Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Time after time this company fails to deliver on promises.
No RNS. No comment at all. If this was quoted I’d be out.
Keep the faith guys you have got to understand that any update they provide has to go through various reviews and they are juggling a tight legal rope as well wouldn't surprise me if they wanted to run past the South Sudan government if the deal was still active the last thing the company would want to do is release something which jeopardises all the work they have put to date and annoy the SS government, this is one of the many reasons why I feel the company has chosen to provide limited information with this particular deal.
I will continue to keep the faith it what Andrew is trying to deliver and happy to receive only info which has all parties on board and keeps the transaction alive.
Further to the Company's announcement on 28 March 2024, the Company provides the following additional information on its proposed acquisition of PETRONAS International Corporation Limited's energy business in South Sudan through the acquisition of Petronas Carigali Nile Limited ("PCNL") (the "Proposed Transaction"), as first announced by the Company on 12 December 2022.
Completion of the Proposed Transaction remains subject to satisfaction of certain conditions precedent, principally the receipt of written approval for the Proposed Transaction from the Government of South Sudan. Following receipt of this approval, Savannah would then progress to finalise an AIM Admission Document to facilitate seeking a restoration to trading on AIM of the Company's ordinary shares.
Publication of the AIM Admission Document requires the release of the Company's FY 2023 audited annual results, together with the finalisation of the audit of the financial statements for FY 2023 of PCNL. It is currently anticipated, therefore, that the AIM Admission Document, together with Notice of General Meeting to approve completion of the Proposed Transaction pursuant to AIM Rule 14, would be published in late Q2 2024 /early Q3 2024.
I agree with all you say TIL, but the BOD have been supremely poor at communicating with shareholders during the entirety of the suspension period.
Failing to deliver on communication promises when a plc is shameful. The NOMAD should not have signed off on the text or the last RNS if there was the slightest chance that no announcement would be forthcoming.
This company has been woeful in the news flow it provides to shareholders.
Ian, you need to look harder.
No comment about whether we can expect the 'written approval for the Proposed Transaction'
I guess they've really got no idea as it's subject to the whim of pen pushers
keep the faith - one day Rodders !
Fair point! My frustration brims over with this company.
I have a lot of capital committed here (as I know others do) .
Can is kicked down the road now until Q3….
Yes, a lot of us do and it is frustrating but it's best to just try and chill as none of us can influence it. Now, how to tell my wife!!
Good luck with that!
Even if we got govt approval this Monday, I can’t see the adm doc any sooner. Requires our full year results completed which nearly every year is June completion/release. They’ve also got to incorporate the PCNL results for 2023.
Following the adm doc, it’s another month approx for shareholder approval.
In short, there is no progress since end of 2023. Why AIM agrees to another extension.
If SAVE are now anticipating late Q3/early Q4 for the publication of the Admission Document, how does that align with the revised cancellation date of 17/05/2024.
What a mess we are in.
I just hope like some of you stating approval soon will be proven right. Why didn’t they incorporate today’s rns message last time? Instead making us wait for nothing.
Unnd, good question. Here's a theory from Spizz Oil on ADVFN:
I believe the final paragraph is the one to focus on.
I simply cannot believe that this is being drawn out if the Company's BOD, its advisors and the regulators are not of the opinion that the deal will get over the line.
Full year results are normally posted on 8th June and as we have today been told, the PCNL financial statements for 2023 are also a pre requisite for the publication of the AIM admission document.
Last week we were told news would be forthcoming by 17th May. One week later and it's the end of Qtr 2 or beginning of Qtr 3.
For the regulators to agree to another extension, so shortly after the announcement of the last one, I believe is to accomodate the release of the two documents, with the PCNL financial statements following on from our FY 23 accounts.
It would not surprise me in the least if we receive notice of SS government approval before the publication of the two documents.
Good point Zen on the timeline, and something they would have been well aware of last week - so as pointed out, why didn't they just incorporate this release into the previous one ? Producing an RNS after market on a Friday seems a bit spivy. Hopefully the iis with a direct line to the Board will still be on the case come Monday.
The news in this RNS is the need for audited accounts. This has never been a requirement before, so why now? If SS is approved and the effective date of the acquisition is as suspected then the SS figures will be included in those accounts. As I understand it, these then become the accounts used to determine if a deal is an RTO or not. Is there another deal lurking out there which would be a RTO unless accounts which include SS are used?
Gutted on delays like everyone else. Hopefully there is some progress in the background, hence the need to keep giving dates/ timelines. On a more positive note the NAIRA has now strengthened around 22% from its lows. Hopefully the debt facility refi isnt too far off.
there's a lot of things we don't know and perhaps a lot of things save can't say other than the timeline indicated.
there's been little news media reach into the ministry of s.sudan by the likes of african intelligence unlike some other countries in africa where they more frequently report on so info is sp****.
my thoughts are if the deal isn't still on, then why is save still waiting for it to succeed some 16 months later.
(seplat are still expecting their exxon nigerian deal to close which was announced almost 26 months ago).
s.sudan could be negotiating any tax due such as cgt or exit fee from petronas - who knows and could be a reason for no approval as yet ? if so it's not in the gift of save to comment on or divulge as i would see it.
as for needing the fy audited results and the finalisation audit of the pcnl 2023 fy -
at the time of the spa on 12/12/22 - pcnl had an unaudited report of total assets of $994m and $492m net up to 30/6/22.
the audited accounts seem to have been at least completed up until the end of 2021 at the date of the spa with an average post tax profit for 2019/20/21 of $130.6m.
it was saves intention to publish an adm doc in h1 2023 so if this was up to end june, save would have had their annual 22 accounts released for inclusion in the adm doc and likewise pcnls full yr 2022 in the h1 adm doc expectation imo in that timeline.
with it having run into q2 2023 it seems (as they have indicated) the f/yr 22 for save and pcnl are now required for the adm doc ?
as it stands from the latest update and aim extension to 17th may -
1. govt approval expected/sought first - "following receipt of this approval, savannah would then progress to finalise an aim admission document"
2. saves results are usually done/released in june and it's when these are done along with pcnls own accounts they would go into the adm doc followed by the shareholder approval meeting - which they indicate will be late q2 early q3.
3. late q2 is june normally for our f/yr results.
4. early q3 is july which is usually the egm/agm a month after results release.
while we still wait govt approval - extension is to 17/5 some 5 and a half weeks.
ann results regardless end june max = 7-11 weeks even if govt approval is earlier - doesn't bring the adm doc closer as i see it.
The key sentence to me is "Completion of the Proposed Transaction remains subject to satisfaction of certain conditions precedent, principally the receipt of written approval for the Proposed Transaction from the Government of South Sudan."
Does this imply that verbal approval could have been received? And that it is now down to lawyers redlining few bits & bobs in the contract?
That’s my thought too. Not so much so the legal stuff; but they might have verbally agreed to it it’s now waiting to be signed. However we’re all guessing and the optimism in us might have led to any over interpretation. Fact is it’s still not approved.