Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
I recall Donkey wondering how the money was going to be used?
That booklet includes this ....
https://drive.google.com/file/d/1ykZ7toclEV_u1_uXLkxwxgaFKG3gDaaj/view?usp=sharing
I have not studied it yet , too busy trying to get it into Google Drive after failing to put it into Icloud drive and avoiding Onedrive!!! Too many drives for my weary old brain.
Thanks Winni , from your half of the offer booklet I managed to find the full document for the first time.
That tells IG fair and square that I am ruled out so I should not have been included in this placement.
"Shareholders that are not Eligible Shareholders are Ineligible Shareholders. The Company
reserves the right to determine whether a Shareholder is an Eligible Shareholder or an
Ineligible Shareholder." {Some hope - IG might be using this to challenge TLOU?}
"The Company has determined that it is unreasonable to extend to Ineligible Shareholders the
opportunity to participate in the Entitlement Offer because of the limited expected take-up from
these holders and the cost of complying with the applicable regulations in jurisdictions outside
Australia, New Zealand, and Botswana." {No hope - a reason why I was ruled out}.
"The Entitlements of Eligible Shareholders who also hold options to acquire Shares or
convertible notes will be calculated on the basis of the number of Shares they hold on the
Record Date, disregarding any options or convertible notes which have not been exercised or
converted before that time."
So if this is the definitive rule book , TG is absolved yet again.
I was not sent it for obvious reasons but how was I supposed to see the above?
I depended on the RNS which suggested I was ineligible but were overruled by IG imho.
If I had known this earlier I could have transferred the Cash ISA while CBA were $113 per share.
They have risen to over $115 per share - two dividends per share per year at over $2 per dividend!
How many TLOU shares per dividend? about 66 currently? I'm 99% confident I should stop my Cash ISA from being transferred but that niggly 1% tells me that I could eff IG plans on the placing and I might screw myself! I need to make a very awkward phone call but I know I'll coque it up with my memory. I won't remember what they say if they have the usual foreigner trying to understand my position in the first place.
I am beginning to wish I'd never heard of TLOU Energy.
In another paragraph !
So I hit a brock wall! But what about people with the right zip code in that longer paragraph? Will they think they can trade aim shares? And will they suffer the same fte as i seem to have?
I have not breached AIM rules , and they would! I nearly sold over 410k hares to cover my non-ISA application from my pocket. I was expecting over a million shares in that account! That would have been a total washout!
As it was IG only sold 32k out of 232k in auction - TLOU brings o little joy!
They should have made it clear to all brokers what eligibility rules applied - we all expect our broker to know!
I just sent a long post which quoted the history of this placement from my pov!
It came back - are you human? - I ticked YES and it got lost!!!!!!!!!
I was angry before that!!
"· The offer is open to ASX and BSE shareholders only;" - a KEY POINT - so YES I am eligible
"Shareholders who hold shares on the Record Date, who have a registered address on the Company's register of members in Botswana, Australia or New Zealand are eligible to participate in the Entitlement Offer. The Offer will be made available to Shareholders who are resident in Botswana subject to the Company receiving approval from the BSE" - in another suggests NO!
IG added placement to my Corporate actions - so YES again!
I sold shares at a loss, paid some contingency cash into one account to cover FX variations , split my late-missus ISA into two ISAs and set up a transfer for the smaller one to IG.
And it seems , after IG ignored my pleas for a progress report - that on 19th TLOU kicked my application out - IG removed my corporate actions from history - and nobody told me!!!!
So much time and money wasted to try and help TLOU on a loss leader for NOTHING.
I am beginning to doubt TOU - what a coque up! I wonder if IG are trying to restore what I thought was the status quo - embarrassment all round!
Interdictment is probably the wrong word?
