Member Info for kentan

My intention was to put into perspective what lies in the background to those who are just following the herd and blindly investing ... they are usually the first to start crying when the SP tanks.
The fundamentals are promising if all goes to plan, but like my other investments that include Savannah Resources (SAV), I am wary of anything that has connections to Oman and with good reason.
The first point of concern is the shared majority holding of SPMP by The Omani Investment Fund Holdings (OIF), they will certainly get favourable support from the Omani Government (being Omani's) in their quest to have a large piece of the pie now that the roaster is on stream. Their in court arguments can go on for years, time is not of the essence in The Sultanate.
Secondly, I can't see anything being done in the near future now Ramadan is taking place.
The Omani's are never too hasty to conclude deals and issue permits etc., as I have experienced with SAV (licences issued in principle but still waiting to be ratified after 2 years).
At the moment the SP is being propelled by day traders who are gambling and able to absorb the big spread (11%+) ... it may be the highest riser today, but likely to be the biggest loser tomorrow.
Unless there have been some unpublished dealings that support the rise, I am prepared to wait until there is better news and by then the furore may have subsided and maybe a lower entry price to top up my considerable holding that is still underwater.

With gold prices rising and likely to go a lot higher, there is good reason to think that Tri Star is a good investment at the current price. their stake (40%) in the SPMP roaster is producing at 50% capacity (last RNS) and likely to go higher now that all the niggles have been sorted.
Once worldwide Coronavirus affected trade is relaxed they will be able to sell their antimony accumulated stock at premium prices and have a ready supply of feedstock to up production to the anticipated 100% capacity by the end of the year.

This all bodes well, but there is still the fly in the ointment .... namely OIF (Oman Investment Fund Holding Company) with a 40% equity stake & DNR with 20% of SPMP who want to petition for more shares/stake in the project for their considerable investment.
From the 8th April 2020 RNS:
Financing of SPMP:
SPMP has signed a term sheet with local banks to provide a USD 60m term loan facility. In addition, the banks have expressed an interest in providing a working capital facility of up to USD45m (out of a total required of USD 60m as announced on 3 January 2020) subject to meeting certain criteria.
A total of USD40m has been injected by OIF and DNR into SPMP on terms which have yet to be agreed between the shareholders.
OIF has issued a Request for Arbitration, commencing an arbitration proceeding with Tri-Star, DNR and SPMP as Respondents. OIF seeks declaratory relief, inter alia, that the funds invested by OIF and DNR in SPMP be considered as equity at a price to be determined by way of valuation. Under Omani law, a unanimous resolution of the shareholders is required to increase the share capital of SPMP. Tri-Star has previously exercised its right not to adopt such a resolution. Tri-Star’s legal advice is that OIF’s claim has no merit and is, in fact, contrary to the terms of the Shareholders’ agreement and the provisions of Omani law in this regard and, accordingly, Tri-Star intends to vigorously defend this action.
The duration of the arbitration proceedings could be lengthy but Tri-Star will continue to seek consensus with OIF and DNR as to the terms upon which their funding has already been provided.

This will undoubtedly keep a lid on the share price until resolved ... uncertainty is never a good thing when speculating on investments. Once this has been sorted the SP is sure to rocket.

Good man Spikeyj ... it benefits these boards when people like you let us not forget the skulduggery that abounds in the AIM markets.
Take a look at this article that pictures Mr (Quentin) Zheng with Fergie (Sarah not Alex lol!) ... he is known as Quentin, can't stop laughing into my anti-viral tissues over that.
http://www.ladieswantmore.com/duchess-of-york-received-500000-in-unexplained-loans-from-lord-grades-troubled-company/
The court heard that Dr Hon, who has paid the Queen’s grandchildren Peter Phillips and Zara Tindall as well as the Duchess to work for his companies, charged Gate Ventures around £2.9million for various meetings with celebrities.

