Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The guy is incredulous he needs to go - hopefully takeover actively in progress - company house note interesting. As is Bariu Ettu (FC) profile on LinkedIn - Joined from Addax @ same time as Edward During and job description- Collaborate with the Joint Venture Accountant in managing all Joint Venture accounting functions for all assets.
? Manage JV accounting functions such as managing cash calls and billings, monitor authorizations for expenditure as per the normal JV accounting process. ATB
Hi Dave,
Your right noting large to note In terms of large sales but no news on aim is usually not good particularly when on surface there appears to be so much low lying fruit to boost price and regain confidence.
Truth being told I wish I never invested as heavily in this stock but trapped in as at 1.3 it’s just not feasible to sell.
Spread has been excessive for some time. Any meaningful rise will now just be sold into IMO.
Just awaiting an exit point and I’m reducing my holding.
Wish you all the best and hope this comes good for all holders.
Business is priced to go bust - CEO paid almost 20% of our MC. Communication is shocking/ emails to IR are not responded to - it’s no wonder SP continues to fall like a stone - Can’t believe there is no takeover interest (full or partial) or even any buy backs at these levels - CEO needs to go. Time for change? Or is it to late
Me too
Giving a price of 2.435 for 2.3m sell so still liquidity in market all be it at a reduced price ... Would be shocked if we did not receive an update by EOW - Managing to resit the urge to top up at these levels - over committed as it is.
Prompt
Ditto - Hopefully it will promo some news quickly
If only we could buy c2.5 :)
Agree Big was just looking at that there - this will fly on the right news
Looks like news flow is about to start....
News needed soon
174k @ 2.85 - Top up - Cheap as chips
Although never did say thank you for tipping me off on EUA - Great spot early days :)
Amers with all due respect Metro is crippled in debt, paying a fortune for bonds and interest rates are at an all time low . Not a great comparable.
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Also buy is shouting @ 3.19 if that gives you more confidence - the spread is huge :)
GL
2. Unrisked NAV is over 10 x current MC
Short term expectations:
Steady rise back to 4-5p prior to confirmation of €2m payment.
News on re-financing/drill operations/asset sale should lift us to 6p-12p minimum (Upper end is still only £50m M/C)
Potential hostile takeover based on current share price c7.2p - $50m (Low ball) This could be significantly more if more than one interested party. If financing is sorted prior to a potential takeover bid this could potentially 10 bag+ from today’s levels (Blue sky).
Medium term:
Successful drill / increased production without dilution 30-50p+
All IMHO - Although the truth will out as always
Unsure about live trades as tend to look longer term as previously said Nothing goes up in straight lines and I’m confident this will recover to a multiple of today’s price.
You’d guenuinly struggle to find a comparable that is currently producing, has this much potential and such a small MC.
The new CFO (Edward During) has only been in place for two months and has excellent pedigree. Prior to this Edward was CFO for all Addax companies in Nigeria (SINOPEC group company). Led the organization's Accounting and Finance, Commercial, Business Planning, Insurance and Risk Management, Internal Control and Audit and IT functions. Member of the Board of Directors, the Leadership team, and the Tender Board. SINOPEC has been widely reported to be interested in Lekoils assets - Now the question you need to ask yourself is why would he risk his reputation and job security (10 years) to go and work for a ‘minnow’ with a M/C of only 16m. Either 1) Your CONFIDENT in asset, SURE you’ll be arrange finance and you have potential to gain a life changing amount of equity or 2) (And more likely) A trusted inside man completing due diligence for either a partial/full takeover, asset sharing agreement - Note the reserves in CPR. Both of which will result in multiples of today’s price. The strange thing about this appointment is that no RNS has been issued, although it has been confirmed on both LinkedIn and branded web.
In terms of near team cash flow an uplift was completed on 25th Jan with proceeds totalling $7m, an additional $7m is due in another 4-6 weeks too. - This should give further confidence/security Re: cash position. In terms of production For the full year 2019, Otakikpo averaged 5,305 bopd gross with 2,122 bopd net to LOGL. This has been further increased this year where production averaged 5,860 bopd gross with 2,344 bopd net to LOGL - Providing this production can be maintained an additional 77k barrels over the year - Again positive.
The near term deferred payments to Optimum which covers sunk costs - $2.0 million to be paid on or before 20 March 2020 and $7.6 million to be paid on or before 2 May 2020 will be covered with monies received from Shell (c$14m from uplifts) - Positive.
The elephant in the room is that LEK are required to provide evidence of its ability to fund 42.86 per cent. of the costs and expenses for the drilling of the first appraisal well (Due July 2020) and this is where Edward comes in :)
Our assets are WORLD CLASS, our reserves are WORLD CLASS - The fundamentals will shine through - stay strong and be patient :)
A few pieces of ‘potential’ positive news inbound short term:
1. Receipt of $7m payment from Shell (1 of 2)
2. Payment of outstanding liabilities first payment due on or before March (See RNS)
3. New CEO Appointment
4.Partial asset sale/JV agreement
5.Refinancing
6. T/O although if this happens feel this will be hostile
Other positives
1. Spread betting company buying shares to reduce
Showing on lek.gb.pl
It will 214525 @3.085