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Hi Tiggy
There is a whatsApp group forum for shareholders that transitioned.
I believe Elizabeth has to set this up for you, after you give her certain info - I think she is only working
a few days a month now.
Not much to say currently, they are trying to restructure loan for funding. The Coal resource is back on the
table now, or so Hanno says. A few interested parties.
Hi Stan, did you sell all your shares before last day of trading ?
Hi,
I got this from Elizabeth Johnson who works for Solgenics
The Company's Depositary Interest Facility will terminate in June or after the cancellation becomes effective. Holders of DIs will be moved to the main share register and be issued with share certificates and you will no longer be able to transfer shares through CREST. It is worth contacting your broker as they may not be able to hold certified shares in which case my understanding is they will forward them to you however you would need to talk to your broker to clarify this.
Hope that helps.
Hi Deanosbooty, what was it she said that filled you with confidence ? Was it a phone conversation or e-mail ?
Glen
Guys, the other thing we have to really worry about is if Ben and the major shareholders try taking the company private. I have been in three stock over the last 6 years. One CEO bust the company by doing a behind the doors closed deal with a large oil producer, selling off all our (producing) assets to them and not publishing the details, then pi--ed off to America never to be seen again. The other is in the process of trying to take the company private (Solgenics SGN) using a major shareholder in the company to get to the pre-requisite % vote. He is mopping up millions of shares at next to nothing after announcement (he already had significant %). Read their PR and ask if you think that could happen here, if we issue 600 mill shares at 1 p to a single investor ?
Unfortunately that's what a lot of these companies do when they get their hands on real assets - raise as much as they can in the open market, each time diluting massively and crashing the price to a level they can swoop in and mop up the required amount (at little cost) to get the required % shares to win vote. They don't give a rats about the normal PIs.
Look what Ben has done so far regards dilution ??? How much of the 3.5 m have we left since the raise in October ??? what's happened to the ra ra ra interviews to sucker PIs in ?
I will add my share holding to the list.
Guys, the other thing we have to really worry about is if Ben and the major shareholders try taking the company private. I have been in three stock over the last 6 years. One CEO bust the company by doing a behind the doors closed deal with a large oil producer, selling off all our (producing) assets to them and not publishing the details, then pi--ed off to America never to be seen again. The other is in the process of trying to take the company private (Solgenics SGN) using a major shareholder in the company to get to the pre-requisite % vote. He is mopping up millions of shares at next to nothing after announcement (he already had significant %). Read their PR and ask if you think that could happen here, if we issue 600 mill shares at 1 p to a single investor ?
Unfortunately that's what a lot of these companies do when they get their hands on real assets - raise as much as they can in the open market, each time diluting massively and crashing the price to a level they can swoop in and mop up the required amount (at little cost) to get the required % shares to win vote. They don't give a rats about the normal PIs.
Look what Ben has done so far regards dilution ??? How much of the 3.5 m have we left since the raise in October ??? what's happened to the ra ra ra interviews to sucker PIs in ?
I will add my share holding to the list.
Thanks Fukurok - just a bit annoyed with the spread cost of 14% . I completed another 2 transfers yesterday (from my stock holding account to ISA) on another stock and it worked out about a 0.5% hit on my holdings, that also had extremely low liquidity. Anyways onwards and upwards.
Thanks fbrj - The previous 2 years I had transferred through Barclays that was my experience using their 'Bed and ISA' but this year (with this stock) that certainly was not the case. Nearly 14% spread i.e lost 14% of my stock. I phoned them up after the transactions and asked what the hell was going on but got the usual shrug of the shoulders response from one of their reps - if that what the system gave you, them are your apples!!
Thankfully it was not a huge amount of stock.
Quick question to the board - to those that have transferred shares from your normal investment account to your investment ISA (held with the same company), how much are you charged or what % of your shares do you loose in the transfer ?
Thanks
I see we have new website https://www.solgenics.com
Hi Blue - new ticker is SGN
NEWS RELEASE
Notice of EGM – Change of Name – Solgenics Limited
13 February 2023: Ncondezi Energy Limited (“Ncondezi” or the “Company”) (AIM:NCCL) the African power
development company focused on renewable energy solutions, provides notice of an Extraordinary General
Meeting (“EGM”) of Ncondezi Energy Limited to be held at 2.00 p.m. SAST (12.00 p.m.GMT) at The Silo Hotel,
Silo Square, V&A Waterfront, Cape Town, 8001, South Africa on 28 February 2023.
At the EGM, the Company is seeking shareholder approval to change its name to Solgenics Limited, reflecting
the Company’s transition into a dedicated renewable energy development company.
Notice convening the EGM is being posted today to shareholders of the Company and will shortly be available
on the Company's website at http://www.ncondezienergy.com/general-meetings.aspx.
The Company’s primary focus is the delivery of its 300MW solar PV plus BESS renewable energy project in
the Tete Province in northern Mozambique (the “Tete Solar Project”), and has delivered material de risking
milestones over the last 2 months, including:
• Completion of the Tete Solar Project Feasibility Study
• Completion of Environmental and Social Impact Assessment Red Flag Review
• Completion of Transmission Integration Study and receipt of approval from state power utility
Electricidade de Moçambique (“EDM”)
• Receipt of exclusive use land rights for generation of solar energy at the proposed project site
Commenting on the proposed name change, Hanno Pengilly, CEO, said: “The proposed name change to
Solgenics reflects our updated mission to develop innovative power supply solutions for affordable and reliable
electricity in Africa, utilising the latest sustainable technologies. We will do this by focusing on the development
of grid scale renewable energy projects in the southern African region, predominantly using solar and battery
storage solutions.
