Member Info for G_G_G

Yeah I did the same dummy sell gary. Appears there's a buyer down here. Perhaps SF? One can live in hope I suppose :) Hanno will need to update the market before the month is out. F@ck knows what has held the EPC contracts up for over 6 months, but we're now over 1 month since they were 'near final form'. He also said we have cash until September so one could reasonably expect him to give us an idea of how the company is going to be funded I month out from when we're meant to be running out of cash. Would it be too much to ask for a tariff update...? Have to say the contents of this post are ridiculous given we're meant to be in a news rich period. Anyway, let's hope Hanno has something for us before the end of July. GLA

Do my eyes deceive me? Am I seeing blue...? Well done Hanno, keep up the good work!

Sorry, one last thing for today Tony. I now hold 4m shares - I mentioned that I picked up another 250k around 11.15p the other day. And yes I'll be trading up to 1m of them at a time when I see the opportunity. But don't start with the whole 'talking down the share price' rubbish. The bod's actions have done all the damage here. I've simply been trying to explain to people what they've done, what will happen next, and what my strategy is for dealing with the environment they have created. I could paste ramping horse**** on here all day 100 times a day and it still won't change the fact the bod gave away 360m shares to IIs when they could have limited that number by using debt. When the IIs have taken their short-term profits from all the excess shares given to them by the bod then we'll move up. But that requires a lot of PIs to buy a lot of shares over a long time period. Most PIs who've been around the block know what I'm saying to be true. And if they've been here since the last 'great dilution event' they'll recognize that it's Groundhog Day. If you're not happy about the share price now and for the months to come, or PIs trading alongside IIs, then blame the bod. Don't blame posters on here who are explaining (and criticizing) their actions.

I notice you continue to ignore my question on your views if they do it again. Remember they're asking their II mates for permission to print another 360m shares.

Tony, there you go again making comparisons to HUR again. The only thing HUR would have in common with i3e is we'd both have 'debt'. That's it. As for the use of comical words such 'overleveraged', how much debt in your opinion makes a company with $80m NOI over-leveraged? Serious question. Please also keep in mind that thing could 'hedging'. And the fact that poo and gas is very strong now, and expected to carry that strength for the near future.

Finally, no-one is arguing whether i3e are in a stronger position now on a eps basis (post dilution). We're arguing about the way the deal was structured and how it has f@cked the sp now and for the next 12 months. But tell me, what would be the eps if they didn't dilute?

Nice move hasiba! But are you going to trade when we see some spikes? :)

'Considering the circumstances including an $10 fall in the POO - the SP looks quite strong imo and trending up.'

- Not sure what your point is here Tony. When you look at the poo over that time period it was as low as $35. And it's currently sitting above the average price for over 10 out of the past 12 months.

'So solid base, a relatively low debt base and now in an excellent position to take on more debt (as per WHI) to turbo charge growth within the portfolio.'

- So now we take on debt after massive dilution? Wrong way round Tony. Debt for first deal, then dilution for second deal / drilling. This way you print half the amount of shares because the share price would be 20p and not 10p. But that would mean less II ownership (hmm). BTW, the 'special resolutions' would appear the bod are ready to do another 'massive dilution acquisition' and not go down the debt route. We were already on a stable footing, they've just incapacitated the share price by giving another 360m shares and handing them to their II mates. Tell me, if (when) they print another 360m shares for a similar 'great deal' and hand them straight to IIs (again) at a deep discount to underlying value, are you going to still be saying it was the best course of action? And they're not handing shares to their II mates? This is one of those questions you've refused to answer btw.

'Good news in the coming days and I'm sure that we will start trending in the right direction and a month or so we will probably be wondering what all the fuss was about.'

- Nope. The amount of good news for people to stop saying 'value disconnect' and replace with 'valued appropriately' (+20p) will be more like 12 months, and that also requires them not doing it all over again. We won't breach 15p for more than a week over the next 3 months. And that would require a great f/o deal alongside all the other news that you think is going to help the sp. Being less than 15p could easily stretch to 6 months depending on when f/o drilling commences.

Take off the glasses Tony. It's time to think like an II and trade the spikes. The bod can talk of value disconnect all they like, it won't change the depressed sp they created. They now have to get lots of PIs on board to buy all the excess shares from their II mates at a premium so the share price can start moving in the right direction. This is our current reality. But what if they do it again Tony?

Doorstop, mgt gave Bybrook and other IIs the ability to call the shots. Our ability to influence has gotten smaller, and when they do the next 'great dilution deal' our influence will have all but disappeared meaning the IIs and mgt can keep doing it. So I do blame mgt. I haven't been saying mgt have been giving their IIs ownership and themselves options for nothing. The fact they're asking for permission to print another 360m shares is f@cking laughable. Even worse is people on here still saying 'but it's a great deal'. To these people, you need to ask yourselves how such a great deal has caused the share price to retreat so much. And why we'll be down here for ages. You may then understand what I've been saying that 'it's a great deal, structured badly'.

Oh and all those people talking of how hard it is to come by debt. There was a headline on oilprice.com yesterday that blows up your rose tinted excuse for mgt on this issue.

