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.."Delays have caused friction among partners. hVivo, part of London-listed pharma-services company Open Orphan PLC, ORPH -1.89% had hoped to use the Covid-19 challenge-trial model by now to test antivirals and other products for drug companies, executives have told industry peers..."

I'm sure CF will have been his usual diplomatic self.....

;-> / ;-<

ECP's FYE 2020 results showed a loss of £ 432K, on total assets of £ 3.5m, most of which consisted of 'investments', and Capital and Reserves of £ 34K

It's hard - on the face of it - to see how they could afford to buy Euro 40m worth of bonds.

Simples : they appear to have got a Vendor Loan (from 1AF2/TAG ?) for a conveniently matching Euro 40m, earning 1% on the spread (paying 1.5% on the Vendor Loan, receiving 2.5% as Bond coupon).

.."Consideration for the acquisition of the Bonds, including the accrued, unpaid interest, has been settled by a one year vendor loan ("Vendor Loan"), as described in the AGM notice and approved by shareholders on 6 August 2021, for the full par value of the Bonds and bearing interest at a fixed rate of 1.5% per annum due on repayment. The Vendor Loan may be repaid in full at any time and ECP can make partial repayments from time to time. In the event of a default on the repayment of the Vendor Loan, interest will accrue at a rate of 2 per cent. above the Bank of England Base Rate per annum. The transaction is, therefore, expected to provide ECP with a 1% per annum net interest income from the Bonds in the first year which is expected to be €400,000..."

I have to speculate as to Loan Provider because although this RNS says that details were described in the AGM Notice, I couldn't find anything in said notice.

1AF2 / TAG has 'paid' for the SYME shares acquired from IWEP/DC 8 months ago by issuing bonds underpinned by SYME shares; and ECP has now bought those Bonds by a loan from 1AF2/TAG...

How will ECP repay the one year Vendor Loan ?
The Vendor Loan is intended to be repaid by the raising of new equity capital and the issue of other securities by the Company in stages, in the short-term.

How will 1AF2/TAG redeem the 3 year Bonds ?
The Company understands that it is the intention of TAG to list the Bonds on a European stock exchange in due course.

That would require TAG to make some meaningful financial disclosure. Can't see that happening, meself.

If/when 1AF2/TAG redeem/repay the Bonds, there's an Exit Fee payable :
The Exit Fee on repayment of the Bonds is 33 percent of the value of the shares held by the Chargor 1AF2."

That would presumably reduce AZ's declared holding by quite a lot : 'AZ's haircut' would be about 2.8 bn SYME shares

This all seems terribly incestuous to me.....and a bit desperate, also.

AIUI

Thanks for the news quote.

But WSJ is talking about 2 x studies deliberately infecting volunteers - aka CHIMs ? - not characterisation study = establishing minimum safe dosage that will produce an infection OR experiments to see which variants can be successfully grown = what ChimAgents (sp ? ) , OO's subsidiary/affilate does.....

which are the 2 you describe.

Even more Confused.com

Thanks for this news re Delta.
I'm a bit confused by this bit, though :

.."Two Covid challenge trials sponsored by Imperial College London and the University of Oxford started earlier this year in the U.K. They so far have exposed more than 40 healthy, young volunteers under isolated medical supervision to the original Wuhan strain that circulated widely in 2020..."

Are these the HMG CHIMs or something else, I thought we were still awaiting the results of the (extended) characterisation study, before the 3 x HMG contracts could/would start.... ?

Confused.com

PS You have to email info@ncondezienergy to request a link to the webinar, I've asked that they make it more user-friendly (= link directly accessible from the website), in view of past connectivity/unresponsiveness issues...

I posted a first question, yesterday, which appears to have been 'disappeared' , so I'll try again , with some others :

(1) Last November NCCL pledged 11% of Powerco's shares to CMEC to secure its share of the $ 1.8 m 'accelerated' development costs to cover inter alia additional survey drilling (of what and where ?) and confirmation that key agreement docs such as the EPC agreementS were MozLaw compliant.
(a) what were the results of this 'accelerated' work, begun 10 months ago ?; and
(b) how has the collapse of NCCL's shareprice - from 4.95p then to 1.65p today , ie a 2/3 loss in value - affected the value of PowerCo, if at all ? and what - if any - has been CMEC's reaction to this further evidence of its partner NCCL's precarious financial position ?

