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I guess that average monthly cash reduction figures being thrown around are being taken as the average of the total reduction over the period. As we don't have access to the management accounts none of us know what the monthly expenditure was pre cost cutting and post cost cutting. I would expect the monthly expenditure 9,8,7, 6 months ago to be higher than 5,4,3,2,1 months ago. So IMHO the monthly expenditure will be on a downward curve because it can take a bit of time for cost cuts to filter through. Given Mr Reynolds signed off on the accounts I would hope that he is happy with the progress being made. Again all IMHO , DYOR....blind leading the blind really...GLA
£1 = $1.42 which. Equals £2.25 million Mcap £3.2 million Revenue. Zilch Last 9 months burning through. Approx £80,000 to £100,000 per month . At present the companys looking for an asset . Will the asset be revenue enhancing ? Tough question ! At
only 27 days to the investment seminar in london where we know AR has a spot to talk to investors and press . He surely will want to talk about his latest babies NEW and FRI so suggest he will make some announcement or other comment in an RNS before EOP on the Friday before this event on the Sunday . any comments on this
Maybe Adam R is concentrating on FRI which was a similar recourses company but now a cash shell driven by him ?
Good post Wibble, as long as that large pile of cash remains that way for the next month or so, AR can work he's magic.
couldn't of wrote it better I think they are setting up something away from oil and gas then there gonna bin the old board bring in a team and boom RTO
I’m finding the change in sentiment a bit surprising. This was and remains a speculative buy based on its potential as a shell for Reynolds and Lee to develop into something within the first 6 months of 2016. It was obvious when I did my initial research that NEW does not currently generate any income, therefore all expenses will inevitably reduce the cash pile. The fact that there is still a large chunk of cash is IMHO a huge positive. I do however accept that change does need to happen sooner rather than later to reduce the cash depletion rate. My interpretation of the RNS is that the current board recognise that (1) Oil and Gas will not give the returns required in the short term (2) exploration funding will be difficult to secure in the current climate (3) Reynolds and Lee have joined the board because of their experience in changing company strategies (4) the board are exploring all options are that are available (5) by conserving cash, the company is in a strong position to move quickly on any investment that meets the criteria. All of the above is in the RNS. Time will tell but this is all part and parcel of investing on AIM.........not for widows and orphans.........GLA
You're right to notice that, Barloprim. AR is signing off the accounts too. Between the lines, there're lots of hints. There's definitely something up AR and N. Lee's sleeves; they're in the game and probably got an appropriate strategy which may appears slow or stagnant to us but perhaps not rocking the boat atm. may be appropriate. So let's have a little more patience and not miss the big game.
Who signed off on the accounts? Why, not one but two dorectors Adam Reynolds and Georges Sztyk both. At least Turney and Pointy can claim to have achieved that lol.
Opti almost 10 bagged. We have to hope for that here too...
TB, What can I say, other than, "impressed"! You're finally seeing things as they are. One day you will also be right, in that "tomorrow will be interesting"... if you repeat it every day. I doff my cap
At present. £1. =. $1.44
The companies munched through circa $130,000 to $140,000 dollars per month ! Are these guys good value ?
There all patting themselves on the back for cutting costs . Check for yourselves how much they've burnt since the placing . With the successful completion of a Placing and Open Offer in Q3 2015, the Company raised US$5.4 million through the issue of 3.9 billion shares. Net of fundraising expenses of US$1.2 million, the Company recognised net proceeds of US$4.3 million. The current cash position of the Company excluding any funds owed to the Company pursuant to the Al Maraam SPA and the outstanding Director loan, stands at approximately US$3.2 million.
$1.2 million dollars for the fundraising . Unbelievable ??????
totally agree! Why are they drawing a salary and fees for making continuous losses in a company? Must as well let me spend it and they don't need to pay me for doing so. And how much it costs to do the placing?? That means giving away money to others and the company needed money. Rather than stressing myself, all I can say is a big 'F..." word to them and hope they'll meet their own karma or rot in 'he.l' for robbing shareholders' hard earned money.
nothing will happen until the robbing old board of directors are kicked out. won't believe any of the tripe they are spouting until they are gone. certainly not be getting a penny more from me until they are gone. that's fact.
Well they missed a trick.. They should have quoted the figures in Turkish Lira. just over 4 Lira's to the pound lol IMO the BoD shouldn't be drawing a salary at all especially on their past performance and besides they keep stating looking for opportunities but nothing happening
It looks better! Than £ 2.15 million ish How much cash have they burnt since the fundraising?
Might be a daft question but why is the RNS quoting all the figures in US Dollars when the last fund raising was done on the AIM which is in the UK and money raised was in Pounds sterling? Regards, Ru4real
Yup Wibble. In the account statement, it shows a £0.1m spent on legal re: action group - anyone any idea why, when and what was spent for that purpose. I don't recall there's an action group bring a legal battle with the co. Don't think that was spent to deal with Ben Turney's action group, do you? Really want this final chapter closes, wave goodbye forever to the old BOD, whom had spent too much on themselves and thrash, and an exciting new life to grow here. Hope the new NEW will follow MTR's path and management genuinely working hard to include the shareholders in their journey.
IMHO.....There is nothing in the RNS that I read even hinting at future expense for dealing with a shareholder action group. My interpretation is that the expenses are the one's already incurred. The RNS states that the board are reviewing all opportunities not just oil/gas based ones......surely this means NWOG have succeeded! If so there is no one to have a costly bun fight with.........GLA
3.2m cash in bank - debt free Can't be bad at all
Is there an action group which NEW is spending 0.1m to fend off them? Thought Ben Turney formed the NWOG action group to bring about a chance to the direction of business and that the only action group I'm aware of. Could someone please shed some light on this please. Thanks. IMHO today's RNS is an indication of the final line to draw the company as an oil and gas op. and is clear the old BOD had accepted the fate and the change to be.
These results are a line in the sand. Over to you AR