The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
See also part 2
https://www.rappler.com/newsbreak/investigative/big-fishers-close-in-small-filipino-fisherfolk-battle-municipal-waters/
If the EU flexes its muscles, this mess may get sorted out, AFAICS.
NAI, DYOR etc
Hi all,
Hat tip to rwh3ue on s'pedia for this.
See hxxps://www.rappler.com/newsbreak/investigative/officials-private-interests-spoil-effort-track-big-fishers/
.."SRT Marine Systems (LON:SRT) I hold
ST is one of my largest holdings and I follow events closely. I too read and contribute on ADVFN where some posters are extremely well informed and their opinions worth listening to.
The current news flow is all about the negative stories of misdeeds around the contract for vessel monitoring in the Philippines. To understand what is going on you need some background. SRT, as is always their modus operandi, spent years gaining the trust of the customer and an understanding of what they required. When the tender for a vessel monitoring system VMS was issued much of the detail was based on the known capabilities of SRT's offering. These included the fact that the operational cost was significantly lower than any competing system and the functionality was superior. In an obvious attempt to influence the contract award, the French government offered a loan to pay for the system as long as it was awarded to a French company. It just so happens that CLS (French) were also keen to provide a system.
When SRT were awarded the contract, the French withdrew the loan offer. Despite this the Philippines stuck by their decision and found it possible to include the cost in their budget. The project went ahead and was successfully implemented while President Duterte was still in post.
The next big step was to be the roll out of transponders to all of the fishing boats in the country, I think up to 50,000. That is when it became a big political issue
There are vested interests that do not want to be regulated. They are the big commercial fishing companies and the families that control them. In essence they want to continue to fish waters within an exclusion zone of 15km. They are able to do so now because there is no official monitoring. The new VMS would change that. Small fishermen depend on the fish that the big boats take and that is why current President Marcos wants to proceed with the rollout. The EU have a role to play here as they can issue a so called red card if fish exported from Philippines cannot be shown to be compliant with IUU regulations.
It looks to those who follow SRT closely that battle lines have been drawn and that the commercial side are using the allegations of impropriety as a weapon to maintain their ability to fish inshore. It is no coincidence that some parties in a position to decide matters are related to people who own the commercial fishing companies.
From my perspective, SRT acted properly and have nothing to hide, but the vested interests will use their power and money to try to prevent a mechanism designed to stop illegal, unreported and unregulated fishing.
Don't just take my word for it. Read this article in Rappler who investigated the story and published on 5 April..."
Steady the Buffs!
GLA an
..""The final results of the 2014 FS update are expected to be announced during April 2024."
The clock is fast running down on that one............"
ZIOC has historically left even Interim and Annual results close to deadline, even before the added complexities of the current, more dynamic situation.
There's still a week to go.....and this (hopefully relevant ;->) precedent :
.."The Glencore loan is due for repayment by 31st March.
Given that the 31st March is Easter Sunday and stock markets close Thursday 28th, we're surely going to get something before then?"...
The London stock market was in fact open for a half day on Good Friday 29th March.
An RNS arrived 28th March at 4:06pm .
It included not only a loan update AND a project update, but ALSO an update on the Shard facility AND the news of SMC's appointment as Joint Broker....
Given this, I'm cautiously optimistic that we can expect a similarly content-rich RNS by c.o.b next Tuesday.
And if there's a slight delay - which would probably be 'force majeure' given the # and calibre of counterparties - it wouldn't be the end of the world.
Meanwhile, it's a case of 'Steady the Buffs' !
Or perhaps more topically الصبر جميل.....
GLA and ATB
.."Look around at the small cap market, dilution after dilution at huge discounts.."
You're obviously not familiar with the terms of the Riverfort facility and how that has played out...and have ignored the value destruction at HELD without taking account of any shareholder dilution : the s/p is currently @2.7p, compared to a 12-month high of 22p.
Your complacency astounds.
Do you ever actually read RNS's ?
The latest loan isn't from a bank, it's from a boutique .."a European investment and consulting house focused in health along with oil and gas, commodities construction, and financing,.." and is somehow (somewhat improbably, IMO) secured by an insurance policy, details awaited.
