Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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There is opportunity in chaos, the irony of that ancient Chinese proverb in these times.
Nevertheless, true on many levels, not least RTO targets in the natural resources sector.
Forums plans may have changed to maximise new opportunity?
This example demonstrates how companies are looking for "counter cyclical acquisitive growth" - that's a great phrase not used often enough:
https://www.investegate.co.uk/ascent-resources-plc--ast-/rns/cuba-new-market-entry-and-board-changes/202004140700084686J/
"Cuba is one of the last remaining largely untapped hydrocarbon provinces of scale.
We see here, despite the recent market turmoil and oil price collapse, the unique ingredients for a new, highly material, growth trajectory across oil, gas and mining when the cycle turns. We also see near term inflection points for Cuba, including the approaching US elections.
We are therefore positioning Ascent as an advantaged platform for counter cyclical acquisitive growth with a focus on low cost production, manageable initial capital commitments and near term re-rate potential"
Its just business and evaluating what makes logical sense.
Forum, with shares held and another 46m coming from further £100k funding AAOG, would own 32% of the company - for around £600k and with capital to invest for RTO development.
That's the equivalent of a Major taking a position in a micro cap (Forums backers have major cash to invest whoever they may be)
If a Major farms in or rich private backers join it normally gives a substantial boost to SP, Petrel went from 1p to 25p on news of a Billionaire consortia investing, regardless of issues they have had since then it did boost their SP 25 fold over a few weeks.
Very soon to be expected:
Forum announce a new CEO and take control, who then RTO a project, confirms investment working capital supplied by the owner and more to come as they wont let this venture fail through lack of funds, then outlines his strategic growth plan - how the owners network and funding will benefit - what SP here then?
Thx Tiburn,
good summary of the current state of affairs ... hope dies last!
A key date approaching on April 20th, after which Forum could technically start offloading their shares, if they had no intention of making this a going concern:
RNS Jan 20th
"The ISA Shares will be acquired by Forum Energy Services Limited. Forum has confirmed that it has no current intention to dispose of its strategic stake in the Company and has agreed to a lock in in respect of 75 per cent of the ISA Shares for three months from today's date. "
If Forum do not start selling in 11 days (and why would they, after having placed to directors and added more funds) then assume this is a vote of intent and resolve in their emerging plan for this company.
Miton have not sold in the interim either and could do so at any time, its encouraging they are content to wait for the next Forum developments, as this plan solidifies it may embolden them to average down aswell, see that buying activity registered and considerable momentum would be established.
Forum have done exactly what they said they would do so far, with no variation, equivocation, back tracking or "perfecting".
Paul Forrest, Chief Executive of Forum, commented, "Forum is pleased to have taken a strategic stake in the Company and we are looking forward to working with the Board to create shareholder value. Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."
They have bought the ISA shares and taken a strategic stake
provided additional funding
Placed two directors as the said they would with finance support from Forrest.
They have the last appointment of 3 directors agreed to place, presumably the new CEO.
Forum are providing just enough funds in increments to keep AAOG afloat until they do take over, but not for free, they get shares for their money:
"Further to the announcement of 19 March 2020, AAOG announces that Forum Energy Services Limited ("Forum") has sent the Company £50,000 in order to allow the Company to satisfy its near-term creditors. In consideration, AAOG will grant to Forum 22,727,272 ordinary shares in the capital of the Company ...Forum has confirmed that further funds will be available to the Company in due course."
Forum offered £150k funds in total, and so another 46m shares could be added before the end at this SP, which brings AAOG up to nearly exactly 500 million shares in issue.
It is hoped that Forum take full control before the end of April , the past board all resign and we can finally move forward towards their stated intention of creating shareholder value.