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Oh, you are awful WWP: such a tease! All this research you have done and yet not willing to share it. Did no-one tell you that this is what BBs are for . Interesting that the Twitter pic fails to actually identify the man shaking the Great Leader's hand?
Error in that. I think our CEO still runs his weed company: https://www.carlesprey.com/about-carl-esprey/
It's not failed. Gives a glimmer of hope I suppose.
Contango need to do a Q&A with investors and get this sorted.
30 August 2023
As a consequence, the Company is also pleased to report that it has now made its inaugural sale to TransOre International FZE ("TransOre"), pursuant to its existing offtake arrangement. TransOre has already collected initial coking coal product from the Muchesu mine site and additional trucks will shortly be mobilised to Muchesu by TransOre
TransOre Update- 26 Oct 2023 - Takeover offer (Out with the old, in with the…)
In Q3 2023 TransOre entered into an agreement to acquire up to 20,000 tonnes ("Offtake Agreement") of washed coal per month. Following an initial sale, Contango has been waiting for TransOre to purchase additional coal under the Offtake Agreement. The Company has been advised by TransOre that it is finalising the appropriate agreements and logistics and hopes to be able to recommence the purchase of Muchesu coal in the near term.
26 Oct 2023 - No mention of TransOre,
31 October 2022: Massive placing £7.5m ( Look at production commencing in March RNS…)
Company targeting additional offtakes for coking coal, thermal coal and coke product
The Company recently announced a potential thermal coal strategy given the favourable thermal coal pricing and demand dynamics, which has seen thermal coal prices rise more than threefold to all-time highs of circa US$450 per tonne this year,.
The Company has received a number of requests for the regular delivery of thermal coal from a variety of international markets and is currently looking to finalise logistics to enable an export solution.
The Company has in recent months received a number of unsolicited approaches from buyers of thermal coal (ranging from trading houses to industrial consumers) from Africa, Europe and Asia.
The current offtake agreement for the sale of 10,000 tonnes per month of washed coal, at the prevailing MMCZ market price of US$120 per tonne, is expected to provide an estimated margin of circa US$80 per tonne. The wash plant being installed this quarter at the Lubu Project has the capacity to wash 20,000 tonnes per month of coal (double the existing contracted coal production under offtake of 10,000 tonnes per month). Therefore, in the current quarter, the Company expects to enter additional offtake arrangements for washed coking coal to utilise this spare capacity.
5 Dec 2022
Contango Holdings Plc is pleased to announce it has entered into a non-binding Memorandum of Understanding ("MOU") with a leading Multi-National Company
24 Feb 2023-
We expect Contango to transition into cash flow towards the end of the current quarter with first sales of coking coal
22 June 2023- Response re Speculation
Contango's subsidiary, Monaf Investments, entered into an offtake arrangement with AtoZ in June 2022 for the sale of 10,000 tonnes per month of washed coking coal at mine gate, for not lower than the MMCZ price in Zimbabwe, which has remained constant at $120 per tonne throughout this period. For the avoidance of doubt this contract remains in effect.
However, the offtake with AtoZ is not exclusive and Contango has the right to deliver coal to an alternate buyer should it decide to. Since entering into the agreement with AtoZ the Company has received a number of approaches from other parties interested in offtakes for not only coking coal, but also coke and subsequent by-products.
10 July 2023 - Out with the old in with the new! TransOre
The Board expects to report first sales under its offtake arrangement with TransOre in August 2023.
The TransOre Contract has been calculated with reference to the existing washing capacity at Muchesu, however, in the event Contango is able to increase washing capacity further, TransOre has indicated its willingness to expand the size of the contract.
The TransOre Contract is expected to replace the non-exclusive contract with AtoZ Investments (Pty) Ltd previously reported by
Brief overview of the progression from my notes: Note the months and years between them and the (lack of) progression.
14 August 2020: LOI - Over 3 years ago…
Contango Holdings Plc, the London listed natural resource development company, is pleased to announce that it has signed a Letter of Intent ('LOI') with South Mining (Pvt) Limited ('South Mining') relating to an offtake agreement for coal products produced at the Company's Lubu Coalfield Project in Zimbabwe ('Lubu').
