Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Whilst receipt of Loan repayments is always welcome, our Bod continue to update shareholders with the barest of information attaching.
Were these funds received after or before EdS' tariff expired on 30 September?
That is fairly 'key' to guessing at what level of deductions have been made by way of Forex implications, Argentina's Exchange control penalties for Capital being taken out of the Country etc.
A full breakdown of the gross to net deductions should have been provided as should an update on the actual position currently prevailing post 30 September for EdS' tariff rate etc. We have to assume there is no revised Agreement signed off yet.
Obviously far too much to expect from this Bod who probably think they are hard worked having to go the Cash Machine to check the Co's balance.
Because that's certainly what it looks like.
OHS - well done you!
As far as my investment here is concerned, I had always focussed on Clon's Ghana activities and rather discounted their interests in Bolivia.
But perhaps after the wait we have had, both could be witnessing some positive movement in the not too distant future.
That would certainly make a pleasant change.
GLA
Rur's only source of income emanates from EdS via Patagonia Energy Ltd (owner of EdS and owned 50% by Rur).
Given EdS income is derived under an Agreement which expired at the end of September, there must be a default pricing scenario now in place. The likely change to EdS' income is likely to have changed significantly.
No doubt, discussions on a fresh Agreement are ongoing but, given the significance of the revised cash flows post September end, such a material alteration should merit an RNS outlining the PRESENT position.
The absence of any update to shareholders is beyond incompetence.
Hi tom_the_bomb.
Interesting your take.....clearly my grammar or phraseology needs a bit of brushing up!
There was me attempting to have a realistic musing, but pessimistic, no not really. GGP is (and has been) my largest holding for some time and its story has been the only one to make me diverge from my max holding per company within my investment portfolio.
I am aware of its history having been involved in and out a bit since 2010.
My thoughts were along the lines of we can't expect the SP to continue its meteoric rise seen a few weeks back. There were specific reasons and whilst we all believe the SP's recent pause for breath is just that with much more to come, on the back of further news.
As for those that I mentioned were 'sucked in etc'., yes thats exactly the type I had in mind. I've no doubt there were some jumping on the back of a sharp rise without the most basic of research and its these types who expect the month on month rises you refer to.
I'm a lot more optimistic about GGP than I seem able to communicate. Clearly, I need to get some lessons in that respect!
All the best.
B
I think its fair to say that this bb is populated predominantly by lth's. OK, some have certainly held longer than others, but I've seldom seen so many contributors openly state that they are unlikely to sell up any time soon (perhaps other than smaller top slicing etc).
So, unless a lot of my fellow investors have very deep pockets, they are less likely to top up with any significant sums, the more the sp rises, especially as they are likely to be heavily invested already.
So, for PI's at least, its become a bit of a pyramid scheme - recommend GGP to others who might jump on board etc whilst extolling our Co's many virtues.
So where exactly are the purchasers coming from that will invest in big enough tranches to move the SP?
II's all have their own investment criteria and many simply wont invest without an income stream. Otherwise, it would push such an investment into a different category and whilst undoubtedly there are players involved in those investment types, inevitably the pool is very much smaller.
We have to await greater certainty to tempt many new investors (and thats despite the plethora of excellent data on this bb and elsewhere) with the bulk of these still likely to be PI's IMO.
So, we are back to awaiting News and real news at that. After all we don't need to convince PI's, the like of which participate in this bb.
Yes, our stellar stock is beginning to behave much like most other shares. Its just after the fireworks of recent months, many people may have got sucked in to expect that performance to continue.
But, value will 'out' in the end. Iits just that in today's world, with so much information around, even the best of us get impatient.
And I aint the best!
@Dodge, @TakingMyTime
Looking back at the various predictions for the sp on 24/9, could the excessive optimism shown by the participants be down to the fact that (we) investors in GGP are a bit guilty of tunnel vision? My own thoughts were certainly around the mid 20's, so I got it wrong as well.
Rightly, we focus on fundamentals and the rich schedule of news due but during the time when the sp was increasing daily, most of us (and I include myself) perhaps allowed our dreams to cloud our judgement to a degree despite us all professing to know better. In reality, we should all have seen a fairly significant correction coming.
Profits are always taken. After all thats how the professionals work. And some real price volatility really suits them perfectly.
Sure lth's will be safe enough in the end but our investee Co has attracted the attention of some big boys, so we should expect things to be bumpy for some time especially given AIM's loose governance.
I think this will continue until substantive news/facts point us all to the next level.
over the weekend finally breaking into the public arena will certainly not do the wider sector any good at all.
Once the popular press get going with some more lurid headlines, we can expect further calls to nationalise NatWest etc for starters.
At least, thats not going to happen as the Gov have got more than a few other priorities to deal with first.
As always, a 'long/very long' view should be taken by investors in banks.
I posted earlier that yesterday and todays falls in SP showed signs of artificiality and ahead of GDXJs aquisition coukd give rise to a disorderly market.
Well, I think we have now had one.
Like any holders, I am happy with the outcome in terms of Closing SP but what a way to run a business!
I guess it will be next week before we establish if GDXJ have in fact acquired their stated weighting in Ggp shares despite there being some evidence of front running this week (no guarantee the chunky purchases are indeed GDXJ).
However, yesterday and today's fall (thus far) in SP seems much more attributable to manipulation than it does to any extensive selling.
With the apparent liklihood GDXJ have still to fill all or a significant part of their requirements, the drop in SP looks more and more artificial.
