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Sasha sethi needs to convey these points to the bod, that more and more shareholders are quite rightly getting totally pished off with the total lack of progress on any of the fronts mentioned, as he is supposed to be the liaison between share holders and the board!!!
Most African projects that drag on are probably not as miniscule as $10M or even $30M (Supposition) - AND I don't suspect tht a minister has issued an edict that BPC get their finger out and issue a PPA. (You don't suspect but you don't know).
Why do people who are invested in the best prospect for a startup that you could wish for, (They're a bit long in the tooth to be labelled a startup and are they really the best? Out of thousands of genuine startup companies listed im pretty sure they're not THE best, IF and it's a big IF given their track record, they pull this off then yes the rewards will be handsome but the same could be said for thousands of companies around the world. The key word is POTENTIAL. Potential in no way guarantees or equates to success.) not appreciate that fact? ( I can but until they achieve a return for shareholders you need to appreciate that they're just another company that MIGHT make its investors rich like many many others out there.)
If Tony was en route to his hat-trick of failures I could appreciate their view a little better. (You're getting ahead of yourself here, he may be on his way to success or failure, that has yet to be determined.)
You think you are invested in Pandora's box (You have no idea what I think, this statement is pure supposition and fantasy on your part) - and so am I - but Midas touched it when Mr Moagi became minister imho and you did not notice :O) (Again a huge assumption here clearly based on the flimsy premise that you are more intelligent than other investors and more capable of recognizing something than others. Not true, I noticed but I've also noticed that as yet it hasn't made a blind bit of difference to the outcome. Still we wait :O)
Most African projects that drag on are probably not as miniscule as $10M or even $30M - AND I don't suspect tht a minister has issued an edict that BPC get their finger out and issue a PPA.
Why do people who are invested in the best prospect for a startup that you could wish for, not appreciate that fact?
If Tony was en route to his hat-trick of failures I could appreciate their view a little better.
You think you are invested in Pandora's box - and so am I - but Midas touched it when Mr Moagi became minister imho and you did not notice :O)
Especially as it’s been conveyed it would be a relatively easy thing to complete funding! But we are for some reason making a complete pigs ear of it!
"Why on earth would the Govt and/or Tlou deliberately drag out this project and the next one, solar ????????"
Good question, why does any project in Africa get dragged out? I don't know and neither do you. Some reasons are, incompetence, corruption, mismanagement etc. etc. but you came up with a very specific reason with no proof, that was the point I was making. Let's see how long this 'interim' PPA takes but as Whizzer says if we ain't got it by half yearly results I would seriously question this management, and this governments ability to ever get a coal bed methane project actually up and running.
My1M , I amalways saying imho I think.
My version makes more sense than the alternatives for sure.
Why on earth would the Govt and/or Tlou deliberately drag out this project and the next one, solar ????????
Botswana are screaming out for electricity and Mr Moagi's edict to BPC to give us a PPA makes it clear the Govt back us.
The directors are currently taking pay-cuts so they'll be eager to get back on track for certain!
We know the Govt want us to keep our negotiations private and for us to comply suggests to me we are happy the way they are going. If there was unnecessary obstructions in our path, I'd expect TG to be raising the possibility of external funding which I believe is possible, though at unfavourable terms compared to a deal with BDC.
$10M or even $30M is a very minor risk for a new energy source imho! I'm half expecting a PPA for solar to arrive - 20Mw looks like instant coffee, whilst 10Mw of CBM sourced power is percolating.
Well said. If we get to the half yearly with no progress, no ppa, no funding then that will be a massive blow to everyone invested here. They have got to produce something soon!
Brad this idea of yours about not getting the interim PPA because of a third party not being able to give us a date for connection to the grid sounds very convenient but unless you have proof to back it up it's just an idea, an opinion. You often appear to state these ideas as 'facts' just because you wholeheartedly believe them. They're not facts unless you have proof.
I left these boards a couple of months ago after the 'imminent' didn't turn up and the de-watering process turned into a bit of a farce with one hole shut down. Then the RNS about an interim PPA came out but still no sign of it as yet. It's a constant theme with this company, over promise and under deliver, everything is always just around the next corner, except it isn't.
The time has come for them to put up or shut up. Deliver something concrete, something real and tangible that will materially have a positive effect on the shareprice for long suffering share holders. No more excuses, we've had far too many. And no more bull****!
This was a reply to ADVFN, but could equally well apply to Whizzer and other Thomases?
Colm's podcast Nov 27th , only a month before Wuhan news of Covid19 broke, less the Xmas and New Year break , so not very many days for his words to be enacted, strongly suggested that $10M was on the table, requiring those 2 words, "final answer".
And if we wanted to go for 10Mw (rather than 2Mw) then $30M might be as well.
