Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Heid, I am very interested to see the business plan that the requisitioners have for the company. I noted in the circular that S&S accused them of having no plan but just criticism of what they had (not) achieved while at the helm. It will be very good to have a look at some positive plans for the future.
BP, the real issue is never going to be that gas prices have fallen. It is a myth that is constantly put out on this forum by the doom-mongers that anything less than at all time highs then it is a disaster for Angus.
Clearly it would be beneficial for Angus if the gas prices were higher but given that the average of gas prices today is still significantly higher than it has been over the last 10 years to pretend this is disaster is just silly. Of course it would be an advantage to Angus if the gas prices were higher than they are today but working off the highest possible price is not how finance works.
Anyone who thinks that Angus would have been loaned money by financiers based on gas prices at a ten year high is deluded. There is a reason why the company were asked by the lenders to make the hedge at 35p.
I am busy most of early January, so I guess I am going to give them until the end of this week to deliver before voting them out. I can't imagine that the Italian oil and gas agency are going to issue any permits between Christmas and New Year anyway.
Let's face it, after what I read on the requisition site there is no chance of them getting any permits before Christmas. Colle Santo has been passed found different oil companies for decades now. It has cost every oil company millions and none of them have got anywhere and it always ends up back with Mark Frascogna anyway.
Do you know when we have to vote by? I am currently planning to vote them out, especially after what I read in the Colle Santo presentations on the requisition website over the weekend, but I do want to give them until the end of the month to see if they can, by some miracle, deliver the Colle Santo production approval that they promised.
Article on the requisition from this weekend's Sunday mail. Doesn't tell us anythign that we do not already know but it is interesting to see the action getting some press recognition: https://www.thisismoney.co.uk/money/markets/article-12871757/amp/Activists-oust-Reabold-Resources-bosses.html
Does anyone else think that the reason that they have restarted the share buyback program is so that they can buy another £500k worth of shares between now and the vote and then use these shares to vote to keep themselves in place?
It doesn't seem as if it should be allowed but I wouldn't put anything past this pair.
I like the questions put to the board by the Sattar and Cattaneo too. It will be interesting to see if the board provide a response to them. As you say, they should be able to respond very easily to the questions if they have been thorough in their due diligence.
Unfortunately, I expect that they have not been thorough and this means that they will not respond at all and just hope it goes away.
It is very interesting how the share buyback program started at the last requisition and was then stopped. Only to be started again as soon as they announced the date for the next requisition. Anyone would think that they only cared about the buyback program when it helped them win a vote to keep them in position. Of course, their own £750k options program went through straight away.
Colle Santo testing approval in the next three weeks or drain the swamp. Vote them out indeed!
TH output data at the moment it looking reasonably good if you ask me. With the share price low it is not the worst time to buy as long as you believe that the company will be able to refinance. And with those production numbers they will be able to. Better times ahead in my opinion.
I don't think shredding documents will help this time. Have you seen the list of questions that the Requisition site has raised on Colle Santo? They need to be answering these not hiding the evidence. Any silence is just an admission of guilt. The only thing that can save them is delivering the production permit in the next three weeks, but from what I have read there is zero chance of this happening.
As you know I have been a big fan of the Colle Santo asset and thought that this could be the game-changer for the company if the 24 month production license was granted this year as RBD promised it would be. However, reading the documentation on the Reabold Requisition website, it is clear that the project is a disaster.
They have been trying to get production from Colle Santo since 2009 and still not managed it in 14 years and all they have ever had is rejections. The Environmental Impact assessment was submitted in June 2016 and rejected in October 2018.
November 2022 Request for 24 month production test rejected and they were told that they need to complete a 2 year environmental assessment before it can be approved.
How can S&S have told us that they would get the production permit by the end of this year then? I was doubtful about Heid’s allegations against the company over the last few weeks but I have to apologise, she was right. The company have been lying to our faces again. They need to go. Anyone will be better than these two.
My main priority is to get the Colle Santo permit sorted by the end of the year though as that can deliver cash instantly in Q1 . If S&S can deliver this then they get my vote. If they do not then they don't.
To this end, I am glad that the meeting date is Jan 10th as it allows me to see if they deliver before I cast my vote.
The ones who are vague about WN are S&S - their line today in the RNS just said: "over the next twelve months we expect to see progress towards the first horizontal well at West Newton". It hardly sounds like this is a priority for them.