Indictment is more likely?
https://wikidiff.com/indictment/interdict
We saw in the last quarter that Massisi was taking an interest in Energy. He probably has a lot to learn because it read to me that he was paying lip-service to Lefoko ideas without a great understanding of what he was saying, It would surprise me if Lefoko gas been told to sit on his hands until Massisi is happy with his decisions,
We also know Lefoko was pro-active during Covid when he awarded TLOU a PPA that I have never been convinced that TG wanted until he could firmly base the PPA on the prices of power that were fair at the time of the PPA. Getting a PPA whilst TLOU were shutting the hatches for impending lockdowns and an unfathomable dormant period was the best timing imho.
TLOU always believed there were markets awaiting their electric power and finding a buyer was the least of the possible problems they'd face. That was and is my opinion too!
I hope the Govt are not expecting brown paper bags to be exchanged for signatures but that is the African way of doing business in some countries.
This article does not deny that possibility but it depends how you read it perhaps?
https://www.ganintegrity.com/country-profiles/botswana/
Well done Pye, shows the test is a little credible? All I got was an email ....
"Thank you for your interest in the IQ Test at IQTest.com.
Your free IQ score is: 132
You may login at https://iqtest.com/ at any time to purchase your Complete Intelligence Profile or The IQTuneUps, or edit your account settings."
Did you pay for the Profile or did they give you a summary including "moderately gifted"?
In the final session of questions there was one question I dd not understand at all.
It involved two sets of 4 words I think. And were the sets related or something like that?
I guessed rather than lose time to work it out (or remember the full question it seems).
Have not heard from IG yet except my ISA broker has everything he needs to do the ISA transfer so the timing is now down to him. No corporate actions current or planned worries me! If I am not accepted for a placing I might just buy CBA at $113 aud for their dividends and wait for another TLOU placing (if they have one). It might be a blessing in disguise however it transpires. The ISA money was not guaranteed in the cash ISA but is on the Trades ISA though I cannot sell CBA and hold the proceeds in AUD! They'll be automatically converted to GBP!
Hopefully I'll be able to buy CBA on ASX with the dividend cash but hopefully TLOU plcement is not dead yet.
Poppy walk time.
The placement process is worth talking about Donks.
At the moment it looks like I have taken funds from my missus's cash ISA to transfer to the placement and IG have no plans to request up to a million or more shares on my behalf!!!! TG is blighted whatever he does it seems.
He opened the door to me to apply for excess shares , happy days , and it looks possible that I will end up losing my entitlement because the funds were not in place for the original date???????????????????
I am sure IG has messed up but will they sort it out in time? And how many investors have backed off because they think the broker knows what they are doing?
It has not helped that AIM is excluded because the London Branch is not involved over here, and probably don't give a toss. Meanwhile, the Sydney branch are probably unaware that there is appathy in London? And TLOU could pay for that situation, along with some shareholders.
IG are confusing me!
The orignal funding date was the 19th Jan, extended to the 31st, for the placing!
Corporate Actions on IG (number of entitled and excess shares you want to apply for) disappeared on the 19th!
I have written to them to ask wtf is going on because I need to know whether to continue with my ISA transfer and out of pocket funding or not.
I know some of you use IG , are you experiencing the same confusion?
Sunshine sold for $1Bn .... Half the shares worth half a billion AUD
Arrow sold for $3.5Bn ... Half the shares worth 1.75 billion AUD
TG moved to Botwana for better prospects than Australia offered , $30 instead of $10 - $12 back in 2010 - fuel prices are rising and have risen since then. The Doc ain't far off owning half of TLOU ..... does it take a lot of imagination that TLOU with Solar and CBM markets waiting to be supplied by a whole continent rather than one country in the corner of the world cannot reach the heights of Sunshine and Arrow and beyond. And that ignores Hydrogen which the former two had no prospects to develop.
I have believed this for 10 years which is why I am still here ..... we all wonder why Donkey is??? 10 years wasted in a company that cannot match Sunshine in 2024 after 19 years of experience of Oil and Gas for TG?
Is he naive as well perhaps! And is the Doc too? And the Pension Fund board? And Massissi and Moagi?
All have hung around for up to a decade to support CBM power and Solar , now why is that???
