Member Info for AlmaCogan

It looks like PKF Littlejohn LLP has resigned as auditors after a difference of opinion on the 2023 accounts. New and more compliant auditors are "onboarding" whatever that means. Next news July 2025.

I'm not so sure about that....

HMRC says

Bed and breakfasting to establish a tax loss

A Targeted Anti-Avoidance Rule was introduced to stop the creation of artificial losses by companies in FA06 and extended to capital gains tax in FA07. See TCGA92/S16A and guidance at CG40240+ (companies) and CG15835 (persons chargeable to CGT). This rule will apply where a bed and breakfast transaction is undertaken with a main purpose of creating a tax loss. The effect is that any loss is not allowable for tax.

Boboil

Many of those "institutions" are online broker nominees which are front ending retail investors. IIs like HL, Interactive Investor, Lloyds bank and so on

Https://www.youtube.com/watch?v=1y3q1yn4-DI

The Falklands sweetheart!

XIN YAO HUA is the name

It's half way across the Indian Ocean heading towards Cape of Good Hope and round into the South Atlantic

There is an article and picture which suggests it's on a COSCO heavy lifter. I cannot read the vessel name but Chinese ships all look the same to me!

https://jpt.spe.org/shenandoah-semisubmersible-heads-for-gulf-of-mexico?form=MG0AV3

Someone asked Gideon how he arrived at a DCF of $2.6 billion to Navitas from the first phase of Sea Lion (Celine as translated) and he replied it was the average of multiple forecasts from a range of third party assessments.

So the $1.4 billion to RKH is given some credibility there.

Auto-translate was a bit ropey, but I caught the following tidbits.

• We bought into the project for very little cash so great opportunity

• We are the operator and it puts us in the big league for deal making

• The FPSO is coming from the North Sea

• Long lead items are secured

• FID mid 2025

• Argentina has agreed to leave our suppliers alone. Improved relations.

• FIG needs this project more than we do.

• A third partner is still only an option if the economics make sense

• UK is only advisory on technical matters. FIG is sovereign on policy.

• Financing is coming together, but we have plenty cash available to meet our current needs.

• The letter of comfort from FIG on tax and regulation is a prerequisite to FID. I’ve been stuffed by regulators before and I’m not being stuffed again ( or some Hebrew proverb to that effect)

So, given the options ....

1. The company is being taken over, unlikely at this time

2. The company is taking over someone else, true to form

Outcome, a placing at 1.5p to finance an acquisition, which explains the share price.

"do the maths people"...............

If God made little green apples, and there was any correlation between share price and DCF, this stock should be worth £2.

"the first stages of which are expected to generate a discounted cash flow of $2.6 billion for Navitas."

...............Which represents $1.4 billion for Rockhopper.

I just went to the Acquis Stock Exchange website and RKH.GB.PL is not recognised as a ticker, and Rockhopper is not mentioned in the list of traded shares. So it makes little sense, except I have seen some folk trade the stock recently and it's been reported over there.

It's the Aquis Stock Exchange, where RKH shares are also quoted, but lesser volume than LSE/AIM

Brokers sometimes get a better deal there.

CH notice 24 Dec 2024..............

The accounting reference period ending 31/12/2024 is extended so as at to end on 31/03/2025 Subsequent periods will end on the same day and month in future years. The period has been extended more than once in the last five years as the Secretary of State has given approval.

Would be nice to know the reason. One the three below...

You can only lengthen the financial year more often than every 5 years if:

1. the company is in administration

2. you’re aligning dates with a subsidiary or parent company

3. you have special permission from Companies House

So what is it? Why nothing from the company?

There’s a website called PPRUNE, the Professional Pilots Rumour Network, and back in 2010 some helicopter pilots were discussing the conspiracy theory about oil and the reason for the Argentine invasion, and events before even Desire Oil had been incorporated.

Pilot A :

“The oil issue is not new, but I still firmly believe that the exploration done 6-9 months before the FI invasion was more than coincidental. The rig found substantial reserves when drilling (with Argentine workers on the rig) and then left to work with us in the Bass Strait. After the Pacific crossing we flew to take off the transit crew (including Argentinians) near Eden, NSW, on the very day of the invasion. The silence on the find at the time was more telling than if it had been well publicised.”

Pilot B :

“The rig was the Diamond M Epoch: it's far too long ago to remember the details told to me, but it was drilling between Argentina and the FI in mid to late 1981. Certainly in disputed territorial waters, and IIRC drilling for either BP or Shell. The Epoch arrived in Australian waters after completing the drill programme and transiting the South Pacific in April 1982.”

The Shenandoah FPS deck , at 90 x 90 metres, is too wide to transit either the Suez or Panama canals. It will sail around South Africa , surely?

This SP rise.....I have a mental image of Linford Christie trudging across the quicksand of Morecambe Bay. Once he reaches the Bay Horse Hotel on the Furness coast he can sprint all the way down the Ulverston Canal towpath to the Laurel and Hardy museum to laugh his (wet) socks off.

One of our regulars did (correctly) forecast that the range 20 to 25 contained a lot of selling sentiment. Others have forecast that breaking out above 25p would open up a big gap up to 40p.

It might all be playing out to plan and RKH seems to be following the price trajectory of Navitas.

There seems to be widespread confidence. About time too.

In auction at 13.18 hrs

The share price is lower today than it was 5 years ago on this date

By god, that's some growth, some might call it Alpha Growth.