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Good to see that the first date set in the last news will be met with regards to results approval. Divi would be a very nice but won't hold my breath.
Good to see some positive movements by the company to get ready for resumption of trading.
is it me or do we have a new non exec? Im intrigued if they announce a dividend as they have 14 months since the fy 2020 ended and it has been 5 years of growing profits and we must have $40m in the reserves? if they have refrained from buying mates businesses at trumped up prices and auditors are watching closely all the rest of their cosy pr deals they might well have to consider taking money out the front door with the rest of the shareholders. Would be a revelation if they do as it would mean further payments being planned and big bang return to the market but so much us unknown with 18 months of silence its hard to tell. I think im being a little optimistic.
I like airing my frustrations by being dramatic. I honestly believe we will be fine. DLA Piper wouldn't have got involved in cnel case if they were purposefully trying to delist company. We will be grand. Richard Bennett is completely gone to ground. I have heard from him 3 times since start of December. He is very quiet on twitter as well. Hope his health is ok. Oil prices are really playing into sunbirds hands. Expect Zambian government to fastrack E10 there. They sent out tenders deadline back in February for ethanol companies. So legislators will be fast tracking that now.
Well by 22nd April we will see if Fy 2020 results are signed off and if a dividend is forthcoming. As long as they stick to the timetable there is wiggleroom. More frustrating is the total lack of updates in the meantime on new contracts but CNEL are in the right place at the right time so even with the worst BOD for pi relations its quite hard for them not to secure new projects.
I hope I’m wrong?
I’m afraid this looks similar to what Atlantic Coal did. Basically the board didn’t give a s*** about shareholders, I’m still not totally sure how they did it but they came up with a well executed way of changing their name to Atlantic Carbon and stuck two fingers up to all pi’s.
This looks like it’s going to have the same outcome, unfortunately it seems like this bod have screwed us all?
If cnels technology is as good as I think it is then we are onto a complete winner. Just get us back trading. https://ihsmarkit.com/research-analysis/china-issues-first-nationallevel-hydrogen-development-plan.html
Silver lining continued strong profits? We could be skint and almost bust, we know
Nothing at all. Anyone know of any projects they are actively working on right now? Where and who with or for?
Need to bear in mind final 2021 results due end of May in timeline so that gives them 4 full months of wiggle room but they clearly need to start getting the house inorder as they have been spectacularly slow so far and even 2020 final results are still not out. I suspect as long as they are 80% of the way there things will come together to relist. My biggest concern is more that the board might be up to its old tricks and 2021 gets investigated but i really hope Richard and non execs have put a stop to all that nonsense.
I have been in contact with the HKEX several times over the last 6 months to express my dissatisfaction with this mess. A paragraph from their most recent reply , 2 days ago, is below....
You may wish to note that, pursuant to Rule 6.01A (1) of the Listing Rules, the Stock Exchange of Hong Kong Limited (the “Exchange”) may cancel the listing of an issuer’s shares that have been suspended from trading for a continuous period of 18 months. In respect of the Company, the 18-month period will expire on 30 Sep 2022. If the Company fails to remedy the issues causing its trading suspension, fully comply with the Listing Rules to the Exchange’s satisfaction and resume trading in its shares by 30 Sep 2022, the Listing Division will recommend the Listing Committee to proceed with the cancellation of the Company’s listing.
I'm in agreement with Topmoney. The board know that on the 30th Sep the company gets kicked off the exchange and are blatantly trying to time us out! Disgusting
Looks like they are going to spin this out for the full 18 months of suspension at this rate and its just not acceptable. The 2020 final results should have been released a long time ago. Its the interims and 2021 results i want to see and for the board to issue a dividend to long suffering shareholders. We have now got dates in place so as long as the full 2020 are published by 21st April they will be on track and just hope the board have not continued shoveling cash to all their mates and start this whole process again. as dissapointing as the board are i hope that by hook or by crook someone gets this all over the line as they are goading the HKex and looks to me they acting like some petulant child that is simply just making things worse. the Hkex expects full transparency and shareholders have been given no news at all. Really staggering. Their only silver lining is continued strong profits.
This company is not getting relisted. A whole year suspended and this is their response. Not even a signal of resumption of trading, as if it doesn't matter. Pwc were sent packing 9 months ago. How come new auditors weren't appointed back then and have all fy results up to date for end of march like all other listed companies. They are dragging us blindfolded into July. We know nothing about hydrogen tech, zolite dehydration membrane device, ethanol industry or jack squat. We are caught up in a nightmare.
They keep using the statement :
''The Company will publish announcement(s) to update its shareholders of any major
changes to the above matters, as and when appropriate.''
I think the time that's appropriate is NOW as they have had a year to get their **** together
Link to news..
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0331/2022033102867.pdf
News out with further delays. But...... some actual timescale noted.
You would think this Thursday the 31st March or Friday 1st April would be a date for news to drop. Nothing really goes to plan with these guys but the dates seem to add up for a numbers and trading update IMO
Thank you
Thank you for updates about things. Much appreciated. If there’s any justice, we should be rewarded by Cnel for our patience.
I heard last Thursday that audit is with lawyers to sign off and we should be hearing very shortly. I am thinking by the end of the week. I got no details about when they will be released, what audit it is and if its enough to get suspension lifted or anything... think everyone is being seriously cautious incase they will screw things up. We are gone over yr anniversary of monumental screw up. Been a shocking yr.
Was really hoping for something this week
Shame its draft? Dont we also need half year 21 and fy 21 now also. only hope is we made good profits both years and now bod are not able to pay out to mates we might actually have a good amount of cash. Yes i suspect June is more likely sadly at the slow rate this is all moving at. Then we will have half year for 22 by then!
Thanks for the update and everyone's input - I am wishing I never held onto the dragons tail :0(
Hey guys. Cnel are expecting a draft report for fy20 results by end of March. So going by that I am thinking we are looking at June before relisting. They keep moving the goal posts. I am completely fed up now. Lets face it ethanol and more importantly hydrogen are now highly desirable. we should be on for a monumental rise if this hydrogen tech is worth anything.
Interesting to also read some quarters now pushing for E15 to reduce cost of petrol. Not sure if that is realistic but good for CNEL if ethanol is now cheaper than petrol as that was a factor slowing down its adoption, apart from access to the raw materials to process Ethanol in case of China but i suspect it depends on the crop yield. https://www.theatlantic.com/ideas/archive/2022/03/gas-prices-ethanol-subsidies-putin/627053/