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Given static share numbers, this suggests that the Fixed Assets were acquired at prices including a lot of intangible value.

The related debt is very real, however.

As the Iceberg (Aug 2022) note says

"..Victoria also has no tangible equity (minus £302m) if you exclude intangible assets from acquisitions. This is because debt, largely senior secured notes and preferred equity, was used to pay for most deals. As a result, total debt was 120x higher at the end of FY22 at £1bn, versus £8.6m at the end of FY13.

Even worse is the free cash flow. The group’s total FCF for the last 10 financial years was minus £493m. Peers Headlam Group and Mohawk Industries, on the other hand, produced £246m and $2.1bn (~£1.6bn), respectively..."

E&OE, NAI

No position.

ATB

VCP net debt progression

£m 255 326 449 462 732 1,066

Net Fixed Assets

£m 149 197 297 286 357 627

Book Value

£m 266 302 241 208 203 119

Average Shares

m 103 123 125 129 117 116

Book Value ps

p 226 241 192 178 173 103

GT are a bit conflicted, since they allegedly failed to pick up the 2 x questionable acquisitions subject of Iceberg's article, one of which is named again in the current furore.

Do they 'double down' or 'fess up ?

Tough call.

Iceberg flagged VCP's debt levels as one of their other concerns, btw.

Meanwhile, after 3 weeks poodling around the Med, PP-FCC has just flown in to Brazzaville today....

Maybe someone's seen a draft of ZIOC's interim statement?

Or maybe not.

And, after 3 weeks poodling around the Med, PP-FCC has just flown in to Brazzaville today....

;->/;-

With this outcome

https://uk.advfn.com/stock-market/london/capricorn-energy-CNE/share-news/Cairn-Energy-PLC-Cairn-Energy-PLC-India-Update/86446847

India Update

Cairn is pleased to announce that it has entered into undertakings with the Government of India in order to participate in the scheme introduced by recent Indian legislation, the Taxation Laws (Amendment) Bill 2021 (the "Taxation Amendment Act"), allowing the refund of taxes previously collected from Cairn in India.

Subject to certain conditions, the Taxation Amendment Act nullifies the tax assessment originally levied against Cairn in January 2016 and orders the refund of INR 79bn (approximately US$1.06bn*) which was collected from Cairn in respect of that assessment...."

Thanks.

This is an example Artem quoted (Burford-financed) :

https://www.bbc.co.uk/news/business-57742080

Cairn, Indian govt, $ 1.7Bn judgment, Paris properties...

ATB

And, more recently,

https://en.wikipedia.org/wiki/Wang_Dongming

Wang Dongming (Chinese: 王东明; pinyin: Wáng Dōngmíng; born July 1956) is a Chinese politician who has served since 2018 as the Vice Chairperson of the Standing Committee of the National People's Congress and the Chairman of the All-China Federation of Trade Unions....

All good stuff.

Since then, he's moved up in the world

https://en.wikipedia.org/wiki/Wang_Dongming

All good stuff, IMO

Hi Vet10,

Thanks for this!

Interesting bit is that the BaoSteel man that AlKhorayef met is from the CCCP, who 'call the shots', see

https://www.baosteel.com/group_en/contents/2863/38625.html

from a few years back...

.."At the meeting, Wang Dongming, vice minister of the Organization Department of CCCPC, entrusted by the leading comrades of the central authorities, announced the decision of the Party Central Committee and the State Council on rearranging Baosteel's major leadership.."

etc.

GLA

Hi Vet10,

Thanks for this!

Interesting bit is that the BaoSteel man that AlKhorayef met is from the CCCP, who 'call the shots', see

https://www.baosteel.com/group_en/contents/2863/38625.html

from a few years back...

.."At the meeting, Wang Dongming, vice minister of the Organization Department of CCCPC, entrusted by the leading comrades of the central authorities, announced the decision of the Party Central Committee and the State Council on rearranging Baosteel's major leadership.."

etc.

GLA

Thanks for this. Allow me :

.."The Saudi side highlighted the mining investment system in the Kingdom and the goals of the mining strategy..."

We look to co-invest with industry-leading counterparts who can help us achieve our goal of resource independence as we acquire stakes in each stage of the value chain.

"Sorted."

ATB

PS One of the companies named by Iceberg - Hanover Flooring Limited - appears to be the same company that is the subject of Grant Thornton's currently qualified opinion, mentioned in today's FT article.

