The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I asked exactly that but the lack of transparency seems to continue on this. A whole lot of things that on other markets would be disclosed transparently in an independent experts report , usually a “fair and reasonable” report seem to be absent and surprisingly to me, allowable on AIM. There is a whole lot of “trust me” going on. Directors have decided the transaction is “fair and reasonable”. One of the directors has done due diligence and is comfortable. An unnamed valuer has expressed an opinion on post IPO valuation. Related parties to the transaction are allowed to vote on the transactions. The same law firm represents both sides of the transaction...
Here is a question for more experienced AIM operators. When does all this become “Acting in concert”
A bit confused by this
Have a look at this site regarding the very recent omnibus law that changed many aspects of many laws in Indonesia in one swoop.
This article deals with environmental and Forestry
https://globalcompliancenews.com/indonesia-omnibus-law-impacts-on-environment-and-forestry-12102020/
Read the entire thing if to you wish or scroll down to the bit about
“Use of Forest Areas for Development Purposes Outside Forestry Activities“
This seems to point to the requirement for the IPPKH having been removed which is good but then its a bit vague on what replaces it. Hopefully easier
Transparency in the form of an Independent experts report would be the norm on o most markets. I am pretty new to AIM being mostly familiar with TSX/HKEX so I was a little surprised that the “fair and reasonable” view on this transaction was expressed by the directors and not by an independent expert. I have trolled through AIM and I cant find any trigger for an Independent experts report. Have I missed something here?
Still hanging in there as fundamentals of project good. At this point just surprised by lack of transparency on Aim and who is doing what in this transaction. An IPO of a shell within 3 months seems optimistic to me.
The court case is ongoing. It’s public record.
In most markets I deal with I am used to some sort of independent report on what would be classified as a material transaction. The very purpose of such reports is to clarify the matters being raised here. And allow shareholders to make and informed decision based upon a report from an independent expert . IT concerns me that a transaction of this materiality lacks that independent transparent and complete disclosure. Who is Aeturnum really? Who owns PT “win” and how is it controlled by Aeturnum. What is this Trading business apart from being “Crudes oil, refined oil products and Coal”. How big is it , how profitable is it, will it support an IPO that raises USD40M? Who is this unarmed valuer working to Aeturnum Represented as expressing an opinion on value on behalf of purchaser? Who benefits from this back end management contract and how much? Why do related parties vote on a material transaction? More questions than answers.
Not an Indonesian company matey. - a 54 year old international company that took over project managing the FS process when the project had a negative npv and delivered the FS you and any other potential investor is relying on. Contact them and find out the truth
Yeah except that now ARS gets exposure to thermal coal mining and trading. It kind of negates the clean energy credentials.
https://aeturnum-energy.com/what-we-trade/
WHo else is uncomfortable. With eh exposure to fossil fuels that this transaction brings. There is a whole world of finance options that will close off given that. Any cash flow from the listed entity. Prior to construction of KSK will derive almost solely. From fossil fuels.
https://aeturnum-energy.com/what-we-trade/
Court Appearance last Monday 28th Sept 2020. KSK asked for 2 week delay. Next hearing scheduled for October 26th 2020
Just a question on AIM jurisdiction guys. I have been hunting but so far unable to find it and hoping someone here can point me in right direction. Is there an easy spot where one can ask a question directly to AIM on compliance matters and or submit a question for possible investigations? What are whistle blower protections like in that Jurisdiction? Asking for a friend :-)
DOes it not raise issues of fever an ace especially around disclosure?
COrrect me if I am wrong but at end of last reporting period. ( end June?). $2M cash. Burning $2m per 6 months with approx half of that on Employee benefits. A court case for something like $300k is 15% of remaining cash. By most definitions that meets the materiality threshold for a contingent liability. It may or may not be successful but should investors be made aware of the risk?
What other matters are not being disclosed if this is not being disclosed?
Perhaps look this up
http://sipp.pn-jakartaselatan.go.id/list_perkara/search
Search for Kalimantan Surya Kencana
Use google translate as its in Indonesian