Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
“The Company is seeking approval from shareholders at the EGM to subdivide and consolidate its share capital, buy-back and cancel deferred shares created in previous share capital reorganisations and increase its authorised share capital. Following, and contingent on passing of the Resolutions, the Board proposes to settle outstanding salaries and fees to directors and senior management in the amount of €624,370 by the issue of New Ordinary Shares ("Settlement Shares") at an issue price equal to the adjusted 10-day VWAP for the period following the date of the EGM.”
“Each Settlement Share issued will also carry a 3-year warrant with a strike price equal to the issue price of the Settlement Shares. Due to austerity and rationalisation measures introduced by the Company over the last 14 months, the Board and senior management have agreed to defer salaries and fees since February 2019 to assist the Company's cash flow and the payment to other staff and service providers, at no additional charge / interest to the Company, while continuing to work tirelessly to manage the Company through what was and continues to be a very challenging period. Their agreement to settle these deferred payments with Settlement Shares on the terms outlined indicates the continued commitment of the Board and management and their belief in the prospects of the Company and its projects.”
Just a cash grab by the BoD, waited till the SP was on the floor, aided and abetted by their major shareholders before doing this. Scandal. With the warrants attached to it means they will be pocketing about 40% of the company when all this plays out.
JD
This is being orchestrated as it was last year, we will find out at the AGM that Sanderson have sold down half their stake and will take it back at 0.20p.
Sad, but LC has brought this on the company by allowing such a company and iron clad grip of it.
JD
He can’t actually do a placing at the moment, a two second look at the company’s accounts and how many shares are authorised to be issued would tell you that.
The placing will 100% come in the late summer, but actually, he needs shareholder approval at the next AGM to raise the number of authorised shares that can be issued before he can do that. This will follow the same script as 2019!
JD
Well, we don’t have the kind of cash it would take to buy 345 hectares of adjacent land in the middle of the Tete, Mozambique prime coal belt country.
So it had to come via some other avenue. If I had to hazard a guess, it’s probably come from Vale, as their land is adjoining / contiguous to BIPP, it may well be the case that they have swapped some land for a better PPA tariff price (pure guess).
Again, this would need approval from the Moz Government as it may impact on the mining rights licence that Vale holds.
For that kind of acreage I imagine it is for solar panels, just a thought.
JD
It’s positive news, this was obviously done so with the nod of the Moz Government, so at least it points to support and the Moz Government have inputted into what a successfully project will need for an eventual PPA, that being a large renewables chunk to be included, it also intimates more than 150Mw too. Long way to go on it though.
MM’s murdered the SP once again.
We desperately could do with a MED Update.
JD
With Johnson emphasing that construction and engineering sites can open tonight on TV and with the AB Impianti factory now open and operational for the last two weeks, there really should be some imminent movement on Bordersley / MED.
JD
SDave, good to see you posting again.
I agree, a quick Katoro Funding Agreement and a Start Date at Bordersley could see the SP do wonders. I just wonder who it is that keeps thrashing the SP with sell whenever the SP builds up a head of steam……
JD
Hardly brutal, it’s only a discussion point.
Using my own personal investing circumstances you are merging to separate things.
I have (and continue to do so) averaged down here to a point where I don’t actually need much above 1p to make a serious bit of wedge, as I have said on here numerous times over the last few months the NAV here along makes this a decent recovery play and if (as a LTH) you are capable of ‘holding your nose’ somewhat on investing more money here you can stand to make some cash from here.
That is quite separate to what I think of LC on a personal level, which isn’t much considering the efforts of which he has gone here to fill his own and Sanderson’s pockets with gold (literally at Katoro) at the expense of LTH’s and I am more than content the evidence of what has gone on here allows me to make such a statement.
For myself, the above two things can be correct at the same time, I can both make money and hold LC’s feet to the fire at the same time.
JD
The NAV is 2.2p per share so it doesn’t take much to understand just how shot to pieces the SP is.
Non of this matters however when you have rule breaking large shareholders who use the share as a play thing and delude the market with shares. Add that with a CEO who does nothing (or worse) to enforce the share register.
JD
https://www.theelephant.info/features/2020/03/30/conservation-vs-development-the-political-ecology-of-the-stieglers-gorge-dam-and-the-selous-game-reserve/
I doubt the SGD Project will ever be completed, there is no way Tanzania can come up with the near $10b independent analysts thinks it will take and as the above article shows only the site has been cleared of trees and no actual works have commenced. Tanzania (along with the rest of the world) will soon be plunged into an economic quagmire.
Most of the SGD Project monies will probably turn up in middle eastern bank accounts belonging to the President, steal money is one of the few things African politicians can do well.
JD
https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSKBN22E0SL
From what you can glean from what we know so far (not much) this would almost certainly be to introduce their Autobidder Platform into the U.K., which would allow them to essentially trade energy from the producer to the grid, it’s an interesting development, as Musk clearly thinks that Micro generation and trading of that power is the way forward to fill the upcoming U.K. power gap, in much the sane way our PPA with Statkraft Markets GmbH and they then trade the power.
JD
To be fair, Bcl, it probably says more about the financial position that Shumba are in. You are going to see lots of distressed selling going on in the next few months, here and everywhere else.
That’s not my issue, my issue is the haphazard way in which this idiot CEO of ours conducts business, the idiot is updating his share information page on the website with information that is months out of date, where is his share register and NOMAD in all this? A complete regulatory vacuum, no wonder they can just do as they please.
JD
Now comes the Sanderson sell down in preparation of the July(ish) placing at 0.20/0.15(ish).
The only good thing I see coming out of this is now we have gotten rid of one of the largest shareholders in Shumba’s 10% and as per last year’s AGM and resolutions (remember Sanderson didn’t vote at the AGM to keep their hands clean for the placing shortly after) I strongly suggest that the PI’s club together to hold LC’s feet to the fire, I’m not one for taking a machine gun to the company and the Executive Board and destroying the company for the sake of it, but we should be strategically voting to keep the authorised shares LC can issue down IMHO.
JD