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All that cash?
They want in cheap & Zafar Karim has no regard for ordinary shareholders as they don't hold much stock anyway.
yes I read that bit - imagine that the majority shareholder takes over the whole group
The clause about,'the principal share holder taking over'!
AMED to be cancelled from AIM until something happens.
You will still hold your shares, just unable to trade on any recognised market. SELL or hold for any future development.. 'It is estimated that Cancellation will reduce the Company's recurring administrative costs by at least £100,000 per annum, and these sums can be better spent growing the business.'
Why?!!!! It show that BOD is an amateur BOD. Shareholders perhaps should sue BOD. They were lying so far.
Can't blame them really - they have been fooked over by AIM as much as we have with the MCAP being a pitiful fraction of the asset value of the business.
I guess since the value of my original investment is already reduced to £160 I'm not going to lose a lot. Who is going to want to buy the shares?
Amed pulling out of AIM!
http://www.seatrade-maritime.com/news/asia/yangzijiang-venturing-into-mining-business.html
Recent dbs report,
Taken from below link, LNG comming to our offshore yard?: 'While market has placed much focus on Yangzijiang’s order win momentum, we opine that this is less critical given that the yard is full for the next two years. We believe the key re-rating catalysts are Yangzijiang’s successful strategic positioning to expand into LNG carrier and tanker markets and overall shipping and shipbuilding recovery leading to margin improvements.'
hxxps://www.dbs.com.sg/treasures/aics/templatedata/article/equity/data/en/DBSV/012014/YZJSGD_SP.xml
From below link ; Insitutional Funds buying up YZJ discretly, in anticipation of LNG vessels,
hxxp://www.sharejunction.com/sharejunction/listMessage.htm?topicId=5329&msgbdName=YZJ%20Shipbldg%20SGD&topicTitle=Cruising%20with%20the%20ship%20..Yangzijiang
D & B Hoovers report, scroll down, Estimated revenue $110.53M(?)
hxxp://www.hoovers.com/company-information/company-search.html?nvind=1287&sortDir=Descending&sort=SalesUS&maxitems=50&page=3
Mena Global Investment Ltd sell their 9.2% AMED holdings to Mena Offshore Investments Ltd.
Mena Offshore Investments Ltd were the original owners of the Explorer 1limited jack up rig.
(Amedeo Resources was previously called Creon)
https://www.offshoreenergytoday.com/chinese-shipyard-secures-170-mln-jack-up-rig-order/
Have MENA Offshore now finally secured funds to pay for the rig is fully assembled, tested and awaiting a buyer?
https://worldmaritimenews.com/archives/263905/sitc-orders-more-feeders-from-yangzijiang/
https://splash247.com/sitc-books-three-more-feeder-boxships-at-yangzijiang/
Awaiting official confirmation & further details, I guess, but I just came across this link which states<br />'Shipbrokers claim that the vessels will be constructed at Jiangsu Yangzijiang Offshore Engineering, Yangzijiang’s subsidiary yard that was originally intended to build drilling rigs but has been idle since the collapse in oil prices in late 2014.'<br /><br />hxxps://fairplay.ihs.com/ship-construction/article/4306816/mitsui-yangzijiang-jv-makes-maiden-ship-order<br /><br />The above could be the interim orders, before concentrating on primarily LNG vessels mentioned,on my post of 18th, beginning April 2019.<br /><br />And the below, article mentions greater details, reasons for Mitsui's wish on the JV(lower wage costs, among st others)<br />hxxps://asia.nikkei.com/Business/Business-Deals/Mitsui-joins-China-s-Yangzijiang-in-shipbuilding-venture<br /><br />This will multi-bag on official confirmation from our offshore yard.