Colm , whose disposition was so upbeat (happy), made me believe either offer was/is agreeable to BDC as soon as the outstanding PPA items (what were they?) were finalised. I kid myself the choice of $10M or $30M plus the dates were a bit part of the outstanding list.
And that is still where we are now due to the intervening lockdown?
Lockdown will hopefully ease enough to allow TLOU to pick up the reins again.
i.e. decide upon funding for 2Mw or 10Mw PPA and , my old chestnut , WHEN do we target delivery of the same?
The critical date for 2Mw will, imho, be date of connection to Serowe!
But for 10Mw , it will be a race between 10Mw power production and that connection?
A big decision for TG and co, knowing so many shareholders don't back their decisions. I do!
Cannot argue with three points you've made Whizzer. The progress hasn't been what we investors want, 'tantalisingly close' or anything similar shouldn't be repeated by Colm (or indeed anyone at the company) and there has been no value added to the SP, in fact it has been decimated.
Whether the progress and current SP is a matter that falls in the lap of the Board is something I cannot answer. It hinges on whether enough was done, if indeed anything could reasonably have been done, to identify the amount of dewatering that would be needed. If everything was done that could reasonably have been done then by investing in a mining company there has to be an understanding that the end result is never guaranteed no matter the work put in by the company. S$it happens.
On the issue of funding I have seen many, many companies secure funding without assurance they will ever be able to pay it back. If settled repayment was the criteria then I'm not sure how many companies would exist particularly when we look at AIM listed companies. On that basis I can see no reason why funding couldn't be secured now and tenderers being selected. Funding really should be 'tantalisingly close' now and I would be concerned if in the next 3 months we haven't had it confirmed (subject of course to the state of the nation in respect of the global pandemic).
I see no reason why we shouldn't ask hard questions of the board if we have been led to believe something is about to happen that subsequently hasn't, at least not yet anyway.
That said I whole heartedly believe we have a CEO that has always made decisions with the best interests of the shareholders in mind. He has cut his cloth, operationally and in respect of his renumeration, when it was most needed and that speaks volumes for me.
We have problems, but we also still have everything to play for. Progress now will come at a cost in terms of any future returns with extra funds needed if we are to succeed in generating sustained commercial flow rates. But progress on funding, dewatering, linking to the grid etc will still see very substantial gains here in my view.
How many times have I said this?
There are at least 3 variables in a PPA .... price, volume and timings!
Tantalisingly close imho meant the price and volume was flexibly worded to both parties satisfaction just leaving the poles and wires completion date to be settled? The critical path would surely end with Serowe receiving power from Lesedi!
We have installed a generator and connected it up at Selemo - so no fears there l?
At fairly short notice (things happened extremely quickly after Mr Moagi suddenly offered us a temporary PPA) the poles and wires suppliers/fitters had a lot on their plate before quoting dates. If penalty clauses apply for late delivery they needed time to get it right!
And that aspect is what has been stalled by covid! Production, delivery , and installing the kit might be dependent upon several countries lockdown policies for all we know? The same for Solar!
I cannot see any version of how things could pan out that won't be affected by that problem.
Are there several suppliers involved? So many questions! Get real Whizzer - Chris Fraser's solution would be to build a foundry, grow pines trees, build a copper mine and make our own poles and wires?
TG is in the real world and the real world is a difficult place nowadays!
Colm told us while being interviewed we were tantalisingly close, that was when we were waiting on the ppa and funding, you don’t say something like that if you don’t think we are close to something, he also said that funding would follow very quickly after a ppa!! so you now think we haven’t got a ppa because of the poles and wires lol. So in my opinion there must have been something close to being signed, but then there must have been a big problem for it to not have come to anything and before you pipe up and say the virus, it was before then.
You are filtered on my browser but not on my search engine.
LSE upload filtered messages and then suppress them!
If you can tell me when we will provide power to Serowe then I'll understand why you believe a deal was on the cards at any time in history. Until then nobody should want more than we have on the table.
I wrote this earlier to a fellow poster (privately) ... I think it nails the situation to a superglued base!
"That pint of Speckled Hen looks to be in a race with us getting a PPA and funding?
Hope not, As soon as TLOU get the right men in the right place at Lesedi , and the poles and wires suppliers confirm their estimated delivery, and then the installers do the the same, we'll have a date for the PPA. But lockdown might mean they are all incommunicado!
TG is too honest imho to guess at a date and take a risk - I like that after Sirius."
Bowser view
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Woodywoodster
Posts: 37
Price: 2.90
No Opinion
RE: TlouToday 09:36
Well said Brad, your comment on PPA, Perfect Plonker Award, had me in stitches!