Judge Prentis said: ‘Dr Hon has been billing himself as a man of influence through the use of company money. That is not the purpose for which these small Chinese investors paid their money into the company.’ He cited a £6,500 bill for lunch with fashion designer Tommy Hilfiger and a $1,000 shopping spree; thousands for lunch with Prince Albert of Monaco; £12,293 for a meeting with Manchester United’s Paul Pogba and a £4,000 piano lesson.

Judge Prentis said that an hour’s ‘training session’ with Victoria’s Secret model in New York might have been ‘a very invigorating occasion for everybody’, but it was not ‘immediately recognisable as company business.’ During his tenure, Dr Hon also charged Gate Ventures for meetings with Hollywood icons Robert De Niro, Al Pacino and Julia Roberts and lunch with the ambassadors of Romania and Malta.

And all paid for by shareholders money ...
Plenty more of "Watch me enjoy myself at your expense.
We haven't yet approached his string of blue blood racehorses in training at Newmarket with Ed Dunlop and hosting lavish parties in his box at Royal Ascot & Wimbledon. I think I remember seeing pictures of him at Buckingham Palace garden parties.

It is interesting to see that Richard James Carter remains a director of ADM Energy (as Dr Johnny Hon's representative on the BOD) despite relinquishing his post as accountant and directorship of the troubled Gate Ventures plc on 13th January 2020.
Another name occurs that is common to ADM (when MX Oil), none other than the mysterious Zheng Youngxiong (spelt Yongxiong on ADM's website as a significant shareholder). He is claiming to have been embezzled as a creditor of Gate Ventures plc out of his £2.5m investment in the company, he is also attempting to get the company taken into administration based on alleged fraudulent practices by Dr Hon reported in The Guardian article.
Mr Zheng first invested in the then MX Oil on 7th June 2016, encouraged by Johnny Hon, for 112,972,992 shares at a placing price of 1p = £1,129, 729.92 and represented (at the time) 9.9% of the share capital in issue.
This was matched by Mr Zhang Hao for the same amount and Mr Chen Zhitang for 45,645,653 shares = £456,456.53 (4%).
Other Chinese named holdings by Mr X Chen increased from 30,100,000 (June 2016) to 97,100,000 (Oct 2016) = 8.51%
Mr Y Chen held 33,000,000 (June 2016) increased to 103,500,000 shares (Nov 2016) = 9.06%
Mr X Chen jnr acquired 31,500,000 from Dr Hon's holding on 26th August 2016 to give him 3.08%.
Dr Hon dealt his shares and distributed some to the above Chinese to reduce his holding to 28,500,000 = 2.5% (Nov 2016)
Collectively by November 2016, they held 46.95% as individuals, so could have mounted a t/o if they so decided at the time.
Dr Hon's holding varied between 40 & 60 million shares before his redistribution. He has received £millions for his introductions by way of fees.

From the article, ... "In conjunction with Zheng, known as Quentin, Gate Ventures had raised $10m (£8.1m) from a series of roadshows to target investors in the Far East, including in Macau, one of the world’s gambling hotspots." ... perhaps they had done the same to encourage investment in MXO?
Could be that the Chinese will not swallow the shenanigans we have seen in the past 12 months with dodgy sheikhs (introduced by Dr Hon) and how their investments have been decimated, even before the coronavirus crash.
How long before Mr Carter resigns his post as CFO at ADME?

Nothing is simple or goes smoothly in Africa, Nigeria especially, as we have come to experience.
Always someone with a finger in the pie, or wants to get involved, who try to manipulate matters for their own gain.
Bureaucracy and legal wranglings are usually interminable, what should take months usually ends up taking years.
With our Nigerian CEO who is experienced and has valuable Government contacts to push things through, we hope the pending applications for AJE OML-113 by PetroNor and consolidation with Yinka Folawiyo Petroleum Company Ltd (YFPC) can be sorted quickly to our advantage.
https://yinkafolawiyogroup.com/home/yinka-folawiyo-group

I saw that the CEO of Oracle Power (ORCP), Ms Naheed Memon, recently cancelled a trip to UK to promote her company and made a sudden mercy dash to UAE to sign the Shifty Sheikh Ahmed to a lock-in agreement to stop him dumping stock, following rumours he was getting cold feet.
I still think it will all end in tears for those that followed him in and bought shares, despite warnings from those that experienced his debacle on here.
How can an agreement lock him in and prevent him from selling stock? ... it must be full of get-out clauses that could be invoked.

