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The figures for WG are pretty much as set out previously so why the negative reaction ? I think we have a concerted move to to get the price down.But for what reason ? Noone has the clout to force a takeover below NAV
Well, it's progress. And as much as we have felt starved of info on various fronts, seems that RNSs will indeed only come when there is material news, no problem for me.
1.4m of that is going to tax liabilities.
So they will get 5.2m dollars, 2m from there to pay for current drill and around 700k of interest to aleph for the year.
Why is sd taking so long?
Nm
12 months results you have 6 months to publish them. Interim results you have 3 months.
Been over 3 months since that rns, also why are they paying in instalments and taking so long to pay?
The Jan RNS, "Egyptian West Gharib asset sale documentation agreed with execution and closing expected later in January, subject only to administrative steps being completed.".
As well as 2023 results at end of April, management need to restore confidence. Maybe some 2024 cashflow scenarios are appropriate given the higher debt interest than expected in Q1 2024?
But they burning cash, they borrowed money from aleph with high interest rate.
By now the disposal should have been done. And we could move on. Char are trying to extract gas from northern morocco when this happens their leverage will go.
Need to hurry in Morocco
It's easy to say it was a good offer with retrospect. I voted against and given our nav, would again
Almost a year and we dont have a clue whats going on.
Aleph screwed us with rejecting that offer.
If the potential buyer is playing hardball why not move on?
Only if they can be bothered.
I think results due in a couple of weeks so should get an update then
What i have reservations about is that the buyer wants to pay instalments.
Sdx told us WG will sell for $6.9m and will be paid in instalments. Will SD be paid in instalments too?
Also sdx have stated the ksr well has not been put in production yet but they state they need to quickly complete drilling for bmk so they can quickly put it in production. Why do they need to bmk well when ksr is well is available?
Also Citix has not paid upfront for q2 gas like it did with the last two quarters.
We deserve update of whats going on...
Yes you are right of course about net assets but you are talking about past management failures.I think the new BOD are fresh,have new ideas and are proactive,hence the Egyptian sale. The whole company is still worth around 4 times less than net asset value which I have never seen before and half of that is being turned into cash so in my eyes 4p is ridiculous when we know the minimum size of the Egypt deal
No, total assets were $67.6M.
Net assets were $31.89M.
As to why I'm not buying, the answer is because this company destroys ~$5M of cash per year and there's no guarantee the net assets will ever be returned to shareholders.
They can change that with an RNS which could come any day, but will they?
As at 30/06/23 SDX net assets were $67m and 6 months EBITDA was $8m.
Anyone think the shares are worth less than 4p ? If not why are you not buying ?
2x 1 million trades shown from yesterday?
Was that yours SmellyBen?
Thanks. Seems to me ,that just maybe it will be a good year for gold and silver miners. Fres looked good a couple of weeks ago just gone up 20% not to sure how much further it will go. Long term maybe a good investment, divi poor so a share to trade
Congratulations!
Sold of most of my shares here last year at a big loss. Bought into hoc and Cey and now have doubled and even tripled my investments .
If that is true, why do they not acknowledge this in the previous rns or any rns. I’m sorry but something stinks here. I think this new management are out of their dept, are obviously struggling the concept of running a business. When you have shareholders and you give them approx timelines or dates, if you can’t keep to them ,it’s good practice to keep them updated after a long time.
Barhut do you never listen.If there were any problems an RNS is necessary .The deal is still on
Yes . Who can blame him. Serious problems here. Not to sure how long they can go on for here before they go to aleph for more money. Aleph takeover now at 4p . Let’s see
Smelly rides again !
Sorry but you are wrong,every date hoped for has the word expect before it.No firm promises at all ,which of course SDX cannot make because of the involvement of other parties.However all the basic terms of the transactions which were agreed are still in place ,including the 1st quarter prepayment by Citic. Everything is on course at present.Obviously everyone is disappointed by the delay but until facts change the company is on track.
Littlened
Yes there has, first of all they stated the deal would be completed by end of dec 2023. Then we got rns stating they have agreed to sell WG for $6.9m and half would be received by end of jan and remaining by end of q1. Alarmbells, still no deal, also this so called large operator why are they penny pinching?
Nevertheless, i think sdx at current levels is cheap. We await the news.