Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
Yes, no raise until inflated salaries are at threat then of course change of plan... clear where priorities lie. Haven't looked at resolution requirements but don't think it is certain to pass. Directors will get out the administration stick if it fails, but as far as I am concerned they can extend and pretend somewhere else.
It checks out fine. The Congolese Franc (CDF) is the DRCs currency. The dollar strengthened by 20% against that over the period. But ROC currency is Central African Franc (XAF) which the dollar weakened by 1.5% over the period.
So, exploration reserve at end of last year = $163m. Plus $2m expenses for last 6 months which capitalised = $165m.
Then add 1.5% for fx translation gives the extra $2.5m referred to and takes closing balance to $167m
A couple of days on site should be enough I expect.
But the RNS is vague about whether the equipment is there, so could be a lead time, and what are actually doing.
It is an improvement on the last workover. But I wouldn't put it beyond them to subsequently announce that despite successful operational completion of the well there is no actual production from the test.
2. Commitment to Shareholders:
· Cohesive management team with a commitment to enhancing shareholder value
· Abide by the highest thresholds of disclosure for an AIM-listed company
· Extensive experience and a proven track record of the allocation of shareholder capital
Actually in the RNS, not a joke unfortunately
Reporting on W1 & N2 completion together isn't reasonable. Even if argue that it is the combined results that are material to the group's financial condition. There is an admission responsiblity to update on operations that could likely lead to a substantial share price movment, which W1 does. Throwing in an independent forecast doesn't change the director's respsonibility to that.
Best case scenario is that waiting for flow rates to stabilise, but then the proper practise is to put out a holding announcement to that effect. There is no excuse for the lack of update, and one can only infer on probability that difficulties have been encountered.
Going by the 15th Dec RNS the estimated initial production increase at W1 is 800 boe/d if successful, which is undeniably material. And it even says so in the further blurb. The company has no excuse to not update.
Except it isn't.
Sure, you can't buy in the UK and sell in Poland.
But if existing holder you can sell in Poland and re buy in the UK for a fraction of price.
And if new holder why would you buy in Poland when can buy 10x amount in the UK?
Those are valid questions. Maybe it is as simple as retail investors not having overseas excahnge availability.
It is indeed strange. The mcap is £13m on AIM and £160m on WSE. The 8m (or 80m in old money) shares on WSE are eligible on AIM, but not vice versa. There is a theoretical arb there of about £10m, if fully captured at current prices . But I guess the reason not been done is that requires selling on WSE, and no one is willing to buy up enough at that already elevated price to make it worthwhile.
I thought it was the EBRD block from the restructuring being run out early on the London market that was widening the difference, but not the case. It is just inefficient markets - not that that is really an explanation.
Wholesale romanian gas prices are currently 170 euros/mwh. Which is tracking but at a discount to the local austrian hub price of 194 euros, which is at a slight discount itself to overall European (TTF) price of 198.
Gas has doubled in the last 3 months and share price gone down significantly. The company should be making decent money for its cap size if actually producing some gas; which is what I guess the markets concern is mainly around. The consolidation was never going to remedy the share price despite the director's spiel. But the polish price is approximately a quid so there is undoubtedly a market disconnect somewhere (or both markets). The share buy backs are half baked. Should either do it in proper size, full 10%, or not bother. That would have an impact. But ultimately they have to get the operational side working more productively. Maybe that is about to turn the corner with the H2 program, but the I suspect the market wants to see results rather than giving benefit of the doubt that it will happen.