A 30 second google search ' vcp audit issues' threw up this lead

https://iceberg-research.com/2022/08/03/victoria-plc-vcp-ln-mites-under-the-rug/

suggesting some irregularities, involving 2 specific acquisitions

Companies Victoria claimed to have bought were in fact its own existing subsidiaries.

Victoria made these entities look unrelated i.e., their names were changed before ‘acquisition’.

At the least, Iceberg's dossier raises questions, AFAICS.

NAI, DYOR etc etc

I have no position.

Meanwhile, on a more positive note, SaudiArabia's Aramco oilco has closed its first major deal in S America, in neighbouring Chile, see

hxxps://newsrnd.com/news/2023-09-15-aramco--the-world-s-largest-oil-company--lands-in-south-america-with-the-purchase-of-chile-s-esmax.Sk5CkBMyT.html

.."Esmax's presence in Chile includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.

Aramco's entry into the South American country marks the Saudi giant's entry into the region, with a view to continuing to expand in other countries..."

Starting with traditional hydrocarbon-related industries that it knows well, Saudi Arabia is also interested in investments in green industries eg green (renewable-sourced) hydrogen and lithium, as well as conventional agriculture goods and services, where Argentina has a lot to offer.

Thanks for this informed opinion, Mr M.

If BUR's bailiffs go after some visible/'emotive' assets that attract a lot of attention and media coverage (Q : maybe kidnap Messi for ransom ? that's a joke ;->) , will that not inevitably direct some criticism towards those politicians/that political party that made their misguided choices re the manner of YPF nationalisation/expropriation in the first place ...and then persisted in its folly?

It's not a direct parallel, but there are many people in this country who don't forgive or forget the Blair team and their decision to take us into war with Iraq and note how the effects of that decision had (and continue to have) a baleful subsequent influence on British politics and politicians of all parties.

See this relatively recent article from The Guardian, normally supportive of Labour :

https://www.theguardian.com/world/2023/mar/20/iraq-war-destroyed-uk-trust-politicians-labour-turmoil-tony-blair

..[Campbell] could not have foreseen how deeply British politics was to be shaped by Iraq over the next 20 years. It was to tear at successive Labour leaders, weaken the intelligence agencies and paralyse the process of authorising the use of force overseas.

Rather than prompt a sober re-examination of the true [limited] influence UK prime ministers had on US administrations, it instead took Britain further from the centre of Europe...

Above all, it poisoned the well of trust in British politics."

If YPF becomes more of a political football in this election as a result of BUR's enforcement attempts, might that not be held to be interfering in the electoral process ie nudging voters in one direction (presumably towards those politicians in favour of cutting a deal) and antagonizing those against ?

If the electorate actively endorses a candidate(s) who's agreed to pay/negotiate, that's one thing.

But where does BUR then stand if 'those against' unexpectedly win a mandate to govern?

There seems to be more scope for downside than upside, seen from this outsider's point of view.

Appreciate any further nuance you may care to share....

Thanks in advance !

ATB

Thanks Vet10,

Special law relates to fiscal and related environment, passed (unusually) by Parliament.

AT spoke of a 7 billion ton resource...and trucking product to the IFC co-financed railway in Gabon......

We've all passed a lot of water since those days.

ATB

MINING SUMMIT

5 - 6 October 2023

Minerals of the future

In-Person & Digital | The Carlton Tower Jumeirah, London | #FTMining,

Vale well represented, Bartolomeo + BioDiversity + LowCarbon Steel (Spinelli), along with Friedland (Ivanhoe) and the head honchos from Arcelor Mittal, AngloAmerican, RioTinto , etc.

No Chinese representation, AFAICS....

..and, re India, by coincidence today's FT talks of the scope for increased trade/business between India and Africa, notably this bit :

.."

https://www-ft-com.ezp.lib.cam.ac.uk/content/c04006fb-0ce2-4b65-ac47-974891d09b9b

...Finally, Africa and India should redefine their energy and green economy partnership. Over 80 per cent of India’s energy needs are met by three fuels: coal, oil and solid biomass, making the country the third-largest global emitter of CO₂.

With its abundant supply of renewable and transition energies such as gas and hydrogen, both natural and green, Africa can support India’s transition to a green economy in an affordable and predictable way. This will increase the competitiveness of both regions and allow them to expand into other markets..."

Add 'green iron ore' to the mix, why don't you ?

;->

Hi TruroTrader,

I looked for your post - it's on 16th Aug, not Sept and appears to have been posted on the ECOB board, not here.

It's worth a read, hence my observation ;->

HTH