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Exactly RogerA - good spot, I was hoping somebody else might.
They know exactly what the intended target is, they haven't just rocked up without a plan. Board changes, insti investment then comes the deal. Could be one hell of a recovery play from here. Lets see
AND they only anticipate using PART of the NET proceeds of the placing; to me that implies that they are close as do not expect to be spending much of the placing money.
Considering they only got shareholder approval for the £500k on the 04th November.
"The reconstituted Board intends to evaluate in short order potential acquisition targets with part of the net proceeds of the Placing and looks forward to updating the market as and when appropriate."
Ap90 - what on earth are you talking about? C4 have taken the debt and the 500k raised is working capital and no they haven't burnt through 300k of it in little over a month lol, there is a bigger play at work here in any case and you are missing it entirely. I think we'll agree to disagree. Gl
Sorry constant berating.... I wish you luck else where in your investments
Time to move on Seadog... being bitter gets you no where I have lost over 150k on this company and my wife... you don’t see me *****ing... man up we all made our decisions on investing yes we got strung along to and lied by Alan.... But ultimately we take full responsibility for our actions... I’m glade the new crew have come alone we might see some value after 10 years of disappointment and yes I’ve been here all that time... Get on or ship out ...Your Constant rating is boring...
C4 are in control now.
They are on there way out. All part of the Board changes and new guys coming in. I get it if this is your first time being involved in wholesale change like this but this is how it works. The old Board and business will be no more. Suggest you look at ECHO rns's for the period i mentioned (07th March 2017) to see what similar looks like. Gl
Look*
All the hallmarks of a turnaround underway are there for those that are willing to lool. I do think the RvR is v good from down here where the new backers have come in. Even if you take the cynical approach to it then first & foremost these guys will do it for themselves and hitching a ride where they've come in, i think we'll do more than ok. Gl
Now*
This is a shell, has nothing to do with the old NUOG business or board noe (they are being shown the door) and there aren't any wages per say now so burn rate is next to nothing. The £500k is not what this business will be about, you need to have a little more foresight into who is behind C4, what there intent is and how they have gone about it with SOU CORO AEX ECHO etc. Look into IRG what later became ECHO, was an almost identical situation, a nominal amount was raised at 0.065 before the insti investment came in and it rocketed some 5000%. Look at the RNS's from period of 07th March 2017. No certainties of course. Gl
Well if that's how you feel - don't invest and go and buy some Adme - simple.
Noted re salaries Parsons was on £1m per annum but arguably he did deliver an £800m company from something like 2m mcap so if you were on the right side of that trade it probably wasn't so much of an issue for most. Jay bhattercherjee not sure on his salary but again he did deliver an explorer to producer +150m mcap. So clearly value if you are on the right side of it all. Gl
Not saying the new bod will of will not deliver, but at this stage it's all unknown Jam tomorrow if at all. I also note how much their salaries were in their previous companies....huge!
Marbur - Clean sweep of the old board underway. Keep watching.
OppO3ite - you to. Keep watching. Half the cap in cash is not overvalued when there is a fundamental change in the business coming. Anyway market will dictate.
A long way to go before you see any action and as you point out the mcap is over twice the cash and assets so massively overvalued on fundamentals.
Bet that half a mill is almost all gone and the begging bowl will be back round soon.
Op
I would hazard a guess we'll see further board appointments in the coming days/further clearing out of any remaining deadwood then if i'm on the right track followed by substantial insti investment from one of Fumagalli's connected vehicles Greenberry or such like. Then comes the deal. I can't see Parsons/Fumagalli/JB involved here for anything less than massive rewards. Half of the current £1m mcap is in cash right now. C4 have moved in on this knowing full well what the proposed target is. Gl
I bought a small amount here on anticipation of a decent sale over at Sound. Unfortunately the deal provides no cash back to shareholders but instead locks in holders so there won't be an influx of money.
"It is intended that this proposed acquisition would be within the oil and gas space, with further Board changes to be made..."
..."The reconstituted Board intends to evaluate IN SHORT ORDER potential acquisition targets with part of the net proceeds of the Placing and looks forward to updating the market"
Just like to add i'm sorry if anyone has lost any money (Bav/Patridge i note you both have many SOU posts which leads me to think you might have been on the wrong side of that trade)
As for NUOG - this currently trades at only £1m mcap and the vast majority of shareholders here have lost vasts sums over the past 12 months or so. Parsons/Fumagalli and not to mention JB of Aminex maybe there only chance of clawing back there investment. I for one wish them well here even if others don't.
Lets be clear there are no angels on the AIM. Re parsons/sou/echo tbf any investor who deployed any kind of risk management on the way up to Sound Oils ascent to £800m from what was it circa 8p to £1 (which lets face it was an insane valuation and market getting well ahead of itself) before its descent then you would have done more than ok, the failure of certain drills at SOU ECHO...well, thats geology for you, the board did what they set out to do and that was drill. AIM is littered with O&G companies with strikes/dusters/booms and busts. All CEO's promote there companies, I haven't come across one that has said his or her company is over valued. Greed unfortunately is part & parcel of AIM and when it comes down to it there are no certainties in the market and this is no different...
But if a Greenberry or otherwise rocks up with £23m I think i know which way this will go. I'm not suggesting you put the silverware on it but think a pilot position is warranted. Time will tell.
Be careful..... You might not be comparing like with like. The star of Mr Parsons et al has fallen badly. The rise in Echo was fuelled by investor interest when the price of Sound Energy was at its highest and many thought it would be a case of repeating success. There are less believers now to propel these ventures higher. The management rely on inflated and exuberant expectations to spike the share price. The share price falls and investors are locked in at a high share price wondering who would be silly enough to sell shares in this wonder stock. You might realise eventually it is the people with a billion of these babies to sell. Investors are locked in Echo which has mediocre assets and little to move the share price higher. It could be a long wait. It will happen here also. Nothing is going to be given away by these masters of the universe. They will make money. That money will come from small shareholders. You
SBP - haha, AIM is full of surprises. IRG went from 0.04 to 2.1p before it became ECHO. No sweat lol
For sure, worth looking at the names involved and join up the dots. Fumagalli more so than Parsons seems to be the money man, birds of a feather flock together and both were instrumental in taking SOU from 2m to 800m, 50 bagging IRG what is now ECHO, both are on the board of CORO. Jay Bhattercherjee former CEO of Aminex. Markets are about timing of course and arguably theres been ample opportunity to make significant returns investing at the right points.