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That's what I was trying to say, Sandwiches.
Maybe everyone's filtered me... :-(
The RNS of the 13th Dec 2022 states
“NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM
Following a Reverse Takeover the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.”
Surely the only meaning to the word cancellation in todays RNS is what they say which is that they are extending the cancellation of trading on AIM until Feb 1st. I don’t see it can be interpreted as cancelling the reverse takeover or delisting the shares.
The cancellation date is 13 December 2022.
I imagine the AD publication is not possible as certain confidentiality clauses may be breached. Or mgmt has just decided to pull the shutters down until all conditions precedent are satisfied. Or something else.
Is it not the case that the shares get cancelled and then relisted, hence the re admission doc , that is my understanding anyway, i don't read anything sinister in this just a different way of putting it.
2/12/22
Trading in the Company's ordinary shares will be suspended from trading on AIM with effect from 7.30 a.m. this morning, and will remain so pending publication of an AIM Admission Document setting out, inter alia, details of the Transaction, or confirmation is provided that the Transaction has been terminated.
----------------------------
**** Full details on the conditions to completion of the Transaction will be set out in the AIM Admission Document. ****
----------------------------
8/6/23
intends to publish an AIM Admission Document by 28 July 2023,
27/7/23
publish on or before 30 September 2023, following such point the Company will seek restoration to trading on AIM
29/9/23
now intends to publish an AIM Admission Document in respect of the PETRONAS Acquisition on or before 15 December 2023
14/12/23
Further to the Company's announcement on 29 September 2023, the Company continues to advance the various workstreams required to complete the acquisition of PETRONAS International Corporation Limited's energy business in South Sudan. In this regard, a further extension to the Company's cancellation date has been granted to 1 February 2024. Further updates will be provided as and when appropriate.
Question on the need for clarity
Why has the adm doc not been issued giving the ****full details on the conditions necessary to complete the Transaction**** which they clearly stated 12 months ago. ?
Also when they refer today to a cancellation date of 1/1/24 - i'm leaning to that meaning we will be delisted rather than cancellation of the actual deal given they state we're 'advancing' the workstreams - what do others think.
This RNS talks about cancellation.
Of course, it was cunningly entitled "Readmission..."
I suspect 1 Feb 2024 is fill-or-kill.
13 Dec 2022 08:00
RNS Number : 4007J
AIM
13 December 2022
NOTICE
13/12/2022 - 08:00
NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM
Following a Reverse Takeover the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.
Good point Zengas as i was wondering why the change of language.
On 29/09/23 SAVE stated 'now intends to publish an AIM Admission Document in respect of the PETRONAS Acquisition on or before 15 December 2023, following such point the Company will seek restoration to trading on AIM of its ordinary shares.'
Now they state 'a further extension to the Company's cancellation date has been granted to 1 February 2024.'
We can read it that an AD will not be published on the 15th (tomorrow), but we should not have to interpret it - it should be clearly stated.
Zengas - It's definitely not the usual wording so you could be right, this time they haven't referenced the admission document date. Could the following be possible:
1) Admission Document is complete except with the formal government approvals. ?
2) Do they want to only release the admission document with approval and not without ?
3) Could they release the admission document still before the 1 Feb 24 i.e this month but still remain suspended for 4 weeks until 1 Feb 24, by pushing the cancellation date. Perhaps this allows them to publish and put pressure on other parties for approval whilst still staying suspended ?
Definitely interesting choice of words used and surely intentional choice of words
I wish they would clarify why the adm doc hasn’t been issued. They say they are still working to complete various work streams yet in the original RNS a year ago, they said the adm doc would give detail of the conditions needed to conclude the deal.
Question is are they going for everything to be fully wrapped up by Feb 1st and it’s the first time I’ve seen it called a cancellation date ?
I'm taking the extension positively. As others have stated, why continue process if chances of completion are very low. Yes its super frustrating to be suspended for what feels like 2 years (for Chad and then for SS) but much prefer that to a pre-xmas RNS stating that SS deal has fallen through. Fingers crossed for next year. Hope everyone has a good christmas and new year.
All in all extension is not a bad outcome as it will give company time to bring clarity on other areas of the business, whilst they still continue to pursue acquisitions.
1) Debt re-structure RNS hopeful that this completes between now and proposed admission document. Seems like they are drawing up documents forever so it really should be close or shouldn't take that long.
2) If we can squeeze a few more gas contracts that would be a bonus.
3) Clarity and operational plan on Niger, if export pipeline does commence early next year as reported in the media this week than Savannah has to find a way to get equipment into Niger to commence work, i am sure we can work with CNPC in achieving this if they are able to start and ramp up production to 90,000 bopd, than surely they must be getting in equipment into the country somehow so we show explore piggy backing of them. Afterall it's in there interest that we ramp up production seen as we are going to be eventually using their pipeline meaning tariff revenue for them.