In the OTC market, I can see Portage Biotech spiked to 18US Cents on Jan 24th and 20US Cents on Feb 6th. 2020 so this bodes well for when they are restored to the full market.
What isn't shown is the spread on the OTC market, which I assume will be quite large (depending on what buyers are prepared to pay).
At 15US Cents it gives a market cap of circa US$148million and at 20US Cents around US$200million.
Is Jim Mellon's "Juvenescence" part of Portage holdings or is it with SALV or FFWD? ... that will be a major game-changer.

Seems about right ... introductions to shifty sheikhs and collaborating with Stefan, Andy and Co. just about sums him up.
He has a string of racehorses (mainly trained by Ed Dunlop) all with the word "Global" in their names ... I see he has sold a few lately (to pay for his lifestyle when his company doesn't pick up the tab?).
Has the smell of alleged money laundering carried out by the under-pressure Phoenix Thoroughbreds supremo Amer Abdulaziz Salman who is currently ensconced in UAE, which is fast becoming a haven for criminals and fraudsters on the run.
We never have had the full information about the Chinese he introduced to MXO 5 years ago ... they can't be happy ... unless it was all a plan for his pal Kim Jong-un to wash some ill-gotten gains via Chinese intermediaries.

1971Bod,
Here is the latest press release I can see published by Portage on their website:
https://www.portagebiotech.com/wp-content/uploads/2020/01/iOx-loan-and-CTO.pdf
You can see their application for the revocation of the cease trading order (CTO) submitted 13th January is still being considered by the Ontario Securities Commission. From reports at the end of December 2019, I thought they had been granted a temporary lifting of the ban on trading their shares, but I can see prices for PTGEF on the over the counter markets
... OTCMKTS:PGEF on Yahoo:
https://finance.yahoo.com/quote/PTGEF/
Currently 15US Cents ... up from 14.
My Barclays Smart Investor ISA portfolio shows the original holding for SALV and Portage at 18x their number. But the corporate action notice says these are to be sold as they do not comply with ISA rules and because SALV has delisted there is no value attached to them.
Agree with you, the whole scenario has been completely mismanaged by Barclays and will hold them to account once this is resolved. ... last time I had a problem with them they sent me a hamper as compensation ... but I would need more than that to compensate me for my loss and inconvenience this time (despite the total value of my Portage holding going up 50%).

At last some light at the end of the tunnel ... Portage Biotech relisted on the Canadian exchange and showing around US$ 0.14, so up around 40% on the suspension price (US$0.10) and have heard from Barclays Smart Investor that my certificates are being prepared for sale (cannot have them in my ISA) once the Canadian regulators have ratified them. Expecting about £30k from the sale and still holding the SALV shares in UK in my investment account after they were removed from my ISA when delisted.
Hoping Mr Mellon will come up trumps with a relisting for SALV on the announcement of the exciting new developments he spoke of earlier this year.

Short term the implications are serious and far reaching, especially with the Chinese involvement in West Africa. Previously, the ebola virus looked like it would decimate the continent of Africa with a higher death rate per case, but modern methods of control have been able to contain it to small areas and stopped it becoming an epidemic.
Should coronavirus become a pandemic the effects on commerce will cause markets to fall further with the drop in demand for all commodities, with oil and metals affected the most. Sadly it may present buying opportunities of the right shares.