Solgenics also provides a clear signal to investors, Governments and potential offtake partners that we are
committed to developing clean, green power projects.
To further support the transition, the Company has launched an ESG audit which will review the Company’s
exposure to environmental, social and governance risks and set out a realistic action plan to demonstrate that
the Company understands the issues and the opportunities it faces and has the correct systems, policies and
practices in place to manage ESG effectively.
Our flagship Tete Solar Project continues to make rapid progress and will support Mozambique’s ambition to
be a regional leader in green energy transition. We continue to progress offtake discussions and are reviewing
additional development work streams which can be launched in parallel to ensure that we maintain
development momentum. We look forward to providing further updates in the near future.”
The Company continues to recognise the importance of ongoing engagement with shareholders and will ho
NEWS RELEASE
Convertible Loan Fully Converted
6 February 2023: Ncondezi Energy Limited (“Ncondezi” or the “Company”) (AIM:NCCL) announces that
following the previous announcements on 16 and 17 January 2023, all convertible loan and interest will be
converted into ordinary shares of no par value (“Ordinary Shares”) in the Company according to the terms of
the convertible loan agreement.
An aggregate of 75,787,027 Ordinary Shares will be issued and application will be made for the admission of
the Ordinary Shares to trading on AIM (“Admission”), with Admission expected to take place on or around 9
February 2023. The Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of
the Company.
Of the new shares to be issued, 3,913,087 will be issued to Company Chairman, Michael Haworth, 15,213,515
will be issued to Non-Executive Director, Scott Fletcher, and 53,580,573 will be issued to Seritza Limited
(“Seritza”), a private company owned by a trust of which Chief Executive Officer of Ncondezi, Hanno Pengilly,
is a potential beneficiary.
The Company’s independent director, Aman Sachdeva, assessed the Company’s rights to exclude up to 50%
of the amount to be converted through an immediate cash redemption, and considers, having consulted with
the Company’s advisers, that exercising this right is not in the best interest of Company, particularly given that
the Company’s available capital is committed to its existing solar power development programme.
In addition to the convertible loan and interest conversion, the Company will issue a further 3,079,852 shares
and transfer the 2,869,840 shares currently held in Treasury, in lieu of deferred fees totalling £71,767 to certain
contractors and consultants to the Company, as previously announced on 22 November 2022, plus a further
£15,000 in deferred fees due to certain consultants.
Following the conversion of the convertible loan and issue of new shares, Chairman, Michael Haworth, will be
beneficially interested in 23,936,549 Ordinary Shares, representing 4.23 per cent of the Company’s enlarged
issued share capital. Non Executive Director, Scott Fletcher, will be beneficially interested in 122,979,090
Ordinary Shares representing 21.71 per cent of the Company’s enlarged issued share capital. Seritza will be
beneficially interested in 53,580,573 Ordinary Shares, representing 9.46 per cent of the Company’s enlarged
issued share capital. In addition, Hanno Pengilly is beneficially interested in 3,531,776 Ordinary Shares,
representing 0.62 per cent of the Company’s enlarge issued share capital.
Following Admission, the Company's issued share capital will comprise of 566,501,146 Ordinary Shares. No
Ordinary Shares will be held in treasury.
Therefore the number of Ordinary Shares in issue carrying voting rights will be 566,501,146 and this figure
may be used as the denominator for the calculations by which they will determine if they are required to notif
CF73 - why did they not wait 30 days or so to see if the price increased to higher levels before they released this news ?
Thus the 30 day weighted average price would be higher and much less dilution ?
Hanno keeps on saying he is doing everything in his power to minimise dilution to the PIs but his actions say different - he was in control of this release i.e. it is insiders who want to convert.
CF73 - all this is going to do is drive the price back down again , every time we get some sort of appreciation in share price we get this sort of news release.
What is the Volume Weighted Average Price (“VWAP”) on the thirty days immediately preceding the date of the conversion notice ? - less than we are priced at now and then they get a 25% discount on that price. Off course they are going to convert.
How much dilution will this add? and there is more to come.
Sorry but not as happy as you are with this news and the timing of it.
My suspicions as well Rob or someone close to or paid by Cochran, so fervently against PI action and as you said deflecting attention from Cochran. Then right at the end removed from the message board. Obviously job done. It's disgraceful that the markets and those that are supposed to police the markets, allow the directors of public companies to act in this deceitful and destructive manner, total PI wipe out.
In fact if I remember right. up until a week or so ago, his last post was at the top of the message board, then it disappeared.
So where is Anto ? I do not see any posting history from him, looks like his name has been removed from the board !!
Have certain posters removed themselves from the board ?
I must admit it's starting to feel like the only thing BT has a gift for is diluting the hell out of the company - I have been shareholder for coming up on 4 years now and have watched the share count grow by circa 400% and that does not include warrants. Depressing to watch your holdings being diluted by that much and price you paid considerably higher.