Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
That must be worth at least $2.5m. As long as the revenue is recorded before the year end this will help our figures for 2018.
According to the ACG Research Note issued in October the expected market capitalisation based on a SP of $0.012 will be $153.9m.
At 31/12/17 there were 6,822m shares in issue plus another 200m issued in 2018 (in the GBP1m capital raise).
If the prospective SP is to be $0.012 then with an MC of $153.9m this would equate to 12,825m shares in issue.
This would imply new shares to be issued of 5,803m raising new capital of $69m (GBP53m) which would virtually clear all of our debt.
This comment from Darren Woods CEO of Exxon excites me:
The driver of any acquisition for Exxon Mobil Corp. isn’t the scope of the target, it’s whether the company finds more value in it than the market does, Darren Woods, chief executive officer of the Irving, Texas-based firm, said at the New Economy Forum in Singapore. The explorer is looking for opportunities to purchase assets even as it plans to expand output at existing fields from West Texas to Mozambique.
"We have the capacity to do any size opportunity that can come about, so it’s really a function of looking at the value that Exxon Mobil can extract, and how we would integrate that into our portfolio,” Woods said in a Bloomberg TV interview, while declining to comment on any specific targets.
Fingers crossed it's EM lurking in Georgia!!
Investing in shares will not give corporate entities any tax breaks so forget buyouts and takeovers. They would need to spend millions on capital expenditure ie equipment in order to claim capital allowances for tax purposes so this will not bea driver in progressing these deals. MNCs don’t simply invest to save tax they structure deals tax efficiently though after commercial considerations are confirmed. I work in this field for an O&G consultancy group. I do believe the deal will be completed before the year end though.
Still here, still holding, still waiting………
Before ‘retiring,’ my last contract was with GE Oil & Gas in Aberdeen. (subsea XTree manufacture)
On exiting in late 2015, I recommended to a very senior company executive, that GE should look to invest/get involved with FRR. (me taking credit where none is due, lol)
What I can say is that GE were/are, a very ethical and ‘fair’ company. So this agreement, as demonstrated in the wording, will ensure both parties benefit, so long as ‘profitable’ flow rates are achieved. Having done the DD, BHGE will not be doing this to make a loss, however, protection to both parties is in the thirty day cancel option.
The agreement lasts until Sept 2019, by which time a number of ‘development plans/wells’ should/will be producing oil/gas, and with proven reserves. The MOU provides that the options are open for the arrangements to continue, or, for a ‘super major’ to step in. This arrangement will ensure, one way or another, that ‘true value’ will be realised for shareholders.
I think it is unrealistic to expect a super major (Exxon, BP) to act now, as the assets, and FRR, are simply not fully de-risked.
Todays’ early SP action is because BHGE is not the ‘major’ that some people were expecting/hoping, however, there are still a few areas of Block 12 that majors could be interested in, and, we can look forward to news of BHGE/FRR ‘field development plans,’ which will attract a steady flow of new investors.
I won’t be selling anytime soon, or until I believe that ‘true’ shareholder value has been realised.
All just IMO.
Zaza Mamulaishvili, President and CEO, commented:
"I am excited to report that the MOU with BHGE has been signed. This MOU sets very important terms and areas of cooperation between the Company and BHGE, who is the one of the best and the largest players in the industry. This cooperation will deliver the best of BHGE's expertise, knowledge, know-how and services that will be applied towards increase of production and development of our oil and gas fields in the Taribani, Mtsarekhevi and Mirzaani areas of Block 12. We are continuing to work with BHGE with the view to entering into definitive agreement(s) that will define our mutual cooperation, which may include the Company contributing to the venture via sharing of its oil and gas production. We look forward to keeping the market updated as we progress with our work together."
The research note suggests a valuation on $0.012 per share ie approx GBP0.01 - not too shabby.
I'm definitely a "shorter" today -well living in Dubai what else would a fella wear!!
Lots of blue sky here too. Hopefully this week will prove to be transformational for the company.
1.9p for me. GLA
Looks like they sold some as new % is based on pre-dilution number of shares in issue ie 296m.
First RNS at 7am was issued by the LSE as official notification of cancellation of the shares and subsequently confirmed by the company at 10.44am with the additional juicy tidbit re acquisition.
Looking forward to the next RNS
Nice find SP7 - wonder why it is not showing on LSE!
I'm an accountant so having had a humourectomy during my articles that went way over my head !!
My understanding is that an RTO is conditional upon receiving the consent of the shareholders.
They should be notified without delay disclosing the certain specified information and accompanied by the publication of an admission document in respect of the proposed enlarged entity.
Where shareholder approval is given for the RTO, trading on AIM will THEN be cancelled.
If the enlarged entity seeks admission, it must make an application in the same manner as any other applicant applying for admission of its securities for the first time.
Therefore, I do not understand why shareholder approval has not been sought or given or if in fact an RTO has been concluded.
Presumably we will be updated in the very near future.
PS Who's Basil?
As stated by SP7 on 14/09 - so maybe this is the next step in the RTO process. Fingers crossed.
NOTICE
24/09/2018 7:00am
NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM - XLON
Pursuant to AIM Rule 41 the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.
DRAGANFLY INVESTMENTS LIMITED
213800ZZD1YO21RXEV26
ORDINARY SHARES OF NO PAR VALUE EACH, FULLY PAID
(BSJX135) (JE00BSJX1352)
DRAY INVE/NPV VTG FPD
The early transactions are in fact all buys - my one at 08:11 this morning