Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
It was in komakino’s (IZ’s?) helpful post of 26 November, replicated below.
Chad: ExxonMobil complains against its national employees26 Nov '21
In crisis with his employees since he decided to sell his assets to an English company, the American major opens a new front with his employees in the long legal battle before his departure from Chad. The oil company has so far operated the Doba oil basin.
With our correspondent in Ndjamena, Madjiasra Nako
ExxonMobil employees who have been unemployed for more than a month arrived in large numbers on Thursday at the Ndjamena High Court. The day before, their delegates had received a summons following a complaint from their employer. The latter deplores having lost more than 30 billion CFA francs because of the strikes against the capital change project.
This complaint is a diversionary maneuver, denounces Me Mouné Koudangbé, the lawyer of the employees who points to the bad faith of the management of ExxonMobil: "Exxon blames the double penalty on its employees, because today, not only these people do not work, they are "unemployed" because the effects of their contract are suspended by the "lock-out" that was triggered - you see, this month that has passed, the employees have not received their salary! They have no wages or jobs. (But) in addition, they are prosecuted to pay thirty billion CFA francs. We find that it is still an aberration. »
ExxonMobil's lawyers contacted did not wish to react at this time. The parties are summoned on 9 December for the continuation of the procedure.
https://www.rfi.fr/fr/afrique/20211126-tchad-exxonmobil-porte-plainte-contre-ses-employ%C3%A9s-nationaux
I may have misremembered, but wasn’t there supposed to be a decision-making process undertaken at court yesterday iro the Exxon employee dispute?
Good morning!
Hi NtoM;
I’ve always enjoyed your posts on this and other boards. You always discuss pertinent topics and have a humility that we could all learn from. So you’re one of the last people I’d filter.
The standard of posting on this board is top-notch (for a few days more, at least).
I’ll be interested to see if any of the up-to-30% dilution is undertaken. I’m suspecting not (Knott?)
We’re all speculating now; not much longer to wait.
Best wishes, all.
I agree, telegraphist, that there's a danger (understandably) that we get a bit over-enthusiastic about the relisting price.
These types of small-cap, deemed-high-risk shares tend to have a show-me-don't-tell-me element to their pricing (which could explain, for instance, why Niger was largely discounted in any valuation prior to suspension). There're lots of potential positives on relisting: debt restructure for Accugas ; funding for Niger drilling campaign; key strategic partner in Vitol; Uquo successful drill; new customer taking gas (FIPL) and others likely coming; increased Nigerian reserves; reduction in net debt from existing operations; growing revenues; higher o&g prices; etc. I'm sure I've overlooked some points here. And these are without even mentioning the CC deal. All other things being equal (and I know they're not!) CC should be accretive to the share price by the difference between the value of future cashflows based on existing Exxon operations less the price that SLP pays Exxon (i.e. how much of a bargain have we got?)
So with all that in mind, it seems highly likely that a decent premium to the suspension price is realised when we're relisted. That said, I'd prefer to see some SP stability through the first half of 2022 and then steady growth based on tangible operational progress rather than a teenage party of excitement on relisting that then ends up with a number of punters quickly looking sick, sober and sorry.
Best wishes, everyone.
I send a smile and thumbs up from North London, Pdub. There must be hundreds of people on this board willing you to get well and get cancer-free.
I feel we are long overdue an update from the boards of Ventus and Ventus 2 on the state of play re sale, or otherwise, of assets.
Sure - we know it's complicated, but it's been an awfully long time since we heard any news.
May be of interest to those of you who don’t come here to participate in the endless, pathetic drama queen b!tchery. Good morning.
https://www.aljazeera.com/opinions/2021/11/11/the-cop26-deal-will-not-be-enough-to-end-sas-coal-addiction
If one believes Soraya’s comments in the interims RNS from 7 September, this share looks undervalued, to me at least.
Usual caveats.
Best wishes,
CYB
Hi ic152.
Don’t forget that we went xd for four pence last week so 105 pence today is 109 in “old money”.
Also, income investors may well have lightened positions a bit post xd date.
...can people stop engaging with nutters on the bulletin board. It will ruin the board (as I know all too well as a BMN Investor).
Please just filter them.
Thanks and best wishes
I imagine this post will get buried in the mountain of handbag fights that are now BAU on this bulletin board.
https://www.afdb.org/en/news-and-events/press-releases/south-africa-african-development-bank-approves-5767-million-loan-eskom-boost-electricity-generation-renewable-sources-46498
I was just thinking that a Monday morning RNS isn’t entirely out of the question, LST. Wishful thinking perhaps...!
I can’t see how Exxon would pick up the pieces and carry on operations with existing employees; they’ve crossed the rubicon. Agree with most of you; this deal is likely to happen still.
Given nature of BoD, I doubt they’ll put up with any nonsense from disgruntled ex-Exxon employees but they’ll also manage the PR well. We’re unlikely ever to have anywhere near the whole story here.
In the (still unlikely, imo) event that the deal doesn’t happen, the share price will still likely make good progress: there’ll be Nigeria & Niger updates and the interims and ESG policies will be well-received. If it dips briefly, I see bargain-hunters swooping.
Good morning.
Thanks, ZENGAS; great finds on your part once again. It’s hard to glean much more than your helpful summary frankly; and I agree your maths as the exchange rate appears to be about 560XAF to USD. I can’t imagine Exxon getting a penny in damages from anyone so assume this is somewhat symbolic (happy to be corrected).
What is absolutely clear is that positions are entrenched and bad blood is highly likely to exist after the settlement and deal occurs (if indeed it does). Going forward, there will need to be a delicate balance of building trust and goodwill but being clear that the company won’t be pushed around.
All that may be presumptuous as this appears far from over; it seems likely that only top-level governmental authorities can rule at this point and their decision may not even be accepted by the employees, I suspect.
It’ll be nice to get relisted this year...
“Ford declined to give financial guidance for 2022, but Lawler said the company expects the chip shortage to continue into next year and potentially, to a far lesser extent, into 2023. He said Ford expects a 10% increase in wholesale vehicle volumes in 2022 compared with this year, as the semiconductor shortage continues to impact the business.”
“It happened fast, it’s over quick
A little dust and the engine kicks...”
Ford shatters earnings estimates, raises yearly guidance on new vehicle demand
https://www.cnbc.com/2021/10/27/ford-f-earnings-q3-2021.html?__source=iosappshare%7Cnet.whatsapp.WhatsApp.ShareExtension
I was hoping for an update in the news to drop after the Monday-night-to-Tuesday-morning deadline imposed by Exxon on the Doba employees had passed. My Walter Mitty naĂŻvety continues to get the better of me.
When one sees the video of the ex-Exxon guy and hear the anecdotal snippets of information on the negotiating position of the workers, it reinforces how difficult it can be to do business in frontier markets.
My hope is that, should the CC deal fall away, the company can move promptly to restructuring the Nigeria debt and funding the Niger drills regardless. One imagines that contingencies are in place. This of course assumes that the CC deal funding somehow became tied up with the extant business units (pure speculation, but seems reasonable given that the Accugas debt restructuring apparently got pulled earlier in the year).
Best wishes, all
Agree all, Agadem. Pre-export financing likely, IMO.
Of course, there’s the none-too-small matter of funding Niger progress too...
So much opportunity.