The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The shutting down of Lesedi 3 is also to preserve cash. It's often quickly forgotten that the management of shareholder value has always been at the forefront of our CEO's work. The present CORVID-19 response to conserve cash also included:
'Consequently, Tlou will be implementing significant cost reductions across the Company. This includes senior management: Anthony Gilby (Managing Director) will reduce to 50% of his currently contracted rate backdated to 1 January 2020 and then 25% from 1 April 2020. Colm Cloonan (Finance Director), Gabaake Gabaake (Executive Director) and Solomon Rowland (General Manager) will reduce to 50% of their currently contracted rates backdated to 1 January 2020. '
'The unpaid amounts will not be accrued nor payable by the Company at a later date.'
We can all say that he has earned enough in the past, is a rich man etc but the reality is that CEO's, on whatever platform their company trades, don't work for nothing and very few take steps to downgrade their pay when the companies back is against the wall no matter how much cash they have in the bank.
I like the man, his effort and his ability to sniff out an opportunity.
Hi BTS, I have never given predictions on price and I won't start now. There is however reason to believe that matters will develop positively from here. AIM isn't always about bad investments and pump and dump. Occasionally there is a settled runner that quietly completes incremental portions of its strategy (not always to time plan) and becomes a fully functioning and profitable company.
I agree that we may have some tension to come (equally we may not) but if we get the minimum £10m financing then I may make a limited exception to my no price prediction stance. If it is the Botswana Development Corporation that funds us through debt or debt/equity then matters change.
BDC’s primary mandate is to drive the Industrialisation of the country by providing financial assistance to investors with commercially viable projects. The latter three words would tell me what I need to know.
ATB NE
Sugar, I was responding to your question and forgot.
Do we have enough gas to power 2Mw?
Tony has said they'll continue dewatering #4 and shut down #3.
This makes dewatering more manageable I think BUT does not mean #3 is dead!
As Damo highlighted - it is saving the gas from #3 from being flared - if #4 is not going to produce #4 , the the two are expected to IFF 2Mw is essential (which I don't think it is). My reading is that coal to grid is the mission - once that is complete the indefinite future of this project will be forever expanding the number of Mw i.e. a live power station.
You've stuck it out going uphill so please don't give up now we are reaching the plateau and the downhill.
Welcome back BTS - good to see you.
ASX closed at 3.71p (7c) without funding. With the funding confirmed you'll see 8p I reckon.
TG has proved his honesty - I don't think he would have have Colm to make the claims he did before Xmas if they were untrue.
From there $10 or $30 both looked blooming good bets. He talked about financiers wanting their 'clip' , and us wanting those clips to be small - I sensed he'd take $10m if they want too big a return. That is enough to generate 2Mw and distribute it. After that we'd be asking for secured loans at a lower clip ....
I look forward to the outcome but both $10M and $30M will get you 8p+.
Personally, I'm expecting the pension fund to see their 11p too.
Hang in there BTS Botswana is a diamond ...
NE, the silent majority as a whole took ridiculously low prices for their shares - their actions,in the circumstances , were louder than words.
In a ridiculous way, imo, our saviour was running out of money by H2 2020.
If we'd been funded for longer we may not have asked for an interim PPA , the nucleus of latest announcement. I think it is possible that Eric Molale might have done the same as Mr Moagi if we'd asked him - but in his own time. He had insisted we prove we have adequate gas for 10Mw and presumably we don't (a certainty!).
So TLOU turned it on its head and suggested they give us a PPA for what we do have ..... and Botswana complied. The logic was simple and inspired , it made perfect sense! As it is equally logical that funding that is earmarked for a full PPA (I trust Colm) will now be avaiable and that has been stated and not contradicted by anyone worthy of an opinion.
Boris is a bit worrying - the 7 day and 14 self-isolation is looking iffy? Perhaps it should be 14 days and 28 days? He has not been relaxing enough for sure.
Ian Duncan Smith is on TV saying other infections caught post Covid-19 can produce similar symptoms and someone in govt took 12 days to recover. And he'd contracted a secondary infection and C-19 had wilted.
I'm starting to miss my Monday fish and chips from my chippy.
I guess all chippies are closed? Mine is the other end of the village so haven't seen it.
Hello Brad
First time ive looked at the price and BB since my last post 25th Feb.It was 2.70 then its 2.65 now as I type.As someone said same smirk and basically same waffle he has been saying for last 2 years.Will we get the finance to get us connected to the grid who knows but I would not bet on it being a cert.Have we got enough gas to supply 2MW who knows but once again at the moment its odds against.The only thing I can say for sure the 40k I have invested at an average of 8p I wont be seeing again.
smirk is not a good description - it is happiness and joyimho.
A smirk is definitely on mine - I have won the Battle of Hastings - my opponent has the arrow in his eye - I have the bruises and blurry vision :O(
Bruises in the eye of the (be)holder - the Arrow from Tony's other successes!
A bit cryptic I know - but I know what I mean ???? maybe?
Quote is 2.77p currently - I have also said the Aussies know TG and CBM better than us - and that's where the price will break first! Today's slow growth on AIM bears that out methinks.
But an Englishman takes time - is a famous saying.
Time to walk Poppy on my once a day exercise.
'I cannot imagine how he felt with so little support from shareholders in this last 6 months.'
The perspective is that some shareholders were critical of how things were going and indeed critical of the management team. I think it is important to recognise that only an extremely small proportion of shareholders bother to post on here. Those that were critical, if invested, had a right in my view to question what was happening or not happening.
Matters not for me, I am happy with our team, always have been. Yes there have been bumps in the road and may well be some still to come but I'm not counting on them being big ones.
I think people only have to look at one sentence contained in the half year consolidated financial report Dec 2019 to understand what has changed here:
'Following the long silence on commencement of negotiations for the “Development of a Maximum of 100 MW of Coal Bed Methane (CBM) Fueled Pilot Power Plants in Botswana”,.........'.
In comes the new Minister and boy he has backed up his words tremendously and lifted us right over a massive hurdle. No more silence it seems and no doubt about it his actions are what TG and the team and probably a great section of Botswana have been praying for.
A huge well done to Tony and his team. Now I expect a £10m financing agreement (the minimum amount for 2MW to get connected) imminently. Connected, connected, connected. We are now pretty damn close to having the means to get connected.
He has had the same smirk for the last 3 years on these interviews, it's only just come to fruition. Hopefully things will be a bit quicker and everything has already been lined up and agreed in principal on the basis the PPA was given the green light - surely this would have been the case to protect shareholders.
Tony Gilby can barely keep the smirk off his face!
Nailed it - and finance to come.
So TG has been waving his wand from afar.
I'm not sure whether either Colm or GG are in Botswana, but GG is likely to have had a part to play in the PPA, a big part if indeed he is in Botswana. Now it is time for Colm to take to the stage and we'll know the answer to what they get the big bucks for.
Tony looks so pleased that TLOU have rewarded our patience. I cannot imagine how he felt with so little support from shareholders in this last 6 months. He has just "come up trumps" - I'll leave it there :O)
Good interview, and encouraging that the current situation is not stopping work on financing. Having watched it, I am a bit "PPA-ed" out, however!