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Trades are showing on the SAVE page
The name change seems to be preventing the MM's from trading so far ?
Not Yet, they haven't given a date for the finals either yet it will follow after that.
Have we got a date for this, i am struggling to find one.
Also do we know if it will be a virtual meeting?
I’m with you there Paul.
Very fortunately I managed to trade out of this one mostly buying TXP and later a lot of covid stocks but I am buying back in here now as I think we’ll get some news on revenues soon. I must say I have been very disappointed with the BoD, not a fan of AK but I did hold SJ in high regard having done well in back NPE. He has an amazing strike rate but I would have thought he’d have done a better job in coaching AK but then we don’t have the full story which leads me to believe this is a hands tied virtual NDA scenario where SAVE are silenced. They know full well if they break ranks they bite the hand that feeds them. Bad, not all bad, getting better seems to be the media tone hence my reentry yesterday. All imo of course.
Do you still hold that several million was it? What a buy that was at 11.9 from memory. I’m pretty sure if you still got them they will be in the money soon. Atb
Thanks Zengas and others
I’m not sure which is worse, SAVP sitting on bad news or sitting on good news (ie solvent/being paid) but showing total disregard for shareholders with no Covid update. I will be more annoyed if the latter since I’m expecting the first!
SAVP has the dubious honour of being the only share I own (about 15) which has not updated the market since Covid hit the fan. Roll on the AGM, we won’t be able to complain in person but there should be some suitable platform
The Nigerian Federal Government has signalled an exceptional payment to the GenCo's of value N200bn, which in dollar terms is roughly $520m. However caution is best used on hearing of any payments to the power sector.
Whilst the Nigerian media has widely reported the Federal Government's message, as was delivered by industry leaders at a press conference, the Association of Power Generation Companies says the N200bn new money is not yet available.
This exceptional support to the GenCo's was made by the Government in response to last several weeks of gas shortages and reduced and intermittent power supply to businesses and homes in Nigeria.
But the media has not reported with such eagerness that the reason for the gas shortages is some gas suppliers stopped supplying gas without payment by some of the GenCo's.
This exceptional payment from the Government is reported to be used for pre-payment by some GenCo’s to those suppliers without a gas sales agreement.
It is probable that Accugas with a sales agreement (that is backed by the Partial Risk Guarantee) is already being paid, because the only mention of problems with power generation are at specific power stations and not those supplied by Accugas.
As reported across the media, the gas supply to the Odukpani/Calabar power station was increased during March and April in response the Federal Government asking for more gas to be available.
As tweeted by Savannah, it is a huge positive that Accugas is now assisting NDPHC and NNPC in increasing the MW of power suppled to the grid.
And importantly it is the politically correct action for Savannah when the Government is under pressure from many sides to keep Nigerians comfortable in their homes and to have them supplied with electricity.
Cheers Zen, very informative, Thanks
Thank you so so much for sharing. You’re just unbelievably resourceful.
Clap for Zengas. Definitely.
Have a great weekend everyone. See you all next week.
16 April 2020 Premium Times (Abuja)
Also at the meeting was the Managing Director of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo, who said the NIPP GENCos under the company's operations would get the gas fund and pay up.
He said the Calabar NIPP was the only plant with a standard gas supply agreement.
With the availability of gas during this period, he said electricity generation could be ramped up above 400 megawatts (MW) when every other plant was down.
Ties in with Savps tweet last week of it increasing gas supplies
If there was a payment issue going back to 2019 then i assume it will be rectified now. That is if we were still owed anything outstanding. All needs to be read carefully as some gas companies do not have power supply agreements where we do and also covered by guarantee. What i find interesting is these payment issues have been resolved with the government helping out and paying the Gencos to settle outstanding gas bills - in the same week Savp tweets about increasing gas supplies, new broker notes, change of name to an energy company - Overall i'm confident. If anyone looks at the March broker note it assumes $130m free cash flow average with just 10% of that affected by oil +/- pricing. Also states that Savp are continuing to sort out their refinancing and for every 1 basis point it would increase the cash flow by $4m so that would be a very big positive as there's room to knock it down by 3 or 4 at least i believe. Maybe this delay in refinancing could be linked to any outstanding payments or simply bedding the company in as being successfully run.
16 April 2020
Premium Times (Abuja)
By Bassey Udo
The federal government has approved the payment of over N200 billion to the power sector in the two or three days. This will go a long way in making sure that those payment issues are resolved. We are engaging as the government to make sure that those payment issues are fully settled," the NNPC boss said.
