Roundtable Discussion; The Future of Mineral Sands. 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.
surely this is some sort of brainfart type of error by an LSE mandarin, Alaric? How could anyone, squirrel or sentient, raise a reasonable objection to the dissemination and analysis of a couple of publicly available announcements, no matter how vigorous the objection of a deeply ethically compromised complainant?
well we seem to have lost some factual posts here from the end of last week. facts are the squirrels' most feared enemies, so i think we have a fair idea what's happened. anyway to recap, we believe that San Leon has already placed its ads in the Irish Times under s.85 of the Companies Act 2014 , giving notice of their motion today in the High Court in Dublin. this seeks confirmation of San Leon's resolution for its capital reorganisation. This is now believed to be a formality, which is required to enable San Leon to commence its already announced share buyback. Hopefully we will be hearing more on this very shortly now.
Would it be possible that said big blocks are the last of STTs stake ? Just a thought... But then I’m not sure that would make sense as I remain of the view that that block will face moved hands at a higher px to ensure STT and the silly court nonsense doesn’t rear its ugly head... so probably an internal cross at Tosca or Capital...
Its just a cross between accounts. Nothing to see here
Yes indeed and I would like to know who is buying and who is selling that size of block. Could be someone shifting between accounts or a multitude of other reasons. All will be revealed in the fullness of time as someone once said.....!
another 7.3 mill just gone through @27.5, -so looks more like a cross now
Yes too early but almost 1.5% so may see a holding disclosure in the next day or 2 if they already owned 3%.
don't see how it can be, we need court approval before we can start.
Anything to do with the share buy back?
That wasn't on L2 !
some iceberg that...... :)
Onwards and upwards now hopefully
somebody is keen---7.3 mill @27.5
With too many previous false dawns and pay days, they are really are waiting for the penny to drop! Once the money starts rolling in, more share buy backs or more divi returns to shareholders will convince that not just a one off.
Alaric - I am frankly staggered by the relatively flat market response to this news
Bandit1 - like you I am very surprised that there has not been heavier buying volume/interest
Yes agreed - maybe this gives you some appreciation of what it has been like these last years for us long term holders no wonder some have turned rather shall we say sour - however I consider the opportunities facing the company are better than they have been for some time and I look forward to it being reflected in an increasing SP in the immediate future.
well i suppose no surprises, junkie, that you alone found this rns negative. in contrast today Cantors found it positive but, in fairness and as strange as that must seem to you, they were basing their opinion on FACTS. The fact that Eroton have been able, on a hydrocarbons play in Nigeria, to push out the maturity on this debt and to halve the dsra requirement (thereby further freeing up cashflow to spend on developing OML18 and increase production) not only speaks volumes about their creditworthiness but is also an unmitigated positive for the whole OML18 story and us. (Btw.the interest rate is outstanding for Nigeria and the small % hike entirely in line with global debt markets now.)
Cantors also reminded that the refinancing was for the outstanding balance left on the original RBL of $398m, this being some $270m lower than the original RBL. Various fairly obvious things appear from the above said FACTS and these will strike most who read this board or comment professionally on the company. I always seem to end up correcting you and tend to forget though you have an agenda to follow, which is not factually oriented.
Down the Pub!
This is just too ignorant (and, as mclean implies, laughably transparent in its purpose) to comment on at any length. Part of me does grudgingly admire the kind of world-class chutzpah it takes to confirm to the world that you understand even less about finance than you do about the oil and gas business or accounting or financial reporting or math or.....; and I wonder whether it would be better deployed say, at a quality outfit like Cambridge Analytica. Or perhaps down the pub.....
So Eroton's mortgage on OML18 has not been reduced but strung out by a further 4.5 years at a higher interest rate to allow the annual repayments to reduce. Seems to me that that suggests the prospect of dividends has been pushed much further out.
At last we seem to be moving closer to getting a return from OML18.--$80 mill should allow Eroton to start paying Divis very soon, and any divi to SLE plus the loan repayments, (coming every qutr), are going to put SLE into a very cash rich position.
-$10 mill SBB to start very soon, maybe followed by a further $10 mill, or better still maybe an actual Divi to SLE shareholders, which will attract strong ii following.