Https://iqtest.com/quiz/iq-test/
Just completed this expecting a pretty lousy score because recent quizzes clearly highlight how poor my memory is. If the result is accurate mine has dropped from the BBC test years ago but is still pretty good.
The BBC test took age in account so young people were limited to 136 , whilst I was not which was weird.
I need to pay $15 to see which ones I got wrong etc but they produced a score of 132.
It will be interesting to see what others think of it - it is like no other IQ test I have done!
Https://www.aimlisting.co.uk/results-of-entitlement-offer-tlou-energy-limited/
That article shows how much the shortfall was last year. Less than 15% take up from shareholders is ugly and reflects how much the ordinary man in the street is feeling the pinch or is already invested up to his limit and cannot justify putting in more cash with no prospects of a return on that money short of selling some shares i.e. gambling on the price rising! After years of low interest rates 5% looks pretty good nowadays. Especially if you can meet your mortgage repayments and energy bills and living costs???
Imho and in my circumstances , living off old age pensions that raise way below the average salary , I could not buy my house at its 2004 price dat less now and I cannot see how property prices can keep rising. Zoopla estimated mine has doubled since 2004 which cannot be true surely? Using the criteria I had to get my first mortgage people need to be earning well over £100k pa to buy it at Zoopla prices. House prices must collapse dramatically surely? Meanwhile those 1p+ shares in TLOU I have bought and hope to receive next month are possibly about to rise by a minimum of 300% this year - 5p a share almost doubles my complete holding.
The house and garden need tarting up so £10k on the garden and another £10k on the house will be money well spent if property prices don't drop drastically. I have given up hope of buying a Hydrogen powered motorbike so a Hydrogen powered Winnebago is my next target :O) Only joking!
The Doc is going to be a billionaire if he isn't already.
Winni that is why we have had these restricted placings with the Doc imho. Your researchers knew it a general placing would be undersubscribed and the Doc would get them anyway. And the additional admin costs would make a general placing a disaster.
Muggins here did not help by decrying that process and losing faith in Tony. I hope I was not the catalyst for the failed placing but at the very least I encouraged TLOU to have it. Big mistake that I own up to. TG was too proud to give the reasons for the deals with Doc and there are those on here who'd have been abusive if he told us his fears?
I think we are in for a repeat with the Doc bailing out the placing again which is part of the reason I am losing money on this one as a penance. Offset that though with a firm belief that 2p and less will not be the sp for long and my small losses now will be insignificant e.g. the difference between 6c and 5.5c profit, but 6c will be across ALL the shares I have have scattered around. 6c is a random number above 4 and is ultra conservative. My only worry is that MM has not reappeared yet on here. I expected his return this year but maybe his pastures new are greener than green and he is building his TLOU stake.
Harping back to SXX days, I believe the common belief was that it needed to reach certain criteria before the big institutions would risk investing in SXX on AIM.
The criteria may have included getting into the FTSE and out of AIM?
So we may be fortunate that the Botswana Pension Fund were permitted to have backed us.
I wonder if TG was aware of that and whether it influenced his choice of venue for his 3rd project.
I also wonder if the Pension fund is not restricted at all because we are on the local exchange and ASX so the SXX experience does not apply outside of the UK?
TG has maintained a steady approach and come up with no fanciful ideas like SXX did - I suppose we are all a little exasperated by how steady they have evolved but the placing looks like a stepping up of the pace, and I think that is in preparation for further steps up involving #6 and #4 and the readiness of the Tx line. TG is frugal with money he cannot afford , I am expecting a very different TG once he is spending money he can afford to see this come to fruitition.
I am interested to see how the placing pans out in Botswana and Australia because we are on the FTSE in those countries and AIM status only applies in the UK!
Now I remember why I have the non-ISA account, please correct me if this wrong.
You are obliged to trade in GBP on an ISA account and I bought into CBA-ASX for their dividends.
The dividend in AUD would therefore be converted to GBP in an ISA costing a small fee.
Non-ISA would hold the dividends in my AUD balance so 100% of it could be used to buy TOU-ASX free of FX charges.
