Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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VS. As mentioned, if they impose a 100% margin which you cover, then you have covered all the risk (as if the share price went to zero), so you will never get another margin call. It's a bit ridiculous in this case (baring the African continent being nuked), but IG is an execution only platform, and the people there are not expected to engage the grey matter before making daft decisions.
Longshort/ Trustiluie - thanks guys , much appreciated. I t does make you wonder what is the point of spreadbetting if they increase margins like this. You may as well -as some have already said - just pay the full price and buy the underlying security and stick it in an isa/sipp!
Cheers
Valueseeker: Basically no because at 100% margin you now own the share outright so no further margin required.
Valueseeker - I believe no as long as your total exposure is covered, when you are buying on margin effectively it's buying a position without the paying the full cost of that position, I would not be sure myself but would assume if the share gaps up on open and it's in profit that should in theory move the cash position on the account so could end up covering the 100% margin for some folks but not all depending on the individuals position what price they bought it at whether higher or lower than the suspended SP and the open price of Savannah Energy post completion of deal.
longshorttrade / nevermined - are probably more of an expert on this topic. are you guys able to answer valueseekers question ?
Moho/ trustilie - forgive me if this is a stupid question but if you cover a spreadbet with a 100% margin ( as in the case of save) when/if the sp rises do you have to continually increasing your margin (i.e. adding to the pound cost of the margin as the value of the underlying share price or is that covered by the notional profit which is growing. Sorry to ask such an obvious question but i have never had to fund 100% margin on a spreadbet.
cheers
Moho - Keep the faith personally I would expect some form of update at least by the end of this week.................... Either confirming we are still on schedule or asking for an extension.....................................
This suspension suddenly got a lot more painful, having had to pull £30k+ out of ISAs to finance IG's 100% margin. I'll be counting the days more than most.
Good point, OAW. Thanks.
It would be seriously odd if they were in London and didn't meet Savannah at all, obviously doesn't guarantee approval but surely there would be some dialogue with Savannah and meetings schedule to at least talk about timelines and current state of play and expectations.
Also it would be counter intuitive to pitch at todays investor event in London to new investors if they are stall Savannah Energy deal and sign off. Best way to generate confidence to new investors would be them approving the Savannah Deal in due course.................. to drive sentiment amongst new investors...........
"In the meantime, if anyone knows where I can buy McVities Rich Tea biscuits in Bangkok, please let me know."
Stupid poser.
If you're that desperate for them, why didn't you take a packet with you?
Could this be a positive sign delegates from South Sudan oil ministry in London this week potentially. Below twitter link from South Sudan Embassy in London Hon. Engineer Awow Daniel Chuang, Technical Advisor for the Ministry of Petroleum and the accompanied Delegation in London. The Distinguished Delegation will be participating in the FIN Oil & Gas Conference.
https://twitter.com/southsudan_uk/status/1681058616810393604
https://finoilandgas.com/ - Event Today & Tomorrow CONFIRMED DISTINGUISHED GUEST have the following guest attendees and speakers:
Puot Kang Chol: Minister of Energy South Sudan
Bernard Makeny: MD: Nile Petroleum, South Sudan
Surely with the 2 with the minister of energy and the managing director of the national oil company being 2 of the most handful of people to provide sign off for our deal potentially in London this week alongside technical advisor and other delegates as seen in the tweet picture has to be a positive sign. We have to use this opportunity to get the ink dry on the dotted line if it's not already planned.
That's a big delegation just to bring to a 2 day conference in my opinion and could be just attended by a single representative they can't have all come over here for a Jolly................................
I would have attended to gather information but sadly I am tied up at work
Looks like China and probably CNPC continue to still invest in South Sudan infrastructure and oil sector, which is a positive sign. If we do manage to successfully complete the south sudan I am sure we can work on an aggressive work programme to increase production from fields with CNPC quite quickly......
Ministry of Finance and Planning - South Sudan
Minister Dr. Dier meets Chinese Ambassador
Thursday, 13th July, 2023-Juba
Communication Department-MOFP
The Minister of Finance and Planning, Hon. Dier Tong Ngor met with the Chinese ambassador Ma Qiang, on Thursday and discussed the progress of projects implemented by Chinese companies in South Sudan. The projects include construction of Air Traffic Management System to boost the control of the country's airspace, dry port project in Nimule, roads construction and oil exploration among others.
The minister emphasized the government's commitment in engaging Chinese companies in major projects to support development in South Sudan.
I was of the view that 28 July was do-or-die: less so now, though.
I think I should probably just relax until there's a meaningful update.
In the meantime, if anyone knows where I can buy McVities Rich Tea biscuits in Bangkok, please let me know.
In the meantime I am taking silence as good sign hopefully meaning that they are working tirelessly to achieve the 28th July, and worst case scenario being an extension of 1 or 2 weeks at max.......
Thanks Komakino, I will fire off a few emails and will let people know if I receive some replies, in the meantime if any of you hear back ahead of me and have emailed please let the board know, much appreciated.........
