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I would still like to know how early they were planning this fund raise. It’s been 5 months since the AGM, so I wonder what has changed since then. Where they expecting a source of cash, which hasn’t materialised (e.g. Anchois farm in), or were they not expecting to invest in a production asset of this size? There may be valid reasons why we have ended up in this situation, but shareholders seem to be always left in the dark. I just think we are owed an explanation because it’s a significant raise, but probably won’t get it!

From the PRD board:

https://apanews.net/moroccos-onhym-makes-historic-shift-to-public-limited-company/

Maybe I was wrong!

Hi Fernan, without seeing the detail of the deal, we cannot be sure how good or bad it is. You would hope that they have done due diligence though.

Hopefully, there will be a detailed presentation with a Q&A session and you will have an opportunity to submit your concerns.

$100 Million

Base case indicative net NPV10 in excess of US$100 was quoted in the RNS

Hi Surety, I asked Andrew at the agm, why would they want to sell the renewables business when it is in a period of growth. His reply was that it is down to valuation, in other words, if they get a decent offer that values the growth potential, then it may be too good to refuse. Maybe the earnings from the renewables is not going to be that great in the short term.

It’s not a good look for the bod after repeated statements about avoiding dilution in the holding company, to then do this. Also, what happened to all the talk in the reduction of G&A costs? The deal to set up a new sub for energy / power gen was supposed to include some return of G&A expenses. If anything, it looks like an increase in G&A last year, judging by the remaining cash at Dec25.

We are clearly owed some answers, rather than another “transformational deal” statement. Yes, the new deal could turn out to be great, but shareholders have been hung out to dry…again. Maybe, they should hold a Q&A session like last year.

Namibia is locked in a power battle between the President and the Ministry at the moment, so I expect licensing to be delayed for some time.

ONHYM’s transformation to a public sa is waiting for the 2nd house to vote and they are in recess till April (If that is delaying news on Anchois). IMHO

Just to clarify the question on the economic effective date , I received the following from char comms:

Yes, the balance on completion will be net of working capital and interim period adjustments from project cash flows between the 1st Jan 25 to date of closing which will significantly reduce the final consideration.

Does he know something we don't, or is he just guessing?

Not much we can do about it, whether we like the deal or not, as it looks done and dusted. Still a lot of unknowns for my liking and the surprise dilution further erodes any remaining trust in the bod. We just have to see how it pans out with the business split, ACWA tie up, Anchois development / partnering. Hopefully, this is still happening in the background. IMHO

Sygmaa, I hope that includes the PRD chat contributors who have continuously derided CHAR?

Both companies have underperformed and have nothing to be proud of. I avoid posting on the PRD board because it has become a playground, rather than for constructive posts, which can be positive or negative IMHO

The market does not seem excited by the proposed transformative deal so far. I would like to see more information on prospective earnings published though, before judging. As ever, the devil will be in the detail. Can’t help thinking this dilution / raise has happened because of the Anchois decision delay.

Can see a share consolidation coming at some point possibly followed by another raise if they are looking at more O&G assets short term and are unable to raise the funds externally.

On the plus side, if I’ve read the terms correctly, we also get our US$12m back from future earnings, so it’s a free ride after that. IMHO

Well, the main funding is complete pending shareholder approval. The least the bod can do is provide a webcast with an explanation and some projected future revenue estimates.

It is the mother of all raises, so all the talk about purchasing O&G assets via funding in the sub, as per the renewables side, was rubbish.

So it is either a deal they decided was too good to miss, or another desperate attempt to raise to cover future op costs.

The only positive is that it is a sizable asset and there will be revenue generated, but not sure what the market will make of it all. IMHO

Hi Surfit, I’m not an expert on the history of Sou, but I believe they were in a weaker position than us when they negotiated the gas development financing because of their debt. I also think that with offshore there is a larger prize due to the size of the prospects within our license, albeit with an associated higher risk / cost. I agree though, with probably similar development financing terms, as per Sou, but the key with any Anchois success, is if they can substantially reduce the development cost to achieve fid. I would also hope that they could ring fence any financing in the sub, so that the risk is contained IMHO.

My frustration, along with others, is the time it takes for any progress to be announced on the O&G side, although I still believe they are working hard in the background.

There is a new Upstream Petroleum Unit that is operating directly under the Presidency and it looks like the old guard has been side-lined. Not sure whether that is good or bad for us, only time will tell.

My understanding is that your new consolidated holding will rank alongside any new issued shares and thus hold value. I expect at least another 100M shares will probably need to be issued to raise the outstanding cash they need for the transaction etc. With such a low retail offer, I suspect the cash injection / share raise has already been lined up in the background. IMHO, but feel free to correct me.

Https://www.moroccoworldnews.com/2026/02/277396/parliament-approves-new-legal-status-for-onhym/

Passed the first house vote:

https://www.chambredesrepresentants.ma/fr/Seances3226

I suspect we will know ONHYM's plans one way or another within the next 2-3 months. The narrative from char has consistently been that they are working with ONHYM to rescale the Anchois development and JMW said last month in the podcast "and we're partnering". He could have said "we are looking to partner" or "there is interest in the data room". So I still believe a partner has been lined up, whether ONHYM or local Moroccan investment , or both. Anyhow, I expect the next news to be on the O&G new venture, or ACWA tie up. IMHO

Hi Gardie, DW & PR both have it posted on their Linkedin.