It explains why I have the account and why I have so many TOU in a non-ISA!
They say it is good to talk, and if I'd not mentioned it here I'd have happily bed and isa'd after the placing.
If TLOU live up to expectations I'd want to split my investments to include CBA , an expensive share , for its dividends.
And I'll want those divis in AUD commission free from CBA and TOU (in the future) to manouvre my ASX holdings.
I have been jammy to have not upset those plans - CBA will be swapped to TOU-Hydrogen if my dreams come true in time all in AUD. And there is a chance that the FX rate swings may open arbitrage opportunities in either direction with TLOU holdings split between the exchanges.
Woke up early, had a couple of tablets and my mobie buzzed.
In the final auction I guess they offloaded enough to cover most of the cost of my newly requested excess.
So I am back to funding my 4/11 on the non-ISA account from my pocket , and the ISA acccount from my Cash ISA.
At least the partial fill was not for a measly number of shares which it could have been. Got 3.1c so lost 0.4c on each if I get the excess shares. Think I'll close the non-ISA account which only exists because I had shares in a company that was not allowed to be in an ISA. Sad that I cannot remember which one it was or if that was definitely the reason.
TOU/ASX were up to 3.3c to buy when I came to bed (and I reduced my sell from 3.2c to 3.1c). Cannot get fixed price quotes on ASX like I can on LSE, such a pity!).
My non-ISA ASX account is prepared for the placing.
Several outcomes are possible ...
1. A self-financing entitlement plus excess sell will leave me with fewer shares than I started with.
2. The sell fails so I'll need to find the cash in my pocket ...
a. I can let the placing lapse.
or b. I'll have enough shares to warrant a bed and isa in April.
My car insurance revealed a renewal rise from £255 to £550+
My usual routes got it down to £354 but then I discovered USWITCH covers cars as well as Energy.
£354 was quoted by them too but it was my 8th best offer not the best one!
They clearly have a longer list of clients for my needs that the others because that top 7 quotes were from reputable names including RAC, Coop and Swinton with RAC @ £308
The £354 did not insure me to drive other cars on 3rd party , whereas the RAC do allow that.
An extra £17 buys me uninsured drivers or vandals damage cover so I'll probably take that.
Their offer lapses on 17th February which is also blooming good. Some are only for a day or two.
For any bikers out there, Uswitch asked about non-claims on the motorbike which may have helped with 9 yrs plus on the cars and 4 yrs on the bikes. I am quite pleased.
I am pleased I have coughed up the cash for a TV licence against my better judgement.
How many times am I expected to pay for Homes under the Hammer repeats , plus may 80% of the BBC content?
The only repeats I watch is Friends , of which I never tire , no matter how many times I see them and they ain't BBC.
The Beeb have moved into the Arne peninsula with a vengeance and have laser connections across the water to Brownsea Island to add Red Squirrels and others to the birds and wildlife at Arne.
They have reduced their reliance on miles of cables and have tried to be carbon neutral (or better) by ditching diesel generators for HYDROGEN powered gennies! 72k units of Carbon Dioxide (cubic somethings presumably) saved (and maybe other pullutes?). I am desperate to see Hydrogen powered diesel engines in cars and motor bikes being powered by Hydrogen and electric cars dumped!
Somebody on here sent a video link to the JCB chairman several years back - and it convinvced me that Hydrogen is the way forward. And once TLOU has sufficient income and the Green Hydrogen programme gets off the ground - I hope TLOU will be player in African Hydrogen markets. Synergen Met is a partner - hope it is not a sleeping partner forever!
TLOU were not very specific about the targets for the new placing. They could have told us that it will be used for Portaloos, Bottled Water, Confectionary and other food, paper pens and pencils, diesel for company vehicles etc etc.
They do list completion of the TX lines and substations and a few other things but not the proportions of the cash for each. Using logic we know the TX lines are in situ at Lesedi and there is a short distnce left at the Serowe end. Those will be metal pylons but won't be that significant. We also know that #6 is dewatering very quickly and producing gas faster than previous wells.
