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In 2014, Actis acquired a 56% stake in Cameroon’s national electricity integrated utility, Eneo. Eneo owns and operates over 900MW of generation capacity and distributes electricity to more than 900,000 customers.
I would say they own the majority of the company and control the company would't you, even though it's run as a seperate business unit.
Jed. I believe 68 has finally seen the light. On numerous occasions he has said he is banking on, amongst other things, repayment by Eneo (sic).
Yet now he appears to be accepting that this is very unlikely, in his latest admission, namely.
"They were totally skint up until very recently. In recent weeks the government have been raising money on the BEAC markets and have forwarded some funds to ENEO for past debts.ENEO owe money to Sonara , Sonatrel, SNH, Globeleq, Altaaqa and others. Some of the monies owed to some companies is huge"
It is naive of him to suggest that Eneo are going to be knocking over the likes of Sonara , Sonatrel, SNH, Globeleq and Altaaqa to beat a path to VOG's "£6m m/cap" door
Still all this talk about ENEO and going to cameroon to get payment.
ENEO is i think owned by Actis a british company here in the uk although it also has offices and business in Cameroon, but Actis have the money to pay the bills if they want to it's the weakness of vog to get the money, and why many other companies have taken advantage of vog. the old and maybe the new management must be much stronger and get the rights and money, but will they ever?
3cardbrag - VOG is required by Company Law to have an annual audit of its accounts.
In recent years the standards have been supposedly elevated whereby Directors have to provide a statement as to whether they continue to be a 'Going Concern' or else the accounts can't be signed off by the Auditors.
I thought the statement they've given is very clear for us all - no ENEO payments then they say there will be difficulties carrying the business on. I think I also read that they'd be able to get funds to cover this scenario - presumably another placing.
I'm like James though - and probably all of us - we were told lies in previous years by Directors - we all know who.
3CB- yed thats why I say they likely have less than 12 months, its there in the notes. Without a major inflow of cash, they are basically f&@ked.
Your assertion begs the question Danno, "why have they just confirmed vog as a going concern in the accounts
Sorry to here your loss but I am afraid there are people in here including myself that have lost 2 x 3 times what you have and see no sign of it ever coming back.
As it stands I still see them running out of money soon and so going bust or needing another cash raise at 1p ish and maybe even another consolidation. so many poor old shareholders have all been screw*** to line the pockets of so few.
Simply put, unless something major happens within the next few months, they will run out of cash to operate within 12 months.
Oh lord , im a part time investor and got in here a few years back after reading about Vog getting a pipeline across some river and all the gas that they could supply,
This read like a great company and I dived in 25k ish ,
What a duck , but it has taught me to be more careful about what is being presented on boards etc , my 25k is now worth 250 ish , not worth cashing in,
I expect thier are loads more here in the same boat .
So anyone really think this will rise anytime in the next few years honestly?
just nipped in for the weekly check, see the share price still not lighting the afterburner. Take it Roys suitcase wasnt stuffed with cash on his return then.
Even Malcy would require far more than just another free jolly to Cameroon, in order to put a positive spin on the current dire situation lol.
God even Malcyhas stopped talking about VOG now.
Polishing a turd springs to mind
gremlins !
Posted earlier - doesn't seem to have appeared yet?
Worth looking at Warbaby's posts on Advfn-Blvn. Some shareholders think the last two RNS's suggest something is brewing, perhaps a bid coming in from Crown Ocean Capital. The share price has risen a little recently. Results (and Conf. call) this Thursday.
DYOR
Any advancement of the Etinde project should be good news for VOG too.
Worth looking at Warbaby's posts on Advfn-Blvn. Some shareholders think the last two RNS's suggest something is brewing, perhaps a bid coming in from Crown Ocean Capital. The share price has risen a little recently. Results (and Conf. call) this Thursday.
DYOR
Any advancement of the Etinde project should be good news for VOG too.
Typo. For "continue to see" read "also seen"
Just reading through results again and this statement I find very revealing.
"Our customers continue to realise the benefits of natural gas, by far the cleanest burning fossil fuel, having converted from significantly higher priced diesel or heavy fuel oil and subsequently reducing their harmful emissions in the Douala area."
The directors obviously believe this to be true and surely these supposedly loyal customers are our best advocates. And yet in a massive port city which is the gateway to central Africa, we have dismally failed to capitalise on this, sufficient, to even make a small profit., despite having a dedicated sales team for several years.
And apart from the huge amount that has been sucked out of the company over the years in Directors' salaries, bonuses, share options and royalty fees, we continue to see others picking off/ or trying to, bits of the company, notably RSM, website work, drilling campaign, tax claims.
And still Little and Large would have us believe all is hunkydory.
just saying in general just bad news after bad and if your almost out of money and that company dont pay up what can you do.
just to say firstly ive been holding shares in this company for years and follow all updates the truth is the company has spent a fortune in finding gas putting in the infastructure just to find 40 or so customers and one major customer (eneo) . that takes approx 50% of our gas and then does not pay for it and we desperately need that money for our survival, the person that said they need our gas must have forgotten they went over a year without us supplying them. i cant see this buisness lasting much longer to be honest.
Mr.Sparrow- apologies, I take that back I just noticed the 27th July one. That was when Kelly announced being pleased with the resilience the Cameroon business had shown, and how he was targeting 'the low hanging fruit.'
Apologies
Where is your strategic review Sparrow. Admit it, there isn't one is there?