Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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They can drill all they want no one wants the gas there is a tiny market. We are now targeting 2m scuffs from CNG, it was meant to be 100 m scuffs by 2021 for who there are no buyers the country doesn’t have a pot to piss in
They will issue an rns at 7am either way. They will need to address the press reports. If the share price drops it will be on the back of them raising money over the weekend. If they haven’t raised money best to temporarily suspend the shares while the placing is finished. I havent owned any shares here for years but it seems to me any money raised would genuinely be for working capital until the Eneo payments start to come in. They wouldn’t need to raise that much, a few million? They should be cash generative at these levels even with royalty payments. Can’t believe they are still going on about west med, cng and more drilling. It’s like a broken record. But if the shares did drop I will be tempted to buy in in the morning. They have a high cost base but it shouldn’t increase if the ever sign up more customers, only the royalty payments. The share price seems to reflect an awful lot of bad news already. I don’t think anyone seriously expects west med to sell, the insurance claim to be successful, cng to take off, another power station to connect anytime soon or foo to give up his royalty payments. But you never know one might come in!
Who knows what's going to happen, there will be many LTH that will say that's it I have had enough and sell at 15p- 16p while they can. There will be some LTH that will just sit it out and wait for the rise and posters like Banjomick and PB will try to be positive and push it up, but what will the city do ?
I guess they will mark this down first thing to what 12p or below and then it could drift until vog come out with some sort of rns, but it doesn't look good.
Doyou think this will hold above 10p tomorrow?
So what do you think vog needs in terms of money to keep going this year..
Debt plus money to fund drilling and running costs etc must be about £30m - £50m, so that's 150m - 250m shares at 16p ish or 350m -550m at 10p ish. They could do a 4 for 1 at 10p- 15p giving them about 650m shares on issue so about 10p or less on the market.
This will be interesting.
"The firm is known to have a large following of private investors."
somebody must be exploited....
A point that may be worth considering.
We have a couple of chunky shareholders now, they cannot possibly be happy with the performance of their investment. Perhaps the sharholders action group could reach out to them and then we might be able to hold the BOD to account.
Somewhat irritating that those of us who raised concerns about a cash placing were villified by Paranoia Blue, BanjoMick and Mickwhatismyusernamethisweek.
As a shareholder I still hope I'm wrong but commonsense would indicate otherwise.
I really should take the £25k hit but can't bring myself to do it.
https://www.dailymail.co.uk/money/markets/article-6635895/STOCK-MARKET-WATCHLIST-running-dry-energy-firm-seeks-capital.html
STOCK MARKET WATCHLIST: Is the well running dry as energy firm seeks capital?
The rumour swirling in the City is that AIM-listed gas producer Victoria Oil & Gas is on the hunt for more funds.
The word on the street is that the company – which operates as Gaz du Cameroun in the Francophone West African state of Cameroon – has been tapping up shareholders for a new share placing to raise cash.
All of this might not come as too much of a surprise to those who monitor the company’s activities.
The firm is known to have a large following of private investors.
Victoria Oil & Gas warned at the end of September that it was keeping a close eye on cash levels, which stood at just $3.2 million (£2.4 million) at the end of June, after burning through $3.8 million in six months. It seems the well has at last run dry.
The shares have been on the slide in 2019, leaving it with a market value of just over £20 million.
Even an update on its increasing gas production levels last week failed to lift the share price.
A spokesman for the company, which is led by Kevin Foo, said it did not comment on ‘market speculation regarding capital raisings’.
at least three Johns signed up to the VOG Share Investor Group. Two had sizable holdings. One of which is a fairly regular poster.
No, he was sat just behind Markettimer, I believe his name was John.
I said early last year that they would run out of money - and was slated for doing so.
I thought that ENEO may have saved the day and did believe that they would try and struggle through based on what FOO said just a few days ago. I didn't entirely believe him as the share price couldn't sustain but I topped up with a few more hoping it would stabilise at it's recent historical low point.
Looks like he may be letting people down again - it will be interesting to see whether he knew they were trying to raise funds when in the interview he gave the impression that wasn't the case ?!
I've been consistent in saying that the BOD and the company are a disaster and are no longer trusted by the city.
Luckily my gut told me to be cautious so i''m only holding less than one third of what I sold and made 30% on in an hour just before Christmas.
Barring bankruptcy, which I don't think is an issue I can't lose on these at the moment. I also think that at this level or the lower levels (the placement may take us to) means that VOG is very investible once that happens - or not as the case may be.
The long term holders need to work out whether this is also the case for them or whether to sell up and crystallise their losses and move on. Continually pointing out the same things but seemingly doing nothing about it is obviously complete madness.
I will look at the fundamentals and almost certainly continue to buy once there is clarity on the cash flow, we need to understand how much they need to raise and what it will be spent on. I still expect to see 40p on these in the next 12-18 months - time will tell.
GL
Unbelievable banjo. You must work for Trump. Not all news is fake!
Whether the article in the mail has any credibility or not its a high probability imo that the SP will retrace in the morning because of the reported content.
How much more crap have the long termers got to suffer here ?
Unfortunately its been downhill all the way in terms of SP since VOG obtained the exploitation license all those years ago.
Lost very much more than a few quid here when I bit the bullet and bailed out at over 4 times what the share price is now.
Sincerely hope that the tide here turns in your favour at long last for you guys sometime soon.
ATB.
OK Looks like Banjo has this correct , it's all lies and stories made up by the media.
vog are in a fine state and there is nothing to worry about as they are making millions and the sp will rocket to 50p this week.
If some of this is untrue then I guess we will be getting an rns by vog saying, there is NO truth in the media article doing the rounds. But if they don't come out with a statement or an rns for placing then we all know who was correct.
certainly covered himself with the lines: "The rumour swirling in the City" and "The word on the street is"
I wonder who fed him the story, I notice the usual suspects are making a meal of it, as expected! :-)
Any placing should only be done if the royalty deal is cancelled 100%. Mr Foo saved us 15 years ago that’s history he has had millions out of the deal it’s always been a conflict of interest his interests are not aligned to shareholders.
there were payment issues with the BOD renumeration.
the quick issue of RNSs, the change of wording and the repeat RNS was see-through.
So now it's out in the open with city bods etc just how long will Foo take to get this away and at what price.
I bet he has been trying to get it away at 20p and that's why he put out the last rns to hold the price up above 20p but that didn't work.
But now it's out there many will be selling next week to try and buy back in at a lower price, but needs to hurry otherwise the sp could / will be down to 10p and if he cannot get a placing away we could be looking at admin. who knows.
was that markettimer, mal?
I had hoped that the ENEO deal might have come in time but it seems that it didn't.
A shame that Mr Foo did not take up the suggestion made by the gentleman sat in front of me at the AGM, that VOG could preserve cash by accruing the Royalty payments rather than paying them out.
Personal wealth or successful company, obviously a difficult choice.
indeed, I do hope not.
if the last time was unforgiveable, what would this make?
Yes your right.They are doing it to the investors again but we hope not?
we all saw this coming, bar some very rude posters.