4) If out of court settlement can be reached on Doba than that should be the preferred route. Even if it means that we sell the asset onto chad government. We paid $407m for the Exxon Chad asset with economic adjust at closing the outstanding balance was circa $175m outstanding to Exxon, so effectively $232m difference. There was talk that chad will compensate Exxon for the asset if they compensate the full $407m if not more and with Exxon outstanding balance of $175m at closing, we should pocket the difference of circa $200m. Obviously retaining the asset would be ideal but if we are getting a decent exit with a cash lump sum than I think we should take it as the cash could be used to pay down debt, share buybacks or any other potential acquisitions.
Personally I wouldn't even mind if we were suspended beyond 1 Feb 2024 to let's say April 2024 (i.e when Q1 2024 results) or June 2024 (i.e FY2023 full year results). This will sure up the company further, through additional cash collections, potential new gas contracts, compression facility completion, Niger progress, Chad progress.
I have always maintained and still continue to main that Savannah Energy, the board and AK have this window of suspension to deliver a transformational deal in which they can bring to market through an admission document, the confidence on M&A deals that have become a core part of it's strategy hinges on this suspension window, so whether they deliver SS towards admission document or another deal elsewhere simply put a deal via an admission document has to come to market. There are many reasons for this first of all they wouldn't want to waste a significant suspension window which has turned to over 1 year now to come to market with nothing as the strategy than get's put to question, second i don't think the board or institutional shareholders, nomad, regulator will be willing to grant another speculative long and drawn out suspension if this
I was thinking the same, PF. Seems like 1 February might actually be a deadline rather than an aspirational closing date. I suspect that the wording is less a message for the market and more a message for the negotiating parties.
At least Accugas will make another 6 weeks profit helping reduce our current debt. And if SS should eventually close, this new extension will reduce our debt on the deal by another 6 weeks due to the economic interest date. Happy Christmas and Happy New Year - oh unless we do see an ops / finance update or a debt restructure RNS - ZZZZZZzzzzzzzzzzz
Interesting points on the RNS for me are:
It’s exactly six weeks from today.
1st Feb is a Thursday rather than the end of a week or month.
The words “further extension to the Company's cancellation date has been granted” rather than the anticipated date for the issue of the Admission Document.
I will settle for that and who knows in the meantime ceasefire in Sudan, lifting of sanctions on Niger by ECOWAS (both had mantion in press this week.
Ad docs hopefully 1st Feb or before.
What about readmission docs? Ideas on re-entry?
I tend to agree, otherwise if for any other major reason, why stay at the table.
At least the timescales between the RNS updates and putative deadlines are getting shorter. I continue to believe that licence extension is one of the main outstanding issues.
14 December 2023
Savannah Energy PLC
("Savannah" or "the Company")
South Sudan Acquisition Update
Further to the Company's announcement on 29 September 2023, the Company continues to advance the various workstreams required to complete the acquisition of PETRONAS International Corporation Limited's energy business in South Sudan. In this regard, a further extension to the Company's cancellation date has been granted to 1 February 2024. Further updates will be provided as and when appropriate.
JD - Personally SS or not I would hope that during the 12 months they have had the opportunity to work up other value accretive updates. Perhaps going for development assets might be easier rather than producing assets in africa who knows. Here is hoping to Savannah under promising throughout the year with limited updates turns to over delivering in reality.
I am sure there is plenty of proved up oil and gas reserves in Africa that are at development stage which requires capital to bring on stream, these assets may be easier to go for as governments are likely to approve development assets which are not producing yet as it drives new capital as supposed to investment in already producing assets.
Separately as for SS can an alternative deal be done, i.e a partial acquisition or perhaps a a joint acquisition with the government as supposed to the entire acquisition. Even if we are to end up with 10,000 - 20,000 bopd of the 50,000 - 60,000 bopd which is the entire petronas portfolio it would still be a good deal for us....................
AK is listed as a former director of a similarly named company for a short period 10 years ago… is there some connection (good or bad?)
Tc - great to read your posts but you can’t be very busy in your day job a Chairman of Wildcat if you can post on here at 40 minute intervals. But good luck with Wildcat and giving it a bit of PR. I’ve looked at it recently and it’s definitely not one anywhere near my watchlist. Maybe when you’re our neighbour I’ll take another look.
Zenith Energy - is another company wanting to gain entry into South Sudan - https://www.lse.co.uk/rns/ZEN/mou-22683648220-south-sudan-3bzbhpeiubyz8oo.html
Afraid I can't comment on what WCAT is doing as would be breach of FCA regulations.
However its good to see a fellow UK listed oil company working in the region and I wish all SAVE shareholders good luck going forward.
Thanks TC. Suspect if it was all super positive news with the transaction that SAVE wouldn't wait until the 15th Dec to notify. I do hope I'm wrong though, but can't escape this nagging feeling that I'm going to have to pay off my mortgage the hard way. lol