Yup agree there, our votes won’t matter, I’m Pretty sure miton / Riverfort will vote with forum to secure their zen stake from the dilution and if zen want financing to help I’m sure they want to be the one providing it.
"It should be noted that if the Resolution is not passed at the General Meeting, the Deed of Variation will not come into effect. Consequently, the Disposal will proceed under the original terms of the SPA."
so Forum really think 20% of ZEN is going to be worth <£300k in 6 months? thats less than a £1.5m mcap / 0.22p per share on the theoretical 674.4m shares in issue?
Original deal : £500k over 6 months + £500k in shares
Revised deal : £800k over 10 months
hummm id still rather have the stock, it has a 40% buffer built in to it and worse case the company can always open a hedge against part of it if it spikes before the 6 months.
compare that to Coro having £400k of shares at 6p in December !
Is forum being paid by AC under the table to do this, saves him the personal dilution and potential job loss?
Further to the announcement of 24 March 2020, AAOG announces that a circular (the "Circular") containing details of the proposed amendment to the sale by the Company of 80 per cent. of AAOG Congo to Zenith Energy Ltd, together with Notice of General Meeting (the "General Meeting") has today been posted to shareholders. A copy of the Circular is available on the Company's website (www.aaog.com).
The General Meeting is to be held at 12.00 noon on 16 April 2020 at 12 Berkeley Street, Lonodn W1J 8DT.
On the flip side I dont think SNPC or its potential financiers will be happy that the market values their stake at £628.5k, trying to borrow $5.3m against an asset priced at $740k will be a little bit hard.
Zens not paying upfront in one chunk so no I’d rather obviously Vote to have them give 20% Of their shares to us for the £200k difference, and if they want to walk away they can pay us the cancellation fees.
"Mediation between AAOG and SMP, which took place in the autumn, was unsuccessful. As a result, the Company is continuing vigorously to pursue legal proceedings in the Paris courts. The next procedural hearing has been set for 5 February 2020 for the filing of the Company's submissions."
Thank you, my fingers are crossed for forum and their venture,
It still has potential but I’ve written off Congo as part of aaog and I have come to terms that in reality SNPC wouldn’t be paying a penny of what’s due (plus their share of future billings from new work) unless the asset can produce and the cash is taken from the production cash flow.
From what I remember when I read the admission documents and my interpretation of the JOA is that now SNPC has technically defaulted at the point, so with two parties not paying the bills there is little chance of a positive outcome there. And a new possible partner (zen) that can’t pay bills doesn’t look to good either.
I see some value from the shell, I see some value to come from zen in one way or another even if it’s settlement costs when they walk away.
It was poorly managed, the rig was overpriced and wrong, the financing was wrong, the fact that renewing the license was not the number 1 priority was wrong. In hindsight Every deal done had Alternatives that would have been a better option, everything was also rushed.
There could still be a return at the end of the tunnel for the sub 1p stock but everything is against it currently. (Not that that helps the higher priced shareholders much).