succession way in advance (following the fiasco with the Pref buyback) and identified a new CEO either internally or externally. They would have acted with confidence and given the market confidence that they were in control of the ship rather than letting the NED Chair have his last hurrah running a nationally important financial institution (for his first role in this type of co). Crazy, and for a company of this scale totally unforgivable imo.
Mon 21:03

Apologies! Water based mud.
Well if they are still hauling drill cuttings off to Peterhead at this stage of the well that sounds very promising!!!
Everything crossed for the partner companies and their shareholders.
Mon 16:57

If they really have gone to the expense of running in with a core barrel to sample rock in the reservoir section they must have had some positive electric log data. Otherwise why bother?
However I note your use of the word “allegedly”!!!
Shouldn’t have too long to wait now for an announcement.
Mon 15:27

The longer the riser stays in the water and the longer the rig sits on location there is hope! It may well be Bob Hope or No Hope but at least there's hope!! Fingers crossed.
Mon 15:19

Yes of course it will. They are using oil based mud :)
Mon 15:01

"This length of time" ?
The well only spudded on Christmas Day!! How long do you think it takes to drill thousands of feet of rock and run in with strings of casing, cement, set and test pressure etc? Plus I would imagine they have been delayed by gale force winds as well. I'd be shocked if they were down at TD already unless they haven't bothered with casing!!!
13 Jan '19

I quote “the U.K. Governement risked being complacent”. No surprise there!
A company like Engie or another major player with cavern storage experience getting involved here would be superb.
13 Jan '19

According to their November RNS they have to agree something with their banks by this coming Friday.
I can’t help wondering that if I was the banker to Patval whether I would have looked at their accounts to see if my loan was shown on the balance sheet as a loan or as a deposit! Bizarre.
13 Jan '19

Thank you everyone who has responded to my question. Difficult to value exactly with so many unknowns but nevertheless exciting and increasingly relevant piece of strategic energy storage. Especially without Rough, the Interconnector Pipeline and nuclear power stations!!!! GLAH.


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