Member Info for Fevertreeman

Gents,
Gents,
Everyone insists on calling this charlatan Harry (far too familair as it makes him sound like the mining equivalent of Harry Rednapp). Let's call a Greek a Greek; and we know what they say about Greeks bearing gift!

TBH, this is a mining 'venture' in a third world country run by a dodgy promoter who has stitched up the role of Executive Chairman Promoter and is called Aristidis E. Anagnostaras-Adams. And we are surprised that he is proving elsuive! I rest my case.

This is going to zero thanks to the non-efforts of Adams. He has proved himself to be a total fantasist & an example of the 1880s/1920s type stock 'promoter'. His relationship with the truth is at best elastic & economic; at worst it teeters close to the edge of falsehood. He has utterly failed to protect any interests apart from his own trousering a ridiculous salary whilst his treatment of shareholders has been utterly appalling. Anything he says has proved to be pure window-dressing in absence of on the ground progress. When forced to update his owners i.e. us... via conference call'the other month he managed single-handedly to crater the share price by absolving himself Trump-like of any responsibility and failing to come up with any plausible timetable thus proving his contempt for us mug punters. He has been unable to manage his Ethiopian partners who have run rings round him. IN this he has been supported by a supine Board who have consistently failed to do their job; Adams should not be allowed anywhere near another listed company imho.

Premier Oil by a country mile............... 19.3% of its stock is shorted

I wouldnt say that the short interest was huge here ; disclosed positions are as follows (dont track disclosures after they drop below 0.5%). This as you can see up to date, so the order flow must be coming from genuine selling, of presumably some institutions reducing E&P exposure, plus panicked punters. For me everything hangs on how DR T does next week, and not helpful that they ditched the FD so close to their big set piece event. Having sat in a board room, the board will be pressing very hard ; I take comfort from the 20,000 per day figs and the fact that their debt profile is realtively modest.. Witness the debacle of Tullow and Premier.

Fund % short change Date changed
BlackRock Investment Management 0.90% 0.07% 9 Mar 2020
Marshall Wace LLP 0.69% -0.02% 25 Feb 2020

Total 1.59%

I presume that he has now taken the opportunity to 'self-isolate', having comprehensively f***** the share price with his woeful performance on the call last week.

If he had just shut up or not even done the call we would be worth 20 per cent more. That car crash wiped off a couple of million off the share price......

This man should not be in charge of a listed business. I was prepared to give him the benefit of the doubt but as an ex analyst and s/o who has sat on the board of a large listed company, his performance was nothing short of a disgrace.
He was ill prepared; making it up as he went along; evasive; lacking in facts; gave no timeline at all ; and spouted nostrums and half truths... What do I take away from this car crash of a Q&A:
1. He needs more working capital so he needs more funding even tho' he only just completed one in December. The costs are so opaque that one wonders wtf is happening on the ground...
2. The mention of his house in Sydney, farm in the country and place in Cyprus really irked me considerably what this clown has down to shareholder value whilst lining his own pocket
3. ANS clearly has no cash despite the bullish messages of recent RNS.....and are in no hurry to stump up
4. ANS sound a savvy bunch; one wonders if they too are having second thoughts about him and are reluctant to commit any money without being underwritten by others...pass the parcel
5. Best scenario - dead money for 9months ;worst case - goes into administration and gets picked up for zero by ANS or SA

"complete scheduled preparations and finance milestones leading to major works starting in the local dry season from October 2020."

Am amazed that our dodgy Greek chairman's nose isnt getting longer by the minute....you dont need to be a mind reader to see that ANS is a shell with no monies, that they are hoping to raise some in Sept which may or may not be available and handed over in Oct so we can start work........................

My reading:

1. Our Exec chairman has been comprehensively given the run around
2. Expect him on Fri to shift goal post again for the measly $9m first tranche...
3. Unless I am reading the article wrong, ANS havent got the money to put in; basically a shell company awaiting investors

The rubbish that comes from our CEO. Does he all think we were born yesterday. CB is absolutely correct that the NPV comment is misleading and fatuous if there is no bloody money in the bank to proceed with ....

