Member Info for jedclampit

The audited financial amounts for the year ended 31 December 2016 (the "current period", "period" or "reporting period") are compared to the audited seven-month period ended 31 May 2015 ("prior period") unless otherwise stated.
Operational Highlights

· 24% increase in gas sales: 3,566mmscf gross gas sold (12 months/2015: 2, 868mmscf)
· 10.23mmscf/d average gas production (12 months/2015: 8.13mmscf/d)
· 15km pipeline laid as part of Bonaberi extension - 50km total network
· Matanda licence 75% interest in 1,235km2 Matanda Block assigned to the Company, adding 2.8tcf net prospective resources in Northern Matanda Field
· Logbaba drilling programme commenced targeting additional gas reserves
This was 5 years ago and still made a loss of $30ml
and still nowhere near enough customers, have things changed?

I guess it all does depend on the drills and how much gas is there, but the bigger question is who is going to buy the gas from Matanda as we have more gas now than we can use and we don't have enough gas customers now , so where are they going to come from.?
Even 5 years ago Foo said we would have 40scuffs a day but we could never find the customers, so same old problem.

You have to rember that this is not the first time they have done a placing / raised money by selling more shares to some shareholders., it's because the banks would not lend them any more money the last 2 times they needed money as they were a bad risk and that could be the problem now.
If they cannot raise money on the markets they have to go to some of their shareholders and do it with shares, it just means more dilution to current share holders, in fact this is worse than a normal placing because the current shareholders cannot take part so it's just a deal for the important ones.

OK before anyone jumps on my post about $10m interest, that was a flippant remark but if you work it out at 10% monthly for 2 years it works out at what $9.075m.
Still a lot of new shares if/when converted

So I think it's fair to say that the current directors hold NO shares and hold NO power in the running of VOG and are just being paid and told to do a job by the few major shareholders.
With this latest $7.5m loan at 10% compound daily interest and a placing into shares at a later date and what 50% of current MC, but at 10% compound interest a day just how much will that total be in 6-12 months $10m +? it must mean a total of about £250m-£270m spent over the years on a company now only worth about £15m
If this loan was not converted in shares at a later date VOG would never be able to pay this money back and the sp would be what 1p-3p. So I don’t know why some think this is a great deal for the smaller shareholders.

Now that this placing news is out has anyone seen any directors buying shares yet ?
Now that might be the time to buy shares but not until we see the directors buy some.

So we all knew this was coming , a total of $7.5m in 2 notes with 10% interest daily and then converted into vog shares.
Now that is another dilution and equivelent to another placing
A Loan Notes:
· unsecured loan notes with no conversion rights
· total principal amount of US$3.3 million, fully drawn on signing of the Facility Agreement

· two-year term with early redemption permitted at no additional cost
· interest at 10% per annum accruing daily from the date of issue and compounding monthly

B Loan Notes:
· unsecured convertible loan notes
· total principal amount of US$4.2 million, which can be drawn down in tranches at the Company's option
· term expires on the second anniversary of the date of the Facility Agreement with early redemption permitted at any time at no additional cost, with Meridian having the ability to convert the outanding B Loan Notes
· interest at 10% per annum accruing daily from the date of issue and compounding monthly

· principal and interest convertible wholly or partially into VOG shares at the Noteholder's option from the first anniversary of signing the Facility Agreement and on certain other specified events

· conversion price of £0.078 per share (being a 30% premium to the volume weighted average trading price of VOG's shares as traded on AIM over the 10-day period immediately before the date of entry into the Facility Agreement)
· draw down conditional on The Takeover Panel ("Panel") agreeing to a waiver of Rule 9 of the Takeover Code ("Code") and independent shareholder approval being obtained (see below).

Good morning Currabeg, another negative post from you what a surprise. Looking at your past posts they have been all negative for the last year and not a good positive word in any way, you must have been up-set fired / left or something that's left you with a very large chip on your shoulder, things / companies change and you must learn to move on.
Many have said that cna are selling off all their asstes and will no longer make any profits with what's left, but you have to remember that all cna has done in the past few years is build up huge debts of some £3-£4bn which has caught up with them and if they didn't change they would have gone bust anyway. It has been / was the old bosses and the unions that almost killed cna and the new bosses are doing what they have to do the G/Tee most of the jobs that are left. In a few years cna could be very profitable gain with sp up to £1-£2.

aspers, but things are changing and will not be as bad as before.
Just look at the new incentive share options / offers being made to the directors at 52p ish, they will do their best to continue to turn this around and push the sp up to what 70p-80p after all the new staff contracts ,overhead cost savings , debt reductions etc .
Now is NOT the time to be selling but just the right time to get in.

What happened to you, you were positive on this in May then very negative since?
Did you lose lots of money and cannot get over it ot what.?

I think it's a sound business here but been hit again by the hold up in opening up until mid july, but ther is a trdaing up-date due end July which will give us a better idea of what's going on and with Debt being reduced more with luck.
Once we get back or start getting back to near normal Greencore should start to make good progress and then we should see the sp go up. One of those things and we will just have to wait a little longer but no possabillity of GNC going bust etc just time.

I think it's LSE that's the moron
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Don't believe everything you read, I think it's more like 30-60 deaths after everything that's being done.

22nd June.
Bl***y finger slip again.

I have also just noticed that the normal int results are from Jan - June 30th , so how can they now announce the int results for Jan - June 30th on the 23nd - 23rd of june before the end of june, is this a mistake or is something els going on here?

Yes it is, but is it down to the delay in opening things up which I guess could be understandable although not welcomed.

Is it me or is it Interesting that on the same day they first announce the directors share incentives and then the int results on the same day which look like they are also a month earlier than last year.
Now is there some good news coming?

Are going to be next week 22nd june, last year I think they were in July.
Does that mean they could be good instead of July ?

falk, In that case I think you should sell now as I still think this is going to £1.05 so I can top up. only 3p more drop to go now but that could cost you £5k

It’s always good to see Directors being targeted for rewards, but I wonder if cna could just clarify what these targets are as the rns didn’t say what these targets are.
Do they have to increase the sp to a certain level say 80p? over 3 years
Do they have to turn the company around and make so much profit after tax?
Or do they just have to stay employed by Centrica for 3 years regardless of outcome?
I guess there will be many smaller shareholders that will be asking the same questions.
I have emaild cna and asked this question, I bet they don't reply.