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Maldini
Good points. I tend to take the long view.
OGIF has never paid a penny for participation in this, so they really haven’t lost out.
OGIF principals have been involved in Tendrara for years and Parsnips and Spaghetti outsmarted them with their personal, get rich quick approach.
The prospect of a ‘Johnny Foreigner’ making off with the goodies was too much for Rabat to tolerate.
Exploration, I’m always happy to listen to anyone who has a greater insight into how these things work in Morocco.
In broad terms the value of OGIF’s share of SOU has dropped by circa £250m since the original transaction, so restoring value should be high on their list of priorities. If value goes up for them, then it goes up for us as well. If OGIF are indeed now steering the ship from behind the scenes then having a heavyweight player in our corner is no bad thing as they bring some protection and certainty into what often feels like shark infested waters.
Maldini
OGIF don’t need to ‘buy’ the company - they just need to control it in stages with their own management. That gets round the 29% rule.
Stage 1; wait for parsnips to pi55 away private investors’ money on 3 hopeless wells to fulfil Tendrara licence commitments and secure licence for 8 years. (achieved after TE-10)
Stage2; take control of management and finance functions - exit Parsnips and Traynor. (I.e. fired). Replace with Segheri and Moroccan CFO. (Achieved)
Stage 3; create JV vehicle to satisfy Sound PIs with royalty of some kind - to be negotiated/in progress.
Stage 4; introduce new investor (the mystery company) and get on with TE-5 development, pipeline etc.
I think that’s right. tombi1. Maybe there’s some contingency built into that timeline so we’ll wait and see.
as i read the rns ' is it not that the deal could happen anytime and they just have until feb 14th , they don't have to do the deal on the 14th
or am i reading that wrong
The next few weeks may tell us more about how confident OGIF feel now that MS is at the helm. They’ve kept their own council to date, at least in public, and there was no sell-off when drills failed and the story began to unravel (and yes, we all remember that they didn’t actually pay hard cash for their shares).
Maybe behind the scenes they’ve been more active and influential than is evident to us. It’s also possible that they know more about the longer term prospects for Tendrara or the merits of the proposed deal than many others.
At today’s prices, a 1% purchase (some 10m plus shares) would cost OGIF the princely sum of circa £300,00 and so they have some headroom to buy a few more up to 29.9%. So far there’s been no evidence of any buying on their part, and we can read whatever we want into that, but it could change as time ticks towards February and if and when a deal looks increasingly likely. We’ll get to know what the market thinks once OGIF has shown it’s hand.
Thank you, I will have a look at that RNS. I was going off the one from 20 Feb 2017.
Levelup, the restriction on OGIF making a bid for the company expires on 18 September 2020 - three years after their 272,000 shares were admitted for trading. This is detailed in the RNS Dated 12-Sep-2017.
Appreciate the reply. I wish I’d asked the question on the FSC but it didn’t cross my mind until yesterday.
It seems a no brainer for OGIF to be buying up as many shares as they can prior to this deal so it does concern me they don’t appear to be doing so.
Pontcanna
Ask our CEO.
Yeah Exploration that’s why it’s 2p
Level up
Ask Mohammed Seghiri - our CEO. OGIF has effectively grabbed the steering wheel and will clear up the mess made by his predecessor at Sound.
He was a managing partner at OGIF since it was created + worked for Advisory Finance Group who arranged the pipeline deal, the GSA and so on. OGIF/Maghreb has held Tendrara for about 20 years in some way or another and thought they were onto a winner with Sound and all their hype.
Difficult to know what the next ten bagger is going to be. I have my eyes on a few stocks that could ten bag, but have not yet invested. If the saying, 'every dog has its day' holds any truth, then I'm sure you'll be OK.
I thought you were invested here, Dog?
I think I've caught fleas from you. That'll teach me for lingering around on this bb!
OGIF currently have a 3 year restriction from going above 29.9% which expires January 2020. I'm wondering if this is a potential concern or why they haven't increased their holding up to this so far (I believe currently they hold 24% roughly?).
Any thoughts?