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Ezhik & Niceto Michu,

There are over fifty African countries, so to tar them all with the same brush is quite unfair generalising.

There are some that are very keen to develop their natural assets, for the benefit of their populace, but sadly that doesn't apply to them all.

A great example of an African success story though is Botswana:-

"Since independence, Botswana has had one of the fastest growth rates in per capita income in the world.[76] Botswana has transformed itself from one of the poorest countries in the world to an upper middle-income country. GDP per capita grew from $1,344 in 1950 to $15,015 in 2016."
https://en.wikipedia.org/wiki/Botswana

And I'm sorry you don't like me highlighting ZEN's achievements, NicetoMichu, but if the factual posting of such achievements appears 'rampy' to you, perhaps that just shows how impressive these achievements are.

I also met CanaryIntheMine's challenge to post when I first invested into ZEN, and my average.

It's noticeable that only positive posters have done that so far, not negative posters.
I think we can draw our own conclusions about that, can't we.

Ezhik,

ZEN's speed of action looks to me to be very impressive for the resources sector. E.g.:-
• Picking up valuable distressed assets for a song at the bottom of the market in 2020, when others were dithering.
• Increasing their Italian gas production last year more than ten-fold.

ZEN can bring projects on-stream faster than most, because it has its own in-house equipment and staff, which also saves costs:-
https://www.zenithenergy.ca/about/strategy/

The 39 ZEN RNSs already this year shows how much is happening here, and how quickly the company moves.

Resulting in a stunning increase in interim revenues of nearly five-fold (4.936 x higher).
I.e. nearly 400%.

30th Nov 2022 9:02 am RNS Half-year Report
" ... The Group generated revenues from oil and natural gas of CAD$11,571k (2021 - CAD$2,344k) ..."
https://www.lse.co.uk/rns/ZEN/half-year-report-zruvcyrci0abvf8.html

Bureaucratic delays are not ZEN's responsibility, and I don't see what more legally they can do to speed up the process.

Thanks to Florida for this observation about the usual time for licence approval in Africa apparently being 9 - 18 months:-

Florida Posts: 1,058 Price: 0.85 Strong Buy
Zen 1 Jun '22
"We should be thinking about why AC bought 39m shares on the 31st January 2022. We know Tilapia couldn't happen for 30 day's after the purchase because that would have been seen as insider trading. So, he obviously bought them because he knew it was going to happen later in the year. Covid stagnated the approval proses for well over a year. Add this to the standard time usual for Licence approval in Africa - 9 to 18 months, and we find ourselves right in the middle of the optimum period for this to happen. ..."
https://www.lse.co.uk/ShareChat.asp?ShareTicker=ZEN&share=Zenith-Energy&page=47

Interestingly, next week sees the second anniversary of ZEN's successful bid for Tilapia II:-

23rd Dec 2020 7:00 am RNS Successful bid for Tilapia II
"Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is delighted to announce that it has received official confirmation from the Ministry of Hydrocarbons of the Republic of the Congo that its local subsidiary, Zenith Energy Congo SA ("Zenith Congo"), has been selected as the successful bidder for the award of a new 25-year licence to operate the Tilapia oilfield ("Tilapia II").
As announced to the market on July 20, 2020, the Company had previously submitted a comprehensive commercial and technical offer (the "Offer") for the award of Tilapia II. ..."
https://www.lse.co.uk/rns/ZEN/successful-bid-for-tilapia-ii-lz7ofr8ipunko20.html

So yes, it's been a long wait, but even adding a bit for COVID-19 delays, it looks like sufficient time has now elapsed for the licence to be awarded at any point.

Terry,

Quite a bit of cash has clearly been spent on trying to arrange the TCP acquisition. If that RTO is aborted, and NZI can't recoup the monies expended on that (& there's been no indication that they can), then the money has been wasted.

If TCP had pulled out of a RTO agreement without good reason, then it would be standard practice to have a provision for NZI to recoup its aborted costs. But NZI's annual report doesn't say whether the heads of terms signed had agreed an equity split between NZI & TCP, or whether it was subject to placing funds being raised.

Either way though, I think it's in the interest of both parties to proceed with the RTO regardless of whether they can raise significant additional funds at the desired price at the moment. The enlarged entity can look to raise such funds next year, when market conditions should have improved. It's generally easier for an already listed company to raise funds anyway, with no floatation risk, and an established share price pattern. So you don't have to do it all at the same time.

And in the meantime, TCP will be operating as a listed company, getting its story out to the stock market, and progressing its growth: albeit with less funds than it would like, but if it shows what it can do with more limited funds, then investors should be impressed enough to more willingly provide more.

I don't really buy the 'hard to value correctly' argument in this case, as TCP is profitable, not a blue sky loss-maker.

If TCP pull out unnecessarily, then they may well find that other shells are wary of dealing with them in case the same happens again. That would leave the IPO route.

But the RTO route may have attractions to the IPO route that may give it additional 'value' to a company wishing to float:-

• A requirement to give away less equity than in an IPO.

