Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Handy little 'leak' for the shorters don't you think? Why would you let a sensitive negotiation slip into public knowledge like this? Nothing from Ocado strangely. Ah well just wait for the bottom and jump on board! It isn't as though M&S are going to benefit from this 'leak'.
With HL, still no divi!
Looking back 12 months+ on my posts here:
Since then the cash has dried up, the debt is enormous, the decommissioning costs are not 'negligible' and one of the original Tailwind board ( Mr Tohme) is now on the Serica senior management team that syphoned off all Tailwind's cash without paying back any of the debt:
25/01/23:
'By 23 September 2022 cash and deposits had risen to £482 million* of which £200 million was lodged as hedge security'
'Completely agree Terry, Tailwind stakeholders have siphoned off over $100m, that's just in 2021 and god knows what sits in their subsidiary companies today. They have left the massive debt in place and basically doing a runner. This deal is over reliant on the questionable tax relief, dwindling NS assets and stinks of BOD self interest when you consider what the Kistos proposal offered. It completely ignores shareholder return and sinks our cash into paying debt, royalties and decommissioning and we don't even know what the the current Tailwind hedging arrangements are with Mercuria.
06/01/23:
1. Current directors/officers/shareholders of Tailwind/NSV Energy/Talwind Energy Investments LtdT/Tailwind Energy Holdings LLP/Cavendish Energy Holdings/Mercuria/ Nsve Holdings Limited/ Terranova Asset Management Limited/Dsrg Limited/ Nova Energia Ltd/ Nova Venture Holdings /Terranova Asset Management Limited, at the end of 2021 they transferred all the cash made by Tailwind to NSV Energy all $105m of it. Looking at pages 46/47 of these NSV 2021 accounts Tailwind had precisely $6 in cash. The royalties and decommissioning liabilities were $136m and loans of $344m.
Has any one looked at these companies' 2022 provisionals? How much cash has been taken out during 2022? Why were no loan repayments made? Dsrg Ltd is David Freeman and had over £6.2m sitting in it at the end of 2021. Nova Energia Ltd is UJEJSKI, Tomasz Zbigniew Harding had over £7.8m sitting in it, Nova Venture Holdings run by TOHME, Jacques Joseph and had over £9.1m sitting in it. I think you get our thoughts about your proposed senior management team.
2. Mercuria have 25%+ stake as far as I can see and the five principal officers/directors of NSV Energy hold a majority. so whilst they may be the 'largest ultimate shareholder' Mercuria only have 25%+ and for this they are receiving a whopping £367m of SQZ shares. The other majority stakeholders are walking away from massive debt, royalties and decommissioning costs and receive their share of £58.7m and an extra 2.7% stake in Serica for their troubles, having milked Tailwind of all its cash.'
OK there's my rant again.'
I'm out for now. Several things worry me the longer this goes on. For me the delay in signing the deal must be affected by flow rates, cost of dealing with it, not just this well but potentially the others? Factor in the drop in gas prices, is it still viable? Are they re looking at the figures? Shouldn't need 90 days unless there are these problems to overcome/reappraise.
I've enjoyed the banter may join you again in 60 days time.