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Thats a good question and one can not explain.
Can give a brief
$11 million in cash
Proger SRL to be repaid $15 Million or options in shares
Oil & Gas production higher then year before
Trading in Gas has resumed - Last year stored bought gas due to low prices
Oil Service sector group - steady
Tax rebate on over paid Taxes now resolved
High Court case - on well to be resolved in March -April
That's off memory
Fellow investors can someone please explain to me why the share price is so low here?
Holding company is management’s vehicle. If the OpCo is so great, management can get a dividend or loan to repay CAD. Or there’d be plenty of banks or investors who’d provide capital to take out CAD.
Proger is a well run company and expanding fast , the problem is the Holding company Proger SRL
Dog of a company it seems.
The point is Proger SR L do not have the cash to repay , unless a white knight appears.
So the other option is a increase of share option from current.
Its a game of Chess and Cadogan have the kill move in 4 moves.
So posting Proger is important as we will own a stake in the company.
It’s all well and good pasting in new contracts but if they’re begging for extensions like chavs with maxed out Klarna accounts, they’re obviously not swimming in cash and no one else is looking to invest and clear out Cadogan’s interest.
There were no signs of it ever being exercised. For a start, they had a board coup and out in Fady the Useless. Previous updates stated they didn’t have the latest numbers from Proger so they’ve been messing them around for a while. Then we had the recent RNS that they’ve “reminded” them about the repayment date which is pretty blatant they just want the cash.
10.03.2021
Proger with Gazprom in Uzbekistan for the development of the Djel gas field
Proger has recently enriched its portfolio of international projects reaching a new important milestone by signing a contract with ZarubezhneftGaz Central Asia for the development of the important Djel gas field in Uzbekistan on behalf of Gazprom International.
Proger is in fact working on the feasibility study of a new greenfield project to be built in a desert area without roads, utilities and services, not far from the Shakhpakhty block, which will last five years and will include two construction phases.
The depreservation of four exploration wells will be carried out will be carried out during the first phase, along with the construction of the first production line of a treatment unit (GTU) with a capacity of 150 million cubic meters of gas per year and the construction of a gas pipeline of 251 km “Djel CGTU – Karakal****a CS” and a booster compression station.
The drilling and commissioning of six production wells and the construction of the second production line of the treatment unit will be carried out in the second phase as this will help to double the annual production up to 300 million cubic meters of gas and 4,200 tons. of condensed gas per year.
This project marks an important result for Proger in the oil & gas sector thanks to the know-how acquired in the last 25 years by developing complex projects in different countries of the world alongside some of the largest energy companies at international level.
Link:
hxxp://www.proger.it/en/djel-gas/
The Economics
In recent years, by offering integrated services in different sectors, Proger has managed to consolidate its role as a General Engineer able to adapt, through a multidisciplinary approach, to the variability of demand.
2020 will close with a turnover of the Italian Spa alone of around 83 million euros (compared to 89 million in 2019) and a Group turnover of around 130 million euros.
The slight decline recorded in 2020 (-7.3%) is attributable to the postponement of some orders to 2021-2022, due to the epidemiological emergency from COVID-19, despite at the same time the company was called upon to hire a essential strategic role to face the emergency by providing services in the sectors of health, energy, transport logistics and procurement of medical equipment and medical devices.
Also for this reason - and for some recent acquisitions in the maintenance engineering sector - a strong increase in revenues is expected in the three-year period 2020-2022: The turnover forecast of the Italian Spa alone stands at 128.7 million in 2021 and 130, 6 million in 2022.
The compound annual growth rate (CAGR) is expected to be + 13.8%.
The contribution margin will increase from the current 25.6 million to 39.9 million euros in 2021 and 41.1 in 2022.
EBITDA will go from 8.6% to 15.5% in 2022.
presumably Proger were expecting Cad to take the share option, as we all were. Well I presume we all were, as it was worth so much more. So can Proger raise the money? I would be nice if our wonderful new board could explain the thinking behind this decision, as the shares were worth 50% more than the money back, presuming Proger profits for last year came in as expected. We will never know as no information has been forthcoming
Process is for them to pay on the repayment date. They didn’t and it’s an event of default so CAD are entitled to enforce their security. They’ve had two years to get ready and had a reminder letter recently
To be fair they are following the law , to use all possible action without using court action.
If they did not follow law then if taken to court could be used against Cadogan for not allowing process.
