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If they are a private company then it is difficult to judge what they may call an EGM for.
But, given that they are a producing company, and this is just one well - and our RNS was received underwhelmingly - then I just can’t see why they would call an EGM over the result of one well.
they say little and give little away , i do think now it will be big for them ,as they don't seem to do them , lets hope it involves something good for us ,
WT
That thought had crossed my mind but it had been mentioned that buying any significant amount of shares has been tricky.
But then director deals would not be allowed in any period like this, they have loads of options to boot anyway.
We have to sit an wait and see if anything comes of this EGM for Echo, but we still have plenty to look forward to over the coming months if it does not. But it is the first EGM spotted by an investor of CGC, their website gives very little away..
On the question of share dealing giving us a clue, there really has not been many substantive deals of late.
One could cite the spate of 100,000 buys last week, but when around 720 million shares have been issued, that is a mere piddle in the pond!??! lol
I have difficulty believing that if there was good news in the offing and a character with the unenviable reputation of James Parsons Esq. was involved then it seems improbable that he and his cohorts might not have taken advantage of the situation, but as ever delighted to be proved wrong and his/their tarnished reputations gets a belated polish!
I ask myself how leaky is the good ship Echo, we have the opportunity to see in the run up to 14.00 hrs with the caveat that a beneficial announcement for Echo occurs this afternoon??
WT
might be worth a top up , if nothing it wont effect our share price and upside big , and only a small cost to get the top up back small risk , high upside side trade maybe
If any of the drills bring a significant discovery they will know doubt be happy to take it off our hands....
I have no idea, but they are 3 hours behind us. But like it states it's an Extraordinary General Meeting...Hmmmm same time as TA 1 result...Here's hoping, but it may be nothing to do with ECHO at all....
yes , that is why they don't say much , it will be big i suspect it might be nothing for us , but will be big for them , if there was a big discovery they might want our shares , before we find more
I am not 100% but I believe they are a private company owned by various shareholders, unlike ECHO a Public company (PLC),
and so not listed
thanks mark any idea compliant rule 4 involves and does the time translate to 2pm uk time
Tombi1
An acquaintance on a private chat group spotted it, here's the link, click on the file download, you have to translate it.
https://t.co/9sBqLe4fJP?amp=1
Translation
CGC
February 10, 2020
National Value Comission
May 25, 175
C 1002ABC City A. of Buenos Aires
From my consideration:
\ N RELEVANT FACT FORM
In compliance with article 4 subsection a) of Chapter II of the
Title II of the Rules of that National Securities Commission (to. 2013), we inform
that through a board meeting of Compahia General de Combustibles S.A. of the day
of the date, it was decided to convene an extraordinary general meeting of shareholders
to be held on February 17, 2020, at 11 am on first call and at
12 o'clock in second call. at the social site in Bonpland NO 1745,
City
from Buenos Aires.
Without another particular, I greet
very truly yours.
NÉSTOR R. RAFFAELI
Head of Market Relations
5663 - z •
136. 26. A
ok , thanks
i cant find much and the language awkward , they don't seem to announce stuff very often
Tombi - EGM was announced last week.
on your point Mark it should be noted that CGC were willing to take the whole asset back off us when we dropped our holding to 19%.
If a deal was in place you can bet CGC will be wanting that 19% back rather than letting another frim jump in.
mark/wizard when did they announce an egm , was it recent or a while ago
Although the CGC EGM and any connection with ECHO maybe speculative, it should not be ruled out. What else are CGC involved with a present that would seek the need to call an EGM. They are partnered with us on exploration drilling for multi TCF possibilities. Any major find would be of considerable significance to them and they would carefully need to look at options. I presume at any time ECHO could have a offer from any other company for a take-over, I don't think CGC would want that and would seek to take the 19% we hold from us, they were happy to take the additional 31%. If you check out their additional assets they own 100% of the majority.
We have yet to see data that the newly acquired 3D has to offer in re-computed figures, which could significantly increase the possibilities.
That being said if the EGM is nothing to do with ECHO we are still waiting for much news here, testing should be complete on TA 1, Santa cruz should be in test phase and announcement of 2nd TA drill.
GLA
This EGM is interesting due to the fact it falls inline with Tapi Aike news. We could be wrong and it could have nothing to do with us.
but the one thing that intrigues me is we haven't had an update on the second tapi aike drill yet. This should have started after Palermo Aike but hasn't.... why?
again could be a coincidence but why hold off on the next drill?
thank you wizard i was not aware of that , very interesting , you never know ,they have been vague with rns,s maybe a ploy to keep the share stagnant for now
here's hoping
Agree with you on that WT.
On both the content and the sentiment.
Parsons go away , you are not wanted !!
James Parsons appears to be toxic and in the unkind firmament of Social Media, I think that will only get worse.
As far as Echo is concerned, at no time did I think that an RNS could be issued by Echo this morning unless it was about Palermo Aike.
CLM x-1 is 81% owned by CGC and they would have to take the lead in the deployment of news!
The one Million $ question is what is their EGM at 14.00 this afternoon about?
If it is about nothing to do with Tapi Aike, we are back to square one waiting for RNS's from Echo regarding Tapi/Palermo Aike wells.
If it is about the Tapi Aike well (CLM x-1) it can only be incredibly good news, as a very large conglomerate like CGC would not be calling an EGM about a well unless it was hugely significant to their business. We should expect a matching RNS from Echo at the same time.
To be honest and on reflection, I do think that this CGC EGM is a red herring and tomorrow morning we will once again be looking for RNS's about our two wells. I would adore to be proved incorrect, surprises do occur so we shall just have to wait and see.
Maybe share activity in the lead up to 14.00 might give us advance warning.
WT
if parsons stepped down from this share , it almost certainly would at least double , hes a menace to us
My take on Friday afternoon and today’s Sells is one of nerves for a bad result on out first TA well (not my thoughts).
I agree that JP’s presence on our board does not help with new investors but that will change if we get solid news.
Sound had there own problems when they went up to a billion Mcap with no production and all based on hyped.
Whilst I feel sorry for the shareholders over there they all got sucked in and made there choice to stay.
It is frustrating to see we are dragged down with them and I do hope we get that recover rns we need to pull us away from the fire.