Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
There is no coming back from this, game over for PI's I'm afraid.
They cannot seem to find enough customers in their own supposedly gas hungry backyard to make a profit, where all the infrastructure is already in place. Please don't provide them any further great ideas on how they can haemorrhage more of their fast dwindling cash reserves.
If you were a betting man, the bookies would have the odds firmly in the favour of yet more disappointment, it's easy money as vog are odds on to massively fail to deliver. It has been the same for years, Roy has been at his post for 18 months now and so far has delivered absolutely F all for shareholders, whilst lining his own pockets with a decent salary without having to do a great deal. I wonder whether he has even bothered to venture over to Cameroon?
My initial two purchases were last summer in the low 40's, then added in the low 60's , sold half my holding in the mid 70's, but then doubled my holding size with the Primary Bid fund raising at 85p. I want to add more, but in doing so would have to break my on strict rules on maximum percentage position for a single stock, it's already my largest holding at almost 10%.
There will likely be some bumps in the road, but letting your profits run is the way to maximise gains, just look at the chart, it's not closed below it's 55 day EMA since last November, not a great many shares can say that.
DYOR :-)
HS- I strongly believe Roy is not working for the best interests of us PI's, but dancing to YF Finance's tune. If there is an opportunity for Vog to make money in the medium to long term, us PI's will be wiped out at as cheap a price as possible, the company will be taken private, then Roy will start doing the deals, unless they replace him.
Let's be honest, what exactly has Roy done in 18 months that has added any value for us PI's? Whatever you may list, none of it has got the company much closer to breaking even and being able to generate enough cash to operate without further financing.
I feel I may have left it too late now, but if there is another spike up, I will be getting out.
Having watched the share price pretty much halving over recent months, the odds of a positive outcome are not looking particularly favourable at present. Like I've previously stated, I don't feel the end game here will benefit private investors.
Sorry I did say fluffy, but what I really meant to say was complete BS.
HS- I hope reading the lovely fluffy replies to your questions provides you with some comfort, as I can't imagine having 50% wiped off the value of your holding in the past 2 months does. Generally the share price tells you pretty much everything you need to know, and currently it's just about to head below the price when our so called saviour, who goes by the name of Woy took over.
If West Med was worth anything of note, it would had sold years ago.
I have no issue with the options at 14p, if the SP ever gets that high id already be out, but who the hell deserves 2.3m in bonus shares? They really are extracting the urine with that one!
Just received notification that I received the full amount subscribed for.
Looks to close tonight. I have just subscribed as recently sold a portion of my holding.
Happysparrow, if that project is looking at coming online in 2024 and let's say Vog have something to gain from it, how are vog going to survive for another 3 loss making years?
I ask as current funding should see them make it to early 2022, if West Med is sold say we have enough cash until perhaps summer 2022 and I'm being generous here, then what, where will further funding come from?
HS- I cannot work out if Eneo have paid up, why they required that urgent $1.25m loan?
Whichever way anyone wants to view this, I cannot for the life of me see how this company has even the remotest chance of making a profit within at least the next 2 years with the best will in the world. Unless they sell West Med for a cash lump sum, the begging bowl will again be out by the end of the year or early 2022.
If the price does spike to circa 8p again, I will crystallise about a 35% loss and move on, as this may take years to turn around, if in fact private investors ever get to see vog make a profit.
I really though we'd had made more than an 8% improvement of gas sales over 2019, pretty disappointing.
Also, if Eneo have paid us the legacy payments, why have we required both a loan and financing so soon? The business is a long way off breaking even, even with a massive uplift in gas sales I don't see them producing a profit within the next 2 years at best.
I agree it is good news that our two largest shareholders have been supportive in providing the necessary working capital. However, this urgent requirement for capital tells me two things, one we're still not close to becoming profitable and two the potential sale of West Med is some way off at best.
At least we now have funds to get through the rest of this year before further cash may be required.
Happysparrow- If vog didn't require the cash, why did they take the loan? Who would take a loan at 10% interest if they didn't need it? If it was not required they could had saved themselves £125k by not taking it. Let's be honest here, they were cash skint and needed the funds ASAP.
happysparrow- I think the $5m cash when last reported had well and truly run out, hence the $1.25m loan from Hadron in early April.
3CB- I don't see anything in today's news which will see that kind of spike unfortunately, would be vsurprised if there was a 1p movement come the close.
Due to Haldron already owning 10% of share capital, if vog goes down drain, so does their investment.