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Jimzim, they can string it out for another 6-12 months and there won't be any money to change hands - job done!
I reckon Caltech is really a front, shell, and behind that are friends and family of the President. Still can't see where all the cash is suddenly going to appear from, however.
I agree, komakino. "rum do" doesn't begin to do it justice.
CYB, what's a 'invement' deal? Headline isn't even spelt correctly. Something odd going on with all of this for sure.
Mr. B Caltech is not some latter day Perenco. It's just a front. They'll get paid of with a few grand. Likely someone in the government reckons they can run the business themselves.
What a rum do.
It's on the SS Ministry of Foreign Affairs website here:
https://mofaic.gov.ss/south-sudan-concludes-multi-billion-oil-sector-invement-deal-with-us-firm/
Just checked - the page and post on the so called deal has been deleted.
Apparently the SS Facebook page has been deleted
Hard to understand what's going on but i guess we'll find out pretty soon.
The F/b page of the office of President says he met an American Co 'ready to invest'.
Then says finalized a $3b deal of which $1250m is for paying Petronas - but is it still formal ?
Caltech say they are ready to begin formal procedures for the takeover .
In the next 2 months deliver $800m to S.Sudan - is that after they pay Petronas ?
As some posters on the page ask - it's the president & finance minister in the photos but where's the oil minister ?
Kiir was in New York for attending the 78th UN gen assembly - home yesterday.
He's also met the UK and pother governments on the sidelines. So seems pretty quick on any deal with a little if any known so callled oil Co.
Why is a US company using our terminolgy of 'projects that matter' ? coupled to what actual oil experience have they ? (Website is woeful about what they supposedly do and doesn't even give a contact address that i can see).
What about ESG if that matters to Caltech or S.Sudan?
What about Chinese & Indian Cos re new partner ?
Cash supposedly for Government & roads etc but where's the balance compared to a known oil company thats prepared to invest in energy and electricity/power for the country as equally important ?
If the deal has been going on since August 22nd - one month ago and the deal with SAVE fell apart becuase the goverment disaproved of SAVE - it seems peculiar that we have heard nothing from SAVE if true and if they are unaware of that til now.
Why does that make Caltech a better bet for the government in terms of experience etc
I wonder is Caltech all it seems ?
I’d find Top Tips section in Viz more helpful than broker notes on SAVE
Eye Radio
South Sudan inks deal with U.S. based firm to acquire Petronas shares:
https://www.eyeradio.org/south-sudan-inks-deal-with-u-s-firm-to-acquire-petronas-shares/
:(
I am fully supportive of AK and truly believe that he will any downside risks. After all the chairman did subscribe at suspended price to the tune of 26.25p and he would have an idea of what else is in the pipeline for the business.
One would hope that Savannah Energy has planned all the what if scenario's as the deal has been progressed in the background during the last 10 months and if it weren't to complete than whats the plan......................................
I'm totally in agreement. My view is that Savannah have the expertise and pedigree to really make a difference to some of the poorest countries in the world. Nigeria does function despite wide spread corruption. Even if u do business in more stable countries there are still problems with getting paid. I'm a shareholder of Zenith so forgive my jaundiced view point.
Ignore last paragraph.
We should all find out shortly… fingers crossed for a positive outcome 🤞
Here’s my two cents.
I fully expect an RNS from Save in the next 24 hrs.
I’m slightly perplexed about the energy voice article.
It headlines ‘ South Sudan has announced a $3 billion deal with a small US company on the joint purchase of Petronas’ stakes and other investments. ……The South Sudan presidency said the company would provide $800 million within two months to begin the work. It quoted the Caltech official as saying the company was ready to move into South Sudan.
That’s a lot of cash for an investment company operating out of a strip joint……’The New Jersey-based Caltech shows little sign that it would be able to muster the $3bn discussed with President Kiir in New York. The company has two addresses, one in a strip mall, the other in a residential street.’
Prices must have increased since I was last in one 😱
In one sentence it makes reference to the The New Jersey-based Caltech shows little sign that it would be able to muster the $3bn discussed with President Kiir in New York. The company has two addresses, one in a strip mall, the other in a residential street.
I agree with you cjg.
The potential big impact now with be the reaction of the Instits when Savannah relists. After the immediate issues of dealing with this apparent deal failure, the relationship with Instits will be the company's immediate focus.
The corporate strategy is going to be questioned. The share price will get hit and will likely be volatile. I remain of the view that the interims will be ugly and that will not help the SP or the messaging.
The worst thing the company can do now is go to ground and fail to clearly and effectively re-engage with the shareholder base. It's a tough position, but I remain supportive of the management team.
Yes it could not to the extremes that some speculate though also some brokers were not to keen on the SS deal in the first place considering the jurisdiction, so some may view this in a positive light considering it as a get of jail free card. It will depend on the following i guess and the timing of other newsflow:
1) Addtional accugas contracts
2) CPF processing plant progress - I believe we have hired construction manager in July so work should have commenced.
3) Niger plans and progress
4) Debt restructuring
5) Potential new deal which has already been trialled as this year.
6) Anything else that I have missed.
I have waited 10 months already I think I am willing to wait an additional 3 months on above till 31st December 2023 and than assess at that point.
Looks like we've wasted a lot of time and effort. Facebook post from the President office it looks a done deal. We've been played because we've insisted on doing deals in countries with appalling records in corporate dealings where majors have been keen to walk away. Maybe we can go for Yemen next? Unless we announce a further suspension and a new acquisition we will get smashed when this starts trading despite our progress in Nigeria.
TIL, that is all well and good however history of this share will tell you that on bad news ie no deal the opening share price will not be higher than today and realistically could hit 19p.
"The Chief Overseer of Caltech Investment Mohamed Malik says the acquisition fits appropriately with the company's strategy of expanding and focusing on the delivery of 'Projects that Matter' in South Sudan and the sub Saharan region."
if real, CalTech are even stealing SAVE's slogans !
Most People are getting anxious needlessly, might i remind everyone that before any deal our share price was 19p this was June 2021 even before the chad deal we are now suspended at 26.25p so in September 2023. An additional 2 years and 3 months of operational growth in accugas asset and net debt reduction and only 7p higher. We are not fairly priced at suspension in fact with the accugas asset alone we should really be anywhere between 30 - 35p. I would advise people to read the last few broker notes for ease of mind
Starting to think there is some legs in this and it will have an initial negative impact on share price whether we like it or not, if true we could be back trading in the next couple of days and i don't think it will be pretty unless AK announces new RTO and failure of this at the same time and we remain suspended.
Wow. Sounds like a done deal. Save must have guessed for sometime that all isn’t quite right as official approval dragged on and on.
Office of the President - Republic of South Sudan, Facebook page.
https://www.facebook.com/100018542066050/posts/1369539927007396/?mibextid=rS40aB7S9Ucbxw6v
Checked in here and can’t believe what I’m reading. I’m very worried about our share price reopening. I might be thick, but it says $3 billions for Petrona’s and other assets, they might not have overpaid? Sounds like the president had struck a deal with them worth $3bil in total. At the very least it sounds like we now have a competitor.
We could talk to the moon and back among ourselves (as we did) but the truth is Save has yet to complete the deal. If true all so heartlessly terminated after all the hard work. Sad.