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Results could come anytime. New auditors apparently so slight hold up simply because they are new. A comprehensive trading update should be issued alongside the results, as promised at the last AGM.

Had all but written this off but was clinging to the hope that they could raise enough cash to recover. In the current market, to raise this much cash is remarkable. Great news.

Good to see EMH tweeting about this development on X.

Thanks, as ever, Rpks for the very informative and factual posts. Good to see some signs of life in terms of buying. More needed.

AGM promised comprehensive update by early March, so must be imminent now.

Agreed davey50. The market for this kind of small growth stock on AIM is dire, and has been for quite a while. Nevertheless, this could really fly on decent news.

Of course another possibility is that the assets form the basis of a refinancing but that would no doubt come at the cost of considerable dilution. It could nevertheless form the basis of a “miraculous recovery “ which may eventually compensate for the dilution.

Thanks BarnetPeter. I don’t doubt your own experience but I have personally experienced a distribution (actually better than I expected) in another company I had invested in which went bust. The fees and expenses would have to expand massively to subsume the apparently considerable net asset value. Anyhow, each to their own. If I am wrong I will only lose a small amount, given that the SP is already at rock bottom.

Following on from my previous post, actually the sale of the Mozambique assets could not have had a negative impact on the net asset position as they had a nil carrying value in the 2023 accounts.

By far the biggest asset is the Gabon forestry (“biological assets”). Whilst it is true to say that the company owes “millions” in debt, total liabilities, including such debts, are relatively small compared to these assets, leaving nets assets at a value of many multiples of market cap. The valuation method for the biological assets forms part of the audit of the accounts, so, unless the company has hoodwinked the auditors on this, it seems to me that even in a fire sale of the assets on a winding up, there ought to be a distribution to shareholders worth more than the current sale value of their shares. Just my opinion, not advice in any way shape or form.

KC has previously intimated that offtakes are likely to drop around the same time or shortly after the DFS, so I reckon we will get DFS, offtakes, then FID in pretty short order. The trigger is the DFS so, let’s hope that comes out on time this time.

For me, the big unknown is the impact of the sale of the Mozambique assets on overall net assets. If this ends up being wound up, there will presumably be a sale of all assets and eventually some sort of distribution to shareholders. I would rather take a chance on that than sell for peanuts. I don’t have a big holding anyway.

You would hope so but with this Govt who knows

I think they have just caught up with the fact that the compliance period expired on 21st February and decided to put something out. We did get the Prelims at the end of March in 2022 but, to be honest, the timings of those, and trading updates, have been somewhat erratic and therefore hard to predict.

They have till the beginning of May to sort it out.

The accounts are also overdue, since 31st December 2024. Not to fussed personally. They have time to put it right.

Rpks - thanks for posting. Is it safe to assume that the report and draft resolution are favourable? Whilst I can translate the agenda, I can’t seem to translate the enclosures on my phone.

It is indeed unusual not to have had a year end trading update by now. Also logical to speculate that they are waiting to include something market pleasing that they are expecting to be able to announce soon.

I don’t think it’s people. Bot trades.

EBITDA loss down to only $25,000 for H1 2024. Should easily turn the corner and be into EBITDA positive territory in the year end results. Things should then start looking more positive.

Should be getting a year end trading update by mid Feb I think. Last years was pushed back into early March presumably because of the CLA extension negotiations. Hoping for something reasonably positive, with much better sales in 2025.