Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So what ive lost 100k on this anyway
"No effort to run the company"!!!! Wait until you see how much liquidators will charge, and the pass through fees for them to hire specialists to chase the Tanzanian monies out of Africa!!! Many hundreds of thousands of pounds in costs will be incurred.
A RTO is unlikely to realise value.
Once this delists it required almost no effort to run the company so can be very low cost.
An RTO is the best solution in my view. Cash return will take years and no doubt there will be management overheads. I noticed that Frazer Lang bought 4% of the Company last week. I assume this is the same guy who is an Executive Director of GP Jersey who are already the largest shareholder at 8.8%. that's now close to 13% either directly or indirectly owned by them.... intrigued why would they increase their shareholding ?.
So how do we stop the BOD milking it any further, its time for the shareholders to fire the BOD, and take control
I got a corporate action notification about the MVL a couple of days ago. I wonder if those without knowledge of the Ruvuma cash pipeline have decided to take the money out now before liquidation, thinking it's imminent?
If this was going to return 1.2p per share back to the shareholders you would think a predictor would be sniffing around trying to buy this for 0.5p but no.
People criticised Neil Ritson but he left this company in what he thought was good hands, I bet he is devastated at what has happened to his legacy, I remember £125 million being talked about Ruvuma value
Good question. The vote on whether to keep the company running under the total inadequate leadership of the present BOD, or wind it up and sell the assets, was based on the assets producing 1.2p per share eventually. I voted to wind up the company as there is no way the BOD could get it to that level with their investment policies . I have got to admit that I can't see them getting a sale to the value of 1.2p. In fact I have written this off. It is just that I don't want to see the BOD getting paid any longer for destroying a company that had so much potential.
Caddy, but will we get anywhere near 1.2p per share ?
Looks like none the way this is plummeting. Everyone expects the BOD to do the dirty on shareholders (nothing new there). Just want my 1.2p per share and leave with bad memories of this company.
What safeguards are in place to prevent the BOD stripping out the remaining cash ?
Mr.big shot
Agniessearner....as per email on AMC etc. I could only find this one post here on SCIR....I suspect there were a couple more??
" RE: Malceys comments FWIW22 Dec 2023 09:47
There is a difference between "will" or "may".......personally I think "will not".........the BOD will probably take years to identify a RBO...and still draw salaries to boot!
"At this point, the Board intends to finalise its review of a range of potential alternative options available to it by which it is able to deliver value to Shareholders, which may include the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction."
I lost £90 selling out of here ......but the "turkey" in me has bought back in.....but got an extra 52k shares for the same net investment.........cooking! lol. "
and then made my £78 profit .........my big shot me...lol
I think the 3/4 wait is because the BOD will demand there salary for that period even if they are doing nothing.
The company could still be a rto target as cash at bank more ro come and over £7 million in tax losses.
Shareholders would then have shares in a new company run by a completely new management team.
Probably end up getting more of a return that way.
Imo probably five years before you would get the final installment. Of course this is assuming all of the Ruvuma sale monies are received.
Gas prices are half what they were when the sale was done.
Anything possible here.
I missed out the fact that I haven't managed to buy any yet, keeps going nt 😕
@Updownstream
I don't know about anyone else, however, I've tried to buy some more as in my belief, the Tanzanian asset should be worth a minimum of 5m, possibly up to at least 8m.
I can't remember what our cash balance, or the total receivable amount was for the sold asset.
If there's only say 5m from the gas assets, if you divide this by the total shares (900m), the return should be 0.55 pence per share.
With each extra 1m adding 0.11 pence to the payout.
You have voted to take control of the company and any monies due to it. The management gravy train has ended. Its scandalous how this company has been run. Watch these guys and avoid any future company these are associated with. Did you see how they wanted to pull the wool over your eyes? These guys should be kicked out. Should be another vote to vote out the whole management. Maybe they will resign soon anyway. Damn.
Well done to all shareholders for taking control of your own company. These guys have been appalling and deserve the boot. Obviously they wanted the gravy train to continue. What a disaster of a management. Get you cash out before these guys blow it all on their salaries.
I think the SP shows a fundamental lack of trust in the BOD to deliver a workable MVL without stripping out the cash/assets.
With 80% of the shareholders voting for the MVL, Why will it take 2-3 months to get to another meeting to get shareholders permission on the liquidators.
Judging by the fact the share price has not moved, can it be assumed that the 1.2p is just not going to be a reality?
If there was a real expectation that there was going to be a 1.2p return surely there would be frantic buying and the price would be rising significantly.
Not really sure what to do now? If the return is an eventual 1.2p as the BOD mentioned, then would it not be sensible to buy a shed load now and just wait for your investment to more than treble?
Just wondering what happens about the Ruvuma payments still due to SCR over the coming months and years...?