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To be clear and accurate, it looks like OFX is run by Claudio Coltellini who is also a director of ADM and, as mentioned previously, putting a lot of his own money in the Company. I suspect Claudio knows something that makes him confident to be betting so large on ADM.
The flip side of your comment is this: OFX has put over 1 million of their own money into the shares over the last year at much higher prices than current market. My entry point was 0.5p, I see that OFX has consistently put in capital at 1p.
Also, the only capital that has come in other than OFX has all been insiders. They are not asking the market for capital, far from it. For some reason the Board and large shareholders seem confident about the company and are putting major money where their mouth is!
(soz, typo, meant of course OFX, not OFC.)
The other reason for pis to be very wary (/steer clear by a country mile) of this stock is the link with randy connally … OFC holdings is Tennessee Black Gold being renamed, which was set up as a randy connally vehicle —- randy of course was the CEO in charge of massive and prolonged shareholder utter value destruction at northcote NCT / then renamed as mayan MYN.
that combination of stefan and randy potentially exposes pis who dabble in ADME to two of the worst AIM CEOs in recent years, aimho.
Things may be about to get interesting with ADM:
"the Company is in discussions with OFXH regarding the possible investment in a company operating in the oil and gas technology sector which the Company considers has greater short term cash generation prospects than the returned leases."
Signficant gain of 432k on debt settlement, Stefan must be looking to redeem himself for shareholders. Good start indeed.
https://www.lse.co.uk/rns/ADME/financing-update-and-debt-and-asset-restructuring-r8j1twa9mtktj59.html
Fair enough, you certainly seem well versed in the history here, a healthy dose of caution warranted!
(Just to save a little time in case peeps can’t be bothered to look back over share price graphs, given the periodic renaming of this company from PPA —> ASTAR —> MXO —> ADME —> whatever next?, …. when olivier took over at ASTAR the share price was ** 1p **. with him as CEO, ASTAR was renamed as MXO, and then eventually was renamed as ADME once the fake sheikh bought in. soon after, olivier slithered off, and osa took over. … when the ‘sheikh’ bought in through a fundraising, he was buying those share at 0.04 pence per share, ** 1/25th ** of the share price when olivier took over as CEO at ASTAR - dreadful s/p performance under olivier!
For sure, osa trashed the company even more once he took over, that guy was just a complete joker /spoof from the word go.. but stefan olivier’s track record before that was appallingly bad. he burnt through huge amounts of shareholder funds and cratered the share price.
take a look back at what happened to the share price under olivier after he took this over as ASTAR then renamed it MXO, but make sure you take into account the 100:1 share consolidation in H1 2019. stefan made lots of money for himself and cornhill, but my golly he was terrible for MXO / ADME shareholders.
Keep in mind, when Olivier left ADM its share price was 4.5p, would happily take that all day long.
Mcco, it’s a paid role with very little work involved, as imv this company does ****** all. ker-ching, milking the remaining shareholder funds until it eventually delists.
If they wanted to do some ‘housecleaning’, why leave olivier in place? - his track record with MXO / ADME has been appalling across many years. rinse and repeat, massive value destruction of shareholder funds.
as for the two resignations, just rats leaving the sinking ship.
I agree with you,Yellowdog.
I presume that his lordship would not be putting himself forward as Chairman if he thought that the company would be going down the tubes in the short term
The number of board members is now reduced to 4 from 6 so fees should be reduced by a third
Lord Henry seems like a solid set of hands to lead the company, interesting comments from the RNS:
As the Chairman of the Board of ADM, I am committed to growing ADM into a substantial energy investing company and diversifying our portfolio from an exclusive focus on upstream oil and gas assets to include initiatives in line with the energy transition and that take advantage of the substantial growth in technology spending currently being experienced by the energy industry."
The change in leadership seems quite positive. I wasn't around but it seems that the ex-Chairman and Carter presided over the utter failings of the last CEO and the Board has finally done some housecleaning.
Wells in the USA are a sideshow, net of ADM debt Aje is worth 4-5p a share. petronor did not buy more of Aje to sit on it, over 71% now. Petronor is a respectable oil company with production, cash flow, a solid balance sheet. They can lead us to the promised land!
https://petronorep.com/media/vtxa0lhk/20231002-acquistion-of-new-age-aje-interests.pdf
Come on, you were supposed to have started those USA wells this quarter which you have got us in debt for. Or were we just helping out our mates? And you can chase up the money we spent on barracuda instead of letting folks off. Patience is wearing thin, sorry everyone, don't mean to rant.
Bought in 200,000 today, Nigeria may have a bright future indeed. From the article posted earlier that was released on ADM twitter feed earlier today.
"Oil-exporting countries face the question of whether they want to flare all that gas off or use it," a German official said in connection with the visit. "We are very open to discussing with Nigeria whether we can buy gas too."
But to make that happen, chronic underinvestment in Nigeria's energy sector would need to be looked at - something the as-yet unidentified business delegation accompanying Scholz may be able to help address.
… the tsunami continues …
Another busy trading day so far. 3 trades totaling almost 1p!
Https://uk.linkedin.com/in/osamede-okhomina-052a477b
… meanwhile, osa still seems to list himself as CEO of ADME on linkedin.
Blimey indeed, i didn’t realise carter19 still had his eye on this board. it’s been more than two years since he posted here, think he stopped in spring 2021 when he seemed to be getting rather carried away with maga-style covid denial /anti-vax stuff.
Feb 20th 2021, carter19: “Who do you believe though Osemde [sic] or Spikey : )”
[ADME share price at the time, 4.45 pence.]
… looking back at what’s happened to ADME’s share price and prospects since then, the pretty obvious answer is that it would have been a remarkably stupid mistake to believe osamede okhomina, with the share price now 90% lower, two and a half years later.
Spikeyj is still around, he must still be lonely.
Presumably the same richie jennings who made such a laughing stock of himself regarding ADME under the umbrella of align research?