• Potentially more speed and certainty - an aborted IPO due to market conditions could be very expensive, and time is money.

• The 'shellmeisters' may also have attractive business acumen, contacts, and 'clout', that may be attractive to the floating company.

Thanks for that, Lazygun.

NZI's annual report & financial statements for the year ended 31 March 2022 were filed on 12th. December 2022, but are dated 1st. December 2022, including a statement from Chairman Michael Ellwood dated 1st. December 2022.

Here are a couple of extracts, the first one being from the Chairman's statement:-

"The challenge for the Directors is to find a suitable acquisition upon which to base the Company's future at a time when assets in the renewable or clean energy sector are becoming increasingly hard to value correctly."

"The company has evaluated potential acquisition opportunities and in May 2022, the company signed a non-binding letter of intent ("LOI") to acquire the entire issued share capital of Taylor Construction Plant Limited and Solar Highways Limited ("TCP"). TCP is a UK based infrastructure services business. This acquisition, if completed, along with an associated proposed placing of shares by the company, would result in the shareholders of the Target having a significant minority interest in the enlarged group.

The principal activity of TCP is the supply and hire of specialist equipment to UK infrastructure and construction contractors. TCP is transitioning its existing business from diesel-powered to zero emission equipment powered by hydrogen and other renewable sources. This is carbon neutral at the point of use and offers customers an alternative to the use of diesel across a wide range of market applications, including in construction, events, film, and temporary power. TCP is profitable and includes as its customers a number of leading participants in the infrastructure services market.

The proposed acquisition is subject to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code."

https://find-and-update.company-information.service.gov.uk/company/13236308/filing-history

Interesting, there's no mention of the TCP RTO being aborted, as RNSed by the company on 18th. November, so perhaps there's still hope.

Re the suspension: it's clearly not possible for the company to return from suspension if the TCP RTO is still live, unless a prospectus for the RTO is published first.
This would still be the case even if NZI's annual report and financial statements is RNSed.

"About Us

Newmark Security PLC (AIM:NWT) delivers long-term shareholder value through the provision of products and services in the security and data sectors. From its locations in the UK and the US, the organisation operates through subsidiary businesses positioned in specialist, high-growth markets.

Safetell provides physical security installations to numerous end-user sectors. Products and services range from Asset Protection Solutions to Counter Terror Deployments. Grosvenor Technology serves the Access Control and Human Capital Management markets globally providing both hardware and software to collect and secure data while maintaining privacy, ensuring compliance and reducing operating costs for its clients. This is typically provisioned through a recurring software as a service model.

Generating a greater proportion of its revenues from recurring services is part of Newmark’s overarching strategy which is dedicated to building a business that has long-term stability and sustainability at its core."

https://newmarksecurity.com/about-us/

"Our Strategy

“To help address some of the major challenges facing corporations in an environment of ever-increasing global security concerns and add value for all of our stakeholders through partnership and innovation.”

Security has evolved. Once, providing security for employees, staff and visitors meant providing a safe physical environment. Today that environment includes and extends beyond physical security to online as people are equally concerned about the security of their data and identity.

Newmark plans to continue its strategy of investing heavily in research and development allowing the Company to stay ahead of the curve and ensure the highest levels of secure technologies for its customers. The Company is continually innovating in fields such as biometrics, cloud services and mobile authentication to ensure its products are at the forefront of the sectors it operates in.

We will realise this mission by continuing to develop exceptional and secure products and services backed up by industry leading support."

https://newmarksecurity.com/about-us/our-strategy/

"Market Overview

In an ever-changing world, there remain some constants. People, and the organisations they work for, will always seek safety and security. Newmark Security is well positioned to serve this growing need.

There are significant opportunities for profitable growth across all the sectors in which we operate, Physical Security, Human Capital Management and Access Control.

Every industry has its specific requirements, but there are also many commonalities, as every business seeks to create an environment in which it can operate more efficiently and with greater levels of productivity. Achieving these goals, while providing smart, safe and secure workspaces is the added-value that Newmark Security brings."

https://newmarksecurity.com/about-us/our-market/

It's sad to read about this explosion in retail crime, which is obviously a huge concern for the sector.

"August 11, 2022
RETAIL LEADERS CALL ON POLICE TO PRIORITISE RETAIL CRIME
... The letter notes that retailers have set out the steps they are taking to protect retail workers, having spent £715 million on crime prevention in 2020/21
... During the pandemic, retail workers were subjected to a huge rise in violence and abuse, with incidents almost tripling from 455 per day in 2019/20 to 1,300 in 2020/21, the BRC survey reports. ..."
https://brc.org.uk/news/corporate-affairs/retail-leaders-call-on-police-to-prioritise-retail-crime/

But as one would expect, this is helping NWT to generate 'cash from chaos', not only from the convenience store sector, but from supermarket chains etc. as well:-

27th Jan 2022 7:00 am RNS Half-year Report

" ... Safetell revenue has been another positive with sales revenue 12% higher than the corresponding period last year at GBP2,568,000. The Safetell management team continues to transform the business and the last six months has seen the introduction of new product lines, new strategic partnerships struck, and new clients onboarded. Our traditional work of installing and maintaining rising screens has continued to be impacted by the reduction in the number of bank and post offices across the country but we have now further diversified our product offering by bringing auto door and entrance control into our product portfolio.

