Member Info for extrader

..hxxps://ukinvestormagazine.co.uk/standard-reversal-hellenic-dynamics-cultivates-licence

which said (as at 7/12/2022) ..."The company still has to obtain an operations licence in Greece so that it can SELL the cannabis flowers and extract that it will PRODUCE..."

This is a black swan/white swan issue : HELD can remove the uncertainty in an instant, if it wishes or can. And why ever would it not want to ?

Hi havegun,

I've shown on the 9th RNS's and other evidence that they don't have the operational license, or - if they do - they haven't RNS'd it for some inexplicable reason.

What's the evidence for your statement, pls?

TIA

.." TAG ...confirm[s] the maturity dates of each of the loans with the Lenders:

· High West Capital Partners LLC (1,615,253,000 SYME shares transferred): 2 June 2023;

· Stock Loan Solutions LLC (778,571,429 SYME shares transferred): 24 July 2023; etc..."

So some news is already overdue, AFAICS.

A previous strategic review, 5 years ago, included this :

hxxps://exame.com/negocios/wilson-sons-vai-avaliar-venda-de-ativos-e-parceria-estrategica/

The board of directors of Wilson Sons approved Monday the beginning of the evaluation process of its investments in container terminal and logistics assets, the company said in a material fact.

"The process is part of the evaluation of strategic alternatives that is being carried out by the company's board of directors, which may include the DISPOSAL [my caps] of the referred assets, as well as the ATTRACTION OF STRATEGIC PARTNERS," Wilson Sons said."

Then, as now, we're reminded that ' no decision has been taken and there is no certainty that any transaction will occur'.

Suggestion that MSC may be looking only at OCN's stake :

https://www.infomoney.com.br/mercados/wilson-sons-port3-controlador-confirma-que-avalia-venda-de-investimentos-na-companhia-desempenho-acoes/

Googletranslate :

"According to a report by Bradesco BBI *, MSC is reportedly negotiating the purchase of 57% of Wilson Sons in a transaction of approximately R$ 5 billion or R$ 8.8 billion for 100%.

Bradesco BBI commented that assuming the amount of R$ 8.8 billion-R$ 11.3 billion as equity and company shares to establish the price range, this change of control may result in a tag-along price of R$ 19.90 to R$ 25.60 per share of Wilson Sons, resulting in a possible increase of 90% to 144% over the closing price of last Friday.."

* Bradesco BBI is the investment banking arm of Bradesco Group , 3rd largest bank in Lat Am, for context, in market cap. a little below Barclays.

The only vague mitigant is that the awards don't vest for 3 years, and have to be held for 2 years thereafter before exercise, as I read it.

They'll only pay out earlier - under normal rules - if there's a corporate action and SAGA is taken over.

.."The normal vesting date of the RSP Awards will be 12 June 2026, being the third anniversary of the award date. Once vested, the RSP Awards will normally be exercisable until the day before the tenth anniversary of the award date. The RSP Awards are subject to a two-year holding period commencing on vesting."

AIUI.

So more like a 'golden parachute' on exit.

Could be. SCSW's periodic update talks of OTB moving up-market to higher margin business and upsums : 'A sitting duck to a predator on a P/E of 6.6'.

Mind you, having added it to the Portfolio in July 21 @ 199p (one of only 2 shares that are 50% down and are still held) one might think 'Well, he would say that, wouldn't he?'

NAI, DYOR, ATB

AD Ports is looking to expand its logistical footprint in Africa.

The local 'elephant in the room' was Bollore Africa, which had used France's post-colonial clout to build up its presence. in 47 African countries, including 250 subsidiaries, three railway lines and a presence in forty-two ports, including the concessions of sixteen container terminals and seven Ro-Ro terminals .

It was acquired by MSC , another logistics group, in 2022, that is leading the sector's consolidation.

There's been some speculation about what form ZIOC 'monetisation' might take, from a macro-economic/geopolitical perspective and whether it might end up in the 'non-aligned' BRICS world that concentrates on South-south trade.

!4 business days (at most) before ZIOC has to update us on what it's been doing the last 6 monthes...

Well, MSC seems to be subscribing to this world view : it's reportedly in informal talks to acquire a majority stake in Wilson Sons, a major operator of ports in Brazil, 57% owned by Ocean Wilsons Holdings (OCN). I hold.

The O Globo snippet re (in)formal proposals was short on detail, not making it clear whether the mooted Rs 5 billion was 'outright sale' or 'implied value'.

The earlier corporate activity by MSC in Brazil was to acquire a controlling interest, whilst maintaining a public listing. Possibly because of the target's 'strategic' nature?

.."MSC asked Brazil's competition regulator, the Administrative Council for Economic Defense (CADE), for permission to purchase up to 67 % of Log-In's shares.

The acquisition would happen through a public offer process, and MSC said at the time that it would tender an initial offering price of $4.73 per share - a 67% premium over Log-In's share price..."

An opportunity for the Salomons to monetise a serious %age of their Wilson Sons stake at a 'realistic' aka full valuation might be too good to pass up.

Thanks !

