Great RvR30 Apr 2020 14:45
Shares in Issue: 236m
Market Capital @ 3p = £7m (52wk high 12p)
No debt & No liabilities (worth highlighting as often O&G have decommissioning liabilities)
Cash: £13m (assumed taking account of the last $4m assets sales) + £13m in Proger CLN*
*Proger convertible loan: in 2019 CAD provided Proger a 13.4m euro loan with 5.5% interest rate. This convertible loan can either be converted in to Proger equity (25%) at CAD Shareholders request (this 25% stake recently valued at $20m by PwC) or the cash + interest will be repaid to CAD on the loan at maturity date Feb 2021, amount due to CAD circa 15m Euro (13m GBP).
About Proger (25% equity stake upon loan conversion)
Proger is a privately-owned international contractor, providing some of the world’s largest companies with comprehensive engineering, project management and security solutions.
It was voted number one engineering company in Italy 2016, and is ranked top 85 engineering firm worldwide. Its second largest shareholder, with a 27.4% participating interest, is SIMEST, the Italian government agency which supports local companies to achieve export driven growth. Proger is based in Italy, with offices in the Middle East, Africa and Europe, and is involved in major projects around the world, including significant oil & gas, energy and infrastructure installations, and has more than 60 years’ experience.
In 2018, Proger had revenues of €120 million, generated an EBITDA of €11.3 million and €6.1 million of net profit
Directors Shareholding: 12%
Other significant holders total: 64%
Free Float = 24%
Recent Board Changes: An EGM was called end of last year by Director and 11% holder Michel Meeus and supported by other Significant holders to evict stale board members due to previous poor performance in share price given the strength of companys assets/balance sheet. This motion was passed and new CEO Fady Khallouf was appointed in November 2019.
Wonder what the new directors plans are here. Licence expected soon which is a solid catalyst but to me surely the large holders must be thinking hang on we will potentially have £26m in cash here (Feb next year if loan is returned) and Mcap of 7m. Will they just return all that cash to shareholders??
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