Member Info for ianfer

Jt - no, but another 1,500,000 of those and we could be looking at a takeover

Just a reminder as to how Chariot sp should "easily double" to 30pence !! Lol

Article by ST in Sept 2023 - it sounded like a no-brainer !

"Chariot could soon announce a 'game-changing' deal

Shares in an African-focused energy group would easily double on the announcement

Chariot could soon announce a 'game-changing' deal Published on September 20, 2023

by Simon Thompson

Farm-out in Morocco close to concluding

Drilling on nearby Loukos licence to start early 2024

$19mn equity raise at 14p in July 2023

The key take from Chariot’s (CHAR:14.75p) interim results is that the Africa-focused energy group is close to concluding 'farm-out' negotiations on its flagship Anchois gas development project in Morocco.

Around 40 companies are interested and Chariot has received multiple offers from significantly larger exploration and development (E&P) companies. The offers are based on an upfront cash payment and Chariot retaining a material stake in both the offshore Lixus and Rissana licences, in which the Anchois project is based.

Analyst James McCormack at house broker Cavendish believes that “any farm-out may provide the financing of the capital expenditure to first gas, materially reducing the risk of dilution to shareholders”. However, to provide optionality for the project financing, the directors have lined up a debt consortium of European and Moroccan banks with investment bank Societe Generale.

Importantly, the front-end engineering design (FEED) phase of the project has now been completed, and the environmental social impact assessment is close to being finalised for submission to the Moroccan authorities for approval. It means it is nearing the point of the final investment decision.

Bearing this in mind, Chariot’s management team has been progressing discussions with Office National de l'Electricité et de l'Eau Potable (ONEE) to supply gas directly into the gas-hungry domestic market. The signing of a binding gas sales agreement (GSA) with ONEE to supply up to 60mn standard cubic feet per day (scf) of gas over a 10-year period on a take-or-pay basis is critical. That’s because it not only underpins project financing, but it allows additional expansion as the project develops."

According to IC STs "Bargain Shares" over the last 26 years have increased on average over the first year by 19.7% against the Footsie all share index at 4.8% average.

However, if you bought Chariot today at 1.5pence and it increased by 20% a year, it would only take 15 years to get back to 24pence!

Also, if we had put £10,000 in STs Bargain shares in 1998 and sold them after a year, replacing them with his new list each year end, in 26 years we would now have £1,144,754.30

If the BOD are in discussions they probably cannot report anything until it is solid. They have sent out enough red herrings already which have reduced their credibility.

Surety - I agree entirely

Here's a view..... The sp will probably drift downwards until we get some news. Bad news = fall even lower. Good news = a rerate. No-one on here knows except maybe one or two who are connected and trying to drive the sp lower. I suspect the BOD are either packing their bags or having discussions with third parties about future deals/progress. All we can do is wait.

Surfit - thanks for your summary and research that you do.

PP - according to the trades on this site - 14744

Yes Surety the sp has been trapped between 1.50 and 1.80 for quite a while. For about £15,000 net sales today, a 10% reduction in the sp today is a bit potty. So not really the sells that have done that. Either a bad news leak or simply the MMs frightening investors to sell more. But you are right that there needs to be some news to stop the fall. It must come soon, good or bad, before they run out of cash.

ObsCure - thanks for reminder. Been very quiet since then so understandable investors are nervous about what comes next. Good news or collapse. As our inimitable but boring Harry says the Management could be having a laugh - but surely that can only be if they have something up their sleeves? Would you be laughing if you were about to go bust ??

No finance worries 3 months ago but must now be getting low in the bank. They have to sell something/get some income or do a raise soon. I doubt a raise would be successful unless in came with some good news. I think we will hear something within 2 months. Hang on as not worth selling now at 50-90% drop.

Not dead yet GP14

My comments on the below quote -

1) I believe Andrew Hockey is now the Non-Exec Chairman and no longer is it Chris Zeal. Maybe the website admin executive has not done its job properly?

2) The Directors' Remuneration is set having due regard to the interests of the Shareholders. ..... so they get paid £millions while the income is approximately zero and the sp drops from 20p to 1.75p. In addition, the Remuneration is paid by the Shareholders via raises and not by the Company. That really is in the interests of the shareholders.

QUOTE FROM CHARIOT WEBSITE - "REMUNERATION COMMITTEE

The Remuneration Committee comprises Chris Zeal (Chairman) and Andrew Hockey.

The purpose of the Remuneration Committee is to make recommendations to the Board on an overall remuneration policy for Executive Directors and other senior executives in order to retain, attract and motivate high quality executives capable of achieving the Group’s objectives.

