Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Did anyone make the AGM? I missed it this time.
Resolutions passed at AGM: https://www.londonstockexchange.com/news-article/BLVN/result-of-general-meeting/16403783
Interestingly, about 19 million votes were made against all resolutions. That is about 6% of the shares. I wonder who that might have been? It looks close to the percentage held by Sand Grove before they started selling, which may be relevant for the March 12 cut off date determining voting rights.
Jed, if they cannot raise any money, then there is a 100% chance of losing what little is left. If they can do the open offer, there is some remote prospect of salvaging some value, from several scenarios. New Age may bring it to FID. New Age may find another buyer for its stake and maybe BowLeven's stake too, and that process could be faster now they have gone through a lot of bureaucracy with SNH. Or Lukoil might take it out, which might be more likely if the Russia/Ukraine war comes to an end, and sanctions are reduced or lifted.
Who has voted? Who wants to but cannot work out how to? Who cannot be bothered?
I wonder if anyone has subscribed for the open offer, but not voted? That would be putting the horse before the cart, because the AGM votes are needed to go ahead with the open offer.
40p was about USD 150 million. ( USD 150 million is GBP 120 million, divided by 335 million shares ). If the number of shares goes up by factor 4.8 to roughly 2 billion shares, ie 2,000 million shares, divide that 40p by 5 for simplicity to get 8p, almost 100 times the open offer price. The annual report also suggests the asset could be worth quite a bit more than 150 million at a higher oil and gas price. Well that is my back of the envelope arithmetic anyway, does anyone disagree?
Whether or not you plan to avail of the open offer, you should vote so the company can go ahead with it, and has some chance of a future. Hardly anyone voted at the December 2023 AGM, but now its vital that everyone does so. It would be a great shame if the company had to shut down just because people could not be bothered to log into their brokerage accounts and vote.
On interactive investor, whoi emailed me today, its under Voting Mailbox. On Hargreaves Lansdowne, who have not alerted me yet, its under Shareholder Meetings. Not sure where to find it with other brokers, if you can't find it, ask them. It takes a few seconds to just click For All. You can also get an email confirmation of your voting choices.
I've attended two prior AGMs, 2021 and 2023. I won't be able to attend the April 2 AGM, but anyone who can do so should, to see if they can glean any insights.
I got the message below from Interactive Investor today. But it does not really make sense since shareholder approval has already been given at the December 14 meeting. Has anyone yet received a corporate action notice inviting them to elect for the tender offer? Or will that only come after the delisting?
StockQUARTO GROUP INC COM USD0.10
Event TypeDe-Listing
DescriptionDelisting
Effective date: 18th January 2024
Market affected: London Stock Exchange
Trading restrictions: The last day we will be supporting trading will be 17th January 2024
The Quarto Group Inc has announced its intention to cancel its listing of Ordinary shares from trading on the London Stock Exchange. This is expected to become effective on 18th January 2024, subject to shareholder approval at the meeting to be held on 14th December 2023.
As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading listed above or transfer your holding to another broker.
If you do not wish to sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in the future.
ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered an ISA-qualifying investment. Therefore, we will arrange to move your Quarto Group plc shares to a linked trading account, opening one on your behalf if you do not already have one. If that is not possible, we may attempt to withdraw the shares into certificated form, reregistering them into your own name. Certificates received in respect of ISA accounts will no longer be held within the tax efficient wrapper, so will lose any tax benefits.
SIPP, and Junior ISA customers
Unlisted shares are not considered a qualifying investment for these accounts and withdrawals are not permitted from these products. Consequently, holders may wish to liquidate any holdings prior to a delisting becoming effective.
After the AGM, we got an RNS/email showing it appears that only about 10 million out of c 300 million shares voted in relation to the AGM resolutions. Out of interest, how many, if any, people here cast their votes? Those unable to attend the AGM can cast their votes electronically, by proxy.
Lukoil logistics
Bowleven think that Lukoil needs to be aligned on the development plan.
Costs
There are currently two directors, two finance staff and someone on the ground in Cameroon, at the Euroil subsidiary.
Overheads (excluding development spending) could be about 1.5 million a year next year, but not all would be a cash outlay. If the directors defer their emoluments, these amounts will be accrued.
The costs of being listed are about 300,000 to 400,000 a year.