Member Info for AndreyWalker

Ron, dividends are paid after the shareholders' meeting, so there is definitely no chance until autumn. Even more importantly, we need to know the real intentions of the main shareholder, since he was not particularly inclined to share value with minority shareholders until recently.

I have some doubts that the company itself is buying back shares for two reasons:

- The board has approved buybacks for many years in a row, but the company has never done it

Buybacks usually happen evenly over time, but this one is quite intensive.

Sounds like an insider.

Waiting for news.

Kingsinbad, according to your figures, will the Enterprise Value of OPG be negative?

The question is very good and the answer, I believe, depends on whether the main shareholder wants to share profits with minority shareholders or not.

Yes, Hazbeen, you are right: the market suspects OPG of withdrawing money through a corruption scheme, since this sometimes happens in companies with a large controlling shareholder. This also explains the lack of dividends.

However, it seems to me that there is also a factor of unprofessionalism and sloppiness among company officers, who make mistakes not only in press releases but also in their reporting to the government, which causes unnecessary investigations and scandals. I hope that replacing the CFO with a professional with a good reputation may be a good step to address these concerns.

Liquidity on the AIM exchange has become much worse over the past few years, so the idea of ​​buying back OPG shares is a possible option. I wonder if it is necessary to have at least 75% of shareholders approve at a general meeting to delist shares from AIM?

What options will minority shareholders have?

The Global Investors Summit 2025 in India

https://x.com/muralitwit/status/1894800500203098391

Sorry, Ronald.

Now Robert, explain to me calmly, without unnecessary emotions and accusations, why my reference to the Vivriti Alpha Debt Fund is not the evidence that "some creditors demand money back"?

Specifically, do you think that this fund is not a Creditor?

Or maybe you think that it did not call debenture before maturity to get the money back?

I express my personal opinion based on public facts and generally accepted practice. I do not ask you to believe me, as you can check all the facts yourself and use your judgment to draw your own conclusion. Public facts indicate that:

1. The Indian authorities are investigating because they believe that OPG is engaged in money laundering, see, for example, https://www.three.fm/news/isle-of-man-business/indian-government-investigating-money-laundering-through-the-island/

2. The company's PR got off with general statements that they are cooperating with the investigation.

3. Obviously, this did not help the company's reputation. Some institutional investors reconsidered the risks associated with the company, including credit, and decided to return their investments.

4. That's why the company's shares fell from 10p to 5p recently

5. That's why Vivriti Asset Management withdrew the debentures because it was not in line with the fund's mandate.

The good news is that OPG has the money and the debentures were closed.

For other public companies, similar scandals can end much worse with a credit rating downgrade to junk and a subsequent class action lawsuit against the company's directors. Again, this is my opinion.

"A person is guilty of an offence if knowingly or recklessly furnishes information which is misleading, false or deceptive."

From this phrase I should be probably scared, isn't it?

Mr. Trump, do you hold radical leftist views that prohibit free speech and free expression?

M/s. Vivriti Alpha Debt Fund

https://www.bseindia.com/xml-data/corpfiling/AttachHis/1856a209-b51f-4986-99b1-3a878bec719e.pdf

I don't find it odd that the company paid off its creditor for a combination of reasons:

The scandal has ruined the company's reputation, the credit rating is expected to decrease, therefore some creditors have demanded their money back.

It is better to return cash to creditors than to have it confiscated by the authorities, isn't it?

The management can continue to claim that the company's priority is to repay debts.

Well, now I will try to focus on the positive news:

1. It seems that the investigation does not have convincing evidence that the company or the main shareholder are fraudsters. They have requested additional documents to answer questions they have. Usually, such investigations or court proceedings take months or years to resolve in India, but in the long run, everything may be limited to a fine for careless reporting or even the partial return of confiscated money.

2. It is unlikely that in this fluid state they will be improving the governance or start buying back their shares soon.

3. While developed markets have fallen by almost 3%, the shares of the OPG are holding well, which indicates that everyone who wanted to sell has already sold and it is not correlated with the world markets.

All this suggests that the minor investment in OPG can be used as a diversifier in a portfolio, which in 1-2 years may recover its value.

Sorry for being negative. I’ve been skeptical, indeed, about the company’s governance from the outset. This year has proven my position was not only right (investigation) but also rewarding: the share price has plummeted from 13p to 4.5p, a -65% drop, while the BSE Sensex in India rose by 17%. Besides, I find the OPG to be an interesting case study, how bad governance might impact on company's valuation, which MBA textbooks usually shy away.

Dear Laura,

You are sending out official company communications, but if you look deeper, you may come to the conclusion that this company seems to be made up of liars and crooks because:

- they have been talking for years about returning value to shareholders, but they are not going to pay dividends or buy back shares

- they are under criminal investigation for money laundering

I wish you good luck in any case.

The bloodshed continues in OPG shares on the AIM. In such moments, either money is completely lost or gained.

Indeed, if the company violated the complicated foreign exchange rules of FEMA, then it will be fined the triple amount of violation - the maximum of 1148 crore x 3 would lead to the company's bankruptcy, where shareholders would lose everything. Usually, in such countries like India, this type of "investigation" is organised by competitors to snap the company for cheap. Therefore, gents, your money very much depends upon how Mr Gupta is able to defend himself and the company and what mistakes were made by the new operational management, which does not look very professional, as I mentioned before.

I wish you all good luck with that, dear minority shareholders.

Looking at the published financial results for September 30, 2024, I am surprised not only by the ongoing investigation (see item 11, which was duplicated in the RNS) but also by the fact that the "Cost of materials consumed" in P&L rose to 37.436 lakhs so that the profit for the period became not a record high, but negative (-5.48). This is despite the fact that the price of coal fell compared to last year.

It confirms the opinion of some investors that Arvind Gupta is not going to share any dividends with shareholders, which is why the valuation of this asset is so low.

I wonder if Class Action will be initiated?

If the board of directors decides to buy back the company's shares on the stock exchange, the capitalization could soar to 100 million and higher, which would attract institutional investors. If no such decision is made, the shares will continue to hang around these junk levels.

The press conference left a mixed impression on me: on the one hand, I am glad that Jeremy took the lead and said all the right words that he should have said about cash generation and possible dividend policy. On the other hand, the impression is growing that the operational management does not meet the standards of a good company: the CEO did not show up for the meeting, the СFO makes ridiculous typos and sloppiness in the press release, and generally speaks poor English.

As far as I understand, the board is still debating whether to return cash to shareholders or get into asset purchases, which is ridiculous for me.

The results of the conference still leave questions about the strategy and trust in the operational management of the company. Investments in OPG look dead for me now.