(2) Based on management expectations, how much of the £ 600K raised (gross) is forecast to be needed to support the Solar side of the business ? And what were the net proceeds ?

(3) What was the profile of investors targeted for the Placing ? Who ended up taking part ? And how were they induced to part with £ 600k when the BoD - privy to a lot more information about the outlook - only participated with £50K ( a welcome gesture, but immaterial in context of Scott Fletcher's existing exposure , an increase from 73.5m to 76.8m or 4.5%) ?

(4) I appreciate the 'sensitivities' there may be re discussions with EDM/MozGov. What 3rd party evidence can NCCL provide that they are serious about proceeding with THIS project ? By now one would expect to see other bilateral /multilateral funding agencies cross-referencing Tete in any interdependent contracts (cross-border power supply, grid connections etc) they were supporting , local/foreign businesses making plans to avail of the promised electricity, MozGov entities including the anticipated costs and benefits of Tete in their planning and budgets; and press reports of local politicians taking the credit upfront....

I'm forwarding this to Elizabeth at Pimlico and to info@ncondezienergy.com and would encourage others to put in their questions as well.

Key bit is .."The trials will test the safety of the two experimental vaccines and how well they stimulate a broad range of bNABs against HIV..."

It doesn't look as though they intend - at this stage- to deliberately infect volunteers with HIV...

On 16/11/20 we were told of an accelerated development programme, cost $ 1.8m, for various works agreed with CMEC.
CMEC would 'front' NCCL, in return for a pledge of Powerco Shares.

.."-- Ncondezi and CMEC to agree a form of share pledge as security for funding made by CMEC as part of the SA
o Ncondezi will pledge shares in its wholly owned Mozambican subsidiary that holds the power project ("PowerCo").
o The number of shares pledged will be equivalent to the amount funded by CMEC, divided by the nominal value per share of PowerCo's shares
o The total nominal value of all PowerCo's shares is US$15.7m, so assuming CMEC funds the full US$1.8m, Ncondezi would need to pledge approximately 11% of its shares in PowerCo to CMEC
o Pledge will be released upon achievement of Financial Close with CMEC as strategic partner "

At the time, NCCL's s/p was 4.95p, other things being equal (PowerCo may not be congruent, presumably there's MineCo and SolarCo in the mix) that's 3x the current s/p.

Q 1 : Given the likely current security shortfall, what % age of PowerCo shares might NCCL have to pledge additionally to CMEC ?
Q 2 : When does NCCL expect to tell shareholders about the result of the specified milestones of this 'accelerated development work' that began in Nov 2020, viz
o Additional survey drilling required by CMEC to complete Chinese Government approvals for their investment in the Project
o Ensuring key agreements such as the Engineering Procurement and Construction ("EPC") agreements are compliant with Mozambican laws.

??

The RNS I read says 40m x 1.5 = £ 600k......
Q + A with Hanno next Tuesday.
Get your questions in....

Well, there you have it. RNS out. 40m shares @ 1.5p, Scott takes a bit. More warrants @ 3p...

£ 600K (gross) raised. Let's hope none of it is spaffed on solar.

KP2 at least seems to be schmoozing the locals appropriately, with at least a few carrots being dangled : from the latest RNS

.."Kola Potash Project
-- The Company signed a non-binding MoU with Summit, on behalf of a consortium of investors and engineering firms, to potentially arrange the total financing required for the construction of Kola in the presence of the Minister of Mines and his key staff in Brazzaville....and

Representatives of the key engineering partner of the Summit Consortium, SEPCO and the Company met with the RoC Minister of Mines and his staff in Brazzaville. A site inspection at the Kola Project was conducted with representatives from ENFI a subcontractor to SEPCO, and delegates from the Ministry of Mines...."

Their logistics issues are less complex than Zanaga's too, which surely helps.

AIUI

Milan Office, same address as SYME.

Former Head of the Supervisory Department of the Milan Office of the Bank of Italy, where he has covered his entire professional career for twenty-three years since 1987, he was equity partner of a specialized consulting company, from 2011 until 2013.....

https://www.parenteepartners.it/home/parente-e-partners-consulenza-banche-societa-finanziarie/

The Valsabbina deal is for notes expiring 2060, relates to loans (mortgages and loans to SME's) that originated by Valsabbina and have Italian govt credit enhancement.

On the face of it, nothing remotely to do with SYME.

