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Early buyer this morning spending 9p ((plus commission and stamp duty?) for 20 shares
No rise yet at 12.30pm
This will rise tomorrow, I am seeing some similarities now that I have seen happen in the past to this share
Somebody tried to move the share price & create a bit of a buzz to sucker in some new mug-punter pis by buying about £6,500 this morning in several chunks.
but it looks like no-one fell for it, so they just off-loaded most/all those buys this afternoon.
zombie share.
Spikey will always let you know what’s going on as he’s a none investor, lives and breathes ADME
Probably just spoofing, imo.
Does anyone know what has caused this morning’s sudden relative enthusiasm?
Maybe the Board has arranged a meeting; now, that would be news!
0.44/49
atm
Yellowdog, do you still have confidence that the ADME BoD is making good efforts to “progress the company”?
(share price, and the continuing total lack of BoD purchases of ADME shares from their own pockets, is telling a different story, imv.)
& in the true spirit of xmas, a news snippet in a mildly positive vein about longer term prospects for nigerian o&e. de nada!
https://www.reuters.com/business/energy/shell-sees-6-billion-oil-gas-investments-nigeria-presidency-says-2023-12-07/
Wow carter, you are *still* in this one?! - you must be one of stefan’s most loyal & long-term followers. have a good xmas, & if you behave maybe santa will bring you something nice.
I hate to be saying something in defense of Spikey, as I am more a "glass half full" guy with respect to what I see as some intriguing developments, but given the history his points are not unfair. I do not think Claudio would be supporting the company the way he is if he did not know positive developments were underway. But time will tell.
Keep up the work of letting everyone know what’s going on even though your not invested. What a sad individual
Three million shares dumped on friday, one million more dumped today - ££ value pretty tiny, given s/p these days, but there’s no liquidity for anyone to exit any faster… sinking ship.
Wow, this is getting whittled down ... soon poof and all gone. Another evaporated AIM story.
The RNS this morning was bad news, not good news. it was basically admitting that years after buying into aje, with zilch return to shareholders from that purchase, ADME is now giving up on aje because they are unable to fund their share of development costs etc, and they will be attempting to find someone else who is willing to take it off their hands (- notably, the RNS doesn’t give any suggestion of any would-be buyer already lined up, so doesn’t look they already have a bid in their pockets from petronor as a safety net - ).
the mention of auditors in the RNS is a negative too, suggesting that unless they can find someone else to take over aje fairly soon then ADME will be at risk of being unable to meet its liabilities as they fall due, and being designated as no longer a going concern.
worth remembering that buying into aje in the first place was of course a particular ‘achievement’ of stefan olivier as CEO. since adme bought in, there have been no payouts of any kind to shareholders from the limited production that adme managed, and the share price has collapsed, year after year. aje has simply been a catastrophic money-pit and albatross around ADME’s neck —> very poor decision on stefan’s part in terms of returns to ordinary shareholders (although of course stefan and cornhill did very well indeed out of it!).
I’m surprised there hasn’t been a bit of an uplift today, but the quoted buy/sell price is 50%
Well, it’s provided enough liquidity for someone to dump just over 3 million shares today. that was probably a bit of a welcome relief for somebody.
the market share price reaction & total volume rather suggests most people not falling for the latest b***-**** from ADME.
some large BoD buys on open market, *using cash from their own pockets*, might change opinion a little?
Indeed, at least evidence of effort by the BoD to progress the Company.
Announcements coming thick and fast lately.
If ADM were going to go into Administration it would have already happened, we have seen in the last year large shareholders like Hessia and OFXH have sorted a lot of debt and provided cash.
Hi dan, sure, petronor might well want to acquire that stake, but no reason petronor would want to pay more for it than they have to. the longer they wait, the more ADME will be a distressed seller, and the cheaper it will be to buy ADME’s stake, or just to pick it up as virtual freebie after ADME defaults on its cost contribution obligations.
in other words, i expect petronor to play hardball rather than act as a charity bailing ADME out.
if ADME goes into administration, the aje stake probably will get sold for something, but of course those proceeds will go to pay off outstanding pay & perks for the BoD, and to pay off the holders of secured loans. (but nowt left over for ordinary shareholders … ? how many shares have stefan and the BoD bought on the market, with cash coming directly from their own pockets?)
PetroNor paid $6 million in cash and $20 million in future payments related to gas for a 24.1% profit interest. If you do the maths that means ADM would get $2.3 million cash and future payments of $7.6 million. This is achievable, New Age appears to have been a distressed seller so, this seems to be the going price.
But Petronor are buying AJE from others so makes sense for them to buy from us, $5m is conservative, if it was in phase 2 production we would be talking multiples of this price, i said while it has its problems with the old operator, the potential in phase 2 and 3 is substantial, and this delay is probably going to help PetroNor increase its holding at a fraction of true potential value, but we have had another year of nothing on AJE
Re petronor etc, ADME is a distressed would-be seller of aje — if petronor want ADME’s stake, they just have to wait & acquire it at a pittance or via a default event. petronor is not run as a charity.