I always expect MMs to tinker around the edges of prices, playing with spreads and bid almost continually, but unless they can prove the SP drop is genuinely market demand driven, could yesterday and today be evidence of the creation of a disorderly market?
It would certainly look that way, if GDXJ save themselves a lot of cash as a consequence of the price drop.
...who, not long ago, seemed to be the only ones of the opinion that the economic impact of Covid 19, the lockdown etc are now scrambling about for ideas that may suggest they actually know what they are talking about.
They are now (again) seriously considering the introduction of negative interest rates which really gets close to how desperate they now are.
If that ever came to pass, it may actually benefit the Banks but no doubt our equally clueless Gov will have forced through Interest free lending on the Banks by that time.
as it flirts with its Nominal Value.
Seriously embarrassing but could have serious implications for Capital raising if needed albeit noone is suggesting they do at the moment.
No doubt we will get someone posting how much improved their various Tiers of Capital have improved since the 'bad old days'.
Whilst Covid 19 caught everyone by surprise, its been yet another hammer blow to this Bank's long suffering investors.
Of short term benefit at least, would be yet another U-turn by this Gov on the reinstatement of Divs. Perhaps just in time for a hike in taxation of investment income etc.
Unfortunately much as expected. Yes, we had dared to hope but I guess there is no ducking reality.
The acid test, for me anyway, is the outcome of EdS' tariff, and here the RNS does sound the correct cautionary note.
The pricing will almost certainly be revised lower. Its already now to be paid in Argentinian pesos which is a whole lot worse that the previous USD arrangement.
Added to that are the Exchange controls restricting Capital outflows which currently penalise overseas payments to the extent of 40%. That may or may not increase no doubt depending on the eventual outcome of the IMF negotiations.
And that will undoubtedly impact on the Argentinian currency which will have implications for Rur etc.
I note that some posts today made mention of Rur's Net Profit. Largely fortuitous and based solely on the Forex machinations as we have no trading income.
The NAV is another area. Whether the SP trades at a discount etc doesn't mean much when you cant sell any of the assets. This has been the case for a number of years and whether or not our Bod are breaking their backs to market these, the assets availability will be well know in such a specialised market.
So, for me, a slight glimmer of hope we may get a modest distribution provided some form of repayment by Patagonia / EdS is maintained in the future and we should shortly find out our fate here.
Thats about as good as it gets unless the long awaited white knight finally makes an appearance.........
I may not be anywhere close to the shareholdings of the surprisingly many'millionaires in waiting' that populate this bb (and all the best to them), but this share is restoring or creating wealth at all sorts of levels.
Best therapy possible for today's stressful times.
I think our Bod take being obtuse to an art form with this latest 'economical with the facts' statement.
Communication is surely easier than this.
The latest sums received from Patagonia etc is 'additional' to that previously announced.
What then does that make our current cash position given previous sums received?
Also, get the Interim statement out. Why is there a delay?
Tell us what the monthly cash burn is net of the current Overheads in order that shareholders can prepare to evaluate the impact (on Patagonia/EdS) of any change to the Tariff expected this month when the previous electricity pricing agreement expires.
Our worst fears are that the Tariff is reduced to an extent that it may prevent any further repayment of the monies due to Rur. Its fairly significant as you would think that our Bod would have a Duty of Care to shareholders?
No, don't answer that.
Hi Bridges.
I do recall that statement, so, even from the most pessimistic standpoint, we should have around 7-8 months adequate cash in front of us.
Thinking it through (and we have to surmise no creditors are pressing etc given his latest RNS quote), a bit more reassuring and of course we should finally be in a different landscape by then etc.
Cheers.
B
The Net Current deficit is concerning and whilst '....being fully funded for ongoing activities' is meant to reassure, there is no mention of a 12 month time horizon that I see.
Clon could well have reached some form of agreement with their short term Creditors which could see them defer until after the year end, but that would be speculation.
For what its worth, I agree that a placing will feature but I think the plan will be after the Ratification decision comes through. Clearly, I am not privvy to just how long their current (ie today's) cash will last -v- their monthly burn etc.
Just my thoughts and hope not to offend any better informed investors.
My intention was to post a cautionary note about the volatility that I think we can take for granted will happen tomorrow. Irrespective of whether you intend to buy or sell, not to jump in too soon etc.
However, after a beer and a couple of glasses of wine at dinner, I find I have actually raided the piggy bank (again), and have funds transferred to my online trading account, after spending the last hour or so reading this bb.
Haven't felt this excited of an evening since I believed in Santa Clause.
'Who's planning to buy next week'?
Answer - EVERYBODY
Like everyone else, much as I want tonight's news to be true, as DrR says, it leaves the door wide open for a disorderly market given the amount of shares to be acquired.
It really means everyone and his pet dog should now mortgage their houses and plough the proceeds into GGP shares in the knowledge there is a huge unfulfilled order on the horizon which will ensure the sp increases further.
Surely this seems a bit too good to be true (unfortunately).
Many years ago when investment in 'penny shares' was being widely marketed, these adverts usually showed a graph of some unknown Co starting at a fraction of a penny and a year or so later was apparently worth more than £1 per share just illustrate how easy (!) it was to become a millionaire.
I never really believed it possible either because such Cos didn't really exist, or, most people would bail out long before its SP reached its peak fearful of losing their profits in a high risk share.
Well, after 40 years or so I've finally found it. Yes, its called GGP and maybe its not even that high a risk..
Only problem is I am not one of the lucky (aka very smart) investors on this bb who have achieved this objective. Superb everyone.