C'mon Tony, I'm not going to go into details for the hundredth time. If you cannot understand after it's been spelt out by a number of posters then you're either thick or have a very thick set of rose tinted glasses on. We both know you're not thick, and given we've been here before, I'd say it shows an unwillingness to take those glasses off. So far the share price is doing what I said it would, and it will continue. POO has nothing to do with it. We broke 11p before poo broke $70. That's $70 by the way.

At least tiler gets it. Get greedy down here and sell your excess shares when we break above the raise price. Just like the IIs. Share price will only break above 12p with incredible news (bringing in lots more PIs to soak up II excess shares), or IIs not selling their excess shares for a small profit. Given mgt also didn't decide to include a 'lock-in' clause for their II mates I'm going to say the second option simply won't happen.

Bots, is that short for Lobotomy? It would explain your mindless posts and inability to grasp the simplest of concepts.

No surprises here on the sp. For all of you newbies that haven't been through this before, this is what happens when you print hundreds of millions of shares, even when it's for a 'great deal'. The market has to digest them. IIs will not be buying for some time - they're always the sellers in this scenario. Why? Because when IIs have been given more than their fill, they will offload all the excess shares from the raise for a small profit and hold the rest. Smart PIs know this so they sell down to raise price initially (and sometimes below). At the moment it's PIs selling and buying. And in order to get above the raise price by a margin it takes a lot of PIs buying all the excess II shares over a protracted period of time. The only way it happens quicker is through good news. And given the amount of shares that have been printed, we going to need a lot of good news. This Canadian news, if good, will probably bounce us above the raise price for a little while, but not much else. Why? Because all the PIs getting greedy buying down here will sell their excess shares for the 10-20% jump, knowing the IIs will be doing the same.

Summary, we're going to be under 12p for a while. Lots of good news required, plus the f/o before we get anywhere near 15p again. Bod have f@cked the share price, which is what happens when mgt chase value via massive dilution, rather than doing it through debt funding. And guess what, there's a good chance they're going to do it again now the IIs who have been handed even more company ownership get to vote on the next 360m 'great dilution deal'. Mgt still pick up easy options though. Spreadsheets showing true value mean nothing until the excess tens of millions of shares have been bought by PIs for a premium from the IIs. Then we'll start to move. My guess is we won't get near 15p again until the end of the year.

I'm honestly flabbergasted by every week that goes by without any evidence of headway being made on the main project. We're now in the 2nd half of July ffs. Fair enough on the tariff - we are dealing with f@ck up African bureaucrats. But funding? EPC contracts? Development program? Partner early works / development news. Anything? The fact we're near all time lows and have lth's talking of dumping at 2.4p really is ridiculous given the news rich period promised in January and the all important tariff milestone was meant to be signed off 4 months ago. I'm not sure what the hold-up is, but surely Hanno and Scott recognise it's time they give the market something. Starting with sorting our funding concern, or at least giving an indication of how it will be sorted. Really don't understand the point of these tweets as well. At least make some sort of statement linked to our project, coupled with a reminder of where things stand and mgt confidence in the project going ahead. Otherwise it's just random **** pulled off the web that most investors know anyway, and hardly a reason to invest in our stalled and forgotten project.

Hi CF, in trying to keep an open mind and balanced view I've given my thoughts on your 5 points.

1. Not official. I'm not saying something wasn't said to Hammerphil (I do believe him), but it means nothing until it's officially announced as we can see in our sp.
2. Same as above.
3. Yes. Very supportive based on their stated goals and plans, keeping in mind 600Mw of coal fired power has been OFFICIALLY earmarked for Tete and we're the only CF project in the Tete region.
4. You are correct and yet they haven't done anything. This could be seen as them feeling it's unnecessary to fund when they know a decision is just around the corner. Or they know the project could fall over so keeping their powder dry to fund the solar escape plan. SP says to me the market feels more negative overall about the project, and the reality is they've done nothing to change this view when it's an 'utter cinch'. So overall very negative in my view if they're confident of the deal going ahead. As for a raise, I think this would be the last straw for many, and would signal that Hanno really isn't up to the job. He would have known a need for funding months ago. If this was the intended route then we should have raised in the 4's when there was still a degree of confidence in the wider shareholder base. Instead the sp has slowly bled out as shareholders have been given no signs of progress or real belief it's all on track from mgt. EPC contracts, development program or tariff agreed with EDM / Moz, even an official statement from their partners that acknowledges receipt of the tariff and a desire for the project to be commissioned. Nothing. So a raise would show Hanno's inability to manage the things in his control. Not to mention the company would have lied to long term shareholders about a raise not being planned. So confidence erosion followed by trust. And as you've said it should be a 'cinch'. So they should have sorted it out yesterday. Our current funding predicament is bad whatever way you look at it.
5. The can stay silent on the tariff. But there's plenty of other things they can say or do. But at the very least they should be encouraging their African partners to make some form of statement. There is nothing wrong with our African partners saying a similar thing to Hanno 'we're in sensitive negotiations but remain positive'. It's as though the project is still a pipe dream, or isn't even real. I'd rather hold here with a strong belief in the project based on what mgt are saying and doing. When they aren't saying or doing enough you get to a position where you need to rely on 'blind faith' to remain invested, which clearly isn't a position many shareholders want to be in when one looks at the share price erosion. Given we're at the most important and critical milestone, and have been led to believe it would be signed off months ago, I'd say the only thing keeping the share price above 2p is worn-out PI blind faith. This simply isn't good enough.

