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Tier that was my point when i referred to Companies House, However i had to go to a function and wasn't able to expand my post.
It is a disgruntled shareholder, this was passed by both Nigerian Government and Administrator's (EYI) they would surely have done Due Diligence . One of Exoro's former directors was one of the Gupta family famous for raping Africa of its Cash and assets. "pile of Sh--te in my opinion"
deal was sanctioned by Nigerian gov and UK courts.
of course if they want to take it back at 21p a share they can do so, i think given current valuation its not going far on value.
Although im sure theres a few on here who will be non stop on it to add to the loan saga, Mitongate, payment scandal etc.....
Don’t think there’s a case to answer to. Sounds like a ****ed off ex-shareholder not accepting the done deal. Having a go hoping for some compensation? Any lawyer here care to elaborate?
And other social media. It may force the company to make an announcement.
Nothing else has worked so far.
It would be good to put it to bed or get the other skeletons out of the closet!
BB
Wow - SAVP appear to have just ignored all law and carried on regardless. On first glance I can only conclude that they think if they plough on that the government will step in to preserve the company. No wonder the sp tanked - why weren't shareholders told of this - do we have recourse?
If you go on Companies House and put in Exoro Energy and read on the section of filing statements. Statements of Administrator's Proposal 8.jan 2020. it explains everything.
Why is the link removed?
Got a Google alert on the following article... ongoing legal case and interim injunction/standstill on Seven transaction in Nigeria. Can't see any SAVP RNS on it but apparently been ongoing since November. Anyone else heard about it or addressed with AK ? Been thinking of piling in at this price cause its gas but incorrectly dragged down with the oilies...not so sure now...
https://www.legit.ng/1311459-opinion-the-nigerian-local-content-act-curious-case-seven-energy-by-hassan-abubakar.html
USA was down 27% Michu - a short term (9 month) event driven bear market typically falls about 29% - they have rallied back up to be 20% down - can't see em being brave enough to take it back above 20% down. They still think this is just a short term event.
If we end up in world recession then 49% to 57% fall is on the cards from historic data.
Here's to SAVP rns and a 100% rise in a day - then I suggest you sell into that strength - at least someone would get a bit of good news.
even including todays rise petering out a bit in the end it was still a pleasant experience (for a change) ! And while I have no idea how Sankeys is confident there will be an update RNS in q1, if others are similarly confident and are also confident it will be a 'good' one then that might explain today's rally.. and hopefully there's some more in anticipation buying to come still.. and then more buying again when a 'good' SAVP RNS drops soon enough
(my guess is Global Markets movements and PoO movements will still have a big impact on share price ups or downs here too eg Global markets and PoO are both decently up- so far - today)
look at the major shareholder list that was updated, they have been selling more but no need to disclose.
Only reduced from 3.07% to 2.99%, only one in 1250 shares in issue.
The rise is more puzzling.
Everyone has to do whats best for them, if it causing that much stress its not worth it, you can now switch off. Its a pity, nothings 100% unless its in a RNS, but I do think:know Savp revenue payments are coming in and you will get an update in Q1. But in these markets if you are out its sometimes best to come back when the worst is over. Good luck.
Circa 5m sold since Feb 20th, have not got figures to hand but i think they had sold 2m when major shareholder list was updated.
IFC reducing
Just sold everything here and in jubilee. Cant tolerate the risk of things getting worse and was now worrying about why savp are taking g so long to communicate which has heightened my fears of payment problems in Nigeria Selli g is like swallowing poison but I could not contemplate further losses
Well, based on what we think we know, this price seems way too cheap imo. However, 2 concerns at play; where has the promised newsflow been since 7e completed 4 months ago (ie Niger CPR & supplementary admission document) and the current world event which could play out anywhere from not too bad to absolutely awful. Hopefully it'll all come right eventually and I'll be able to look at my SIPP & ISA without having to do it through my fingers! atb everyone and stay healthy!
Whatever is behind today's interest, it hints at what should happen whenever we finally do get any good news....
Not so sure its a P&D in this particular market as so much more going on (but it could be, being a little more positive more likely to be
News Monday/Tuesday
Director Buys
Seller finally done one
Trek
does have a point about Africa because if it takes hold there with there lack of medical care for the masses it good have a far greater impact than here. Nigerian default etc
No idea why this rise, and not much an idea why the fall. No volumes to back up either way. I’m out completely now, feels like an P&D. Concerned over this virus in Africa and will only be tempted back for a bombed out trade. Some top posters here. Good luck all. Bye.
Trek
Over 11p now, any ideas what's making it so perky today?
nope, agreed, but 10p looks much better than 7p. Here's hoping we've seen the bottom. Problem is no-one knows how this virus pandemic will ultimately play out so I'm expecting quite a bit of volatility to come.
Absolutely we make our own decision. But it’s not too much to expect management to deliver and to at least update and answer questions, especially raised by many. They’re paid to do that.
We're not out of the woods yet, by any means, chaps.