24 August 2020: LOI -
CoalZim has in principle agreed to purchase an anticipated 2,000 metric tonnes of 28CV metallurgical coal per month from Monaf
1 Sep 2020 -
· Formal negotiations regarding the previously announced LOIs for 32,000 tonnes per month coal off-take agreements from Lubu are progressing well and are expected to be concluded in the current quarter
31 March 2021
Separate to the aforementioned potential sizeable offtake, the Company entered into two Letters of Intention ('LOI') during the period. Upon conversion of these LOIs for 32,000 tonnes per month of coking coal into formal offtake contracts, the Board believe that this could be translated to earnings of circa $1m per month
+ A key development in this process was announced post period end in March 2021, with the confirmation that Contango is in discussions with the Zimbabwean subsidiary of a major Chinese industrial company
14 May 2021
Contango will now focus on extracting bulk samples of the high value coking and metallurgical coals found in the 1A Lower and MSU seams. Although close to surface, this will be treated as an underground operation, like those previously mined around Hwange Colliery, enabling the Company to focus specifically on the high value product of particular interest to the Potential Offtake Partner for its newly built coke batteries, expected to be commissioned later this month.
Given the work already undertaken by Contango and the Potential Offtake Partner, the Company believes there will be a good level of confidence in the positive results of this testwork, which will enable the two parties to finalise the long-term formal offtake agreement.
24 Mar 2022
· Discussions underway with several interested parties to negotiate coking coal offtake contracts for mid-2022 and coke offtake contracts from Q4 2022.
· Enquiries from both regional and European customers about the coke product, whilst significant uplift in coke price has also led to increased viability for export to Asia.
30th Mar 2022
Production commences! Deals incoming!
14 June 2022
Coking Coal Offtake Contract
Following a detailed recent review of the composition and quality of the coking coal at Lubu, AtoZ has entered into an agreement to purchase 10,000 tonnes per month of washed coking coal produced at Lubu
6 Sep 2022
Test Results for Coking Coal and Coke
16 September 2022: Now everyone wants the thermal coal…
Thermal Coal Strategy
Is it a case of they can't communicate with the markets or a case of they have nothing to communicate with the market as they can't sell their product / no one wants it?
Got to be one or the other
You're probably right. Maybe the ones still holding out hope, myself included, are the actual idiots for believing this board and Groves will not rip us off.
It could argued that those with common sense left a long while ago.
Crystal clear these idiots have absolutely zero idea on how to communicate with the market. Can't communicate, can't keep to timelines, utterly useless.
Hitting all time lows and f****** radio silence from the idiotic board of directors. Where's our dishonest, lying CEO Carl Esprey gone? Does he not want to do another PR interview with the Roast boys and lie to us again?
Where is the sales confirmation and money received that was due weeks ago? 🤷🏻♂️🤷🏻♂️🤷🏻♂️
Quite clear to those of us with common sense these idiots are potentially going to release an annoucement via RNS saying "we're pleased to announce we have decided to abandon the offtake with TransOre in favour of a much bigger offtake with the MNC who we can now reveal is XXX"
If this does happen then it'll be crystal clear that the initial sale in August was all b******* and that this board of directors have consistently been lying to us.
Strange the last RNS doesn't mention the TransOre offtake agreement even in passing.
Gone with the wind like the other agreements?
If someone can make a deal with the bidder, then this guy can.
Add to that Consolidated Growth Holdings
I’m not going to do people's homework for them. But for direction:
Who’s shaking the president's hand here? It’s not Carl… a bit odd considering Contango own 70%, and apparently Carl runs the show? Who’s the Random?
https://x.com/contangoplc/status/1685957453106610176?s=46&t=x7jSf4uKpkEb1QjiK7BngA
Lookup:
Sable mining & liberation mining Ltd
Keep digging. Did the owner of Sable just give the asset to Contango? Would you?
Why was it handed to the company Contango in the first place? What happened? How much of Contango does he own now? How much of Montaf? How much of Liberation? Through how many entities?