Do we think H will answer proper questions or just the ones he know he can answer?

IMF sent a team down there last week to meet new govt and discuss debt situation. Talks end today, and currently one risk consultancy is say 77pc likely the new govt will default. So despite the hullabalo in recent days there are solid reasons why folks could be wary of Pres currently

https://www.cnbc.com/2020/02/18/argentina-on-the-brink-of-default-as-do-or-die-imf-talks-near-end.html

Press covered PR interest in Viridor, which may or may not spark interest in our business from investors. On fundamentals the business finally looks like it is seeing some daylight after a dismal period of performance post merger. Outstanding operational/management issues are being dealt with
1. Complexity reduced via sale of peripheral businesses
2. Balance sheet being strengthened with sales proceeds used to reduce gearing
3. New management now focused on driving operational improvement - see new management hires
4. Resolution to ATM that sank the share price/profits forecasts last year
In addition:
1. Potential listing on Euronext should spur interest from non-holders
2. Circular economy exposure is a growing theme: hence businesses that have scale/expertise should attract investment $
3. Could be a takeover candidate at some point based on the above

Like others here I think pretty much all the bad news is in the share price ; the outstanding issue of course is ATM, and it looks like the fog is lifting there so I think the sp reflects frustration with the lack of resolution. The other issue is the debt, and having raised cash from the recent divestments it looks like Woolrych and the board are getting to grips with that too though we aren't out of the woods. Eventually value will out here; scale players in Europe are at a premium and that makes this business attractive both from an organic growth (eventually) perspective and as a takeover candidate (Carlyle liked it)

Which adds sweet FA to what we knew already...….it really is an utter disgrace that this shower has presided over this abject state of affairs......

Has anyone actually read this?????? Clakre should never ber allowed to chair the board of a listed company again - this is the biggest surrender document since Hitler forced the French to sign the surrender in WW2. You should read it because (1) Clarke explains in glowing detail the benefits to GEO &ONCG
(2) Foists the blame on institutions for requiring cash only deal and (3) provides multiple vague reasons as to why they want out: totally at odds with management-speak as recently as the interims:
"Whilst the Amerisur Directors believe in the future growth potential of Amerisur over the medium to long term, having considered the risks, particularly with regards to the operational challenges associated with delivering production growth from Amerisur’s discoveries, the inherent risks in exploration activities, and timescales associated with the realisation of value from Amerisur’s asset base, it considers that GeoPark Colombia’s proposal of 19.21 pence per share substantially recognises Amerisur’s growth potential, whilst providing certainty, in cash, to Amerisur Shareholders...."

And this paragraph on the Amerisur staff ….note the bit about organisational/structural changes (Wardle?)

"The Amerisur Board welcomes GeoPark’s recognition of the role of the existing Amerisur employees in the development of the Company and GeoPark’s commitment to safeguard the employment and pension rights of Amerisur’s employees in accordance with statutory and contractual requirements. The Amerisur Board notes GeoPark’s commitment to conduct a careful review to assess the extent of any organisational and structural changes and draw up detailed plans within three months of completion of the Transaction. The Amerisur Board is comforted by Geopark’s statement that any Amerisur employees affected by the review will be treated in a manner consistent with GeoPark’s high standards, culture and practices"

Without breaking seal of confessional, I have advised on a couple of high profile SoA takeover/merger transactions where the Board recommended (& gave irrevocables) for first offers that raised, like here, considerable disquiet about 'value'. In each case, when other offers appeared, the BoD irrevocables fell away. A similar thing could well happen here as GEO know full well the sweetheart deal they have got....I need to think further around the break fee but I don't see it as a major obstacle.

Hard to know their view but arguably think that this wont get through at the current price

That's me done with 900,000 shares

Hermes among others have been buying. I think there is general consent that out BoD and NEDs have behaved appallingly if not unethically and the guilty men know that they won’t be backed in other ventures but none care as this was expressly designed to get them out. So I think others are watching closely