Member Info for Ginksy

BDO strike again this time ince group .... there is a pattern developing here ...maybe its the auditors are the problem not the companies in question.
"
The audit for FY22 is still in progress and the Group's new auditors, BDO LLP ("BDO"), have now informed the Company that because of the complexity of historic and legacy accounting issues they require more time to conclude their outstanding audit work. In addition, ongoing delays in China as a result of Covid-19 restrictions continue to impact the audit process, as announced on 6 September 2022 and 23 November 2022. The Board is not aware of any material issues arising from the audit.



Accordingly, the Company will not be in a position to publish its results for FY22 by 30 December 2022, the deadline granted to the Company pursuant to temporary Covid-19 regulations as announced on 6 September 2022. Consequently, the Company will also not be in a position to publish its interim results for H1 FY23 by the deadline for those results of 30 December 2022.
On the advice of BDO, the Company currently expects to publish the FY22 annual report and accounts and interim results for H1 FY23 by 31 January 2023. Further updates will be made as appropriate.

yes its a rev bar transaction shows up under the rev bar at 15-Dec-22 17:08:09 8.15 74,145 Unknown* 8.10 8.20 6,043.
probably shorters up to there old tricks

what up with bdo auditors .. the same delayed accounts is happening over at home reit plc

Home REIT plc (ticker: HOME), which funds the acquisition and creation of high-quality properties across the UK that are dedicated to providing accommodation to homeless people, announces a delay to the release date for its full year results for the period to 31 August 2022 (the "Results"). The Company's Results were on target to be published on 28 November 2022, as previously announced, having been audited by BDO LLP ("BDO"). It is standard practice that, should material allegations be made against a company undergoing an audit, then such company is subjected to an enhanced set of audit procedures.

The shorters are out in force this evening .. something has rattled them .. must be boohoo share purchases with boohoo hovering up all the loose stock even buying shares off market.

I'd like to know what the 'serious concerns 'issues actually are ! it cant be that complicated to produce a set of accounts , there are far bigger and more complex companies out there that can produce a set of accounts 2-3 months after year end. how much of the blame can be levied at the auditors ?

Not risky for the likes of Boohoo as they know the market and how well rev b products are selling

thanks Foyz . makes sense now

Whats the chances of revb being bought out while in suspension ? surley boo / asos or some other big name must be measuring up revb .

Thanks Foyz for the update.
whats the last line about ?what has the broker got to do with the delay ?

' We continue to wait for information from the Broker and are chasing them regularly. '

Frobert i wouldn't call Osa leaving as the good news we've being waiting for. ..the guy tried a few ideas that could have made the company but failed to get over the line.

thanks fyoz

The directors seem to be gone into a deep sleep for the last few months ... is there any update from the company recently

londonfish it might shock you but large oil companies such as shell actually plan ahead decades at a time . They like continuity of supply to feed there large lng plants that cost tens of billions to build. They like to keep fields like bosi on the shelf until the cuurent gas fields begin to deplete and then these fields will be developed to keep gas supply going for their lng plants. its not that these fields are not worth developing in fact the value of these fields increase in value with time and secures the future of shells lng plants for a further decade or more. as demand exceeds current supply for nigerian gas there is a gap to fill where smaller fields step in like aje can step in.

Londonfish your a couple of decades out of date ... these days nigerian gas is big business ..more so now with europe moving away from russian gas has led to a gas shortage in nigeria..

{Global LNG prices have risen sharply in recent months and have remained consistently above oil prices in energy equivalent terms since mid-2021.Meanwhile, a number of European countries are pressuring Nigeria to ramp up its gas production and export to Europe, a source in the know told THISDAY yesterday.

Already, the Minister of State, Petroleum Resources, Mr. Timipre Sylva, was said to have held meetings with the countries which are desperately in need of more gas as the war between Russia and Ukraine rages on.

However, it was learnt that the capacity to increase production was almost non-existent, prompting Nigeria to call on the United States recently to invest massively in the country's gas infrastructure before the request by the countries in Europe can be met.}

spikey , 9000 boep at $110 amounts to 360 million per annum and and at 24,000 boep amounts $960 million per annum in revenues . should be enough cash to pay off drill and other costs pretty quickly and pay a big divi to adme shareholders

spikey you also fail to mention nigerian gas prices are increasing by the day

" The National Bureau of Statistics (NBS) on Friday disclosed in its report that the average retail price of cooking gas increased by 83.62 per cent from N2057.71 in March 2021."

spikey for some reason you never mentioned production will increase to 9000 boep in phase two due next year and to 24,000 in phase three due in 2024/25

You sound confused .. Zenith offered 20,000,000 to purchase 42 million shares in NHNL .The shareholders of NHNL gets this money . ADME indirectly owns 35.7 % of the shares so will be entitled to 7.14 million. The shareholders will then loan some or all of this money to NHNL to develope the field.

more bull... read zeniths rns again ... if zenith are offering 20,000,000,for 42% ADMEs 35.7% must be worth 17,000,000 back last year with oil prices after doubling must be at least worth 50 % more, not bad for a company with a market cap of 2m

The Option gives Zenith the ability to purchase 42,000,000 (forty-two million) ordinary shares of Naira 1.00 in NHNL that are available and unincumbered for issue to Zenith, representing an interest of 42% (forty-two percent) in the outstanding share capital of NHNL.



The consideration to exercise the Option and thereby acquire a 42% interest in NHNL has been agreed as US$20,000,000 (twenty million United States Dollars) (the "Consideration"), payable in 7 instalments over 270 days each of US$3,000,000, except for the first and the last which will satisfy the remaining Consideration payable.

london fish you seem to be doing alot of worrying on a company you've no shares in .. whys that ?

zenith were prepared to offer 20,000,000 for a 42% stake in NHNL since then oil prices have doubled .. I cant see why adme could farm out with zenith or another other company for say 30 million plenty of funds to drill .

"The consideration to exercise the Option and thereby acquire a 42% interest in NHNL has been agreed as US$20,000,000 "