Member Info for Crazytowner

Currently at the start of the Lassonde Curve construction phase ☺️

High value growth with institutions coming on board

Institutions coming on board is a huge positive.

Currently at the start of the Lassonde Curve.

Follow the money.

Still massive value here in the short, medium and long term (just not as much as there should have been)

An institutional book being built is extremely positive and a clear part of the Lassonde Curve

I had submitted about 12 questions, most of which were answered amongst those posted earlier.

Q&A's are given the same level of accuracy as RNS's so that's a positive.

Am very happy with the fact that we are now building and institutional book. Am disappointed at the price issued.

Looks like we might get one or more TR1's over the next couple of days.

It's great that there might be a Saudi ipo, have never doubted the massive value there, however, even in the hundreds of millions the future value of Saudi will never be more than than what shareholders lost in the December and May placings. Hence why they have skirted around this in the answers.

Hi Mithrel,

Did you speak to Harry?

Who else was on the call?

Do you think he is negotiating a deal to generate more than the $350m he has lost shareholders from Tulu Kapi in the past 6 moths

.... Or enjoy the food and adoration from Artar as he gives away the company on a rediculous historic spend basis.

I sent the below question to Kefi but received not response :

Should Kefi not be able to fund its share of costs going forward and with the increasing value of GMCO, is historic cost now a fair basis on which to base dilution?

Kefi recently announced that they have installed directors at Ethiopia level. These guys will be doing a massive amount of work.

If we sold Saudi, what exactly would all of our main board directors be doing?

We'd have a group fd whose sole job was to manage one fd, a ops director manging one project director etc. etc.

Having interests in multiple jurisdictions allows the main board to justify their existence and massive salaries whilst having directors under them doing all the work

My apologies Alanos, my last post came across much more directed at you than I intended

Alanos,

You wonder if Harry's silence is a promising sign.

Have you considered that on Tuesday he released an hour interview talking about all the institutional interest and the next day dropped a massively discounted and unexpected funding rns?

That in the same interview he talked about how desperate companies were to get into Saudi yet we have suffered rediculous dilution against our prime TK asset whilst holding a poxy 15% in Saudi.

Have you considered that there is massive outrage from sizeable shareholders at the decieptful and misleading news kefi have released to the market over the past 6 months and they are trying to figure out how to react?

Diggit,

Absolutely agree that a stable balance sheet is necessary prior to such large funding packages.

Kefi must have known this last year, so another reason to have disposed of Saudi.

I have no doubt that the money is needed right now, my issue is that there were better ways to do it over the last 6 months

I don't think there is a surprise.

Sign of will happen and the bucket shop will rinse 800m shares into the news.

alanos,

kefi were talking with han**** likely middle of last year. han**** were obviously desperate to get into saudi. their owner is worth $50bn. it's not even debatable that they would have bought us for $20m plus.

below is my question and answer from kefi just 3 weeks ago.

q. the rns dated 13 november clearly laid out the reasoning for the gmco strategic review and sale of the saudi assets. this included prioritising its majority owned projects, focusing on a large ethiopian pipeline and that raising sufficient funds for saudi is considered too dilutive. how has the potential $23m injection into tulu kapi's pre-production costs changed the reasoning of the above?

a: we believe the combination of the ethiopian preference share and the partnership with bcm will negate any pressure to dispose of our stake in gmco in order to fund tulu kapi. and while we remain firmly focused on majority owned projects we also believe that there is tremendous value in the gmco business.

so i ask you, if the ethiopian preference share and bcm partnership negate any need to sell saudi, what the f**** is £7.6m needed for and where has the company said there is this hole?

Let's also remember that when Kefi announced they were looking to sell Saudi last November, one of the key reasons kefi told us was because institutional investors wanted us focusing on 100% owned projects.

In layman's terms institutions don't want the unknown or uncontrolled dilution Saudi brings to Kefi Group.

Yet Harry knows better, we still have Saudi and surprise surprise, another bucket shop placing.

He's an absolute c***

I think some of the bitterness is from those who invested too early, but there are some of us who are watching our value getting destroyed whilst the company are putting out misleading information.

The reason why I was so keen on Saudi disposal is because it removed the need for any dilution ever again as the company would be covered until TK is producing and if raises were necessary it would be from a strong share price with clear value add.

Yet we still have Saudi, have had 2 extremely costly raises, have plenty more coming until production, further dilution of Saudi and will be raising from weak share prices.

Still holding Saudi is all about Harry's / the boards egos, not about what is in the best interests of the company shareholders.

Get Tulu Kapi signed off and replace the board as they are either completely unalligned from shareholders or totally incompetent

Excellent post Mithrel

If Harry et all want to take fees in shares that's absolutely fine. But they shouldn have received them at the market rate at the time and not at the 20% reduced placing price.

Not sure such a discounted raise would have been to serious institution.

The forward selling and 420m trade yesterday says to me it all went to bucket shops.

Bonkers,

I've worked on major construction projects all around the world, delays and unforeseen events happen, I'm OK with them. Hence not been particularly bothered that financial sign off shifted. These things ultimately get sorted.

However, what we have been presented with and told this last few weeks and months can only be described as deceptive and misleading and the fact that we are still holding 15% of GMCO whilst having gone through such terrible dilution can only be described as total financial incompetence.

It seems to me for some bizarre reason, Harry still sees Saudi as a JV and Kefi as key players when in reality it's simply an investment.

He'll be very pleased with himself that he's managed to get TK funding over the line without having to have sold it, no matter how much dilution and pain he has inflicted on shareholders.

The problem is that he could announce the sale of it tomorrow for $100m and it would simply show shareholders how badly theyd messed up (if you can get $100m now you'd easily have got $20 back in December)

So I don't think the will sell it and we know it needs further investment and the market simply doesn't trust him now.

I will continue to hold as the rewards are still sizable, although the damage this placing has done to investor confidence will certainly affect any rerates near term rerates.

I also still believe kefi will be a takeover target during construction and don't want to be out for that.

I would even go as far as saying that Harry knew exactly when ratification was happening, never told the market, but had the placing and their forward selling already set up to take maximum advantage of it.

The share price never had a chance, nor did the shareholders

Ratification would have moved the share price considerably. There was massive buying.

What was unknown to us was that there was forward selling at just under 0.7p relating to yesterdays capital raise.

Stupidily, we believed Harry / Kefi when just the week previously they were announcing BCM and telling us Saudi Sale was no longer needed.