Re YPF, here's an article showing the scale of YPF's activities (possibly relevant when it comes to negotiating a settlement with Argentina).

You'd think that the Russians already had quite enough on their plates, it seems that they've been cosying up to Argentina re Vaca Muerta :

MOSCOW, June 9 - Russia's largest producer of liquefied natural gas (LNG) Novatek NVTK.MM last year offered

technology to build a plant to produce the gas from Argentina's Vaca Muerta field...

The Vaca Muerta formation, in Argentina's Patagonian south, is the size of Belgium. It holds the world's second-largest

shale gas reserves and the fourth-largest shale oil deposits.

It could become a key global supplier of gas as the world looks for alternatives to Russia, whose energy industry has been heavily sanctioned over its military campaign in Ukraine.

The LNG project promises future dollar earnings for the cash-strapped South American country even though the gains are still years out. Growing production from Vaca Muerta should also allow for less reliance on costly gas imports over time.

(Reporting by Vladimir Soldatkin in Moscow, additional reporting by Eliana Raszewski in Buenos Aires; editing by Guy

Faulconbridge and Susan Fenton) ((vladimir.soldatkin@thomsonreuters.com; twitter: @vsoldatkin;))

'Asset rich, cash poor...'

Hi Agricore,

You'll see that I've copied over for info (and a link to source) a post made by someone else.

The journalist isn't some random blogger' he's a senior journalist (250K Twitter followers) in the Globo Group, largest media Group in Lat America.

As to the numbers, the poster source used NAV in his concluding remarks, when he should have said MCap , based on MSC's offer. I missed that.

As you point out, NAV isn't necessarily a good metric : most companies' market value is higher than TBV, esp. where prospects are good, which (presumably) explains MSC's interest ....and maybe even the premium they're reportedly willing to pay , which they did in an earlier Brazilian acquisition https://www.seatrade-maritime.com/containers/log-logistica-accept-msc-takeover-offer , also (coincidentally ?) at a 67% premium to the s/p.

In any event, it looks as though we're agreed that at the very least there should be a material re-rating of OCN.

ATB

Hat tip to JimmyWilson on advfn

.."MSC, a Swiss company specializing in maritime transport, is negotiating the purchase of Brazil's Wilson Sons, one of the country's longest-running companies, founded almost 200 years ago.

This is a transaction of about R$ 5 billion. If it closes, it will be MSC's second acquisition of a national company in a year

[Ed.: In December 2021, MSC is offering at least 5.7 billion euros for Bolloré Africa Logistics, a subsidiary of the Bolloré group. In December 2022, it was announced MSC had completed the acquisition of Bolloré Africa Logistics.]

Source; hxxps://oglobo.globo.com/blogs/lauro-jardim/post/2023/06/empresa-suica-de-navegacao-negocia-a-compra-de-companhia-brasileira-em-transacao-bilionaria.ghtml

£5BN Brazilian Real = £816M for the business. OCN Owns circa 57% = £465M. Market Cap = £320M

So the rumored offer is above OCN current market Cap without its investments of circa $290M/£233M thrown in.

If the offer goes through (big if like) then I put Net Asset Value of circa £700M vs £320M current market cap. Big upside if you ask me..."

...and the Japanese (Nippon Steel, not Vale potential investor Mitsui) are also getting in on the 'green' act, although only Oz and Brazil name-checked :

https://www.bnnbloomberg.ca/japan-s-top-steelmaker-eyes-700-million-green-steel-project-1.1890552

Snippets :

.."Japan’s biggest steelmaker is considering a major investment in a green steel project powered by hydrogen as a global push to decarbonize one of the world’s most polluting industries gathers pace..."

.."“We can’t avoid pathways toward carbon neutrality,” Mori said. “We are currently comparing several projects to see if there’s anything that meets the conditions for green-steel manufacturing or investment.”

Nippon Steel and peers ArcelorMittal SA, the world’s biggest steelmaker outside of China, and China Baowu Steel Group have all pledged to become carbon neutral by the middle of this century. Elsewhere, South Korean rival Posco recently announced a plan to invest $40 billion in hydrogen manufacturing as well as green steel with partners in Australia by 2040...."

GLA

Https://www.morgans.com.au/research-and-markets/market-news-and-data/Breaking-News/Worlds-biggest-steel-maker-eyes-new-green-plant-in-WA-S-2152735

12 May 2023, 11:51 AM | Stocks mentioned: FMG RIO BHP

Western Australia is in the running to host a green steel plant bankrolled by the world's biggest steel maker, China Baowu Group.

" During talks with Trade Minister Don Farrell in Beijing, company chairman Chen Dorong said the availability of clean energy and ore make Western Australia ideal as a site for the new facility.....

Baowu has also been trialling blast furnace technology that uses hydrogen and heads a global alliance on low-carbon metallurgical innovation that aims to cut pollution from the heavy industry.....

The steel industry accounts for around 15 to 20 per cent of China's greenhouse gas emissions........

The biggest buyer of Australian iron ore wants to decarbonise operations BUT IS ALSO EYEING WEST AFRICA, SOUTH AMERICA and SAUDIA ARABIA as alternatives....."