Hi Benjan, 'the potential upside is huge', well it certainly is when you're 2.5p :) As for mgt not caring about the share price, this could be the case, which is the best scenario. The other option is the main project is f@cked and they're trying to bide themselves enough time to build a solar life raft. This is the worst case scenario. For now we need to take Hanno's word that everything is fine and they're still confident of a successful outcome. The other thing as you've rightly pointed out, is for the project to fall-over their whole 'energy for all' program turns into a huge farce, no tot mention a diplomatic own goal. Anyway, hopefully news tomorrow, or next week, or next month, or next quarter...

This is starting to get ridiculous. Seller at 2.35p. Wonder when Hanno will think it's a good idea to give something to shareholders. 2p? 1.5p? 1p? For reference the lowest share price in the history of the company I believe is 1.75p. We're priced at a point where no-one believes this project is going ahead and the company is going to fold. And because mgt are doing nothing to change this belief, or at the very least fix our immediate funding concern, the share price continues to drop. If they're confident of the project going ahead then why not fix funding and confidence issues in one swoop by converting a modest amount of options / warrants. They've done it before at much higher strike prices, so cannot understand why it's not the best course of action now. Not doing it only feeds PI anxiety and puts a big red flag up to new investors. Doing it will have the complete opposite effect. Silence is fine if we're about to get the rns in the next week. But if we're still posting about whether the deal is going ahead in another 4 weeks then we'll be in the 1's. Hanno really needs to sort out the things in his control, and soon.

Justfencing, play the ball and not the man if you can.

Jezzoo, please re-read my post on us being a t/o target. My comment wasn't meant to offend you, but address the fact that if a predator was interested in taking us out, it would be better to do it when we have a much smaller mcap (versus underlying value), and little debt. Just like now. And it would be an especially good time to do it just after you've printed £40m of shares and handed them to IIs who stand to double their new money (on 22p t/o offer) and 4x on the first monstrous placing. If this comment did offend then it wasn't mean to and I apologize. Again, I'd prefer for someone to address the argument here.

As for me repeating myself, well today it's about t/o offers and the potential pitfalls of doing a deal in the way we've just done it i.e. you can get taken over on lower multiples. Same same but different. As for the 'same same' part of the argument, I could equally say that everyone on here repeating 'it's a great deal' is equally frustrating. In case you guys didn't realize we're at 11p with all this additional underlying value. I'd rather point to the reality of the situation and my disappointment in how the bod have structured this deal, then be part of some fan boy echo chamber where the reality of the share price now (and for the near term future) points to the fact they structured a great deal poorly if you're a PI.

Anyway you'll be pleased to know I'm going to give it a rest. We'll all make money, just not as much and it will take longer to realize. I'll come back every now and then to see if I'm right. GLA

You could be right Tom. But I only care about the share price IF we get to £500m. Sums up the opposing views on here in many ways.

Chris spoke with mgt and they said no placing is planned, so that's something at least.

Sorry that's just on i3e. I'll have to go and check if some of those companies they call 'blue-chip' pay these dividend things as well. Man I could get really lucky.

You're right bots, up until recently I had no idea that I'd get paid £6500 in a month. Talk about lucky eh?

Tony, so a company where the mcap triples over two years, but the share price goes up 50% (courtesy of so many shares being printed and churned for acquisitions) is a good investment when manageable debt (so less shares for same underlying value) were an option? Do you understand what I'm saying about doing business this way means the growth trajectory is lower and slower whilst we try to reach 'true value'? And you'll always be well behind if you keep printing shares (100%) to fuel large underlying value growth? And you'll be a bigger takeover target as a consequence because your sp (mcap) in no way reflects the underlying value of the company after each major acquisition. We had a target on our back before the deal. It's now bigger shortly after the deal. Do you at least agree with this statement? And that it's only made bigger when your primary owners can flip for an easy £40m just on their new money alone, should we receive a 20p offer in a month. If I was the fund manager I know what I'd do if a t/o offer was launched for 20p in a month. Or do you think IIs don't think this way?

Tom, it wasn't meant to be a put-down. It was more the comments talking of building up to a £500m company and how good their plan is. It assumes you'll get to a £500m Mcap first of all, when there's an even greater disparity between mcap and underlying value now versus pre-deal. And it also assumes they won't have printed so many more shares in that time (for great deals) that the share price will be that much higher than where we are now. All because making acquisitions via 100% capital raise tends to have a lower, and slower trajectory for the share price to get to 'real value'. Out of interest, do you think a 20p offer would get voted down? I'm talking about after the 360m shares go to the the IIs of course (and we're still in this lower range, as we'll most probably be for some time).