Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. 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.
That's quite insulting just one. Been here since 2006 and PC hasn't achieved anything to date
Shareholders who don't have the patience - comedy gold Justone :))))))))))))))))))
I would agree Twiggy, I got the detailed update at the AGM, it was also released as an RNS., but condensed. I was happy to buy a few more! We just have to wait. A deal will take as long as it takes, with the market moving in the right direction. The assets are not loosing value in the ground, dilution is a minimum, expenses are a minimum. At 2p this is a 40 bagger! I am more prudent, but still at a significant increase from today’s price. A consequence of market boredom, and shareholders who don’t have the patience.
Totty I am not sure I get the logic that an update is needed before a deal announcement?
Surely if a deal was to happen before an announcement then that’s just great? All happy, depends on the deal of course.
An update would be nice, assuming it’s good, but I would take a deal announcement first.
needed on all projects before any announcement relating to a deal is needed here . pc needs to get off his ****nal and start moving this forward before any deal announcement . communication appalling from this bod
I’m in if we sink or swim now. What’s happened to the share in the last 2 years has been nothing but shocking. Let’s hope patience is a virtue
Ripping the share - with all due respect, it has nit me that has diluted us all into oblivion !
I am still in as trapped like many others. Who is going to buy 20m shares off me even if I wanted to sell them ?
Are u thinking about reinvesting safe after years of ripping the share or are you still in?
Will we really ;)
We'll soon find out ;)
And do you genuinly honestly think PC is the right man to land a good deal ?
Have to agree 1Investor on all your points.
If PC pulls off a fair deal with one or more than one company it really does become a game changer / company maker for SRES.
No doubt a SP rerate will follow ...... the next few months here could be very exciting and I wouldn't be at all surprised to see a gradual uplift in the SP as the weeks go by now....
Well, you know my view. I don’t believe PC has lead us a merry dance, I believe he has just had to face some real world problems which began with the pandemic, 2 years lost effectively, and he’s really struggled with an industry which seems to think it can leave change until the 11th hour. The momentum for change is building, as Terrafin and others have highlighted, and Federal funding coupled with public sector project tendering being restricted to only green concrete producers/users helps enormously in focussing the minds within the industry.
As for investor interest, investors are prepared to “buy the rumour and sell the fact” with large established companies such as FTSE 100 or FTSE 250 stocks but AIM is a different animal. By its very nature Aim is for start-ups and nascent companies without a track record or profit profile, so it tends to be large and small private investors who invest here rather than pension funds and institutions who really push the market.
On the announcement of a CS Project deal everything will change and the share price will respond to the price level the deal is pitched at, revaluing the company. This may have the added benefit of giving the market more confidence about our other projects and the deals that can potentially be done there, so some form of forward pricing/valuation, in the share price, might be possible at that point.
Thanks for your feedback 1investor. What I do not understand is, if there was realistically even a whiff of a deal being done in the next few months, ii's would be all over this and we would be up to at least 0.30 already. The problem here is, nobody believes a word PC is saying as he has led us all a merry dance for so many years now !
It might help to look at it taking a different slightly simpler approach, because some of the factors which will be brought to bear on a final valuation we are not a party to. So if you start with the pre-mining current approximate value of the CS project being between $1.5 billion & $3.7 billion, depending on whether you use $100 or £150 per ton and whether you include or not the North East Zone. Although I can’t see the North East Zone not being factored into a deal in some form (it has yet to be permitted but I don’t see that being a problem).
You could take an approximation of “costs” @ around 50% of revenue. You’re then left with around 50% or so of residual revenue which is the area where the deal will be made. The buyers profit and the seller’s price come from this residual sum. You could be more pessimistic and run the numbers with 60% costs and 40% residual revenue and apportion the buyers profit and the seller’s price from there. There may even be a future royalty element to a deal.
However the deal is struck, I’d be disappointed if it comes in at 2p per share which would values the project @ approximately £85.5m ($108m) on gross revenue of between $1.5 billion - $3.7 billion which would equate to between 7.2% - 2.9% of projected gross revenue being paid to the seller (SRES).
So what are your thoughts on Totty Man's 2p minimum plus a dividend to investors ?
Quite, so no I’m not suggesting the CS Project should be worth as high 38.96p to a buyer.
As you say, your summary doesn’t factor in mining costs, transportation to market, carrying costs or the profit expectations of the buyer.
We should expect something lower than your 38.96p per share when these factors are taken into account, but higher than most people expect.
Ooops, I forgot to deduct production costs, interest, etc, etc :((
1investor, happy to try and take any measured valuation seriously.
So looking at your numbers I calculate that you are suggesting that the CS Project should be worth around 38.96p alone ?
ie, lower value indicated by you of $2.5bn less set up costs for an onsite production facility of $40m = $2.1bn
Current Mkt Cap is £2.03m / $2.56m
so $2.1bn divided by $2.56m = 820.31
820 .31 x current sp of 0.0475 = 38.96p
Well now, I might even offer to apologise to PC for my years of vented frustration, and I might even buy him a pint :)
One can but dream !!!
it will be two years in may as to any meaningful update on cs . **** poor comms from the board
I hope u are all right! I’m focussed on getting back to 0.30 at the minute!! The rest would be a bonus. We were in these talks on the share chats 3 years ago and it was all very exciting. I hope PC hasn’t pulled the wool over our eyes again in his last interview….. 3 months time we may have news on CS. It’s been a while since any update …..
2p minimum plus a dividend to investors . Less than that I'd view as a failure in achieving shareholder value
That’s a really interesting question Safe and the only reason why we’re all here, but it’s rarely discussed. Largely because the reality is probably beyond the expectations of most on here and wouldn't be believed. I’d love to give you my take on the stand alone value of the CS Project and our other projects, for which we’ve got basic information, to give an overall company valuation, but I just don’t think you would take it seriously.
What I am prepared to say is the starting point for the CS Project is:
14,500,000 tons of raw Pozzolan @ a current value of somewhere between $100 - $150 per ton.
1,300,000 tons of raw Perlite @ a current value of somewhere between $100 - $150 per ton.
Plus the North East Zone which measures/equates to approximately a further 60% of the above.
The set up costs for a dedicated on-site production facility is around $40m.
Mineral extraction is largely “free dig” so mining costs are low.
So the approximate current value of the CS Project reserves in the ground are between $1.5 billion & $2.3 billion and if you add in the North East Zone it rises to between $2.5 billion and $3.7 billion.
Beyond that we have further significant high quality Pozzolan/Perlie reserves at Hazen, New Perl, Jackson and a mixed mineral find at Reece Ridge together with Sepiolite at Pioche which we all know about.
Tot it up and do some simple calculations. The reality is far greater than 10 x current market cap on the CS Project alone.
I hope that helps.
What do you think we could achieve for selling the whole company now, or if we even just sold the CS Project ?
I asked PC at the AGM why Tolsa needed extra time if the drilling results were so good, and why they agreed to paying the extra money. It didn’t make logical sense and it obviously doesn’t to you 1wager. I was happy with the response, that there is nothing sinister, more to do with the complications around the grades and the Spanish attitude. Our agent is a bit of an expert, well connected, and there would be others who would be happy to buy the reserve! Backed up that PC negotiated a higher purchase price! We sit and wait.