HTH
The US (Dept of Energy, no less) - a bastion primarily of EAF - is getting in on the act, with Vale...
https://www.thecooldown.com/green-business/iron-ore-briquettes-plant-vale-doe/
.."Mining giant joins forces with US government to 'revolutionize' steel production: 'Already makes a difference'
The partnership will feature $282.8 million in funding from the DOE for the development...."
GLA and ATB
Even the US (Dept of Energy, no less) - a bastion primarily of EAF - is getting in on the act, with Vale...
https://www.thecooldown.com/green-business/iron-ore-briquettes-plant-vale-doe/
Mining giant joins forces with US government to 'revolutionize' steel production: 'Already makes a difference'
The partnership will feature $282.8 million in funding from the DOE for the development.
GLA and ATB
Ashmore's latest, for additional macro-economic context :
"...Argentina: President Javier Milei requested Argentina join NATO as a global partner. It is unclear if that would have any relevant implications beyond bringing Argentina closer to the US. Congress started debating a new fiscal reform bill that lowers the income tax threshold, establishes a tax amnesty that creates a scheme to regularise undeclared assets and cuts personal asset tax, amongst other changes.
In the meantime, Finance Minister Luis Caputo pledged to keep achieving a budget surplus, which kept Argentinian bonds well supported again last week. The trade balance was USD 2.1bn in March, above estimates of USD 1.2bn and USD 1.4bn prior. Exports rose to USD 6.4bn from USD 5.5bn. Imports rose to USD 4.3bn from USD 4.1bn....."
'Steady as she goes...'
GLA
Revisiting : what are the 'uncompleted' facilities about? Why is HELD 'financing the first stage of additional cultivation capacity' when it hasn't achieved first production yet - not even a pilot harvest by someone else, never mind its own ?
Reminder : it was 28 Dec,4 months ago, that HELD trumpeted this landmark achievement :
.."Elgo Dimitra, the public research institute overseen by the Greek Ministry of Agriculture successfully began [Ed.: for Halland75 benefit: note past tense ie more than 4 months, some time between July and December 2023] the cultivation of medical cannabis flowers for Hellenic Dynamics.."
Still running on fumes, IMO.
GLA
Riverfort loan o/s are apprx Usd 280k equiv.
Let's see whether balance is settled in cash or more shares b4 cracking the champagne.
And what are the 'uncompleted' facilities about?
The devil is in the detail, AFAICS.
GLA
With this follow-on exchange :
Q :.." Sebastian, query: Is there no recursive incidence in the Court of Appeals? Isn't the question about the company's shares subordinated to the outcome of the appeal? Gcias
A: Judge Preska's ruling is a Final Judgment that can be appealed (as Argentina has done), but this ruling is also automatically enforceable unless Argentina deposits a guarantee to avoid enforcement. Argentina chose not to deposit this guarantee, which is why embargoes or similar ones began.
If the Court of Appeals rules in favor of La República and the beneficiaries of the ruling managed to get hold of some assets as collection of the judgment, then enforcement is suspended until the Supreme Court gives its opinion (if it reaches that instance).
The beneficiaries of the judgment will not have to return the seized assets(s) to Argentina until the Court issues its ruling.
In my opinion, it is a matter of negotiation. Not of seizure..."
Popcorn at the ready.
Sebastian MarilSebastian Maril
• 3rd+• 3rd+
Regional Director, US & Latin AmericaRegional Director, US & Latin America
3h • 3h •
Follow
..." YPF JUDGMENT CREDITORS ASK NEW YORK JUDGE TO COMPEL ARGENTINA TO TRANSFER OWNERSHIP OF THE OIL AND GAS COMPANY
YPF judgment creditors have petitioned Judge Loretta Preska of New York’s Southern District Court to authorize the transfer of ownership of all YPF shares expropriated by the Republic in 2012, including those allocated for the provinces. Originally filed on April 1, this request was kept under seal by the creditors, rendering it inaccessible to the public. Currently, Argentina holds a 51% stake in the oil and gas company, with 25% of this ownership designated for the oil-producing provinces. Recently, the Republic voiced opposition to the creditors' actions and urged Judge Preska to unseal the transfer of ownership motion. The New York judge sided with Argentina and YPF, who made a similar request.
