Mr.B The places you have just said they have got to pay their share now, the $16mill RSM payed for was their share of Phase1 and part of Phase2 , also rental of processing plant and all the other things VOG had been doing prior to Sabc , and a few others . yes he owes another $20 mill , shame for RSM but good for VOG thats what a JV is all about .
WRONG!!!!!!! The money that RSM paid VOG was for past development costs, and as such belong to VOG. All future development costs are split 60/40. SO VOG spend the $16 million RSM have to pay a further $6.4 million Please do so research before posting twaddle
Wake-up call, this will not reach 2p before consolidation because if it did thousands of small shareholders would sell up', including me, this would devastate the share price and push it under 1p. Over 90 per cent of consolidated shares drop after consolidation, it may only be for a short period but it gives you an opportunity to buy in cheaper. Unfortunately with this share we also have a trust issue with foo. The board will keep us locked in till after consolidation is OVER.
Space, Mr Jim isn't far off. RSM owe the balance of previous cash calls which is just under $10m + a cash call for costs from feb to October. There's no suggestion from the accounts that Deloittes don't agree with their claim. The accounts were finalised after the report was issued and would have had to reflect any issues either directly in the numbers or by way of note.
Why do most people think they are being robbed when a company has to raise money by diluting? It's not a one way street of the old shareholders losing value on their shares for nothing. The extra shares are payed for and provide the cash which the company desperately needs to avoid insolvency, or they need cash for development. More shares in the company may look bad since there are more people to share the company between, but extra cash has been injected and often saved companies from bankrupsy. When needs must ,then dilution puts more cash in to keep them afloat - I wish it wasn't neccessary sometimes, but I don't relish the alternative. I think previous dilutions have saved the company and you have to live with it or get out.
Mr Jim, I do not think Rsm will be paying anything like that amount as they have already paid $20m!!,
Drilling costs are recouped via gas sales so unless Vog have spent a massive $100m on infrastructure, which they have not, then Vog will be getting a lot less. Furthermore if Rsm have been paying this years cash calls then the only dispute is over the initial $26m, of which they have paid the majority and wanted an audit for the whole of it ,so Vog may not get very much if the audit finds some discrepencies!
B I too am concerned about cash. However I assume that in the next 12 months :
1. Dangote ( 1.2 scuf - couldbe more) 2. say 5 Thermals ( 1 + scuf) 3. half of the 10 scufs for the grid Total 7 + more scufs
That certainly should ensure ongoing profits and cash generation. I dont think it will be enough to cover expensive new drilling......but VOG should be able to borrow more on future cash generation. As JimV notes - chunky cash also due from JG. You could be right about need to raise more finance. However if it is a "short bridge" to another 5 scufs for the grid, it would be surprising if VOG was not then in a position to borrow most rather than dilute. mel
voger Not burying my head in the sand but investing in a company that is performing very well , (not day trading) , no bad news today and it stopped the SP dipping with a little increase , also let some buy in before coinsolidation or sell before , most had thought the pipeline test would have been ok but the rns just rubber stamped it , also most would have thought it wouldnt have made the SP just high , pretty well factored in , it`s that 4.3 bill i want to see sorted out 109 mill will be far better for VOG . then I can see a steady rise .
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.