Looks like LNG is indeed coming to our offshore yard. Huge investments due with the aid of our new Japanese partners expertise too.
hxxps://www.dbs.com.sg/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/102018/YZJSGD_SP_10122018.xml#
I trust this source, which was the same source which , back in June I posted link which confirmed Japanese partners JV with YZJ was due, re: collaboration on LNG/Clean Energy Vessels for long term future. Same article below(from May)
hxxps://www.dbs.com.sg/treasures/aics/templatedata/article/equity/data/en/DBSV/012014/YZJSGD_SP.xml
And the Japanese JV, confirmation news, very recent release, shows our offshore yard & jack-up rig on display.
hxxp://infopub.sgx.com/FileOpen/YZJ%20PressRelease%20JV_Final.ashx?App=Announcement&FileID=529214
Now the former link, which is very recent, does indeed state our offshore yard will be the yard, excerpt from link states 'The production base for the JV will be at Yangzijiang’s existing Taicang yard in Jiangsu, China. The facility was previously acquired for offshore rigbuilding projects, but the plan was subsequently abolished after it completed its only jackup rig project. The initial capital will be used to upgrade the facility and for working capital purposes.
The JV yard is expected to commence operations in April 2019, pending relevant licenses and approvals from authorities. In the meantime, the JV could jointly develop and market for large LNG carrier contracts (170-180k cbm) which are typically worth USD180-200m. Assuming two new contracts are secured, it could lift Yangzijiang’s new wins from typical USD2bn to USD2.4bn or ~20% increase'
I've been suggesting YZJ's new strategy for Clean Energy Vessels/LNG builds, for our offshore yard, since the Chairman of YZJ stated this, August 2015 link below
'hxxps://www.nextinsight.biz/index.php/story-archive-mainmenu-60/927-2015/10190-yangzijiang-defies-headwinds-to-grow-capacity-orders-and-output'
Next six month should get interesting. Finally!
http://infopub.sgx.com/FileOpen/YZJ%20PressRelease%20JV_Final.ashx?App=Announcement&FileID=529214
Atleast we continue to maintain a robust cash position which isn't far off our MC & with no debt, that's positive too. Will Amed seek other investments, not until the rig sale one suspects, to keep that healthy cash pile. I notice one could only sell miniscule amounts yesterday, like the 5k earlier. Now they will take-on reasonable amounts but are offering a tiddly 8p. You can buy at 10p but if you want largeish amounts it jumps to 11p.
Frustratingly, It continues to be primarily a waiting game on the rig sale & new orders, as MGR & the the copper mine investment are barely adding value. Reading between the lines, It wouldn't surprise me if they cease involvement with the copper mine as Iran tensions continue, One would think the major shareholders are frustrated too, with the lowly MC . I suspect they are better informed, as the Interims, once again, gave little update on progress/info re: Amed's investments & intended direction. However, with oil prices once again, back to prior 2014 levels & offshore E & P activity returning, new high-spec jack up rigs are finally once again attractive. It's primarily the huge YZJ offshore yard's management which are responsible for negotiating the best deals re new orders & the selling of the rig, as we are the lesser 19% tied. Although, these are mega £Mill negotiations! vs our present minuscule MC & disappointments re our other investments.
Another underwhelming RNS. Brent Crude over $82 and no sign of the rig being sold. Luckily the company's running costs aren't astronomical like some of the other AIMers which gives me faith in the management. Still looking forward to having our day in the sun when we get that rig out the door!!
Would have been nice to have some more information about the strategic review of the investment in GKC. I know copper prices have fallen from the highs we saw earlier in the year but they are still well up on 2016 & 2017 prices.
It also appears that no matter how successful YZJ are, they success doesn't flow down to YZJ Offshore. I would have expected higher revenue figures reflecting rental income from the ship yard, though I have no idea how the property market in China operates and whether there are any similarities to industrial prices for dockside assets in the UK.
Also disappointing not to see better results from MGR.
Would appreciate a little more information from management about the rig and why it isn't moving.
Bickmaster
over 11p to buy, low volume per band, results expected next week, rig update due
Next week could get interesting re the Interims. The 10.33's are buys.
Today's JV involving YZJ does demonstrate their increasingly proactive & progressive growth; although will our offshore yard, be involved somehow/take-on further work. Remains to be seen. Ismalia, agreed, the website is a joke & that goes for management's communication with P.I's(returning calls & emails, notably) Their faithful, largest shareholders, one expects, are better informed!!! Just maybe, the Interims, will kick-start a greater interest here & better communication.
http://infopub.sgx.com/FileOpen/Announcement_JV%20SXM.ashx?App=Announcement&FileID=525337
I have always thought that little if any thought is given to their websit. Nothing on MGR and very little on the yard so why have a site?