How did he acquire such a significant asset for so little in the first place? Whose friend was he?
Who loans such a dubious company £1m, In unsecured cash!? Would you of you had that cash on hand? What would you need to know?
Something is in the works.
All IMO and Dyor
Lots of small me and mirrors. How about some clarity or a link or two. Still here and still underwater.
For the record I don't trust the management one bit.
But, that couldn't be the case.
Contago own Lubu, by owning 70% of Montaf (30%).
Look very closely who also owns Montaf… it’s not obvious…and needs some digging. Beyond Montaf accounts.
Then look who owns Contango shares also(Divested off the register) and add up that percentage…(Also needs a lot of digging) but you won’t be surprised.
It may be interesting for some to look up liberation mining Ltd also…
An open market takeover wouldn't be possible with his percentage of stock.
In a round about way the fact that our dismal management (Nothing more than a front man imo- proof- who met the president for the mine opening? ) aren't doing interviews and PR is a good thing. i.e they’re not promoting the stock for a share raise.
Instead we have someone in the know lending £1m with no security… there’re not doing it for a couple of months interest, and they surely know something.
£1m of private cash goes a long way, you don’t punt it on a loan to a dead end managed operation for a few % on a whim - rather buy some US treasury stock.
Just my 2 cents and we could still get sold down the river, but the real owner here wants the payout imo
Something is happening.
So the market values over 2 billion tonnes of coal at 14 million mcap. Why aren’t the Chinese using proxy’s to hoover up cheap shares, they could easily get 30% on the cheap then go hostile, they could get the whole company for 50 million
What's happening? As you say, we're all being f****** ripped off (or at least thats what it looks like) and the authorities like the FCA are sat there watching aimlessly and doing absolutely nothing. It wouldn't surprise me if something dodgy happens and we shareholders end up with nothing.
If that does happen, then I for one will retaliate against the entire board. Hopefully it doesn't come to that but I'm not afraid to take matters into my own hands if need be and I'm not afraid to show no mercy. Sick and tired of being ripped off by corrupt CEOs and boards who get away with it because the authorities like the FCA are sat on their fat backsides fast asleep.
What is happening, apart from shareholders being ripped off
Got to be selling at a loss as it’s nearly at the all time low. A 5p bid would look attractive now FFS
Pretty much the whole world was delayed on Covid - now production has occured there is no issue.
We have gone from a potential offtake partner to a potential takeover by the same party over the course of a year. Surely if they weren't interested they wouldn't have upgraded from offtake to bidder.
I understand the issue about past problems, all companies do have them. as for lying I wasn't there but seems a little strong to suggest that. sometimes we aren't privy to all the details and curve balls come out of the blue to knowck what was thought to be a solid plan out of kilter. Then it takes time to reassess and get back on track.
Par for the course.
Investor PA, I couldn't agree more to your message at 12:10. A few of the new investors need to have a look through some of the previous RNS's. One particular one to get an idea of missed timelines is an RNS 18-Nov-21. Placing to fast track Lubu to production late Q12022 and install coke batteries Q42021. Needless to say there are plenty of examples, always given the benefit of doubt but Friday was the last straw, reduced holding by 70% for quite a loss. Other 30% kept in for the story to unfold. But lesson learnt to do more research on Directors, the list to avoid for me keeps increasing. Good luck to all long term holders who have had to endure the experience of being in this share and any new shareholders. Hope all comes good but I wouldn't be expecting it soon!
8th Dec 2022
“Based on current timelines, the company would aim to conclude the first phase (concept/pre-feasibility) of the due diligence exercise in Q1 2023 after which a decision will be made if, and how best, to proceed to the subsequent phases,” the company said.
And a whole year later where are we? Hence why the share price is where it is and Carl is mute.
From a local news source:
https://www.miningindex.co.zw/2022/12/08/a-coal-deal-in-the-works-for-tsingshan-contango/
"But it is most likely that the potential partner is Tsingshan, the arm of the world’s biggest stainless-steel company, which is building a steel plant near Mvuma and is hungry for coking coal, a key ingredient in steel production."
Bidder........