Our project revenue has shown 26% year on year growth at GBP1,540,000. In a short space of time, we have forged strong experience in the design and installation of security screens in the retail sector and have worked with most of the large supermarket chains in the year to date. We have also completed phase 1 of a large project with a major police force.

We have installed our first entrance control product during the period and have continued to grow our maintenance contract with a large petrol retailer by an additional 100 sites. We have also negotiated a new rising screen maintenance contract with a large UK bank which commenced in November 2021. Our autodoor maintenance contract with a large University has also increased, with additional sites now onboarded. We continue to build on existing relationships in this sector as well as targeting specific projects with new partners.

The company's website has been refreshed in the period and additional features added. There is increased technical information, easier product offering navigation and information along with making it mobile optimised. This will become a larger part of the sales ****nal over time as more customer interactive features are intended. ..."

https://www.lse.co.uk/rns/NWT/half-year-report-xkas3fz5xzbt7ae.html

"Safetell – Securing Businesses in Uncertain Times

... Boosting shop security

Practically all stores have some level of security provision. CCTV is commonly used, but is often impractical for several reasons, including poor picture quality, unsuitable filming angles, and the penitential for cloud-based security systems to be hacked.

That’s not to say CCTV isn’t useful; it certainly is and should be utilised as a part of an effective security ecosystem. Training staff to use security equipment and to avoid confrontation is also of paramount importance. But increasingly, convenience store owners should be thinking about how they can be more proactive, making their stores as unattractive as possible to criminals, and increasingly making them safe spaces for employees.

According to the ACS Crime Report 2022, £10 million was invested in screens alone over the last 12 months by convenience stores, amongst the £246 million invested in crime prevention across the convenience sector over the course of the year. The overall figure equates to an average convenience store spend of £5,239 on crime prevention. Cash handling and storage, and perspex screen were amongst the top features that stores invested in over the 12 months.

Safetell provides a range of security services that can deter crime and boost staff well-being in convenience stores. Our products include physical security items like security doors, screens and counters, and walling and partitioning products. These solutions not only protect staff from violence but physically divide high-value stock from would-be criminals, as well as making it far more challenging to steal cash.

With more than 30 years of experience in the security space, our experts understand the best products for retail environments and are trusted by retail operators and owners, and what types of security solutions are best suited for the convenience sector."

https://newmarksecurity.com/company-insights/safetell-securing-businesses-in-uncertain-times/

"Safetell – Securing Businesses in Uncertain Times

... Convenience stores at risk

Crime is being felt across all levels of retail, but some are feeling the pain more than others. Convenience stores can often suffer disproportionate levels of crime as they don’t have the levels of security of the larger stores, often run skeleton staff, and have predictable periods where footfall is low. And, unlike larger retailers, many convenience store owners cannot afford to attach security tags to commonly stolen items.

Reacting to the ONS results in July, James Lowman, Chief Executive of the Association of Community Shops (ACS), said: “Shop theft continues to be a massive issue for convenience retailers, and is mostly driven by organised groups stealing to sell elsewhere and those who are suffering from a drug or alcohol addiction. Retailers have told us that they do not see any evidence of the cost of the living crisis driving ordinary people to steal from stores, it is still the same groups looking to cash in at the expense of hard-working business owners.”

“For both groups, higher value goods are being targeted, they’re more likely to try to snatch cash from tills, are becoming more brazen in taking cases of products off shelves and walking out, or even grabbing high-value goods from gantries or behind the counter. This combination of desperation and brazen confidence they feel makes it more likely that incidents will escalate into violence if they’re challenged by a shop colleague.”

This has unfortunately proven to be the case, according to ACS figures, which reveal more than 35,000 incidents of violence in the UK convenience sector were carried out over the last 12 months. More than 16,700 of those incidents involved a weapon, with 9% of all incidents resulting in injury.

Staff at risk

The rising number of incidents against retail staff is one of the least welcome trends of recent years and, again, those working at convenience stores find themselves at real risk. Violent attacks against convenience store workers and other retail staff have increased more than six-fold in the last five years, equal to 100 violent attacks every single day in the UK. Some 89% of those working alone – as is often the case in convenience stores – reported receiving abuse.

This level of crime is having a profoundly negative impact on staff. A BRC study found that 100% of respondents report an increase in verbal abuse during the COVID-19 lockdown. In addition, 63% of workers dealing with customers said they often felt unsafe due to dealing with aggressive shoppers, with half of the respondents having to take time off after experiencing an abusive incident.

Small retail owners are also reporting millions of pounds in physical damage that is being caused by crime. Building exteriors, equipment, and stock are all routinely damaged, and owners often have to close shop while repairs are being carried out, leading to a loss of vital revenues. ..."

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