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Holding company is management’s vehicle. If the OpCo is so great, management can get a dividend or loan to repay CAD. Or there’d be plenty of banks or investors who’d provide capital to take out CAD.
Proger is a well run company and expanding fast , the problem is the Holding company Proger SRL
Dog of a company it seems.
The point is Proger SR L do not have the cash to repay , unless a white knight appears.
So the other option is a increase of share option from current.
Its a game of Chess and Cadogan have the kill move in 4 moves.
So posting Proger is important as we will own a stake in the company.
It’s all well and good pasting in new contracts but if they’re begging for extensions like chavs with maxed out Klarna accounts, they’re obviously not swimming in cash and no one else is looking to invest and clear out Cadogan’s interest.
There were no signs of it ever being exercised. For a start, they had a board coup and out in Fady the Useless. Previous updates stated they didn’t have the latest numbers from Proger so they’ve been messing them around for a while. Then we had the recent RNS that they’ve “reminded” them about the repayment date which is pretty blatant they just want the cash.
10.03.2021
Proger with Gazprom in Uzbekistan for the development of the Djel gas field
Proger has recently enriched its portfolio of international projects reaching a new important milestone by signing a contract with ZarubezhneftGaz Central Asia for the development of the important Djel gas field in Uzbekistan on behalf of Gazprom International.
Proger is in fact working on the feasibility study of a new greenfield project to be built in a desert area without roads, utilities and services, not far from the Shakhpakhty block, which will last five years and will include two construction phases.
The depreservation of four exploration wells will be carried out will be carried out during the first phase, along with the construction of the first production line of a treatment unit (GTU) with a capacity of 150 million cubic meters of gas per year and the construction of a gas pipeline of 251 km “Djel CGTU – Karakal****a CS” and a booster compression station.
The drilling and commissioning of six production wells and the construction of the second production line of the treatment unit will be carried out in the second phase as this will help to double the annual production up to 300 million cubic meters of gas and 4,200 tons. of condensed gas per year.
This project marks an important result for Proger in the oil & gas sector thanks to the know-how acquired in the last 25 years by developing complex projects in different countries of the world alongside some of the largest energy companies at international level.
Link:
hxxp://www.proger.it/en/djel-gas/
The Economics
In recent years, by offering integrated services in different sectors, Proger has managed to consolidate its role as a General Engineer able to adapt, through a multidisciplinary approach, to the variability of demand.
2020 will close with a turnover of the Italian Spa alone of around 83 million euros (compared to 89 million in 2019) and a Group turnover of around 130 million euros.
The slight decline recorded in 2020 (-7.3%) is attributable to the postponement of some orders to 2021-2022, due to the epidemiological emergency from COVID-19, despite at the same time the company was called upon to hire a essential strategic role to face the emergency by providing services in the sectors of health, energy, transport logistics and procurement of medical equipment and medical devices.
Also for this reason - and for some recent acquisitions in the maintenance engineering sector - a strong increase in revenues is expected in the three-year period 2020-2022: The turnover forecast of the Italian Spa alone stands at 128.7 million in 2021 and 130, 6 million in 2022.
The compound annual growth rate (CAGR) is expected to be + 13.8%.
The contribution margin will increase from the current 25.6 million to 39.9 million euros in 2021 and 41.1 in 2022.
EBITDA will go from 8.6% to 15.5% in 2022.
presumably Proger were expecting Cad to take the share option, as we all were. Well I presume we all were, as it was worth so much more. So can Proger raise the money? I would be nice if our wonderful new board could explain the thinking behind this decision, as the shares were worth 50% more than the money back, presuming Proger profits for last year came in as expected. We will never know as no information has been forthcoming
Process is for them to pay on the repayment date. They didn’t and it’s an event of default so CAD are entitled to enforce their security. They’ve had two years to get ready and had a reminder letter recently
To be fair they are following the law , to use all possible action without using court action.
If they did not follow law then if taken to court could be used against Cadogan for not allowing process.
This company is run by men without testicles.
Mon, 1st Mar 2021 07:00
Cadogan Petroleum Plc - Loan to Proger Managers & Partners srl
Cadogan Petroleum Plc - Loan to Proger Managers & Partners srl
PR Newswire
London, February 26
1st March 2021
This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014
Cadogan Petroleum Plc(“Cadogan” or the “Company”)
Loan to Proger Managers & Partners srl
Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed independent oil and gas company, reports that it has notified the Borrower, Proger Managers & Partners srl (“PMP”), that according to the Loan Agreement the Maturity Date occurred on Thursday 25 February 2021.
Cadogan did not exercise its Call Option Right within the Maturity Date.
PMP must fulfill the payment of Euro 14,857,350.00 being reimbursement of the Loan in terms of principal and the interest accrued to date, within the next five business days.