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Tiburn
You can fool market, you can fool shareholders, you can fool some people but you can't
fool every body. These African know that to develop Tilapia you need money and technical expertise both of which ZEN do not have. Also The African need to develop their country through foreign investment and liquidating AAOG shareholder in not in line with this objective.
So making PPE(personal protective Equipment) did not help. I am amazed at the extent some
people go through to achieve financial success.
Petroleum
looks like TW claims forced Zenith to declare they have lost the licence after all, but as ever loads of spin
https://www.lse.co.uk/rns/ZEN/preparations-for-tilapia-ii-licence-c5pu6945bczfkx9.html
who knows what to believe here, but they may lose it as are cash poor and reliant on SNPC $5.3m, any other bidders (if there are any) will not be so already ahead - all ZEN may get for their troubles it seems is loads of debt from AAOG.
Tiburn
On Zenith board it was said that TW(Tom Winifrith) said that Zenith had lost Tilapia
on 4th July according to some document his daughter had translated. But you must know that this chap has his own agenda.
A little bit of hope that makes my wager worthwhile thanks.
If we had got the Jub/Align deal, where would be now?
SNPC paid back debt in period? - unlikely but possible if trust restored
licence gone to market as now? - maybe
still with load of debts as not offloaded?- certainly
However, they would have reacted and worked for a solution in the interim period - Alex Mac was part of that team and he could have enabled a viable plan with his good links in congo, finance and partners could have been sought given time (none over a few days at Christmas) it could have gone well, but still a risk overall of nothing post July 18th and licence lapsed.
The pandemic has created many opportunities in period for any cash richcompanies to secure excellent natural resources assets for subsequent development.
PXP/Philex is a £2B major cap with massive funds on hand for development opps, their original plans may have enhanced due to opportunities presented - if Zenith can grab loads of projects just by dilution, then PXP can in spades and with far better CoS, fully funded projects.
It is yet to established if Cope holding the Align offer at bay and Forum taking this on was the best move, it could of course all still come to nought, but I will keep firing to the last bullet before delist in the hope Forum will RTO an asset into this shell - my main cause for some cautious optimism is that if they didn't then what was their point in the first place? why waste so much time, money, energy and muck three of their valued consultants around placing them here - Forrest is used in all their Forum UK ventures, Ferreria certainly has worked for Philex the owner as a key mining consultant for over 12 years as established in previous posts - it just makes a lot more objective logical sense that something will be done.
The market doesn't get any of these nuances, all it sees is a shell and no assets, so we languish at this SP . Its not really a new investment opp except as a pure punt for new PI, but for those who are still locked in, there is still some hope imo.
It could be anything or it could be nothing.......that is why the share price is where it is.
Could it be a gold mine?
It might be a gold mine.
Yes I remember that thanks.
I'll rephrase my question:
Forum is a subsiduary of PXP Energy Corporation is an upstream oil and gas company incorporated in the Philippines in December 2007 as a wholly-owned subsidiary of Philex Mining Corporation.
Given the ownership path does it have to be oil and gas assets or is there some chance that it could be a mining asset injected into AAOG?
Yes I knew that. I'll rephase my question:
Forum is a subsidiary of PXP Energy Corporation an upstream oil and gas company incorporated in the Philippines in December 2007 as a wholly-owned subsidiary of Philex Mining Corporation.
Given the ownership path does it follow that any injected assets must be of oil or gas? Is there any likelihood of AAOG switching to mining?
That question has been asked before and the general opinion is no and the tax benefit can be carried over anywhere regardless of industry or territory.
Does it have to be an oil or gas asset? Does it have to be in Africa?
Indeed tiburn forum wanted shot of Congo and I reckon that if push came to shove they would have given it away or paid someone to take it over. Fresh start suits me fine.
Its interesting how rapidly Forum exercised their will, after two members joined the board Mar 19th.
RNS just five days later:
"Under the original terms of the Disposal, Zenith was to pay £1,000,000 to AAOG of which £500,000 was to be paid in cash in six equal monthly instalments and the balance of £500,000 was to be settled by the issue of shares in Zenith to AAOG"
"The Deed of Variation provides that the Consideration shall be amended to £800,000 which is to be paid in cash only in ten equal monthly instalments with the first payment to be paid on completion of the Disposal ("Completion"). As a result of this amendment, AAOG will no longer receive any Consideration in the form of shares in Zenith."
So that was Step 1 - remove Zen shares offered and transfer into cash payments towards no assets on the books
Step 2 - also in same RNS, was relinquish remaining 20% of the licence, worth at least £1m in Jan 21st 2021 to sell to Zenith and was binding - towards no assets
"The Company has also terminated the put and call option agreements entered into with Zenith and as announced on 21 January 2020."
Presumably Forum were content with the deal terms for payments over 10 months at that time, as it would still be within the 12 month period before complete delist once shell status gained after disposal - but the disposal never happened around that time, at least not according to Congo law and minister approval - so they changed the goal posts:
"Completion of the Disposal remains subject to Ministerial consent to change of control in the Republic of Congo. Completion will therefore occur on the later of satisfaction of these regulatory requirements or completion of the GM."
or completion of GM - as couldn't wait on Minster approval (which never came and licence went to market)
Forum decided to push forward faster to cash shell and changed the deal again to get there faster, as in April 17th RNS
Step 3 - become cash shell for £200k and no more debts
"The Further Deed of Variation provides that the Disposal shall be for 100% of AAOG's interest in AAOGC rather than the 80% original envisaged. The Consideration shall be amended to £200,000 ..which is to be paid in cash .....The payment of the Revised Consideration shall not be conditional on Ministerial consent. Zenith will assume responsibility for all liabilities within and ongoing costs associated with AAOGC at the Revised Completion Date. "
The debts were confirmed in Jan 6th RNS:
"Zenith will also be assuming responsibility for the day-to-day operational costs at AAOG Congo and for the creditor position which is approximately US$2.7 million"
Three steps to cash shell expedited and forced through by Forum, all done for their benefit.