Member Info for Caposoka

https://find-and-update.company-information.service.gov.uk/company/07514939/filing-history

The unaudited financial accounts to 31 May 2021 (posted on this BB a few months back) showed trade and other receivables of 11.7M for the first 5 months. Guidance was revenue and proftiability would be H2 weighted, with total revenue aiming to be in order of 40-45M for the year, so H1 likely to be EBITDA +ve (as per recent CF statements) and net profit -ve. If it was widely different to this, the SP would not be where it's at.

Presentation of results with Investor Meet, 20th at 6pm

Ok, will do. Thnx

It's not being paid back. If you listen to the CFO during the results presentation, he states that the pre-payments are being used throughout the business as working capital , so cash is falling from a previously flattering position. The issue is, OO are still loss making and retained earnings are falling. That said, over the full year they expect to be profitable. Current hiatus in SP doesn't seem surprising based on these figures.

Results to 31 May are showing a fall in current assets of £1.4M and a total comprehensive loss for the period of £645k. The Y20 cash position was flattered by pre-payments but still, not exactly blowing the lights out

Having complained that all my Poolbeg shares were credited outside my ISA in my share dealing account, this has now been sorted during the day, so are now correctly split in the respective accounts. Sounds like others are getting sorted too, which is great.

In case it helps others, I contacted my account manager and got these replies:

Question on why all Poolbeg assigned to share dealing account and not the ISA:
"This is non-qualifying ISA stock - the new shares will be held in a trust for around 9 months and Poolberg will seek a listing on a stock exchange - so the shares that you currently hold are not tradeable"
Me: Understood but after the 9 month lock-in period, will they then be automatically transferred across to the ISA?
"I wouldn't be able to confirm anything at this stage, sorry"

Question on why Incorrect number of shares credited to my account:
"Query raised and will be checked/revert."

Also, ISA dividend (in specie) should go in the ISA and share dealing dividend should go into share dealing account, so suggest peeps contact their account managers/brokers to raise the issue.

I have close to 1M shares and the error is not a simple rounding down of +/- a share, but several thousand. I'll contact my account manager. Appreciate the replies to show it was not just me. Thanks.

My Poolbeg shares have appeared in my Lloyds account but on 1:2.98 ratio the quantities are wrong.

Also both ISA and share dealing accounts entitlements have been lumped together into the share dealing account only outside of the ISA....

I'll get it sorted but only to ask if anyone else has similar problems with their accounts.

Personally, I just prefer these things to go through a remuneration committee, vote at AGM rather than 5 or 10% getting creamed off without any shareholder involvement. Same end result but leaves a better taste, esp after hearing repeatedly for over a year that no-one in OO gets share options, all salaries are capped at a low level etc etc. The reality is different. No real complaint as he is creating value for all us, just the process knaws a little.

https://youtu.be/5n2xxuuaRh8

U-turn??

They're talking about Y2020 final dividend (which I think will be lower than Y2019 as net profit will be lower due to lower production / WCP B move etc. HI dividend was lower....).

60% or share buybacks have always been in relation to Y2021 accounts and onwards.

Obv they started Pilivilli in a good position but ore grade of 5.64% was something to be pleased about.
Averages in past years were Y15 4.82%, Y16 5.06%, Y17 4.46%, Y18 4.35%, Y19 3.58% and H1 Y20 3.33%.
i.e. kicking off with ore grades 70% higher than achieved in Y19.
Throw in ground conditions of free flowing sand and less muds/silts, no wonder production guidance is what it is for Y21.
As production guidance is only 50% higher than Y20, clear the future grades will fall back to a lower, longer term level.

Proft will be down. Can see it already by comparing interim dividend from Aug. Shipments y-o-y down 17%, production down 15%. This will not be offset by rise in WASP (IL prices up / ZIR prices down). Final dividend in Feb will be less than 2019. But these metrics are backwards looking and irrelevant to the overall picture.

Dev capex is effectively finished for a few years . WCP B move was 124M alone. Production guidance for 2021 best part of 50% higher than 2020 off a fixed cost base. Dividend payout and/or share buy backs will be best part of 60% of net profit vs 20% to date. Market outlook positive for pricing.

Both Bronagh J and Peg had bow thrusters installed to help with manoevrability, plus Peg had it’s larger excavator/clamshell to increase speed of loading during 5 year dry docking in September, plus more significantly the quay will be modified by end June this year to allow dual loading of both vessels at the same time.

When they introduced the divi, plan was 20% of net profit until Sept 21 (ie WCP B move completed) and then looking to step up to 60% of net profit.

Soon after, they dropped reference to 60% and referred to various options, share buy-backs, special divis, greater sharerholder returns etc etc ie so they do not get boxed in. Expectation is that 60% will be used one way or the other.

Was talking about negative retained earnings due to losses in past years and clearing these prior to paying out of dividends. Nothing to do with cash balances.

Surely dividends are a long way off.
Past accumulated losses to be wiped off first.