The placing coincidentally seems to be required quickly - they gave us very little notice of it and possibly underestimated how many of those days were taken up by Xmas and New Year holidays around the world.
I wrote that my Cash Isa matured after the placing cut-off date and was compromised into only taking what I could afford from ready cash - so no extra shares!!! Did TLOU see that or get correspondence from shareholders in a similar positions who found the notice period too short??
I am doing my best on my OAP to buy 1m shares across my ISA and non-ISA trading accounts.
Those shares will raise cash for TG to accelerate production if #6 is as good as I hope, and the improvements on #4 continue to increase.
I can buy 1m shares for considerably less cash but TLOU will only get that cash if my 'seller' participates in the placing with my money!
We did not prosper from the last placing which lowered our creditability with the public!
It made no difference because the DOC took up the unissued shares - not as impressive as us shareholders showing faith in TLOU imho!
How long will it take for the sp to exceed 2p? Milli-seconds, seconds, minutes , hours or a half day?
Looking back at this placing you cannot go wrong at 3.
I am prepared to sell enough shares from my nominee account to take up my 4/11
It is financially silly - I will lose money on the deal.
But logic tells me that a healthy placing will encourage new investors to grab shares while the price is sub 2p and once TLOU starts to fly it will be a multi-bagger in very little time.
Why do I think there is some urgency in the timing? 1. the short notice, extended by just a fornight 2. TLOU could have waited for AIM's qualifying date for another placing followinf the failed one last time!
I have not checked when that is but I am sure TB got that right when this placing was announced.
2024 is going to be good - my broken ribs are improving quickly after ony 18 days whilst the doctors said it would take 6 weeks! Very little pain unless I cough or sneeze! And the Fludrocortisone tablet is helping my blood pressure stabilise when I stand up too quickly.
There is a reason why TG went full on into things back in 2012 and onwards.
Just like Sirius it looked as if everybody was backing them to the hilt, whether local Govt, National Govt , the public in each country? Yorkshire had its Nimbys of course but Chris Fraser was on a trip to China alongside PM of the day , David Cameron, and the odds were in Sirius favour.
In Sirius's case the Yorkshire Moors Planning authority admitted they could not afford an independent study into the potash business! Fraser was so confident he offered to pay for one!
Amec were given the task of producing the independent study and they crucified Sirius big time! Talk of thousands of lorries on country lanes and doubts that they even had a ready made market for potash eere absolutely incredible and Sirius were stpped in their tracks and never recovered! Potash price had risen from £50 per tonne to £850 per tonne and there was no market????
TLOU were thwarted by the Govt through BPC being lazy in preparing the tender documents and nobody was able to tender because of a prerequisite that tenderers must have a history of providing Botswana with CBM power. An impossible prerequisite in 2024 and that killed the momentum in Botswana.
I don't half pick my companies!
A few years ago an engineer who spent his working life in Africa working on Hydro-electricity gave Botswana a glowing report when he told me about the country. He said nobody needed to work in Botswana ecause diamonds were raising enough cash to finance the whole population and he thought Bots was a leding light in Africa.
Bots , I do not recognise your description of the country
e.g. https://www.worldbank.org/en/country/botswana/overview
seems to present a different place. The Govt are frugal , just like TG is , and that mutual attitude is probably why TLOU still exists! If Botswana had pushed TG to get it all done yesterday we'd have risked being submerged in debt thorugh deatering and Covid. Imho , the Doc sees this clearly and possible agrees with me that we are fortunate to be on the verge of becoming an IPP in 2024!
Why else would he be happy to join TLOU and TG when at our sp of 1p+ he could have had a hostile takeover and TLOU would have had to succumb to it? Botswana wanted Botswana in preference to his native country. I am sure he has wondered about that decision with the RFP mess, dewatering being so slow and then Covid lockdowns.
But he is still at the helm and avoiding the biggest waves. And he has stuck to his guns through it all. I am pleased you think the Govt is improving , TG does not need further unexpected problems.