Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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On the limited access I have to fleet tracking apps online, the ETA for Eli Akaso is 7pm tonight which would suggest it has already arrived. Perhaps news confirming shortly, along with production update?
Transaction in Own Shares and Completion of the Buyback Programme
The Company announces that on 21 January 2020, pursuant to the authority granted by shareholders in the Annual General Meeting of the Company on 27 September 2019, it purchased for cancellation (through Cantor Fitzgerald Europe acting as the Company's broker) the following number of its ordinary shares of EUR 0.01 each in the Company ("Ordinary Shares").
Date of purchase:
21 January 2020
Number of Ordinary Shares purchased (aggregated volume): 42,933
Volume weighted average price (VWAP) paid per share: 27.95 pence
The Company also announces that it has now completed the buyback programme initially announced on 18 October 2019 (the "Buyback Programme"). Under the Buyback Programme, the Company has repurchased 5,709,101 Ordinary Shares at an aggregate value of £1,570,085.49. Following cancellation of the 42,933 shares repurchased on 21 January 2020, the total number of Ordinary Shares in issue with voting rights will be 449,913,026.
For further details please contact:
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-I think i have been very generous here, as I don't believe that $45-$50 mill would be net, and the actual fig available for distribution would be much lower, as would the resulting SP.
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-Surely a yield of, say, only 4p and a resulting SP of only 45-50p, will not be enough to justify Tosca's unflinching shareholding here------------(even a total liquidation of all our assets would probably only return about 50p a share, as things stand, and again could not be regarded as an adequate return for our largest SH)---
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-so, as I asked last year----what are we all missing here.?
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-We had enough cash in Oct to pay a Divi, but we didn't.--Now, at the beginning of this month, we should have received about another $18 mill, and still not a word. ---and if we and if we go until the end of March , a further $18 mill will have been added to our bank account, ---plus, are we owed any sort of back payments for our "indirect holding of 10% of OML18.---(maybe)---so what's it all for ?
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-We have just finished a SBB that to all intense and purpose, achieved absolutely nothing---or did it.---because it has held the SP steady, in what otherwise was a news vacuum where the SP would have undoubtedly drifted lower.-----a holding pattern while something is maturing ?.
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-With the three shareholders clinging to their 87%, logic has always told me that something must be about to change the company as we know it today, and with all our cash being stockpiled, something is surely about to happen.
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-I rule nothing out here.
So the SBB looks to have run it's course and at last the brakes have come off the SP. Certainly doesn't look like we had any £25/- trade today, so it looks like the SBB has been completed, and for now the SP has been set free again.----I say "for now" because the resolution passed at the AGM gave the Co permission to buy back up to 10% of the issued share cap, so we may well see another round in the future, but it has not automatically rolled into another £2 mill tranche, so i'll assume that's it for now.
-I posted back in Oct how I thought the SP would "stagnate, bobbing around the bottom, until people got bored and cash in their chips "----a bit of "a war of attrition",---sadly that has been the case, and the SP virtually hasn't moved in nigh on three months.---I cannot get excited about a small rise from the absolute rock bottom---( a wise man once told me ---Tops and Bottoms are only for fools ), so I look at the SP as it was just before those last figs, and we still have a way to go before we even get back to that 32/33p level-----"a bit of an uphill marathon"
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-So what should we be looking at.
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-Yes the FSO and pipe line are nearing completion and these will undoubtedly raise our daily production, once they come on stream----but how much benefit will that really be SLE as things stand.
-The loan notes (and interest) are running down, and are likely to finish later this year (i will check on that--but it's somewhere near there), and that will be the end of our $80 mill a year income.------I have never been too sure what our "indirect 10% of OML18" truly represents, ----but lets just assume it will be 10% of the daily production,---- then we could gain income of maybe $60 mill back again----less development and production costs---so probably more like $45-$50 mill------------------either way it's well below what we are currently generating----so why are three SH's still sitting there with 87% of the issued share cap ??
-If the company held good to it's promise and distributed 50% of spare cash by way of Div's, what would that mean ?
-With income of $45-$50 mill (lets assume that's NET ), then $25 mill is available for Divis or about 5-5.5p a year, which at best would give us a SP of around 60p
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-I think i have been very generous here, as I don't believe that $45-$50 mill would be net, and the actual fig available for distribution would be much lower, as would the resulting SP.
16.13 very mature post master bluerill you must be in six form debating sosiety by now. you come a long way since prep skhool.
afake or afact
sorry, the 46p tender greatly enhanced LAST year's returns, not this year's. It's still anyone's guess what the company might do with its cash pile this year, though a regular/special dividend is a popular guess. Meantime, I'll turn my attention to the Return of Jabba - out on work release - over on the advfn board as he/it will doubtless resume his battle with the truth while deflecting. projecting and obfuscating. I'll leave it to others to address his racist fur ball creation over here.