This company is run by men without testicles.
Mon, 1st Mar 2021 07:00
Cadogan Petroleum Plc - Loan to Proger Managers & Partners srl
Cadogan Petroleum Plc - Loan to Proger Managers & Partners srl
PR Newswire
London, February 26
1st March 2021
This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014
Cadogan Petroleum Plc(“Cadogan” or the “Company”)
Loan to Proger Managers & Partners srl
Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed independent oil and gas company, reports that it has notified the Borrower, Proger Managers & Partners srl (“PMP”), that according to the Loan Agreement the Maturity Date occurred on Thursday 25 February 2021.
Cadogan did not exercise its Call Option Right within the Maturity Date.
PMP must fulfill the payment of Euro 14,857,350.00 being reimbursement of the Loan in terms of principal and the interest accrued to date, within the next five business days.
Appreciate the effort and most importantly sharing with us here.
Supreme Court is the last step , can not keep up with Ukraine law
They lost on technicality on being on when the assessment was carried out in 2015 but the law states must be done within 3 years of permit extension.
The Law was changed after the permit extension was submitted
The Communication is not good with its share holders , once you understand how Ukraine law works it takes me a few minutes now to find the cases , first time nearly 2 hours
So won the tax case, lost the licence case. What a palaver. Grab the Proger cash, dump the third world assets and SPAC up in the CBD sector. Looks like Fady is turning out to be another useless mouth breather
SIXTH ADMINISTRATIVE COURT OF APPEAL Case No. 640/12569/19 Judge of the first instance: Skochok TO
DECREE
IN THE NAME OF UKRAINE
February 23, 2021, Kyiv
The panel of judges of the Sixth Administrative Court of Appeal composed of:
presiding judge - Pylypenko OE
of judges - Sobkiva Ya.M. and Stepanyuk AG,
under the secretary - Vasilenko YA,
with:
representative of the plaintiff: - Karpyuk LR,
representative of the third person: - Gnatenko OA,
Having considered in open court the appeals of the Limited Liability Company "Astrogaz" , the Limited Liability Company "Naftogazsekspluatatsiya" , the State Service of Geology and Subsoil of Ukraine against the decision of the District Administrative Court of Kyiv from October 6, 2020 in the case of an administrative claim of the Limited Liability Company "Astrogas" to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company "Naftogazsekspluatatsiya" , the company "Oy Land Gez Eversis Trading BV" on the recognition of inaction illegal and the obligation to take action,
INSTALLED:
In July 2019, the plaintiff - Limited Liability Company "Astrogaz" appealed to the District Administrative Court of Kyiv with an administrative claim to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company "Naftogazsekspluatatsiya" , Company "Oy Land Gez Eversis Trading" Bi.Vi "on the recognition of inaction as illegal and the obligation to take action, in which he requested:
- declare illegal the actions of the State Service of Geology and Subsoil of Ukraine to return the application of the Limited Liability Company "Astrogaz" dated 09.10.2018 N 30 to obtain a special permit for subsoil use;
- to recognize illegal inaction of the State Service of Geology and Subsoil of Ukraine on non- adoption of a decision (order) on the application of the Limited Liability Company "Astrogaz" dated 09.10.2018 N 30 to obtain a special permit for subsoil use;
- to oblige the State Service of Geology and Subsoil of Ukraine to consider the application of the Limited Liability Company "Astrogaz" dated 09.10.2018 N 30 to obtain a special permit for subsoil use in essence with the adoption of the relevant decision (order);
- to oblige the State Service of Geology and Subsoil of Ukraine based on the results of consideration of the application of the Limited Liability Company "Astrogaz" dated 09.10.2018 N 30 to grant the Limited Liability Company "Astrogaz" a special permit for subsoil use of Pirkiv oil and gas condensate field, for geological study, including experimental and industrial development of fields, with the subsequent extraction of oil, gas (industrial development of fields).
By the decision of the District Administrative Court of Kyiv of October 6, 2020, the administrative claim was partially satisfied.
