Member Info for ismalia

Lights out for all investors - lets hope there is enough in the kitty to pay the on going wages and suppliers. Leni I feel has been less than honest when it has come to his interviews and if he had managed the business properly he would have divested some of the assets to reduce debts. If anyone is confident the shares will have value I have a few to sell.

I think Leni will need to go and I wonder if RP of WSBN will take on a major roll. It may well have been RP following his recent appointment who recommended the need to suspend. If we are to servive then we may need to sell the Australian interests. A major may turn up but will want to pay little for Helier and Beaconsfield and what ever is obtained will go to clear debt. The best result for us I think would be to divest the gold interest to a major and get a royalty on sales, JV the Australian interests but plough on with Helier which seems to be a very good earner. MC is about £20m but debt is horrendous and running costs continue. Leni out first and he can take the few shares he has with him.

Their detailed announcement is on the Aquis market board. Signed off by Leni

Third paragraph says the there is some doubt in the ability of the company to continue as a going concern without a restructuring so knowing this the BOD would have been obliged to suspend so as not to incur any further liabilities they could not meet. I wonder what the 55m has been secured on. We will see but it may take time.

If this follows the usual route we could hear very little. Workers will want paying as will suppliers. Interest will bite on the lending and any refinancing will come at a heavy price. We are locked in so can do nothing but wait and if we can servive then the dilution will be huge. Hope for the best and expect the worst.

As a side issue any thoughts that WSBN would like to take on any of the Australian assets of NQ?
RP and Leni seem to know each other quite well.

I think so but I'm not sure how much time they need to do their DD and of course how much any acquisition is likely to cost. But I do feel that once they have the first buys under their belt we could see a fast rate of bolt ons to build a decent size business.

I am affraid we have to fear the worst. Over trading I suspect and they have always been raising cash to fund day to day expenses rather than investing in the business. I don't have £80k invested nor does DL but no doubt he has drawn his salary. Debt is high and so is the interest, just have a look at the recent published figures. If we servive there will be massive dilution and the sale of assets. Not good.

We have a MC of about £26m yet we have potential revenues in year 2021 of about £20m given the production levels during the second half and higher and consistent oil price. There are a lot of fixed costs and if even £3m could find its way to the bottom line the pe would be about 8. There will be further earnings from Egypt and other assets to consider. There seems to be quite a disconnect between the potential and the current value imo

Are you suggesting we should read nothing into any interviews made by any company director?

They still show MB heading up the team on the website. Sloppy.

Trading will start ahead of further good news this week. Only one way for the sp as demand will be outstrip supply.

Half year results should be well up on the full year of 2020. Oil price and production both up so I expect a very bullish update.

Or we know of no reason.........................?

Pressure building and the potential could be very exciting.

A qualified FCA advisor tells us we face bankruptcy so should we take note. This is what several brokers are saying - it is thought. Who are the brokers and who is doing the thinking. In a nutshell Batch27 probably flogs insurance or mortgages through estate agents and that is what we must assume unless he comes up with some broker names to gain credibility. I will get my office to give the number a ring.

I suppose the cost of writing to all holders or simply making an open offer announcement can be both costly and time consuming and the raise wasn't that large. But I agree it would be nice to have an opportunity to buy in at similar levels. At least we are on the move and no doubt there will be further shares issued on any acquisition. I am very much inclined to give the BOD the benefit of any doubt as they seem to be lining up the business ducks as well as the PR ducks so going forward I can see a good and hopefully rewarding future for us.

Dilution yes, but the cash comes in

I have just bought in as I like what I see with the management, the prospects, and the potential, some of which was not factored in to the Broker note with a TP of 0.42p. Nothing wrong with the share and to some extent it may be a few former warrant holders getting out.

MB goes so it looks to me as if the major holders want progress and that is why they let the new man have some stock. Is AH in line for a place on the BOD? At least her department shows profit.
Again its Jam Tomorrow Plc.