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It wouldnt surprise me if FOO was playing some side game with the Ministry.. he has history of scamming investors out of millions of pounds with falsifications..
So, what are we to make of this?
The MMs have heavily marked down BLVN this morning, and dropped VOG a little - but currently no one is buying and no one selling - seems everyone is waiting to see how it plays out.
There seems a large element of bluff and counter-bluff between BLVN and SNH here. Clearly Limbe rather than Bioko is the preferred option for BLVN if SNH cooperate (but 9 months have passed without progress). Cameroon needs the gas and developments, yet someone in government seems to be deliberately obstructing progress. [Corruption might be a concern here?]. Sometime soon something will have to give. Will they mothball Etinde? Unlikely imo. Will there be further delay? Quite possibly. And does it effect VOG? - It could be argued that if Etinde is mothballed/delayed then Cameroon becomes ever more reliant on VOG gas? BLVN is clearly a bargain at this price if all proceeds OK (mcap under £10m, with possible value of $150m). VOG has other issues of more concern and, although a bonus, is not hugely reliant on Etinde development. We still await the RSM arbitration decision which is crucial for VOG.
Here, holding on today's news..
Jed. Quite possible he sold out in the spike last year. Wouldn't need to declare and as it was only the gravy train that kept him in, he wouldn't really have much cause to stay> imho
Would they need to do RNS for ex director?
Cameroonian Alain Ebobisse lands
a 5-year term as investment fund
Africa50’s head again
page 33 Energy
.........................
The reappointment of Cameroonian
financier Alain Ebobisse is expected to boost Africa50’s investments
in his home country. Africa50 is
already a shareholder in Nachtigal
Hydro Power Company (NHPC),
the company behind the 420 MW
Nachtigal dam project, and is also
eyeing the airport and gas sectors in
Cameroon.
«We want to make additional
investments in several sectors in
Cameroon. I have discussed with
Cameroonian authorities following
instructions from the President
of the Republic. We are interested
in the country’s airport sector,”
Ebobisse said on the sidelines of the
2nd Africa Investment Forum, organized by the AfDB, on November
11-13, 2019 in Johannesburg.
........................
«Cameroon has a lot of gas. I
suggested Cameroonian authorities should add more gas projects
because gas is a transition fuel. We
will invest in Cameroon once we
find acceptable projects,” he added
https://www.businessincameroon.com/pdf/BC105.pdf
As far as I can see on the Director holdings sheet Foo still holds about 2.5m shares after more in the placing at 57p, or does he?
I have never seen and RNS saying he has sold them unles I have missed it. Anyone else seen anything related to those shares?
Will be interesting to see if FOO makes a bid for VOG at all time lows with the millions he stashed away when he was running it as a self enriching ponzi scheme!
Its a shame he never ended up behind bars but after scamming so many!!
is DIK and FOO running it if they are ill be over in a jif
Why would I want to switch from a share that has lost 95% of its value to a share that has lost 95% of its value and has a similar MC but 3 times as many shares. I think they call it self flagellation
Come over to angs. Start production early next year. Fully funded. And looking to pay a dividend as soon as they can. It’s all in the rns,s. Take a look. Before your diluted again here. Gla
(Business in Cameroon) - Société anonyme des brasseries du Cameroun (SABC) announces that it is planning to invest an estimated XAF5 billion to renovate its furnace n°1 (on line 11) and acquire a third PET preform line for glass factory Socaver (Société camerounaise de verrerie).
According to the SABC, the investment aims to boost Socaver’s production capacity. Meanwhile, the weighbridge being installed will help improve “internal circulation given the production load that has been growing over time.”
As per SABC’s estimates, the furnace n° 1 should become operational by late 2023 while the third PET preform line will start operations by April 2022. Without revealing details about the additional production volume to be gained by Socaver thanks to the investments, SABC stresses that the projects are launched in a bid to meet commercial partners’ ever-growing demand, which is now up by 15,000 tons.
In 2019, Socaver had invested XAF6 billion to boost its production capacity from 32,500 to 38,500 tons of glass yearly. At the same time, it installed two PET preform lines with a production capacity of 300 million preforms yearly.
https://t.co/zAXGz3JcEg?amp=1
Agree, Maisy - still a waiting game. My guess is news of some benefit is very close (I'm hoping it was this 'event' that pushed the delay in accounts to Nov 1st). Time will tell. No move on the share price until RSM arb result known.
So as far as I can see, US$7.1 million Revenue (six months to 30 June 2020: US$12.6 million)
$5m was from ENEO and US$0.6 million cash generated from operating activities (six months to 30 June 2020: US$0.3 million utilised)
And Still · US$12.1 million Net Debt position (at 31 December 2020: US$12.8 million)
And even though they are still losing money they give a brown bag to
n furtherance of its support to the local community, GDC is pleased to report that it has provided funding for the construction of a new Emergency Department in the local Logbaba District Hospital
Just how long can they continue without more money / another placing?
You're right Jed. It's difficult to see how a company which never makes a profit, continually increases borrowing and regularly issues more equity just to stay afloat can realistically be a going concern. Creative accounting I believe they call it.
Still at least we had enough spondoolies to build an A &E department at the local hospital. Got to keep greasing the wheels.
Good morning all, yes a very short 1 liner really, so now full draw down been made I guess that means they need all the money from that loan note to continue.
So with very little coming in from customers what happens when this tranch of money has been used, ? does that mean another 10%-20% of vog given to the largest shareholder for more money to keep going.
Clearly vog is now NOT a going concern. or am I reading that wrong !!!!
Happy-ish with the RNS. No real news. Non payers like CICAM were down to not being able to compete with Chinese textiles - not GDC gas. All balls still in play - all for good to bad. Matanda farm out might prove interesting. Back to getting the Arbi done and dusted. WM could be sold tomorrow at the 'wrong price' too.
Rns. The offhand one liner confirms what we all fear that Westmed will probably never be sold.
Seems they have non payment problems with a number of companies they have supplied to. Why is that if the product and service are so good?
I would disagree with you Roy has done quite a bit in his time ! But long time holders hoping for more , I hope for that tomorrow !!!!
If you were a betting man, the bookies would have the odds firmly in the favour of yet more disappointment, it's easy money as vog are odds on to massively fail to deliver. It has been the same for years, Roy has been at his post for 18 months now and so far has delivered absolutely F all for shareholders, whilst lining his own pockets with a decent salary without having to do a great deal. I wonder whether he has even bothered to venture over to Cameroon?
Will we won't we?
And what will we get?
would not surprise me if the rns is released after the ftse closes tonight usual bad news thing. still we live in hope you have to with this one.
O'dear, normally it's bad news when expected rns's do not turn up on time.
Ray - advf n post - it was mostly the Q3 update that we are also due tomorrow that concerns me. From top of my head I recall the Eneo monies were much reduced on the $5m headline figure; too, over the Summer we have lost a large textile customer (although ProMetal has maybe more than made up for it). We have considerably increased our loans; and shares will convert causing dilution. Hopefully clearer tomorrow.
I feel that you are spot on , they have held on wating for better New which has not come through !