Nevertheless, next month, Argentina intends to contest the creditors' motion to transfer ownership of YPF shares owned by the government. According to Title III, Chapter I, Article 10 of the YPF Expropriation Law, any transfer of the expropriated shares requires the approval of two-thirds of Congress. While it's improbable that the Republic will transfer ownership of the shares to the creditors, Wall Street is poised to play an active role in resolving this litigation, given that this development involves a NYSE-listed company and a sovereign nation with strong ties to the US, which may soon face contempt charges from a US court if it doesn’t comply with a likely turnover order.
In November, Judge Preska noted that shares owned by the Federal government, excluding those pledged to the provinces, could serve as collateral to prevent embargoes during the appeal. Since Argentina never pledged its shares, judgment creditors obtained clearance to enforce the 2023 judgment.
Plaintiffs will respond to the Republic's opposition to the transfer of ownership by June 1, after which Judge Preska will promptly rule on the motions...."
'Things are getting serious....'
GLA and ATB
.."this does mean that the QIA could be on both sides of a deal. Convulted? Who knows?!.."
Totally agree! AIUI, many of the Qatari Royal family hold British passports ('to be sure, to be sure') and of course have extensive sponsorship of horseracing, bothin the UK (Ascot, Goodwood) and France (Arc de Triomphe).
See also their 'honest broker' role in the merger/takeover GLEN/Xstrata, here
https://www.theguardian.com/news/2022/nov/15/sheikh-world-cup-qatar-uk-links-decades-hamad-bin-jassim-bin-jaber-al-thani?ref=biztoc.com.
Probably better to have them inside the tent, rather than...etc !
Qatar might well want to needle Saudi, but a feint is more likely than a serious counter-punch, IMO :
- Qatar already has strained relationships with the rest of the GCC, only now recovering from an outright trade embargo;
- it is home to Al Jazeera, which is a thorn in MBS's side and currently host to most of Hamas's leadership; it backs the Muslim Brotherhood, which is proscribed as a terrorist organisation by the rest of the GCC, etc etc;
- it has a 'complicated' relationship with Iran, with whom it shares the North Dome/South Pars gasfield on which its economy depends; it hosts the US forces at Al Udeid airbase, but conspicuously took no (acknowledged, tbf) part in the recent defence of Israel, unlike the UAE and Saudi; now is hardly the time to be ruffling feathers.
- it and the UAE are on opposite sides in the ongoing Libyan conflict(s);
- it has minimal iron ore expansion plans of its own, given geographic size and better investments/ employment prospects elsewhere for its indigenous population of about 350K, roughly 10% of the total population. Its biggest steel investment AIUI is a 25% stake in Foulath, Bahrain.
Having said all the above, it might suit Qatar ( GLEN's largest shareholder, as you rightly point out) to go through the motions, if only to encourage someone else to pay more for ZIOC than they otherwise might.
Truly 'win-win', from Qatar's PoV ! And presumably therefore - albeit in a smaller way - our own.
Bring it on!
AFAICS
.."The key takeaway is that they haven't taken Tranche 3 .."
That's my assumption also, but you know what they say about 'assume'....and I was hoping that - apart from confirming this was the case - AT's reply might be a bit more informative.
As would your sharing the Qatari tidbit that you've teased twice now ;->
GLA & ATB
(1) OK, MM : I'll bite. What are you seeing re Qatar?
(2) Re dilution via R/I, I reckon Elphick would fight with tooth and nail against - he has so far (but may have to concede in the end)
(3) Re (2) I've asked AT re current share nos, because ZIOC hasn't AFAICS updated to take account of Tranche 3 (which was discretionary)...and SMC is required to subscribe within 14 days of completion of Tranche 2.
AIUI.
GLA & ATB
See also this article , with more numbers
https://greekreporter.com/2023/01/27/first-medicinal-cannabis-production-plant-opens-greece/
including this, re potential competitors
.."Since June 2018, when the legislative framework for the licensing of plants for the cultivation and production of finished medicinal cannabis products came into effect, the General Secretariat of Industry of the Ministry of Development and Investments has licensed 134 plant installations nationwide..."
That's a lorra, lorra licenses....
GLA