For the record, should our shares close at or near the current mid-price of 28.5p, that is roughly a 10% improvement on the undisturbed share price when the buyback was announced on the 17/18 October. Now that is nothing to write home about, but nor is it 'nothing' either as some have grumbled. But I don't correct anyone here for the sake of scoring a cheap point (nor when I remind Mr Poppins - again - that by complaining about the share price at 28p being risible, he is - yet again! - forgetting/ignoring/not understanding that the 60% tender at 46p in the middle of the year was a MATERIAL event that greatly enhanced most small shareholders returns this year, exactly as a special dividend would have, so that leaving it out of one's latest diatribe is deeply misleading), but I do so to remind legitimate small shareholders that this company does have a decent, if erratic, recent history of focusing on shareholder returns which probably augers well for the near future as well. Additionally, for whatever it may be worth, keep in mind that the ritual evisceration of management is being played out on virtually every small cap resource chat board around the world right now, never mind AIM. I wonder how many of those hundreds of thousands of shareholders, in those thousands of companies, might feel about trading the performance of their shares over the past 4 years, and the health of their companies' balance sheets and thus the prospects of those companies to provide them near-and longer-term returns on their capital, with ours? Just wondering......
oh and blue to, you right at 13.32 redy steady go very perceptive
afake or afact
I don't often comment on day-to-day price action (except with investors I advise privately), but it is indeed worth noting that, as we approach the END of the buyback - during a period of continued weakness in small, resource shares across AIM- instead of the 'normal' behaviour one would expect for a small cap name like this - namely, declining volumes, wider bid-offer spreads, and of course, a weakening share price, we are, counterintuitively, seeing pretty much the opposite. Liquidity and volumes have been pretty healthy (and if anything, improving), the market bid-offer spread has not only been remarkably tight, but probably the tightest I have seen over a sustained period in the 4 years I've been involved, and as noted already by Redeye, the price has started to move a bit better, in particular - for the moment anyway - creeping above the 28p level it has been stubbornly holding below for some time. Does that mean 'something' is afoot? Of course not, but it does give further credence to my observation some weeks ago to an angry poster, that though there has clearly been a seller in the market since the buyback was announced, it was probably more useful back then to focus on what I felt was mounting evidence of a consistent BUYER (outside of the company of course). While its probably too early to declare a winner in that tiny debate, the price/volume/spread action of the last few weeks in particular, has me more convinced than ever that there has been a stake builder of some description working patiently in the market. From there, who knows? Perhaps when the buyback ends, so will the 'buyer', as paradoxical as that might sound. Perhaps, the 'buyer' has been building a position for the oldest reason there is; namely that, as Jogoat is only the most recent poster to point out, the fundamentals of the company are likely to improve materially in the near-term on the back of its new, alternative evacuation system. How nice would that be for a change? These days, in this market, in this share, anything is possible.
i noticed you and joe not posted much for a while
afake or afact
Getting near FSO hookup and commissioning time so afake and fake flakey friends all getting sweaty and panicky and need matron to adjust their medication for this stressful time of optimism.
Things never change here.----The Rat Pack always out in force just before something is about to happen----wonder who they are working for.
eye eye ---what's up here then-----SBB run out or something cooking
wow marty and you can climb trees as well?
The fact is that the SP is 28p.
alarik is a poster who says other posters words dosnt particularly bother him but he spend lot of time calling people names and trying to discredit other posters who dont bother him. very funny'
afake or afact
'the People of Doom have been 100% correct so far.' so you and your comedy trio keep chuntering, Private Fraser, but correct about what exactly? certainly not the facts, with which you don't dare trouble yourselves. a trained chimpanzee from the pg tips advert can read the SP and go round chanting ' wur all doomed'. all very comic but hardly enlightening, i'm afraid, just the usual gibberish. if you blockheads want to get that mark up from a D minus, you will actually need first to engage on the facts. i imagine that will be beyond you.
Do PIs invest to accumulate LT profit from their investment or to provide a lifestyle vehicle for management by which it can enrich itself (and, given the extremely limited range of activities of this company, what does management actually DO all day for the millions extracted????). If it is the former, then - irrespective of a lack of debt, money in the greasy till (more Guinness for OF!!!), interest in an oil investment etc., - this company has been an abject failure despite its one-off financial games. In that respect, the People of Doom have been 100% correct so far.
