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I wouldn't need to work again if vogs sp was £5.00
I did say only last week that there would soon be a need for cash, that does not look good. I don't see the SP rising on that news. We better hope they do sell west med, as that £1.25m won't last long.
3CB- yes that is a big concern that no director has felt confident enough about the future of the company to buy any shares. Maybe Kelly is just happy taking the risk free salary, plus he has 4m options with a 14p strike price. Lets see if he manages to deliver anything from the recent RNS over the coming months. I certainly hope he does get to take his options, as it would mean I would at least get out with a profit, albeit not one to write home about!
A sustained rise will only happen once there is clarity surrounding the financial position the business is in. Presently this is priced by Mr.Market as still not being profitable and fast running out of cash. This could change with the sale of West Med, Eneo coughing up the dough it owes, or the business managing to turn a profit. Although any of the above plus a few other positives are possible, the company has a long history or over promising and under delivering, hence where the sp is as of today. Hopefully Kelly and co can deliver something meaningful, but whether he can do it without requiring yet another fund raise is questionable.
I thought Eneo were given about £60m last summer by the state of Cameroon, so they have had plenty of time to settle debts. You'd like to believe talks are ongoing to pay off debts, however lining ones pockets usually takes priority in these regions, we can only hope they are looking at the bigger picture if they would like to further develop energy supplies to the region.
I totally agree, if there were a shred of positive news regarding Eneo, Kelly would certainly had mentioned it. Does anyone know if Eneo have yet paid any of the businesses they owe vast sums of money to?
3CB- It seems anything other than generic energy news from Africa, which is not even directly related to vog will be reported and taken down. A far more relevant topic of discussion would be how much longer can the company survive without raising further funds? Kelly must be thinking he has got to quickly raise some money from somewhere, otherwise he will no longer be able to continue paying himself the 60-70k a month salary. My bet is they will need to get the begging bowl out before the end of June, unless a chunk of unexpected revenue turns up from somewhere, as gas sales are not quite cutting it.
Could there be a potential buyer for westmed, possibly but I cannot see it generating more than a handful of months operating expenditure, probably not enough to even pay down a chunk of debt. Again I believe if it is sold, it will be for small change, but vog will retain a small percentage and we will be told that vog will receive royalties from it in the distant future. In regard to the other unexpected potential revenue, eneo is really the only other potential source, however that has not even been mentioned for quite some time, so I don't believe Kelly is close to resolving that, although I would love to be wrong.
So basically that is about it, now let me see if I can some African energy news to keep everyone entertained, here we go this should do it.
https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/news+and+events/news/cm-stories/nachtigal-cameroon-hydropower-plant-clean-power
Can't believe my posts replying to 3CB have been removed, are Cameroon business posts all you're allowed to post on this board now? I thought this was a vog related thread, rather than random African sort of related energy news?
3CB, whilst I agree with your comments on Kelly, I'm still yet to be convinced he has our best interests at heart. Considering he has had his feet under the table for about a year now, we have heard very little from him and what his plans are. One part of me wants to believe he is doing lots behind the scenes, yet he is keeping it extremely quiet. The other side thinks there is something else going on, which will see us shareholders wiped out, and only then will his work really start.
Has this been tipped anywhere today, as have not seen such a rise since Ive been holding from last summer. The days volume although decent, is not a multiple of the daily averages. If there is news tomorrow, then maybe that will suggest a leak somewhere....
3CB, its exactly that same reason I've not sold. Sods law a day later they'd announce the whole of Africa wants to take Vogs gas, obviously they wouldn't pay for it, but the price would spike to 50p!
Whilst these members you speak about are still being paid their handsome salaries each month, I doubt the thought of us royally shafted shareholders, keeps them awake at night.
Moloney has a lot at stake owning 7.5% of total shares, so I'm not particularly concerned about today news. I have been debating adding more, but may now wait until the results next month.
HP- I bet if you offered YF Finance 10p now, they would bite your hand off for it, in fact I'm sure they would take 7-8p. They are stuck with almost 61m shares which the cannot do anything with, matters not helped that 60% of total shares are in free float. If they manage to get out anywhere near breakeven, they will be thanking their lucky stars, I would love to listen in on the phone calls they are no doubt having with Woy!
HP- the company is still currently on it's way to going bust, with or without Roy. Yes I would happily take asset stripping if it would get the SP to just 10p. Let's be clear this is still very much a mistreated (the shareholders) whimpering dog of a company, nothing has changed on that front.
I have no idea what will happen here in the future, although I don't see Aksa being on the near term radar to be honest. Also think about this for a moment if you were Aksa. Now Aksa must be a billion pound enterprise at least right? If you were running Aksa, would you partner your new potential business operation in Cameroon, with a mickey mouse, poorly run loss making company, which is on the brink of going bust, and that is owed as much as it's Mcap from a government partnered business? It would make far more sense for Aksa, to watch Vog go bust and pick up the assets for the pennies in the pound they are now valued at. I f I were running Aksa, I would not partner Vog I would just buy them out. It's not like vog have any large institutional holders, just YF Finance and Haldron Capital, both of whom I feel would happily do a deal with Aksa and cut out the 60% of PI shareholders. The only issue may be Foo but he would agree to anything that fills his pockets, and Dik will happily pull his trousers down for a bit more cash.
If Eneo are not forthcoming with payment to Vog after receiving their large cash injection, I will be getting the feeling that we are being screwed over, and I'm not referring to Vog as a company, just their shareholders. I hope I'm wrong, but I had spent almost 10 years having lived in some of these corrupt countries setting up businesses, and seen first hand many honest and decent individuals and companies having been royally shafted.
Unless they receive payment from Eneo or sell Westmed in the next couple of months, Roy will be needing to raise some funds from somewhere, in order to keep the gravy train from hitting the buffers. The next trading update will be key for me, selling a little bit more gas to existing customers is fine, but it's not enough to make the company profitable. We require something which will turn the business around, and thus far I agree with 3cb, I don't think what Roy has achieved so far is anything to write home about.
Another thing which concerns me, most other small cap companies I hold, the CEO's are out doing investor presentations, Q&A's, writing articles and all sorts of things to gain exposure and build interest in their business, Roy has done diddly squat from what I have seen this past year. I t does make me wonder what exactly is he doing for his handsome salary, because I question whether providing shareholder value is really what he is trying to achieve, the next update may possibly answer that question for me personally.
Agreed it is cheap, which has little to do with it's solid fundamentals, but more to do with the lack of demand for the shares. I guess it's not exciting enough for many traders/investors, if you look back over the past 5 years it has generally traded within a range of 75p-125p. I bought back in here last September and although up almost 20%, it's been one of my slowest movers.
There is no questioning the quality of their business, as they keep winning fabulous high profile contracts, but I feel to really see a big move in the SP, they need to attract more institutional investment, but perhaps at the moment they are too small and the stock is too illiquid.
In the presentation on the aksa website from last September, both Cameroon and Congo were listed as potential projects, on page 26. If they have just signed off on the Congo project, could that potentially mean their resources will be tied up for a while, so Cameroon may be on the back burner for now?
Maybe that's why there are so many trades today, the digital version is available on Monday, but those that just receive the magazine would had read that today.
Eneo have got a cheek complaining about people half inching their electricity, they had been robbing our gas for years! Is Mr.Mansuy the pot or the kettle?