My search engine view
https://drive.google.com/file/d/1EH_9i3QOa9dZdMNIqi7WfE3Ryi8ovPZk/view?usp=sharing
As I’ve said before I’m not selling my remaining shares for a loss, I’m aware of the bods credentials and on paper it looks great but there comes a point when you have to ask if they are the ones to continue on this path that they have taken us down? Brad you’ll get your billion shares in issue if things don’t change here quick, with or without Chris Fraser!! Like everyone I was happy with my tlou shares when I purchased them, the bod were doing and saying the right things, there was lots of progress, everything was looking great, but somewhere along the line things have gone amiss, the progress has been lost, the bods words are worth nothing. You can’t rely on them hitting any timeline that they set out!
Well said Brad, your comment on PPA, Perfect Plonker Award, had me in stitches!
Whizzer, whilst undoubtably there have indeed been various delays, not all the fault of TLOU I might add! You need to think about what it is that you’re suggesting. Replace the bod? I’m sure that you will have looked carefully into their background and previous roles, successes and connections, especially in Gabaake Gabaake, Lina Moholo, Hugh Swire and of course, Tony Gilby’s! I can’t think of a better, more experienced and talented leadership team than what we currently have.
If you think so negatively towards the bod and their lack of accomplishments to date, then maybe, just maybe, you should actually consider selling up your remaining holding and buying shares in a different company or even different market than AIM? Buying shares in a junior exploration company on AIM was possibly the wrong company for you, at the wrong time? There have been some good plays in the FTSE 100 lately, maybe you ought to be looking to shifting your funds over there?
Myself, whilst progress has been frustratingly slow, I am also positive that in the next 12 months a lot of these issues that we are discussing today will be ironed out and that we will indeed be looking at a very different company. Anyhow, have a good weekend and hopefully, fingers crossed in the not to near distant future things will start to change for the better... over and out.
You are bang on Woody, and the sooner we take funding, the sooner we start repaying!
Only a moron or a crook would willingly commit himself to expensive loan repayments before he expected to have the means to find that cash.
A good lender would not advance the funds to a loanee who was in that position either.
The Govt and TLOU have it right imho!
Once they have reasonable expectation of 'TLOU earning a living' by the repayment start date, they are back in business. The funds are agreed, the offer is on the table, the date is unknown until we complete our review of what the lockdown will allow us to do, and then we'll have lights, camera, action!
The only one with a PPA is Whizzer - he has a Perfect Plonker Award , with honours!
Filter him folks he sounds liked a scratched 78 record that is stuck.
His nose is longer than Pinocchio's - he cannot see beyond the end of it imho.
Chris Fraser is available to replace TG - he'll get us rolling - 460M shares will be several billions in no time flat! A heavy roller?
He says he never reads ADVFN so here is what his previous ally thinks currently ...
donkey40
28 May '20 - 16:09 - 8575 of 8575
Wish someone on LSE would ask Whizzer - so they get a new crew to replace the BoD - then what?
The new crew would presumably need to see a good chance of commercial success otherwise why sign up themselves.
Would the new crew have any relationship with any of the Govt or Ministry folks - start again to build these talks how long?
The new crew would need to be paid - with what?
Whizz old boy - about time you showed some depth to your understanding on Tlou; any idiot can easily chant Replace the Board ...
Most long term holders here lost their patience a couple of years ago! Wouldn’t it have been better to have completed the deal and had the money ready to go when things returned to normal? We can’t even get a 2mw interim ppa signed off, I mean what is going on with this company. They’ve just hit a brick wall in terms of any progress. I know the virus hasn’t helped but like I’ve said before the bod communicated to us long before the virus was a major concern that a deal was imminent ( 6-7 months ago ) so what the **** happened to that deal? It’s one calamity after another with this lot, colm should never be allowed to do interviews again!! At this rate we’ll be back into the Botswana elections time of year again and everything will stop for that process again. I just cannot explain how frustrated I am with this company!! They’ve not replayed any faith that long term holders have shown, they’ve not progressed in 2 years, they’ve not added any value to the sp, and they are running out of cash. It’s not a good combination!!
Indeed they have Whizzer. I suspect the snag is something called COVID-19. If you were in the bod position, would you push ahead with a large funding deal, knowing full well that the likelihood was that even if you had funds in the bank any progress could be severely hampered in the current climate. I’m afraid patience is the name of the game here at the moment.
The bod have got to have hit a massive snag regarding funding.
The bots government were happy to take our money in the early days but are not willing to sign off on anything because tlou can’t get enough gas flowing and need more wells but can’t afford it, so we now find ourselves looking at solar to try and secure some funding but no one knows how far along this process is! It’s an absolute shambles!!!! No communication from the company isn’t helping, I suppose they have 2 months until they release the half yearly report, so if we still have nothing in place by then, major questions need to be asked of the bod, like are they the right people to take this company forward as it’s a disgrace that we are still waiting for something that’s going to drive this company forward in the right direction!!!