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https://www.investegate.co.uk/anglo-african-ag-plc--aaap-/prn/update-on-the-proposed-reverse-takeover/20200923070000P8836/
This is definitely proving to be a slow burner.....but I am sure it will be worth the wait.
The important thing for me is that Comarco should now be seeing a material increase in revenues and profits. From the RNS:
"In the event that an extension to the loan agreement is not finalised and the Port Loan is not repaid, AAA has an option to acquire for a nominal sum the entire share capital of Touchwood Investments Limited. Touchwood Investment Limited’s major asset is a 4.74-acre area of land within the Comarco port. The Board believes that this option would be worth considerably more than the $1.3mn Port Loan itself.
In the meantime, the Comarco Port is seeing a pick-up in demand as anticipated, principally due to the commencement of operations for the Mozambique LNG project. "
Bought a few more today.....
Very little trading activity at the moment. I am sure most are waiting for further news on the RTO. Can't be long now....I hope.
https://steelguru.com/gas-oil/total-signs-agreement-with-mozambique-government-for-lng-project/562746
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Total Signs Agreement with Mozambique Government for LNG project
Gasoil News - Published on Tue, 01 Sep 2020
Very difficult to buy any this morning. Currently NT to buy any shares.
The company have stated in previous releases that the RTO will transact at 10.00p per share and whilst the amount of funds raised will more than likely be different to the original amount indicated, I feel sure the transaction price will not change.
In the May 11th news update, the company made the following statement:
"The parties are in the process of documenting an extension of the longstop date to 31 August 2020. Given that the futures of both Comarco and AAA are closely related, it is the companies’ shared belief that the current delay will not change the long-term outcome. As announced on 31 December 2019, one option being evaluated is to accept investors at asset level in the Port and to then complete the RTO of Comarco group into AAA. The Company is also considering initiatives to jointly build a marine logistics division within AAA using an organic route with the help of Comarco. This would allow us to grow AAA, give exposure to a high growth business and create more free cash flow."
We know that the company have security of Comarco assets to the value of $12m against the loan advanced which now amounts to $1.3m and is repayable on the 12 November this year.
At the current share price, there is significant scope for a material increase in the share price given the above and with the current lack of availability of shares at the current price, I expect to see a gradual increase towards the 10.00p level as the RTO deadline looms nearer.
Back to NT again.
Thanks for the confirmation again Mike, I am sure your posts have helped to settle a few nerves.
Kenny - yes, still holding.
I certainly did and would have taken more if I could have, wish I could buy more shares at this price but sadly cant until after the RTO
Andrew very well mate thanks for asking, trust you and yours are likewise....
Tell me are you still in what used to fly pineapples?
Shares very tightly held and should rise quickly on good news. Would be great to hear some positive news next week after the bank holidays.
Buys going through over the ask on Aquis:
28/08/2020 11:34 25,000 5.7
Well....can't buy any now without going to NT
Hi Kenny.....long time since our paths have crossed....trust you are keeping well.
No shares available to buy at the moment. Anything over 10000 to buy goes to NT.
With the right news and confirmation of when the RTO is taking place, the share price should recover very quickly.
Andrew on the riser board...........
Bought a few more today.
The long stop on the RTO expires on Monday and whilst it may be extended further, we may see an update.
Mike Joseph took his full allowance in the small capital raise recently, and as the major shareholder I am sure he knows what is going on at ground level. If its good enough for him then that gives me confidence that it is just a waiting game now.
Comarco should be getting plenty of work from the Mozambique LNG project at the moment, so there should be a material improvement in their revenues.
Typical..nothing happening now im checking more often.
Not long to go now until the longstop date. Wouldnt be too surprised if it drags out a bit longer given the covid situation. Hopefully funders have or are still able to do their dd in the circumstances and we wont have anymore delays. Not long ones anyway. I would hope its wrapped up by end of year...lets see.
Oh ok sorry it was in an rns 30th July.
Should start checking in here more often now that things could be hotting up.
Sorry dont know him. Can you give us a link to this info please?
Happy to see a person like Antony taking a position here considering his dealings in the City and at Vela.
I am, however, quite puzzled due to the fact that AAAP/Comaco (If RTO successful) is not normally the area he invests in.....
Thoughts?
Thanks for that big mike.
Its been a long and often tedious wait for this rto..looking forward to some action soon and a bit of excitement. Hopefully a nice profit too.
GLA
Thanks for the update bigmj. Glad to have your input here.
All progressing well guys , that’s why I helped by changing the CLN and also taking my maximum allowed in the placing
Lets hope all is progressing well, as it should be and no further delays.
is due before the end of this month.
Should be some positive news now that funding has been approved for the Mozambique LNG project and Comarco has been reporting a need for more vessels to cope with the increase in demand.
As the long stop for the RTO was extended until the end of August, there may also be some further news on how that is progressing to coincide with the interim report.
UK Export Finance set to back Total's $20 bln Mozambique LNG project - source
Bonds News
June 26, 2020 / 6:07 PM / 3 days ago
UK Export Finance set to back Total's $20 bln Mozambique LNG project - source
Helen Reid, Emma Rumney, Simon Jessop
3 Min Read
JOHANNESBURG/LONDON, June 26 (Reuters) - Britain’s export credit agency UK Export Finance (UKEF) is set to back a $20 billion liquefied natural gas (LNG) project in Mozambique, a source with direct knowledge of the matter told Reuters on Friday.
https://www.reuters.com/article/total-mozambique-lng/uk-export-finance-set-to-back-totals-20-bln-mozambique-lng-project-source-idUSL8N2E34EI
Further confirmation of the secured funding:
https://www.africaoilandpower.com/2020/06/25/mozambique-offers-2-25-billion-funding-guarantee-to-lng-project/
Extract:
By Sihle Qekeleshe, Junior Sub-Editor on June 25, 2020
Mozambique’s state-owned National Hydrocarbon Company (ENH) has assured the partners in Mozambique’s liquefied natural gas project – a $20 billion gas project led by Total ¬– that it will pay the state oil company’s equity share of $2.25 billion government guarantee if required.
According to Carlos Zacarias, President of Mozambique’s regulator, the National Petroleum Institute, state financing had been secured and the partners have accepted $2.25 billion government guarantee in lieu of an immediate equity contribution from ENH. Zacarias said the guarantee was valid for five years.
Each partner in the project is required to make a minimum capital contribution. ENH has a 15% interest in the project that is expected to start production in 2024, while Total owns 26.5% after acquiring its stake from Anadarko for $3.9 billion in 2019.
Total has also secured $15 billion in funding for the project and the funding agreement is expected to be sealed on 30 June 2020.