Member Info for CrustyPete

Oh but I thought the received wisdom was that the Board were deliberately deferring the AGM until a time when they could coincide it with the Farm-Out completion! Or was that, yet again, just more hope than expectation from those with rose tinted spectacles? And that from those that have been around long enough to have learned from past experience....

One more time - nothing in Tanzania is that predictable.

But I thought it was all the Government's fault Tanzania.....?!

Any chance of AEX becoming a "major" in BH's lifetime disappeared as soon as it became evident that we needed to sell off 50% of Ntorya to our sugar daddy (for a pittance)..... hence why stick around any longer?

Pontius Pilate Tanzania, Pontius Pilate..... he had driven AEX down as far as he could and delivered our crown jewels into the hands of our cornerstone investor; he did not want to be around to take the blame for the denouement...

Only joking, of course ;0)

Google has us down so far?!?!? The market hasn't even opened yet for goodness sake....

Good grief.

As I have said many a time over recent years the Kiliwani disaster was, and still is, our "Achilles Heel".....

As I have said many a time over recent years the Kiliwani disaster was, and still is, our "Achilles Heel".....

Yes BG and imagine how different our position would now be if that had not occurred; stronger balance sheet, continued income, invoice payments received and with "leverage" over the TPDC for licences, extensions work programmes etc. Who knows, we may even now still have 75% of Ntorya and, if not, certainly far more money in our pockets from its sale methinks.

It cannot be denied that the continual govt delays have effectively taken our legs from underneath us but we have certainly not done ourselves any favours over the years with the management of KN1 and the NT2 drill.... neither of which can have been predicted by the Zubairs and probably left them (and may be the Tanzanian authorities) thinking that they could not leave the AEX management team in control.

The Zubairs have had it handed to them on a plate - or have been totally opportunistic; dependent on your level of cycnicism.

Tanzania, I would not disagree that it is huge for AEX. That does not however detract from the assertion that the Zubairs have AEX over a barrel.

Maybe things will change once we have sold off the last of our family silver to our next sugar daddy.

But enough from me - life is too short.

*Fictitious - apologies.

"The funds are to be used for ongoing working capital (WAGES) , as it seeks (TOTALLY FICTICIOUS) takeover opportunities" whilst continuing to fleece shareholders and line their avaricious pockets.

And I accept that BG but the reality is that the Zubairs have AEX over a barrel and the recent appointment of our new CEO is as much evidence of that as could be needed. The strategy of the last four years will not change going forward as AEX are in absolutely in no position to negotiate or challenge the Zubairs in any meaningful sense and now that they have their man as CEO that is even less likely.

I fully expect to see a different version of Frank's "rinse and repeat" over coming years; AEX shareholders (yes, which to the extent of 29% includes ARA) taking all the risk on exploration and appraisal, funding all costs through continued dilutions and then shortly before the goose lays the golden egg sell it all on at a pittance to the Zubairs. And this WILL include the funding of the acquisition of exploration and appraisal assets outside of Tanzania but all in East Africa and all using the same model with AEX shareholders taking the lions share of the risks and costs but NOT the eventual rewards....

And is there any mention in the RNS for the justification of this loan facility? What the feck is this required for?! What are they spending the money on? Just paying the fecking Boards wages?!

They seem determined to drive this business into administration.

An awful lot less than 75% would be.

Yes BG they bought more bloody shares! Dilution....

Dear oh dear, are you serious? They bought 29.9% of the shares in the bloody company BG, they did not fund the NT2 well. Except insofar as they also bought effective control of the company and the assets.

Oh and look now they own 50% of the Ntorya License. Ahhh, aren't they good to us; giving us all of that lovely credit?

And now they have a puppet CEO on the Board but I expect you think that is in shareholders interest too; that the Zubairs did that for the benefit of private investors?

Good grief.

The issue edgar is not whether there is a "conflict of interest" - I am sure that both parties wish to see to a similar outcome on Ntorya. The issue is in whose interests are they working? AEX (and shareholders) spent a decade or more developing Ruvuma, spending many $10 millions of $ on wages, the license, extensions, seismics, drilling and, no doubt, brown envelopes all funded by cash calls on Shareholders and third parties (JV partners) only then to "give away" 50% of their concession for less money than shareholders had spent on that development over that period. Even then to find out that we had CGT to pay on it!!

So Shareholders fund the project, take all the risk, suffer the time cost of that money, pay all the CGT but it is our cornerstone shareholder that walks away with the Lion's share of the proceeds.....

Can you be confident that the same will not happen with Nyuni & Kiliwani? Or not for another 10 plus years by which time AEX will have done the same all over again for those prospects - funded all the development, taken all the risk and then passed it over the fence to their "controlling" shareholder....

The reality is edgar that APT / ARA / Zubairs, or whatever you want to call them are here to line their own pockets and not ours - and they hold ALL of the cards and now control the Board too.

I will wager that the Congolese Govt will put the License out to Tender.... but quite when is anyone's guess.

Oh yes, only just reported. Odd that it has been showing on other sites all along.... and how can there be any doubt about it being a SELL?

Bloody useless this site.