Member Info for flundra

Outside China, I believe the only new production coming on stream atm is La Parilla (WRES) and Barruecopardo? Re near term competition, I don't believe we need worry unduly about KIS, Sangdong (ALY's biggie also awaiting funding) or any other new project, all some way off producing? Please someone correct me if I'm wrong.

Quite a lot of this is in English

https://www.csn.es/en/home

"Safety is the CSN’s fundamental objective, so, although there are other objectives, all other considerations come after this one: credibility and trust, efficacy and efficiency, transparency, neutrality and independence."

The CSN appointments are clearly incompatible with a number of the CSN constitutional objectives, eg you can't expect neutrality in the CSN report on the mine, if one of the authors is an active campaigner AGAINST the mine! Duh!

The hope is the Spanish judiciary is properly competent and independent. Maybe the court will rule for suspension of the appointments, once this 10 day period has expired, assuming time doesn't permit a full hearing and examination of any evidence for and against legality of the appointments. What would happen after that though? Assuming the government is voted out in the election, does that mean the appeal gets automatically granted, and the appointments fall, because BKY will be the only party left in the proceedings?! Or maybe there'll be a judge led examination taking months. The approach of the new government might be relevant too, they might be supportive or not, whoever they are. But youd think the system would be able to effectively quash blatant inappropriate scorched earth policy appointments like this, cynically rushed through just before the current minority government leaves office, to bung a spanner in the works.

Any lawyers posting here, particularly Spanish ones, who can comment on what might happen now?

Yes, you wonder how much effort the govt will put into this 10 day period to respond with a watertight case for the nominations, given they're out of office in a few weeks because of the election. And on the face of it, the nominations are so inappropriate (eg the gross conflict of interest Mr Castejon has), you'd think the Court could only rule to suspend them. The Reuters article seems to indicate there would then be a more detailed scrutiny in the courts of legality, I think. More delay inevitable though, I fear, whatever. Hope the Spanish system's robust, it feels a bit wild west at the moment.

It's perhaps just a mandatory official notice of the appointments, required to disclose them publicly?

I also very much doubt it has any effect on the appeal against these inappropriate scorched-earth-approach appointments by this unsuccessful outgoing minority regime.

Why would the appeal be void, or indeed on what basis would the supreme court dismiss it without hearing it? What's the relevant statute or precedent?

I think shareholders voicing concerns here are going to be soooo happy, and pretty soon. There's a clear strategy being implemented, good governance and certainly no realistic prospect of a manufactured administration or other insolvency process or shareholder stitch up. Quality BoD and assets, in a good space.

News, updates, and the AR due soon.

...and Germany cheats by importing nuclear energy from France too, to go with its coal and Russian gas - nuts.

Spanish election on 28th April might be the catalyst to get permitting sorted for BKY.

Looks like something's up. Any sources/links james? Can't find anything googling.

If investing in an AIM microcap oily at all, then you've got to be flexible. Otherwise, stick to Shell.

It was always a possibility that the current situation could arise. And I doubt many have a problem with it in the context of HALO's strategy and strong progress.

The announcements could be clearer and more frequent for sure, but that's a side issue.

To those grumbling, I'd really be interested to know what SP do you need to see on re-list, for you to forgive the BoD for keeping HALO off-market for so long? Or is your concern purely frustration at not being able to access your capital? For example, most people would regard losing ready access to their money here for 2 years, but achieving a 100%+ return in that time whilst knowing the risk to their capital is small, as about as good as an AIM investment gets.

I think we all agree T101 was a good idea, which was an RTO where legally HALO was required to suspend and then de-list. Similarly, I think we all agree TEOL was also a good idea, which may also have been an RTO, in which case there would have been no point re-listing beforehand. N Sea late life/mature assets are all the rage at the moment, so further deals and consequent re-listing delays remain a possibility. HALO will also no doubt be guided by brokers' advice as to optimum timing and location of exchange for re-listing. The EU/Brexit chaos won't be helping there. And there's the funding. Creative structured funding is a critical part of making these types of assets pay, and I imagine the recently acquired TEOL people will be involved in that. It won't be resolved overnight. I think we should have full confidence in the BoD, they're getting on with it, it's an exciting investment and a lot better than most things you'd find on AIM (which I doubt we'll re-list on btw). But there's no point in hurrying the re-listing before the optimum time. All good things...

What SP do you guys need to see on re-list, for you to forgive the BoD for keeping HALO off-market for so long?

Perhaps the £5m is a payment referenced to some kind of book valuation then. Just looked at TEOL's filing history, and it's not a nominal share capital figure.

Just guessing but might it be a technical legal/accounting thing? "Amount paid £5m" might be a reference to the nominal value of TEOL's entire issued share capital maybe? The new shares are the consideration in the deal for this. Assets valuation is different. Any lawyers/accountants out there who can comment?

https://twitter.com/Share_Talk/status/1110169669405691904

Doesn't seem to be a problem. And low volumes like you say Awax. Possible PI arbitrage going on with WRES, who are up today? Just a thought.

Ian Cowie (personal account column in yesterday's Sunday Times) says of GNK's rise to 674p "I believe there is further to go. Buyers today can still obtain a market-beating yield of 4.9% and the p/e ratio of 10.7 remains undemanding."

I bought a few more in the ISA today. Good value at these prices imo. Hopefully they've now digested Dole, spat out the pips, and we'll see the SP moving north again. Anecdotal, but I'm convinced I'm seeing more Total Produce lorries driving around these days, "let's grow together" emblazoned on the side.

Wow what a day, nice surprise. Hopefully the institutions and fund managers will start investing now, and show that KM and the gang's claims of financial and technical expertise are true.

https://www.proactiveinvestors.co.uk/companies/news/216547/cairn-energy-downgraded-sharply-as-city-is-made-to-wait-for-india-decision-216547.html

Unless India and CNE reach an agreement in the interim, I guess we've just got to wait (best part of a year by the looks of it) for the Tribunal's award, then see what India do. Can't say I'm getting the right vibes from this Tribunal - heavy workload, other matters to deal with - ffs! Not very professional. Hope they're high enough calibre and are giving this due attention, because it feels like CNE are being fobbed off. It's complex stuff with important ramifications for the wider issue of foreign investment in India generally.

https://timesofindia.indiatimes.com/business/india-business/cairn-holding-in-vedanta-down-to-0-1-after-tax-dept-sells-99-shares/articleshow/68375455.cms

You can't beat a bowl of chilled gazpacho on a hot day, absolutely delicious.