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BouncyDeadCat, so after pointing all that out, just why is the sp so low? Because the deal is crap and there's new risk and tha current management kare way out of their depth.
I got out today at a big loss but that was my decision. I've seen this scenario before and it was shortly after getting out the drop to 8p is arrived.
It's now " all eggs in one basket" and if the drilling comes up short then CHAR is done!
The stock can be bulled up all you like but the fact is, it's trading where it is for a reason.
Good luck to those still holding.
Cash in hand + Chariot's carried costs agreed with Energean = 2x the current share price alone.
Oops, typo $44 million in cash total.
Price is now in ludicrous territory Lol 😅
Cash position: $19 million (raise) + $10 million (Energean) + $15 million (at FID) = $49 million.
20% share in 1Tcf of gas with a 10yr tax holiday.
Finance & production engineering partner secured.
Company carried to production for their portion of Anchois costs up to $170 million in CapEx.
Own 75% stake in the large onshore Loukos licence (x3 wells soon to be drilled within the next couple of months). Licence has high chance of success (CoS) at 80-85%.
All for a valuation of £92 million! Quite extraordinary really!!
We still have a seller but with 4.5m traded so far and we are still in high 8s there are at least some buyers around who can see a bargain
Capitulation point!!
Good research and may explain things although all talks of hitting the bottom and a bounce are premature when looking at the intra day SP. Plummeting again! Some people really are burying their head in the sand
Ianfer--some good research here by you, it makes a lot of sense, and goes a long way to explain the SP drop.
---Much appreciated.
I’ve been investing for over 30 years and the majority of my portfolio is in ftse 100 and 250 companies
I have around 10% in AIM which lets be honest is like the Wild West
Unscrupulous Bods flaunting the rules is common place and very very few are brought to task
However get it right and choose you investment wisely and above all time it right you can make life changing investments
I honestly believe in the fullness of time CHAR can be one of those investments
That’s why I’m holding to a least first gas off shore it’s going to take time but with our new partner now in place regular news flow will follow my advice is sit tight forget all the noise around you and await developments
Dyor
Good post Ianfer.
So it looks like those suggesting this drop was down to a distressed seller were correct. Holding 3% of a company on a CFD is risky at the best of times, but to do it on the run up to unknown/unpredictable news is down right lunacy. Covalis have massively over leveraged by the looks of it, and they (and we) are now paying a heavy price for it, albeit probably short lived for those who still holding.
I expect this to bounce from here.
So if covalis has now covered it's CFD position an update could change sentiment.... Yesterday had much smaller volume..of course most updates Char issue no matter how positive seem to sink the share further...
JT2017 - CFD - Contract For Difference - I didn't notice that Covalis had a CFD and especially for 3%. What I don't know is whether that counts towards his overall holding, taking it to over 6%. But in answer to your question I believe the contract has an expiry date. You do not have to pay for the full value of the shares. They may have put down a deposit of say £1m and the contract could specify that for every 1p the share goes up you profit by £300,000 but if sp goes down you lose £300,000. As the share drops you have to increase your deposit to cover any losses. As it falls, you have to keep finding more cash or close the position at a loss. It appears that Covalis has reduced its holding by 3% which may explain things. They were not prepared to hold on as it would have meant finding more cash, which they may not have had readily. So if they had just the 3% CFD and that has now expired, They may not now have any exposure and could hold the balance of shares they have. If the shares now go up they will be sorry they cashed in their CFD but may have had no option as they were expiring at a lower sp than when they bought.
Good one Jag!
Covalis owned a 4.1% stake in June 21 when Char was sub 7p so probably not selling at a loss
Covalis may still have 2.7% :--
https://uk.marketscreener.com/quote/stock/CHARIOT-LIMITED-4008468/company/
- No date on this shareholder summary except at the top which is yesterday.
According to the RNS, Covalis held over 3% in a CFD. Did that have a time limit and they had to close out?
I'm not familiar with CFDs?
Price dropped from 14p to 10p in a week when the deal was announced. That could have something to do with Covalis selling - looks like they may have sold out by now. A.A. has kept his. reverse momentum took it down further to 9.2p where it may have bottomed. Who are Covalis? Maybe £10m is petty cash to them and they lost a third - £3m ish to take their money elsewhere?
The page is confusing as it’s gives two different dates. Is it worth emailing investor relations asking them to clarify. I can do it in the morning if no one is able to this evening
Price at 03-08-2023 when Covalis 6.24% was 14.23 pence so they may have been selling at losses from 14p down to 9.5p ish ?
Yep no Covalis, dont they have to issue an rns at the end of their selling spree, if so let's hope it's soon so sentiment can change
Sorry, there are 2 dates on this info so it appears the date at the bottom 29-12-23 could be current ?? If so, A.A. still has most of his holding but Covalis may have been the seller ?
There was an RNS on Covalis at 6 + % and Askar was sat on 6.2%.. I wonder if Covalis are out and Askar has reduced..
DYOR - I'm not sure how long they have to inform the market.. but I suspect the drag has been caused by a significant seller as others have commented..
JT - The page you refer to appears to be correct at 23-08-2023 :--
"The information is being disclosed for the purposes of AIM Rule 26. The page was last updated on 23 August 2023."
Covalis Capital crossed the 3% threshold 03-08-2023 at 6.24%
18-07-2023 Askar Alshinbayev acquired 6.19%
Maybe some of Covalis was included in the Hargreaves and Interactive figures? But probably lots has changed since then.
Does anyone have up to date numbers which may indicate who has been selling?
See the latest significant shareholders according to the company website, as per 29/12/23
https://chariotenergygroup.com/investor-centre/aim-rule-26/
Does anyone know what it was before the partnership announcement?
Jimmy,
My apologies for conflating Energean offshore and Char's onshore drilling plans. You are right, of course.
From Energean's RNS: O sands 177Bcf @61% GCOS and 212Bcf @ 49% GCOS at Anchois North Flank in 2024.
Notwithstanding disappointing market response, lots to look forward to this year.