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who knows some kind of operational news or an update on the proger investment of £10m circa...the license got renewed recently so production figures should look healthy again. they dont exactly sell the company everything appears downplayed. but this is a proper company. value will out one hopes
That’s good.
So what’s the next bit of news to look forward to I got in at about 7p so down some what currently.
i think so. The new CEO keeps buying stock - and why not. the most unloved & most undervalued stock ? they have a load of cash, no debt, and a huuuge investment in Proger
Can we take much from this?
Almost the full 3p ask been paid today for the last couple of buys at Cadogan, for this lowly priced total company.
Now rises on even small.
A 200,000 lot taken @ 2.88p at 0.929hrs, today.
Looks like going higher....from this current low price patch.
What’s happening today seems to be some trades and movement up in the share price
a few thoughts on the future. Our brave new board have now withheld results from Proger for circa 8 weeks. Now, why is this? Are the results so good that the board fears an increase in the SP. With the end of the loan arriving soon and presumably the conversion to a 25% stake in Proger ( last years results 11.3 Eu million ebitda) and presumably higher this year. And the share price a fraction of it's real value, it would make good economic sense to take the company private followed by a merger with Proger, (there are already very close ties), and subsequently refloat the company at a future date. I certainly won't be selling at these prices. The board have not shown any intention of supporting the SP quite the reverse
The loss was from gas trading which has stopped. With production starting back up and news on the Italian asset next month could be interesting.
Anyone who thinks this is undervalued clearly hasn't read the latest Financial Report.
http://otp.investis.com/clients/uk/cadogan-petroleum/rns/regulatory-story.aspx?cid=46&newsid=1389413
Loss-making businesses (large reduction in cash from previous year); and loan note at serious risk.
positive news, this is so under valued!
Seems this got taken down to 2.45 to allow a director to buy in cheap - not sold and hold average 3p.
Yes it gd director bought but did they have to squeeze the price lower as shows the bod as having snout in trough...
That's more like it! Encouraging....
Ridiculously undervalued when you look at NAV here £23m in cash + loan repayment due back to CAD, no debt..
It would be nice to see the news directors dip their hands in their pockets and buy some shares. It would give existing shareholders a little confidence.
SH action group and vote toe board off and return cash/assets to shareholders?
This company may as well be private they don't communicate with their shareholders, could well backfire on them
Didn't the last bod get the royal boot for poor performance - so nowt changed except we have the same director from both companies... Shocking it has dropped so low and continues that trajecory downwards...
Something needs to change and quickly
I see that AGM is on 30th June in London. Due to Covid 19 attendance in person is not allowed. I completely understand that, but don't understand why parts of it can't be broadcast on Zoom (or plethora of alternatives). My 10 year old niece is capable of setting up a session, if tech support is needed. Mayt….
This share is driving me nuts wished I never invested. So what have we got to look forward to?
*exec directors
Parts I like is that the new director is getting his bonus paid in shares, 5.5m shares and there is a share incentive plan to align the non exec directors whereby they have to buy 200% of their salary in shares over a fixed period. Time they start buying then...
Of course the backdrop to oil and gas pricing means forward forecasts are near impossible on the oil and gas side of this business.
Fundamentally here they have $12.8m in cash and also $15.5m to be paid to them on loan maturity in February next year.
Michel has a huge net wealth locked in this company and im sure as a director on a small token salary he will want to get this back to where it used to be. It comes a stage where shareholders will have to call an EGM to return all cash to shareholders and wind the business up should they continue to perform poorly. This would result in $28m net cash being distributed which is nearly 10p per share.
Will directors return shareholders a share price of 10p per share over the next 18months-24months through their activities in Ukraine?
looking unlikely, so Fady will have his work cut out to invest in more lucrative areas outside of Ukraine by leveraging this $15m loan when it matures as well as the existing cash balance.
Well final results were not what I was expecting.
Will be pretty much the same for next year too with low oil price for much of this year.
Shares in Issue: 236m
Market Capital @ 3p = £7m (52wk high 12p)
No debt & No liabilities (worth highlighting as often O&G have decommissioning liabilities)
Cash: £13m (assumed taking account of the last $4m assets sales) + £13m in Proger CLN*
*Proger convertible loan: in 2019 CAD provided Proger a 13.4m euro loan with 5.5% interest rate. This convertible loan can either be converted in to Proger equity (25%) at CAD Shareholders request (this 25% stake recently valued at $20m by PwC) or the cash + interest will be repaid to CAD on the loan at maturity date Feb 2021, amount due to CAD circa 15m Euro (13m GBP).
About Proger (25% equity stake upon loan conversion)
Proger is a privately-owned international contractor, providing some of the world’s largest companies with comprehensive engineering, project management and security solutions.
It was voted number one engineering company in Italy 2016, and is ranked top 85 engineering firm worldwide. Its second largest shareholder, with a 27.4% participating interest, is SIMEST, the Italian government agency which supports local companies to achieve export driven growth. Proger is based in Italy, with offices in the Middle East, Africa and Europe, and is involved in major projects around the world, including significant oil & gas, energy and infrastructure installations, and has more than 60 years’ experience.
In 2018, Proger had revenues of €120 million, generated an EBITDA of €11.3 million and €6.1 million of net profit
Directors Shareholding: 12%
Other significant holders total: 64%
Free Float = 24%
Recent Board Changes: An EGM was called end of last year by Director and 11% holder Michel Meeus and supported by other Significant holders to evict stale board members due to previous poor performance in share price given the strength of companys assets/balance sheet. This motion was passed and new CEO Fady Khallouf was appointed in November 2019.
Wonder what the new directors plans are here. Licence expected soon which is a solid catalyst but to me surely the large holders must be thinking hang on we will potentially have £26m in cash here (Feb next year if loan is returned) and Mcap of 7m. Will they just return all that cash to shareholders??
They were supposed to be released this week when spoke to their PR chap but they also have an extension to release them due to covid19 so no rush to get them out.
This one here looks like cracking value I must say.
One ive been quietly nibbling the lows.
Does anyone know when?
It's a sell of the 600k that was accumulated...
Update tomorrow hopefully and were is news on licence