TIL - see RockyRide’s post 14 July with quote from IR:-
From: RockyRide
RE: Observation on timings14 Jul 2023 12:27
Spooky - Just got a reply from IR and not Camarco. Adding to the reply below, I did not hear the 28th July mentioned one single time at the AGM but I did hear Q3 mentioned a few times. Looks like they are sticking to Q3 but that does not necessarily mean it will go past 28th July. However, if it does pass that date I wonder if they will be obliged to issue another RNS as they have definitely published the date of 28th July in other correspondence. Wish they would stick to one set of timeline guidance and use the same words in all correspondence to us.
“As per Andrew’s letter to shareholders in the 2022 Annual Report, page 19, we are guiding that the transaction is expected to complete in the third quarter of 2023, alongside the publication of a new Admission Document.”
For info this was the post from Sunbed re: the chat with Ritchie
Following my posts this morning airing my concerns, I decided to call our NOMAD Strand Hanson. Late this afternoon I had a call back from Ritchie Balmer and it was a very good call. Whilst my source of original info is solid, I was reassured by Ritchie about where we’re currently at. Here are a few snippets:-
Ritchie has been active on this transaction since before it was announced to us in December 2024 and is very close to the detail as things currently stand.
An extension to the 6 month rule was granted until 28th July based on the demonstrable progress that has been achieved with the deal and a clear line of sight to proposed completion date.
Strand are not working up any alternative paths should 28th July not be hit. This led me to believe that they believe that the date should be hit for completion.
I asked about any main differences re this deal coming back to market and the Exonn. Chad deal. He mentioned a very big difference was that Chad deal was announced on the deemed consent rule, whereby pre-emption rights were not exercised within the time window so SAVE proceeded and announced based on deemed consent. I think this will play a very big part in our favour with regard to the ICC ruling. However, the SS deal does not have any deemed consent element. The SS deal has many strands which need to complete but this deal required Explicit Consent from the SS Government which is being worked on!
He clearly stated tha the final part of the deal needed before its 100% complete is shareholder approval with a vote to take place 2.55 to 3 weeks after the admission document.
I asked about economic interest date and he could not be certain of it as was doing from memory but mentioned that he thought it could be 1st January 2022.
All in all he seemed very relaxed with the situation and extension and as we all know but he also stated, that these types of extension are not uncommon.
Finally as the Explicit Government sign off is a key part of the deal, I’m certain from what he said that we can not issue an Admission Document until SS Government sign-off is in place. The only thing left to do once the document is issued will be to get shareholder approval which we all know is a foregone conclusion.
TiL, I think LSE star out email addresses so I'll leave spaces which you will need to remove
IR: ir @ savannah-energy .com
Strand Hanson: All strand hanson emails are firstname lastname (no spaces) @ strandhanson .co .uk
Nomads are:
JamesSpinney
RitchieBalmer (this is the one who responded to Sunbed on ADVFN)
RobPatrick
Anyone Knocked on the Nomad door or IR recently........................ Seems like we are stranded on a deserted island.................
If anyone has contact details i.e preferably email address for Nomad or IR can you please share with me as I would like to contact them
Countdown 8 days to go........................
Lex - South Sudan should in theory make us big enough but it depends on the acquisition we go for and the the accounting period that is taking into consideration when striking the share purchase agreement as the South Sudan numbers will only feed in post first full year of operations under us but I am sure it’s more complicated than that and there are probably lots of technicalities as well.
Also if we go for some acquisitions in Nigeria from Exxon, chevron, shell and pick up their entire upstream portfolio as supposed to their individual assets than you could be getting close to suspension territory again as the assets in Nigeria are huge as well, production may be equivalent to our enlarged group of the acquiring assets but some of the 2p reserves are staggering so all depends on what is the target but honestly as far as everyone is concerned as of now is to get Petronas South Sudan done and dusted. No one can think beyond that so far until this is out the way……. Xx
Thanks for all the replies. It's my second time through suspension with them, here's hoping there won't be a 3rd!
Isn't SS supposed to make us big enough that the next acquisition won't be a RTO? Especially if they squeeze a few more deals in to this admission, as folks have suggested possible.
Thanks to everyone for the informative posts.
For good measure and a bit of fun I will say the following:
Admission Document released on 25th July
Re-admission on 26th July
Rocky was 50k bopd explicitly mentioned by AK on South Sudan production ? Also do you happen to know if the 2p reserves number was circulated about at the AGM ? I know Zen has posted a few times from previous Africa intelligence article but that was a while back so good to hear that number at the AGM.
I was talking to a guy from Shore Cap at the AGM. He was looking for as much info as possible to add to his file on the SS deal. Alas, sadly he would have learnt nothing new apart from maybe AK mentioning 50kboepd to Savannah. Shore Cap are working up a number of different financial modelling scenarios so that they’re ready to put a note out very quickly after ad doc. They have their target SP under review, and is it 45p at the mo without SS? I think it’s somewhere around there and with a successful deal of 50k and circa $600m - $800m balancing payment (no issue of equity) I’d like to see their revised price to be well north of 80p.