See https://www.moodys.com/research/Moodys-assigns-definitive-rating-to-Valsabbina-SME-3-SPV-Srl--PR_451372

I'm encouraged that we've heard something from CMEC, even though it's only 'news about potential news', by end of September, of an EPC that was 'nearing completion' over 3 months ago.

But this RNS doesn't contain anything AFAICS that couldn't have been said 2 weeks ago and hardly (if a statement from CMEC wasn't ready then) have justified of itself a 'we can't say anything because of the sensitivities'.

Meanwhile, we've heard nothing on the tariff agreement progress, maybe to be expected.

But what about some info re :
- scope and outcome of survey drilling work announced 9 months ago, involving a partial pledge of NCCL shares (11%) - what have we got to show for this ?
- what progress on residual $ 5.7 m historic costs negotiations, announced 7 moths ago ? These involve senior and project management costs, so may be 'sensitive' for some , but - AS THEY EQUATE TO 50% OF OUR CURRENT MCAP ! - are of legitimate interest to shareholders ...

From the July presentation https://www.ncondezienergy.com/wp-content/uploads/2021/07/Ncondezi-Presentation-July-2021.pdf, p8,

the SIGNED EPC agreementS (there's more than one ?) are only half of Phase 1 (of 3 Phases) of Project Milestones, apart from Tariff Agreement, we have to FINALISE in Phase 2 the Power Purchase and Power Concession Agreements with EDM/MozGov, before targetting Financial Close during H1 2022......10 months from now....

Have we even started engaging with EDM/MozGov on PPA/PPC ? I think we should be told.

More pressingly, let's see what Hanno and co come up with to address what even armchair critics can see was a looming funding crisis.

But I'd still like some answers re the above.

Ho hum.

We have 5 weeks to the end of H1...and are hoping for one or more of the 6 'imminent' contracts to materialise.

This from the April update :

.."As of this statement, based upon customer guidance, we expect three of the Asian opportunities and one of the Middle East opportunities, with an aggregate value of approximately £71 million to commence during the first half , a further one in Asia worth approximately £14 million at the beginning of the second half, with the other two Middle East contracts , with an aggregate value of approximately £40 million, to commence later in the second half..."

So it would seem that 4 months ago Tucker was expecting 4 contracts , not only signed but actually under way.

Down to the wire, again.

Ho hum.

I wonder whether you'd get a different answer if you contacted these people

https://www.poolbegpharma.com/investors/advisors/

who according to the POLB website are its Financial PR and Investor Relations ?
Instinctif Partners
Ltd 65 Gresham St
London EC2V 7NQ

The London PR team may give you a different answer, looking at things from a UK, not Irish perspective....

To the trolls saying our CEO has sold (something he would have to announce to market?)..he owns 100% of AvantGarde who own 37.22% of #SYME #SkinInTheGame #BuySignal

AZ hasn't explained the circumstances around the recent (undisclosed to the market) pledge of a substantial # - if not all - of his shares, reportedly to secure new finance, until he does I think it's premature to make that assertion.

Consider also this : Hypothetically , AZ might own 100% of a trustco that owned 40 % (for the sake of argument) of SYME; if he were to sell 49% of that (keeping 51% in trustco B) ; and then sell 49% of that (keeping 51% in trustco C)...by the time you get to trustco E, he'd be down to around 6% ie 2.4% economic interest in SYME but still having 40% control...and would appear in the 'books' as sole beneficial owner.

This is supposedly how that pillar of the Establishment Harry Oppenheimer could control DeBeers (through several chains of company ownership) despite having a minority 'net net' holding.

PS If you think that the above is fanciful - and it may well be - it's also well within AZ's 'sphere of competence', consider Orchestra Group :
- at the time of the Prospectus, " Orchestra Group controls more than 20 per cent. of the share capital of The AvantGarde Group and is controlled by AZ Company and AvantGarde 4.0. ; and
-"Stefania Marasco holds 70 per cent. of the shares of AvantGarde 4.0 which holds a controlling investment in Orchestra Group. "; and
- the AZ Company itself was 'owned' by 2 trusts 1 x 1% and the other at 99%.

" Look at people's intentions, but plan according to their capabilities".

The earlier 1AF2 pledged shares for loans saga shows how things ain't always what they seem to be at first sight.