-This share has got plenty of legs-------follow the money.
Awesome news, just gets better and better. I suspect B7 and her sisters are not overwhelmed with LOL this fine morning!
Bought another pile this morning following this excellent news. Company needs to up its PR to make potential investors aware of the positive developments going on here now as it is still under the radar after a tough couple of years. This will take-off very soon it is just a matter of time and I suspect that some may be waiting for the SBB announcement before they come back in. Exciting year ahead as the valuation of the company re-rates as obstacles which have held it back are largely taken away.
Sod the valuation report - it’s just a question of whether it’s squirrel on the barbq yo go with the Pinot Noir...who’s coming round?
Nice one bluerill, this is just excellent news, albeit reasonably expected after recent payments of arrears by nnpc. With other good news to follow very soon now one imagines, things must be getting a bit sweaty down in the squirrel bunker. Wonder how B7 is getting on with his valuation report on San Leon?
We have - cash flow (in excess of $80 million per year until mid-2021) for further drilling and development - can't be bad.
Is this more transformational good news I see? But we were assured that Eroton was a busted flush.
I will doubtless reflect more on this breakthrough later on, but notice one tiny thing now: Eroton new, slightly higher interest rate, is in fact 6% LOWER than the 17% they are paying us. Just sayin.....
RNS Number : 4326M
San Leon Energy PLC
08 January 2019
8 January 2018
San Leon Energy plc
("San Leon" or the "Company")
Eroton Successfully Refinances OML 18 Reserves Based Lending Facility ("RBL")
San Leon Energy plc, the AIM-listed company focused on oil and gas development
and appraisal in Africa, is pleased to provide an update with regards to the
OML 18 reserves-based lending ("RBL") facility held by Eroton Exploration and
Production Company Limited ("Eroton"), the operator of OML 18.
The Company first highlighted on 7 September 2017, and subsequently since,
that depositing three future quarterly RBL repayments into a specified Debt
Service Reserve Account ("DSRA") was one of the conditions needing to be
satisfied before the RBL lenders would allow a distribution of dividends from
Eroton to its shareholders (of which the Company is an indirect shareholder).
The Company has now been informed by Eroton that the RBL has been successfully
refinanced. With a final repayment of $398 million, the RBL has been repaid
in full and replaced by a new reserves-based lending facility with Guarantee
Trust Bank (the "GT Bank RBL") for the same principal amount, with the
following notable advantages:
· The original RBL had a repayment date in mid-2021, while the GT Bank
RBL has a late-2025 repayment date, consequently reducing quarterly repayments
and freeing cashflow (in excess of $80 million per year until mid-2021) for
further drilling and development.
· The DSRA requirement under the GT Bank RBL is reduced to two future
quarterly repayments which combined with the lower quarterly repayment amounts
means that only approximately $50 million is required in the DSRA compared
with more than $100 million previously.
The refinanced interest rate is marginally higher at approximately 11% (versus
10% previously).
Oisin Fanning, CEO of San Leon, commented:
"I am delighted with the terms secured by Eroton for the RBL restructuring,
and the impact which Eroton expects this to have, both unlocking substantial
additional funds for operational activity, as well as lowering the DSRA hurdle
to Eroton paying dividends to its shareholders.
This is a further material step in addressing previously identified
operational and financing issues at OML 18 and follows the recent
announcements of new well drilling, and of NNPC (the Nigerian National
Petroleum Corporation) paying most of their cash call arrears."
Yes, I know that, Skullbone, and I didn't in any way mean for you to get caught in the crossfire. I was just using your question - which was, in my mind, respectful far beyond what this person deserves, but you are obviously a far better person than I - as a useful springboard to make an important point. Namely, that posters like this squirrel are interested in the precise opposite of what your question means to invoke; ie., their goal is simply to deflect, distract and muddy the waters with misinformation and trivia, and not to conduct a reasonable exchange of ideas, so any kind of reasonable response is, by definition, impossible. Again, the pressing question is, Why?, but I will share some of my thoughts on that one in a later post. In the meantime, don't let my anger at this Trumpian behaviour dampen your goodwill, however. It's admirable that you can still display it to a bad actor like Brother7. For myself, that ship has long since sailed.