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What a totally clueless about Botswana observation to make Smith ! Coal is the dominant energy source for domestic power generation, and will continue to be so for quite some time. And gas is in the massive coal deposits underlying much of Botswana - with CBM starting to take the energy out of the coal, rather than taking the coal out of the ground. Why wouldn’t the investment arm of the Govt invest in businesses that deal in coal !! MDCB are there to make money; coal is there to fuel the nation; and all infrastructure needs investment and Govt would be dead dumb blind and as stupid as you if they didn’t look to invest and make money from all commodities in the country - coal, gas, diamonds, copper, nickel, iron ore, platinum, rare earths ….
I know you have had a lovely day chatting away here on LSE - well done and happy for you. But jeez, stop making up such childish theories and nonsense
I ruled them out at the time because of their support for coal, I thought there would be a colour clash if we climbed into bed with them because we have been sporting green pyjamas throughout our mission.
Fair shout mrmoagi. So we have the MDCB, the BDC and the BPOPF all with direct links to the BRG. I'm not adding Anglo American or others coz my head hurts. I hope they announce the financing soon haha.
I think we will too, Hot! 3 officers of the company all said as much, GG at the signing ceremony, TG in the RNS release, and CC in his Proactive interview. That sounds like concerted policy and not just one going off piste, so to say. The BPOPF are after returns, as they say: 'You have the capital and there’s an expected return on it'. Right now they have 7.8% of the shares at 7.30p, as per the back of my envelope. They are no mugs. If they can get more than their stated objective of 7% then debt-based funding at that level or more is a win-win for them. They achieve there return *AND* rocket the SP and put their existing holding back into the money. We shall see, of course.
Hmm, I remember that one, a compelling case to lean me back that way, MM. It's the mechanism for investment that I'm not sure fits, I'd have thought a pension fund would want straight forward share holding. We shall see, hopefully sooner rather than later.
I don't see much point in looking much further than the BPOPF. This from last October:
“Infrastructure drives the economy and we want to focus on it in Botswana, which will boost employment and opportunities,” BPOPF acting CEO, Moemedi Malindah told BusinessWeek on Wednesday. “We are thinking of all types, from roads to others. A company can come to partner for electricity, transmission of the electricity, roads, water and others.... “Infrastructure involves a lot of related parties that need to all get to a certain point for deals to happen. “These are more contractual long term investments, but we are working with parties in the country.” He added: “You have the capital and there’s an expected return on it. If someone can give you that return without the risk, definitely you go for that. “Government has the best credit rating compared to others and so you come to the table and negotiate. “THERE ARE DISCUSSIONS AROUND SOME OF THE PROJECTS THAT WE CAN DO TOGETHER.”
I'm leaning away from the BPOPF, as I don't see them wanting to be invested in any other way than straight shares; the talk of due diligence and all the legals then suggests a more complex mechanism, so putting the two factors together, it points elsewhere.
seems to open up the possibilities for BDC keeping themselves in the running. I think they were the odds-on favourite for funding , until the Pension Fund bought those 11p shares and stuck with us ever since. I'm happy with both.
Hi NE, I agree, there's some good thoughts coming up now that the PPA is signed.
I'm also thinking that as the Asset is being built the finance value could be reducing based on the hand-over of the completed assets to the lender. Basically once the asset is complete the loan value no longer exists and has netted off because of the assets received. Also the repayment terms could reduce as the risk and loan value is decreasing. A sort of asset financing, again I'm getting the BDC.
The PPA has changed the landscape here. Great to see that the conversations and even the arguments are now forward looking.
TB some good logic there. I too wouldn't rule out BDC. My rational also revolves around the mentality of those charged within the government, they have kept a tight administrative hold over TLOU will they want to just let it go? The pond is small and the big fish all swim close together in Botswana. With the government deciding on agreements, BDC deciding on finance, BPC owning the infrastructure, BFoPF being the biggest shareholder a certain synergy would occur and perhaps for a reason.
Where there's money to be made it would not be unusual for control to want to be maintained.
No it's my own hunch I'm afraid Brad, lol The BPC/Utility will definitely want to own the asset/infrastructure, however we are arranging the finance and building it. Build and Transfer (BOT) is common with infrastructure projects and I'd expect a favourable finance deal because of it but we shall see..!
It's also why I'm not ruling out the BDC as a potential Finance provider.
I think this 10MW will all be sold to the BPC as it will incorporate costs for the Build and Transfer contract for the TL Scope. The price will obviously include the cost of the TL Scope plus profit for the company.
Once we are producing 5MW and have upgraded the TL's to 110kV minimum we can apply to become a member of the SAPP.
I'd also think we are free to agree PPA's with other bodies but would imagine they will be nearer to when we are producing because of price fluctuations. Getting this initial PPA plus funding to get connected was/is the major step.
I didn't know there was an entry level for SAPP ( a minimum of 5MW, thanks TB) , so 2MW suits BDC well. If we started with 10MW , SAPP could potentially bid for it (perhaps, I don't know if that is possible). BDC have fixed the price for up to 10MW I guess, future power will be subject to a bidding war perhaps?
comes with two insert to walk on in the configuration shown.
Be warned each unit has two tabs each , intended to lock the unit against a run of the ladder. Mine were not deep enough ( 4 or 5 mm) to lock as I found yesterday , spartly because the platform was bowed a little! I flattened it out (it probably bent when it see-sawed, and hammered the tabs so they are now lock against the run properly.
I’m pretty sure Brad that both the company and the lender will look to getting 2MW up and running on the $10m before committing another $20m to get to 10MW. Interesting in today’s RNS, I wonder if that is the anticipated level of dilution to secure funding:
Resolution 4 - Approval of 10% Placement Capacity
To consider, and if thought fit, to pass the following resolution as a Special Resolution:
"That, for the purposes of ASX Listing Rule 7.1A and for all other purposes, approval be given for the issue of Equity Securities of up to 10% of the issued capital of the Company (at the time of the issue or the agreement to issue) calculated in accordance with the formula prescribed in ASX Listing Rule 7.1A.2 and on the terms and conditions set out in the Explanatory Memorandum."
Well done MFM, I wondered if any of you realised that most of my off topic posts are to get someone to filter me, the first step in shutting him up. The stories are true , and though not terribly painful, I seem to have stiffness and swelling in my right arm from the thumb to half way along my forearm, and it is a bit swollen.
On the PPA , nobody seems to be looking at the reality of the follow up. Tlou have consistently said we need $10M for 2MW , and $30M for 10MW.
So are we currently honouring the 2MW PPA? The devil is in the detail , news of the funding will reveal if the other $20M is part of the deal. Both deals cover poles/wires, so it is consistent either way.
It seems amusingly Ironic to me that someone who has tried as hard as you have over the years donkey to try and wind holders up actually gets wound up by Brad. There is definitely some poetic justice there somewhere :))))
TB, genuinely I don’t know. I doubt very much it is BDC but unfortunately I am at a loss to suggest it actually might be. Perhaps someone from outside Botswana but equally if it was someone from within, then GG gets my vote for the next good while.
I really wish you guys had the balls to tell BS to just STFU. His incessant and irrelevant posts are just really irritating