Price today? 28p - hard to put a positive spin on that.
he deludes himself, mclean. nothing he writes has anything to do with facts, just more empty rhetoric and innuendo. but i do have to correct him again: the 'doom people' (he is at least correct to call himself that btw) have been consistently wrong about San Leon. Wrong about Avobone. Wrong about SunTrust. Wrong about Eroton. Wrong about the licence renewal. and Wrong about the new oil export system for OML 18. he's made more foretellings of doom than the old testament and fraser combined. and yet here we still are, with no debt or liabilities, in business with $50m in the bank, another $150m secured due and a 10% interest in a world class oilfield. if that's doom, matey, then bring it on!
afake or afact? he doesn't understand the difference and nor does that bother him. neither does it particularly bother me, as we all know a phony when we see one and, make no mistake, he is the genuine article.
muckspreader if youve been red lion share holder since 24th Sep 2018 then you are a looser unless your a positive poster shorter bigging up price to always short it.
afake or afact
the red lion is down 40% in three years so not a good investment for private investors at all
non of the positive poster trolls good news have ever ever made the red lion go up for more than a short time but soon after this made good opertunity for shorters
the doom people have been more right because the share price is lots worse than 3 years ago.
afake or afact
indeed, jogoat, and historyman has also been spotted again like some hideous apparition on the Advfn board. usually a harbinger of good news for us though and all his foretellings of doom for san leon over the last couple of years somehow never materialised. he's going on about the NCTL losses again this time : someone should put him out-of his misery and give him the news about the FSO! probably a bit factual for him on reflection.
While we wait for the ELI Akaso to arrive in Nigeria it may be interesting to take a look at the live world map of piracy/armed robbery events that have taken place during 2019 = just zoom in and take a look at the Nigerian coast - thankfully there doesn't seem to have been any piracy of FSO/FPSO’s etc as they usually have good security with attending service boats and of course, being firmly anchored they don't make fast getaway vessels.
IMB Piracy & Armed Robbery Map 2019
This live map shows all piracy and armed robbery incidents reported to IMB Piracy Reporting Centre during 2019. If exact coordinates are not provided, estimated positions are shown based on information provided. Zoom-in and click on the pointers to view more information about individual attacks. Pointers may be superimposed on each other.
https://www.icc-ccs.org/index.php/piracy-reporting-centre/live-piracy-map/piracy-map-2019
mr muckspreader. furst principle of bisness is if you have somthing to sell but dont sell it you dont make proffit.
you seem foolish to say eroton didnt loss money because they didnt sell the gas they were supposed to sell to alscon. you make us all laff with your false statments sometimes thank you.
Remember the good old days with the OF featured Davos TV interview that he made whilst attending Davos and chumming it up with what he imagined was his "peers" - looking back over the years I suppose we have to give the man some credit - let's face it many problems were not of his making such as when we were "forced out" of Poland during the struggle between the US and Russia for oil/gas supply dominance into the European market yes, I know the official story was that the geophysical rock structures were supposedly different from the US shale structures but in actuality, it was all about politics as exemplified when the US politically/physically moved to Ukraine in order to assist that country instead with the development of their oil/gas resources and in the process abandoning EU, Poland, and Germany to US LNG imports , Russian imports through Nord stream 1 and from the East streams feed supplies from central Europe who at that time were also vying to bring cheap gas to Europe - the result being that our portfolio of European leases became essentially non-viable.
Additionally, least some of us forget:
- OF saved us in Turkey from getting taken for a ride with the purchase of some "överwork" wells.
- The fractures in the new drill off west Africa was unfortunate but these things happen.
- The Morrocan south-west territorial disputes got in the way of our onshore development and the sand to oil production seemed like a good idea at the time.
- OF moved on from Ireland - which is again in difficulties over Chinese financing - OSullivan has "lost" his job and the PVR share price is currently down at 3p however OF was smart enough to move on years ago whilst keeping a non-cost shareholding in PVR to cover a "just in case" situation. - good idea which one day could come to fruition.
- OF got us out of an extreme liquidity crisis whilst we transitioned to Nigeria by persuading Tosca to stump up the funds to keep the company out of bankruptcy.
- The Nigerian negotiation/participation with Eroton for cooperation in OML18 was a strategy masterstroke in the way it was set up financially/operationally and in it's tax-structure that protect SLE interests whilst Eroton/OML18 transitioned to a more viable organisation.
- Does anybody like to continue with good news? Dare I say the stars seem to be currently aligning for the future successful operation and expansion of OML18 with Eroton/Sle cooperation, all to play for particularly at this share price level that, could prove prosperous for all genuine shareholders over the next couple of years - (now only if we weren't in Nigeria!}