AIUI

This looks quite encouraging /pragmatic
https://eandt.theiet.org/content/articles/2021/08/china-commits-to-raft-of-carbon-intensive-coal-and-steel-projects-in-2021/

but when you look at the article itself, there's this bit, maybe less encouraging ( 'charity begins at home') :

https://eandt.theiet.org/content/articles/2021/06/more-chinese-backed-coal-plants-cancelled-than-commissioned-globally-report/

.."Since 2017, a wave of project cancellations has hit China-backed coal power investments - 4.5 times as much capacity has been shelved or cancelled than has entered into construction.

In 2018, a study found that two-fifths of the world’s coal power stations were already running at a loss. As well as their detrimental impact on the environment and high carbon output, the price of renewable energy has been falling dramatically in recent years, making new coal installations appear less economical in comparison.

Indeed, the CREA report specifically cited the “weakening economic competitiveness of coal” as one of the factors behind the shelving of projects. Public opposition and concerns about negative environmental and social impacts, as well as existing overcapacity in recipient countries, were also to blame.

Overseas coal projects with Chinese involvement have far higher air pollutant emissions than allowed for coal power plants in China, the report said, with declared emission limits that are on average six, four and seven times as high as the NOx, PM and SO2 emissions limits respectively in Chinese regulation.

Furthermore, in terms of CO2 emissions intensity, only three out of 16 projects were found to meet China’s domestic standards for thermal efficiency. On average, the projects had 8 per cent lower thermal efficiency than the minimum under China’s thermal efficiency standards.

CREA speculates that recent policy signals from recipient countries might well have made Chinese banks and suppliers more cautious about engaging in new projects, although it does not have the data to back this assumption yet.

In May, the Industrial and Commercial Bank of China, which is the world’s biggest bank by assets and a major source of global coal financing, said it was drawing up a “road map” to pull out of the coal sector..."

This suggests continued involvement (however disguised ) of GE and its technology may be an important part of the equation....

AIUI

.."An offtake agreement is exactly what Glencore want from ZIOC. .."

Their marketing arm already has offtake arrangements with several mines, in which GLEN has also taken minority equity stakes or participated in convertible loan facilities, IIRC. Presumably, to 'prime the pump'.

In Zanaga, it's starting at the other end of the chain, as an owner/potential producer.What it has to get its head around, IMO, is to dilute/eliminate its equity role, in return for getting a longterm offtake agreement in place, with sufficient safeguards to prevent or make it costly for the new owner to renege.

That's the most likely way that I currently see GLEN extracting (at least partial) value from this otherwise wasting asset.

AIUI

Hi Johnski,

I've done you the courtesy, since you've written another very thoughtful post, of looking through your own posting history.

Our profiles seem to overlap more than you've guessed - agewise we're almost contemporaries; I'm a Scouser (Alder Hey); have Scottish and Yorks connections. Education-wise, you seem ahead of me - boarding school and postgrad ? With a 'university of life' shipyard job at 16 in-between ...must be quite a story there ? I was just a lucky direct grant schoolkid who got a scholarship.
Never did postgrad stuff , but studied at 3 universities, 1 x Russell, 1 x non-Russell and 1 overseas.

I see you waxing eloquently about falling in love with SYME, hence perhaps your asking the same of me ?

Sorry to disappoint : to reference another of your posts, I seem to be the 'bad twin' , the dark to your light, the yin to your yang etc.

You'll see from my posting history that the shares I follow are mostly for intellectual curiosity : I see that we appear to overlap in SPAC...and I follow ORPH and its spin-off POLB, while your interest in things medical is seemingly satisfied by VELA.

I've actually put a little money in those, unlike SYME. On the few occasions I've been tempted - and close to 'pulling the trigger' - SYME's always gone and done something that causes my doubts to re-surface.

I appreciate your reference to Dante and other things Italian (opera, perhaps ?), maybe the 'Italian connection' works positively for you, it had the opposite effect for me to see that the SYME auditor operated out of Via Meravigli...and that SYME's offices are in Via Festa del Perdono.

Finally, you ask, rhetorically : .."This isn't just blackjack in a Cairo casino for you is it, this could be serious love affair..."

One of my happiest memories, actually WAS at the tables at the Marriott Zamalek, where I took my assistant to celebrate a bad debt recovery. Faisal had (he said) never been to a casino, so whilst waiting for the belly-dance show to start, I led him there and comp'd his stake. We played intermittently for a couple of hours, wandering out every now and then to check on the dancer's progress.
Long story short : she never showed up; we had about 5 x house G+ T's each on an empty stomach; and cashed in about $ 60 of our $ 100 stake....

Good luck with all your investments - especially the non-financial ones like family , friends and health.