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Yeah the problem with valuing assets is that what they cost is irrelevant other than in accounting terms.
Sure, comment re digging up pipeline was in jes,t but just imagine trying to get $200m for some dirty second hand gas pipe. And then receiving a bill from the Mayor of Douala for $100m for remedial work to the roads. lol
3card yes I really ought to change it. The "lads" used to sing it to the Hallelujah Corus tune from Handel's Messiah. It seemed funny at the time. I'd had 3 or 4 goes at creating a handle no-one else was already using on LSE. Maybe it was the handle (Handel??) that made me think of it. Anyway, there you go. Obviously the comment was tongue in cheek, but VOG has managed to turn my £8,281.55 investment into £171.63 so you could say I'm slightly bitter! Joking aside, I do wonder what the NAV of the company is? Surely the assets alone have to be worth more than £6m? Or is everything in hock?
What a delightful handle you've got. Perfect fit for someone posting on the VOG board. lol
£6m market cap now. Wouldn't they be better off shutting down, digging up the existing pipeline, selling it off & distributing the resulting funds?
I guess if any of these institutions had any sense at all they would have sold vog at the end of the last tax year and off-set any CGTax./ profits they had made.
At the end of the day they just don't care about individual companies profits or losses as long as they square their books, it's always the pi's that take the hit.
Jed. With VOG's long history of shafting shareholders, including new institutional holders, I am surprised that they still manage to raise any funds at all. Unless by any chance there is a programme, moving forward, to take the company private into the hands of a few connected companies/individuals and finally kiss goodbye to the mugs that have kept VOG alive thus far.
You have to wonder how those institutions who propped up VOG at 57p only a couple of years ago are feeling now. That's assuming they still have their shares
I think a more important question would be.
Why would / should vog raise more money and increased debt to build another section of pipeline for such a small amount of gas sales , when they have already spend over £200m on a pipeline and set-up that is STILL not returning a profit and doesn.t look like it will ever pay back the money spent.
Or is it just another case of vog , ok that idea didn't work or pay back so let's just move onto another idea and let the shareholders cover the costs.? A far more important question
Ivans - this was from last quarterly update:
Cash and cash equivalents at 31 May 2020 was $5.0 million (31 May 2019: $15.7 million).
We expect the next update before the end of this month - I expect it will be slightly higher than $5m; as we are cash positive generating, with little cash burn currently (as basically not much going on workwise).
The recent 2019 year end results suggested that if we did not get paid by ENEO soon, then they may have to raise funds in 2021, in order to progress their work programmes. ( I did not think this was fully explained by the latest RNS, but got no response from the company with regard to my further enquiries on this.).
So, in my view, it all depends on ENEO. If we get paid before year end, then there should be no placing. If we don't, then perhaps we should expect a placing - and that won't go down well with investors.
got VOG on watchlist and been decreasing . are we expecting cash placing? legal cost would need to be paid for and not cheap
3CB, couldnt agree more with the sentiment, unfortunately he seems to be able to manage it on occasion with help from a couple of like (small) mindeds. I do wonder why such people exist and then realise how lucky i am that im not programmed the same way.
See this dog of a company still headed downwards.
Also part of AKSA's calculation?
4) The development of cross border electricity interconnection grids
http://www.crtv.cm/2019/10/cemac-12-integrating-projects-worth-2820-billion-cfaf/
https://www.investiraucameroun.com/gestion-publique/1510-15385-en-attendant-bruxelles-la-cemac-a-lance-a-paris-la-mobilisation-de-2-500-milliards-de-fcfa-pour-12-projets-integrateurs
[2500 billion FCFA = $4.5 Billion]
the Cemac zone (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad)
It's not beyond reason that we may get a bit of additional information regarding Eneo with the delayed interims, which have to be published no later than 31st October.
I expect it is the power purchase agreement that is the stumbling block. With ENEO better funded now (see my previous posts), perhaps we can see some forward movement on this?
https://www.tradingview.com/symbols/BIST-AKSEN/
Up 185% this year. Should have funds to invest in proposed Cameroon power plant.
'Aksa Energy, one of Turkey's leading energy companies, plans to seize further investment opportunities in the African market, following its first investment in Republic of Ghana for installation of a power plant, electricity generation and the guaranteed sale of this energy via a power purchase agreement (PPA).'
http://www.aksapowergen.com/about/about270.php
have a look at amigo its bottomed out now new chairman in place sorting things out could be a10 bagger in a year or two.
i really believe this year would have been the year this company had become profitable, and then gone from strength to strength but unfortunately there biggest customer owes for the gas they have used and has still not paid for it and thats a big hit for a small company like this .
Time will tell, Danno.
I can see TXP adding a further 7% by the end of today. £3+ by end of 2021.
JSE is currently cheap (declined from 78p mainly due to big seller). I'd expect it to be 70p+ year end; maybe £1.50 by end of 2021.
VOG is a punt. Any of the big ticket items come in and it doubles/triples instantly. I would expect the $9m ENEO payment to come in within the next 3 months.
Cheers HS, the two you mention could be good if you got in at much lower levels, but currently look a little expensive for me. Next all 3 are estimated to make similar ball park net profits, yet Wen is valued at £32m, TXP £168 and JSE £243m. Add in a 7% dividend, thats a safe and boring stock that I would not mind adding to the portfolio.
I know one thing, if I had invested the funds I used to buy Vog in safe and boring, the value of my investment would not had decreased 80% after averaging down! ;-)
Had a look - most investors there for the dividend - safe but boring, and execs still take their pay! JSE is a far more worthwhile play with far better growth prospects; and too, pays a dividend if that's what you are after. (NB: I am heavily invested in TXP and JSE).
I ask as (im not yet invested btw) they have a somewhat similar story to Vog based in East Africa selling gas. That is where the similarities end though, as they are profit making, have a healthy amount of cash and pay a nice dividend. Saying that their shareprice has also fallen about two thirds over the past six years, and they are making healthy profits.
Anyway, sorry for the slightly off topic, but was wondering whether any of you have an interest in Wen.
Back again so soon, Sage?
like you ive had shares in this company for years just to see the share price reduced to a couple of pence. this next coming year is gonna be a game changer one way or another for vog i believe .
It's a bit like the Grand Ole Duke's 10000 men. Neither up nor down. Someone buys 1 share it goes to 2.76p. Someone sells 1 share it goes to 2.29p. Just call it a massive spread. No-one wants to buy (except rf68 of course), and holders are afraid to sell on the million to one chance something good might happen
up 12 % has someone made a payment ?
Sorry to say, yes I remember it well, I was dealing shares almost 40 years ago now while playing some of the oldies, chratches as well. infact I still have a few old country & western records.