Sorry wrong tax case ignore
SIXTH ADMINISTRATIVE COURT OF APPEAL Case No. 640/20625/18 Judge of the first instance: Golovan OV
DECREE
IN THE NAME OF UKRAINE
(abbreviated)
November 24, 2020, Kyiv
The panel of judges of the Sixth Administrative Court of Appeal composed of:
presiding judge - Pylypenko OE
of judges - Babenko KA and Stepanyuk AG,
under the secretary - Kuzyk OS,
with:
representative of the plaintiff: - Oleksienko TV,
representative of the defendant: - Dyby YD,
having considered in open court the appeals of the individual - entrepreneur PERSON_1 and the Main Department of the State Tax Service in Kyiv against the decision of the District Administrative Court of Kyiv from 18 May 2020 in the case of an administrative claim of the individual - entrepreneur PERSON_1 to the Main Department of the State Fiscal Service in Kyiv on the recognition of illegal and cancellation of tax notices - decisions of 20.11.2018,
Guided by Art. 241 , 242 , 308 , 310 , 317 , 321 , 322 , 325 , 329 CAS of Ukraine , panel of judges
DECIDED:
The appeal of the Main Department of the State Tax Service in Kyiv should be dismissed.
The appeal of a natural person - entrepreneur PERSON_1 - to satisfy in part.
The decision of the District Administrative Court of Kyiv of May 18, 2020 - to cancel and adopt a new resolution, which the administrative claim of an individual - entrepreneur PERSON_1 - to satisfy in part.
Declare illegal and cancel tax notices-decisions of the Main Department of the SFS in Kyiv dated 20.11.2018 N 0119684204, N 0119664204, N 0119714204, N 0119674204, N 0119694204, N 0119704204, N b / n and tax claim dated 20.11.2018 N 367.
In satisfaction of other claims of an individual - entrepreneur PERSON_1 - refuse.
To collect at the expense of budgetary allocations of the Main Department of the State Tax Service in Kyiv (04116, Kyiv, 33/19 Sholudenka Street), 39439980) in favor of a natural person-entrepreneur PERSON_1 (ADDRESS_1, code NUMBER_1) UAH 35,240. paid court fees (thirty-five thousand two hundred and forty hryvnias).
The decision of the court comes into force from the date of its adoption and can be appealed by filing a cassation appeal directly to the Supreme Court within thirty days from the date of the full court decision.
Presiding Judge: Pylypenko OE
Judge: Babenko KA
Stepanyuk AG
SIXTH ADMINISTRATIVE COURT OF APPEAL Case No. 640/12569/19 Judge of the first instance: Skochok TO
DECREE
IN THE NAME OF UKRAINE
(abbreviated)
February 23, 2021, Kyiv
The panel of judges of the Sixth Administrative Court of Appeal composed of:
presiding judge - Pylypenko OE
of judges - Sobkiva Ya.M. and Stepanyuk AG,
under the secretary - Vasilenko YA,
with:
representative of the plaintiff: - Karpyuk LR,
representative of the third person: - Gnatenko OA,
Having considered in open court the appeals of the Limited Liability Company "Astrogaz" , the Limited Liability Company "Naftogazsekspluatatsiya" , the State Service of Geology and Subsoil of Ukraine against the decision of the District Administrative Court of Kyiv from October 6, 2020 in the case of an administrative claim of the Limited Liability Company "Astrogas" to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company "Naftogazsekspluatatsiya" , the company "Oy Land Gez Eversis Trading BV" on the recognition of inaction illegal and the obligation to take action,
Guided by Art. 241 , 242 , 308 , 310 , 317 , 321 , 322 , 325 , 329 CAS of Ukraine , panel of judges, -
DECIDED:
The appeal of the Limited Liability Company "Astrogaz" - to leave without satisfaction.
Appeals of the Limited Liability Company "Naftogazsekspluatatsiya" , the State Service of Geology and Subsoil of Ukraine - to satisfy.
The decision of the District Administrative Court of Kyiv of October 6, 2020 - to cancel and adopt a new resolution, which in satisfaction of the administrative claim of the Limited Liability Company "Astrogaz" to refuse in full.
The decision of the court comes into force from the date of its adoption and can be appealed by filing a cassation appeal directly to the Supreme Court within thirty days from the date of the full court decision.
Presiding Judge: Pylypenko OE
Judge: Sobkiv Ya.M.
Friday or Monday. Funds received. Discussions to re-negotiate/restructure. Taking legal advice to enforce security. Interesting times.
Will need an RNS close of buisiness today or Tomorrow morning confirming whats going on. I guess we should assume that the money isn't coming and it's a convert. Proger have some pretty high revenues looking on their website and they're growing. If they can sort the margins out they'll be worth quite a bit.
Proger loan or options dead line this Thursday