focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
I'm not confused at all. TFC are buying back shares (81%) in TFC for just over £14M.
To facilitate the deal, TAG agreed to pay £2M of that to SYME, in exchange for which they will take TJ/JC's shares in SYME. That means that TAG are effectively paying 0.195p per share. This is not something they need to do. TAG are not obligated to facilitate TFC's buyback. Get it?
Extrader, the point is that TAG don't have to do this at all. If TFC want to buy back their shares they can jolly well fund it themsleves. But AZ has found a way to use this to get more shares.
If TAG has an extra £2M knocking around and they want more shares, they could buy 50% extra on the open market. The logical conclusion is that they can't buy on the open market because it's a closed period.
Interesting that TAG is effectively getting those #SYME shares for a little under .2p.
Wonder why TAG don't just buy on open market for .13p...
I reckon we're in a closed period. Something's happening in the background.
Oh and he's willing to pay just under .2 because he knows that will be cheap by the time the closed period is over.
All IMO.
https://twitter.com/GingerHippo2/status/1675545510994640897?s=20
That article is here - https://tinyurl.com/mca8rcv3
btw, good news here. imf has agreed the bailout package with pak. about time too....
https://www.nbcnews.com/news/world/imf-agrees-long-awaited-3-billion-bailout-****stan-rcna91967
Paleface, we have a MOU from the Singh government for Thar. This is far better than the LOI we were waiting for. A LOI just means we have permission do go ahead. The MOU means we have permission to go ahead, AND the government will help us to do, up to and including providing financial guarantees.
Once again, this is the problem with ORCP. The market's perception of where we are up to does not match reality. We are so much further along than most seem to think.
We are getting some cash back:
The TAG Amount will be repaid by TAG to SYME in multiple tranches, with the final tranche being payable by 31 January 2024.
That's true, and there were legal fees on acquisition too, and legal fees on this reorganisation.
But if we paid £11M and are getting back £17.7M effectively, I think we've done OK, and hopefully TFC will grow and our 19% will grow with it.
It's the dilution that screwed us.
Strangemartian, the way it looks to me, SYME the company has done OK out of the saga.
It's only we as shareholder who lost out from it because of the dilution.
Another point, TFC using WL is a sort of PoC that we can issue a WL product.
First TFC, next a tier 1 bank...
Thanks, analyzer.
So, if they're now paying £14.386M for 81% the implies market value of TFC is currently £17.76M. So that would mean we made profit on the TFC saga and it shouldn't have been impaired.
OK, a lot to read this morning.
My bleary-eyed first pass at 7am was too fast and I misread something crucial. Glad I didn't go on and on about it.
A few thoughts:
1) Someone please correct me if I'm wrong but we never knew how much the original buyout of TFC was worth. We only knew that it was valued at $31M, we don't know that that was the consideration of the SPA. So, we don't actually know if they consider TFC to be more or less valuable now.
2) Both parties still like each other. SYME has not disposed of 100% of TFC but only 81%. SYME sees value in TFC. Equally, TFC are impressed enough with SYME's platform to want to continue using it for at least 3 more years. That is a huge vote of confidence in both entities.
3) We're getting cash for this deal, not shares. o dilution. Remember, there can't be any more dilution until next April earliest per the Venus agreement.
Unbelievable. I can’t believe my eyes……
Yes it is conjecture at this point.
But I would say that given we own 30% of a multibillion dollar project, I think all shareholders will be happy. I don't think that's too much of a stretch.
Worth noting btw, DrRemington, that the comment you quoted was made by the chairman not the CEO...
From the RNS one month ago:
"The Company has also taken another major step forward in relation to the completion of the BANKABLE feasibility studies for the 1.2 GW hybrid power, grid interconnection and storage architecture for the Project.
.......is expected to be completed by Q3 2023 ................ with the signing of a Joint Development Agreement (JDA) with Oracle and a shareholder agreement envisaged as the next potential steps."
The writing is on the wall. People can complain about "worthless" MOUs all they want, but the company has made it very clear where this is going.
Obviously I hope they keep us informed, but my experience is that if companies don't need to tell us they probably won't.
It also might be disruptive to ongoing negotiations, so there might be good reason to not say anything.
Anyway, let's see.
One thing's for sure - we'll definitely hear something by 31 Jan. It's not that long in the great scheme of things.
Thanks for referencing the RNS.
But indicative offers do not have to be announced. Formal offers do, indicative offers do not.
I'm saying this so that people don't start going crazy on Friday when there's no announcement. It doesn't mean no offers have been made, it just means there's no obligation to announce it.
Vizhy, UOG have not as far as I know told the market about this deadline. We found out from third party documents. It's for potential partners only and part of negotiations. It's not a statutory deadline in any way.
There is no requirement to disclose indicative offers, so it's very unlikely that we'll hear anything about it at this stage.
It seems that both Guyana and Jamaica are now on the cusp of rapid economic growth based on the exploitation of energy resources (oil and gas). Guyana has already discovered oil, and one estimate suggests that Jamaica has approximately 2.4 billion barrels of recoverable oil reserves. In February of this year, it was reported that United Oil & Gas has hired a new consultant to help it find a partner to drill an exploratory well in offshore Jamaica in the Walton-Morant area. The drilling will be done in about 2400 feet of water and is estimated to cost about US $30 million.
https://tinyurl.com/4nujnntv