Member Info for hxulcolrdoh

probably working to the same deadline too.

The trades would put one in mind of Kabul Airport

The trades would one in mind of Kabul Airport

adv11 I take it you don't like alternative opinions that don't chime with your world view

When I think they have been punished enough and the risk/reward is more favorable I may revisit APF

Not surprised he is leaving.

I think he has damaged the long term prospects of APF when suffering from ESG fever by over committing them to Voisey's bay. The future of APF is the now the future of Voisey for better or worse. I thought this decision was a gamble / poor risk management when it happened and personally I departed.

CF73 please GAMBLE responsibly.

IMO NCCL is most definitely a gamble and a very very risky proposition at that. If you are already heavily committed think of calling it a day. If it all comes good that will be a nice problem to have.

I despair when I see people on this board say they are in b@lls deep and thinking of throwing more money at it.

I think NCCL were $120k in arrears with his previous years pay to he/they gave him $180k in shares as payment in kind.

re Hanno - page 29 (printed page 27 given 2 header pages)

https://www.ncondezienergy.com/wp-content/uploads/2021/06/NEL-Annual-report-31.12.2020-FINAL.pdf

Coal wise (whatever about solar) they have no real outgoings. The only thing they really need money for is to pay Hanno. The other directors don't seem to be taking cash out of the business at this time. Hanno is hoovering it up. $540k in 2020.

Saw a quote from him from years back recently. He reckoned the mine would be in production by 2017. If it ever happens he is only likely to be 10 years out.

Presumably to warm people up to a fund raise with the usual carrot - BTW we are on the cusp of greatness.

Same old same old as evidenced by the July 2014 announcement "We are in the final stages of Power Purchase Agreement"

https://www.lse.co.uk/rns/NCCL/ncondezi-power-project-update-bgyy2iuo03cxvcj.html

The news is we hope to have news

Though if they have blown the coal opportunity presumably something can be salvaged from the '$21m historical costs'. Drilling results / whatever. Maybe enough to cover existing debts. At which point I'd guess that they'd raise funds for solar and hope to head off into the sunset on the good ship SS Ncondezi Solar. With Hanno expensively at the helm what could go wrong.

I'd have thought it was not worth anything if it was forfeited.

The same question I ask myself ...

NCCL got a 'Mining concession' at the end of August 2013.

https://www.lse.co.uk/rns/NCCL/ncondezi-energy-granted-coal-mining-concession-wd46l2ngwxwwrsl.html

Generally such things come with expiry dates and obligations ie use it or lose it. My causal / not to be trusted interpretation of Mozambique law is

- within 3 years of the concession a mining permit must be obtained
- within 2 years of the permit development must be started
- within 3 years of development the mine must be in production

ie within 8 years of the concession grant the mine needs to be in production. Which brings us neatly up to the end of August 2021. There is no mine in production. Is there flexibility in the system ? How rigorously are the rules applied. Have I read the rules correctly ? Are NCCL about to lose the rights to the mine ?

The same question I ask myself ...

NCCL got a 'Mining concession' at the end of August 2013.

https://www.lse.co.uk/rns/NCCL/ncondezi-energy-granted-coal-mining-concession-wd46l2ngwxwwrsl.html
Generally such

or maybe the coal project is put into a stronger set of hands and there is an announcement along the lines

"we have received an offer blah, blah ... and we recommend shareholders accept it"

Hey presto the coal problem is gone and Ncondezi Solar rises from the ashes ? No big pay day but at least shareholders can lick their wounds and live to fight another day? The situation lends itself to speculation.

https://www.lse.co.uk/rns/NCCL/ncondezi-power-project-update-bgyy2iuo03cxvcj.html ...

9 July 2014: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) wishes to advise shareholders that it is has entered the final stages of negotiations on the Power Purchase Agreement ("PPA") and the Power Concession Agreement ("PCA") for its 300MW power plant project (the "Ncondezi Project" or the "Project"), located near Tete in northern Mozambique.

I have to admit that I'm surprised how long NCCL have been able to keep flogging this (probably) dead horse while turning large amounts of investment into a company with a market cap of £8m odd, no income worth talking about, and debts of probably $6m+

I keep trying to find something positive - but Hanno Pengilly and NCCL remind me of Kevin Foo and VOG - one of my own expensive mistakes.

Given that funds are about to run out ( strictly speaking they ran out ages ago when they defaulted on their largest loan ) I guess the big reveal is imminent. With one mighty leap they will escape the jaws of defeat - or else they won't. I guess a fund raise on the back of a jam tomorrow /"we have entered the final stages of discussions" statement will not fly. Certainly not without independent 3rd party assurances.

The skies are clouding over with chickens coming home to roost.

Fascinating.

Apparently investor relations is Hanno's special skill ..

Hanno Pengilly - Executive Director of Ncondezi Energy Limited - Director of Herne Capital (Pty) Ltd ("HCL")

During the year US$360,000 (2019: US$240,000) was paid by the Company to HCL in respect of services provided by Hanno Pengilly. There was US$48,000 related to consultancy fees and $120,000 related to 2019 and 2020 bonus outstanding balances at 31 December 2020 (2019: US$nil).

HCL provides leadership on key corporate activities such as capital raising, reporting and press releases, investor relations strategy.

Meanwhile (Working capital facility) he is lending the company $250k (presumably to pay himself).

Interest accrued at year end $23k.

Almost comical.

Was rummaging through the last accounts of June 25th ..

https://www.lse.co.uk/rns/NCCL/annual-financial-report-023xx3i57nc51n2.html

Directors remuneration : Hanno apparently trousered $540k in 2020.

I'm sure he was worth every penny.