Mr Mohammed assured that although there was sufficient gas to supply, there were several power plants that do not have gas supply agreements.
Such agreements, he said, spell out the terms and conditions under which gas is supplied by the suppliers to the buyers.
"The suppliers always divert the available gas to other places, and from time to time, the government always face some constraints in the supply of gas to electricity producers, which is a big problem," he said.
He said the NDPHC would soon receive its part of the payment and has already assured the GMD of NNPC that as soon as the NDPHC was paid, payment vouchers would be ready, for the immediate remittance to the gas companies.
April 17, 2020
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, after meeting with the Minister of Power, Engr. Saleh Mamman, and the MD, Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed at the Ministry of Power headquarters in Abuja on Wednesday said “The federal government had made payment of N200 billllon to the power sector in the past days which he said was to ensure that the payment issues in the industry are resolved.
Ogaji said “For the record, Gencos have not received fresh funds from anyone. What Gencos have been paid is payment for energy produced and consumed for 2019. “We are currently being paid for monies owed for 2019.
Paul I pressed on that issue and was told they were being paid and nothing else elaborated on re any payment delays or non payment. I have not heard of any guarantees called upon and we have 2 of them.
Bottom line is i'm led to believe that we are being paid but as i said previous i do not know or am privy to what the standard settlement/payment terms are for Savp.
I will add for anyone that follows things, some of the problems in the electricity sector is lack of gas supply and indeed payment issues from the Gencos. Gencos in turn were complaining that gas suppliers were demanding upfront payments.
A broker note went out mid March and there was no mention of any payment issues for Savp (whether they would be aware i don't know but surely would highlight it it was an issue).
It's interesting that Savp tweeted last week that they had actually increased gas supplies during the Covid-19 outbreak (tweet on the 13th).
Today the name change to Savannah Energy and a new website from Monday.
Today a Numis note tweeted by Savp as being out today but i haven't seen it and might be on that new website when unlocked monday. Surely Numis took some guidance from Savp as to the current state of play ??
If this is all coincidence and the reason for being quiet to date in delaying updates to resolve any outstanding issues i don't know - but the most important thing i've learned is that the Government has paid the Gencos over N200b (i think that's some £400m) to settle outstanding gas bills and resolve the problem.
Business & Economy: FG pays N200bn to offset Gencos’ gas bill
The Federal Government has in the past two to three days paid over N200bn for power supply in Nigeria, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, declared on Wednesday.
When asked what government was doing to resolve the non-payment for gas by power generation companies, Kyari said, “Actually the Federal Government has made payments of over N200bn for power in the last two to three days.
The NNPC boss stated that the payment would adequately help in settling the indebtedness of power generation firms to gas companies.
Agree - these are the key questions. Would be good to know.
Being paid or being paid sporadically and in significant arrears? Did he clarify?
People are not buying these shares when the quoted offer price is 8p and getting a quote to buy £25k at 8.86p. Over 10% above and probably same but below on bid. MMs not helping this share at all. Gla
He seems to like many things about this company. I think his last price target was 70 / 80p a few months ago. If he had left the zero off, he would have been spot on for once !
I just bought back in 50k for now at 07.98 and the SP immediately dropped on google finance to 0.79. Nothing new there then! but at least I knew hadn’t bought the wrong company! Lol!
For what it's worth, he likes the new ticker of SAVE!
Maybe on the new website Monday ?
There's one from Capital Access for Savp dated 4 weeks ago Consensus target price of 54p.
Apparently issued but can’t find it. Anyone know what it says?
Thank you Z and Longshort. You both were so early I only woke up @8 this morning. I guess breathe a little still we need proper rns to set the record straight. They’ve been saying Niger near term forever now so they need to show the market some muscle now. Don’t think the share price will fly on this kind of sweet wording rns.
topped up around 60k shares to average down , hopefully it will be a wise move in a few weeks.nothing to suggest savp ain't getting paid , surely that would be have to be released as an RNS forthwith. on that basis i have bought these today...
fool and his money eh?
AK talks up his holding and skin in the game but this vehicles pays him over $2m per annum. His performance ? What performance ..:.
Loki I think the frustration here is that we have suffered a lengthy suspension for a supposedly value accretive deal. We now languish at 8p and whilst I accept the Macro environment an update is due as it is clear the ambiguity around payments is eroding the SP. AK doesn’t give a toss about anybody other than the IIs we are all second class citizens as PIs. The seven energy takeover, complexity, timeline and now post acquisition comms have been APPALLING.