Further it serves the purpose of demonstrating to shareholders that the remuneration of the Executive Directors for the Group is set by a committee whose members have no personal interest in the outcome of their decision and who will have due regard to the interests of the shareholders."

This "Simply Wallstreet" piece taken today appears to be up to date and gives "current" shareholdings as well as Salaries of Directors and other info'

AP has 8.02% and Westward 6.13%

Also shows General Public owning 82.3% Institutions 1.89%

I thought the Westward shareholding was one and the same as APs ? certainly not 14%+ together. eh?

I went onto Companies House and checked Westward Investments which states it is non-trading and has Share Capital of £2 and ZERO assets. Owner & Sole Director - Ayman Bakhache (Lebanese) - All very confusing. Surely not 2 Companies with same name. Any ideas??

https://simplywall.st/stocks/gb/energy/aim-char/chariot-shares/ownership

Lots of talk here about ENOG wiping their bums on Anchois which may be correct. But nothing yet proven. - ENOG know that Char is running low on readies which maybe is why they appear to be doing nothing with on-shore or making progress on anything. Their drill ship sloped away quietly after the bad results. They probably know more than Chariot does about the results/data. From Surety's post ENOG are looking for something to do and they are worth 100 times the value of Chariot. It would almost be petty cash for them to buy part or even all Chariot for some multiple of current capital value. They may be playing waiting game letting Char sp slip as low as possible while they run out of cash and have little option but to give in to ENOG ?

... I think this is the quote on Linkedin which confirms Etana interest in providing Electricity in Africa. Etana is 49% owned by Chariot. But we are all waiting for some progress on this. :--

Pierre Raillard reposted

Chariot Limited Chariot Limited 8,473 followers 8,473 followers 3h •

3 hours ago

An interesting read from British International Investment about the potential for project finance to increase energy access in Africa. Chariot remains focused on developing transitional energy projects in Africa, and, via Etana Energy, aims to increase the supply of renewable energy to business customers in South Africa.

https://lnkd.in/erkmgRyR

Gardie - I can't see what Chariot have to do with your link ??

Surfit - where have you seen Westland selling? That's APs company is it not?

Also "continued selling" - I haven't seen much more selling than buying.

Risky Business it is. Definitely. I've been buying/selling shares since about 1970 - won & lost like everyone else. 1st share I bought was Associated Leisure who had thousands of coin machines around the country. We went decimal about 1970, anyone here remember that? A.L. lost money having to change all their machines to take different coins. Shares dropped very low. I was 18 and thought how stupid because this is a one-off and they'll recover. I scraped together £30 and the shares doubled in about a year. I was rich! I had little knowledge about the Company.

Being an Accountant and knowing Sage very well I bought in 1998 at under £1 - Millenium is coming and Sage were buliding websites for clients and they know what they are doing, plus dotcom going wild. I put £20,000 in and in 2 years was 100K ahead. They reached 9 quid then the bubble burst & took them back down to £1. I got out before losing but made only a few £000 . I knew what I was doing .... but I didn't! Jimmy knows what he's doing but it makes not a jot of difference. It's a gamble and we all know it. I was 40K up on this cart a couple of years ago and now 40K down. They need new wheels. We are definitely mostly greedy. I'm still here because the current 14K worth I have could have more upside than downside. I can lose another 14K or win anything - 10p to get level is a dream but I'm dreaming. I was hoping for 25p to make me over 100K. Anything can happen here when you see the highs and lows over the last 15 years as I summarised a few weeks ago. These guys could hit lucky with what they have now or discover something else, chuck out some amazing news to attract new ignorant gamblers and the sp may fly. If they get to 7p I'll start selling some.

It doesn't matter how much you know Jimmy because the gas is worthless unless it can be mined & sold. Toss of the coin. Even S.T. of Inv. Chronicle doesn't know what he is talking about. I think he said "Hold" at about 3pence after saying "Buy" at about 15pence !!! - I hope your half-full glass begins to taste better soon Jim.

- It is LUCK you need, not so much the knowledge because we cannot know more than the Directors who have more input in the sp. Look at Rolls Royce which have 9-bagged in 2 years! They'll be up again next week with that £9billion contract, pity we didn't know last Friday, but I do have a few.

GOOD LUCK ALL !!!!!!!!!!!!

Harry, WHAT you say does not matter a fig, it is just very irritating. As you are unable to say WHY you say things, it indicates the latter of my 2 suggestions.

Go and have a cold shower.

Harry, would you like to explain to us all what interest you have in this board which entices you to spend time making comments here? Are you trying to prove to yourself that you made the right decision by not buying into Chariot or are you just a stirrer with nothing else to do?

- Please enlighten us ....

Surety - nice work thanks. I hope "silence from Char is golden" but I won't bet my dinner on it.