Apart from Oz (political risk/Five Eyes etc?], Bao Wu would seem to be looking at :

- West Africa : a plant in Guinea (Simandou) or C-B (prev discussions re gas supply);

-South America : Brazil (VALE), which has the raw material ...and maybe the 'green' technology + energy inputs; or

-Saudi : which has 'greenish' energy inputs - solar, hydrogen, Gas ( 'greenish' relative to other fossil fuels) - but no raw material (as yet).

Another wrinkle/permutation to factor in.....

Let's see what ZIOC has to say at the interims.

Getting back to Gulf steel mills, I've been having a 'senior moment' : apart from Oman, Saudi and UAE, there may be investor/ offtaker potential from Kuwait and Qatar, a little directly - from Qasco- more so from a plant they've co-invested in in Bahrain :

http://www.foulath.com/about.html

BAHRAIN STEEL: Established in 1984, Bahrain Steel, wholly owned by Foulath, is a leading producer of iron-ore pellets used in the production of steel. It operates two pelletizing plants in the Kingdom of Bahrain with a total capacity of 12 million tons per year. It is the largest DR merchant pelletizing producer in the world and the only one located in the Middle East.

It's long-term contracted part of its raw material from AngloAmerican (in Brazil), but is another 4-5mtpa prospect for the balance, AIUI...

'Every little helps'

Australia's main market is China, there's a limited extent that China can 'greenwash' credibly when over 30% (?) of its energy comes from coal (which Aus is also happy to supply). So Oz will let the commercial imperatives prevail. It's hardly in a position to walk away from its major exports...or have an incentive to talk down its prospects (as 'part of the problem').

https://www.ga.gov.au/digital-publication/aimr2022

In 2021, iron ore and coal provided 42 per cent of Australia’s export income

Main markets for ZIOC et al will be the West (and others, to the extent that they sell to the West), for products at the higher end, where 'ethically sourced' resonates - BMW. Mercedes etc.

Oz will score well here, with rapid growth forecast for its EV minerals, esp. 'ethically-sourced' lithium et al.

Maybe relevant : I was involved in the financing of a 'retrofit' for an aluminium smelter in the Gulf more than 30 years ago, making its product more environmentally friendly (by the standards of the day), on the rationale that this was a good way of differentiating themselves from the competition.

It (combined no doubt with other factors) seems to have paid off :

www.zawya.com/en/press-release/companies-news/alba-maintains-its-status-

Manama (ALBH): With a production of 1,600,111 metric tonnes (MT) in 2022, Aluminium Bahrain B.S.C. (Alba) continues to be the world’s largest Aluminium smelter ex-China

All IMO/AFAICS

All good stuff.

This still appears to be outstanding :

a question about the status of HELD's operational licence, 1 of the 2 it needs : From RNS dated 2nd August 2021:

"Greek legislation describes a two-stage licensing process; the first being an installation licence and the second an operational licence.... Hellenic holds a facility installation licence (the "Licence"), granted on 24 October 2019, which permits it to construct and establish a cannabis processing and production facility. Hellenic is in the final stages of completing the necessary works to apply for an operational licence."

So they had the installation licence but not the operational licence (surely getting it would be newsworthy and RNSable?).

The last mention appears to be here

hxxps://ukinvestormagazine.co.uk/standard-reversal-hellenic-dynamics-cultivates-licence

which said (as at 7/12/2022) ..."The company still has to obtain an operations licence in Greece so that it can sell the cannabis flowers and extract that it will produce..."

Someone said they'd written a while back and had no reply.

GLA

.."A tad cynical I think.."

A tad justified, I think.

In the last week I've been right in my comments about Venus and right (it would seem) in my comments about High West.

The week before, it turned out that SYME hadn't/still hasn't been straightforward about the liquidation of StormHarbour (since RTO 3 years ago its key UK contact) and what it had done/was doing to replace it.

And so it goes.

17 August 2022

..â€￾ Further to the Company's announcement of 29 July 2020 ("Stock Loans RNS") pursuant to which SYME had been notified by 1AF2 Srl (now called the AvantGarde Group SpA or "TAG") that it had transferred as loan security a number of SYME shares to three lending platforms ("Lenders"), the Company has been further updated by TAG to confirm the maturity dates of each of the loans with the Lenders:

· High West Capital Partners LLC (1,615,253,000 SYME shares transferred): 2 June 2023;â€￾

Someone might ask AZ at the AGM whether this was repaid or not.

Copied elsewhere, since my recent post showing that Venus has off-loaded 10+ Bn shares has been “disappearedâ€￾.

Why would any honest person do that?

Ho hum

Hi Ellite

In essence :

.. an unnamed II has made a commitment to the representative of a StockCo that hasn't yet been set up (but will be by 30 June) to provide funds for an un-named marineparts supplier...

Why (given all the lead time) hasn't a Stock Co been set up weeks/months ago ?

http://www.ltdcompany.co.uk/shelf-companies/

The only 'hard fact' here is that there's a deadline :30 June.

Curious, that.

IMO.

HTH