Hi Dan, as you know I regularly monitor the comings and goings to Front Puffin FSPO and FP Terminal on Marine Traffic.
De Conqueror is the only viable vessel to have visited the field this year. A chemical tanker visited in mid-January, perhaps to clean the tanks, umbilicals, pipes and do general maintenance on FP.
It is interesting that De Conqueror originally had orders to carry onto a port in India, but now shows at berth in Lagos, last report was 14 hours ago.
Another concern, reports coming from Lagos regarding the soon to be commissioned Dangote Refinery. The constant delays to the planned infrastructure to support the refinery, such as the construction of a new port and docks to offload the feedstock (crude oil, gas condensate etc) close to Lekki and the upgrade and building of new roads locally and highways to allow the distribution by 40-ton road tankers of the petroleum products. It seems the refinery will be finished in H1 2021 but will have limited accessibility, this will restrict its production until the transport issues are addressed. Pipelines joining the internal network of arteries to outlying states have also to be built and will present security issues.
Worth a read:
https://www.theafricareport.com/21854/behind-the-hype-is-dangotes-refinery-a-game-changer/

Large (276m x 37m) Tanker "De Conqueror" arrived at Front Puffin offshore terminal 2020-02-09 08:42 LT (UTC) and departed, en route to Lagos, at 2020-02-09 18:24 LT (UTC). ... so spent just under 10hrs alongside.
Currently at anchor off Lagos Port since 23:50 LT (UTC).
Was this a lift? ... she arrived and left with the same draught of 8.9m., which is her maximum under a Nigerian flag.
Since the attacks on oil tankers, shipping companies are reluctant to announce their routes and cargo for security reasons.
Crude oil prices are still around the $54/$55pb range and don't look like improving with the escalation and spread of the Coronavirus throughout the World.

This is encouraging news and supports what OO has been saying in emails to pi's.
Trafigura has cleaned up its act after being stung in sophisticated scams (similar to Lekoil) in the past. They now only deal directly with companies they invest in and have nothing to do with intermediaries rinsing huge commissions and introduction fees from them. So there is some solace to be had now they have wised up and eradicated corruption as best they can... very hard to do in Nigeria.

https://privatebank.barclays.com/news-and-insights/2019/november/the-race-for-a-breakthrough-in-longevity-biotech/?cid=ad03mm01soc_sc02ca07cr01co71te01
Could what the cash shell will be aimed at?
Thought Juvanescence was part of our portfolio with Portage Biotech.

I see that those who blindly followed the shifty sheikh into ORCP and bought at the top of the spike expecting it to go higher are now licking their wounds. The share has more than halved from 1.6p to 0.625p and looks like going a lot lower.
Can't say they weren't warned, the experience we suffered last summer should have forewarned them.
I expect to see the sheikh dump his holding, if he hasn't already, (large sells are showing as buys) on a spurious excuse to chuck his toys out of the pram, but with a large profit to console him, again.
The only ones to profit are insiders, with links to day traders, who can be fleet-footed and get in and out quickly ... for big profits ... ideal money laundering opportunities.

Andrew Frangos is involved in a myriad of companies, some registered offshore (Winrose and others), some Swiss (unidentified) and the London listings of Intelligent Foods AI Ltd., Naturi Vita Ltd., Lesoza Enterprises Ltd., Cornhill FX Holdings Ltd and Pello Capital Ltd (formerly Cornhill Capital Ltd., where Stefan was actively involved). ... you will note he is a person with significant control in all, but not always as a director (shown as resigned).
The published accounts are exempt from showing the full accounts (you will see there are no profit and loss filings) ... probably with intra-company account transactions.
So it is a web of companies clouded in mystery and intrigue ... but given his lifestyle, living on the banks of Lake Geneva ... it must be very profitable.

Therefore, it seems we have (or had) two individuals of Norwegian origin, namely Umar Farooq Zahoor who is wanted on an Interpol Arrest Warrant, living in exile in the UAE as the Sheikh's right-hand man and Per Morgan Hansen who is associated with Andrew Frangos as well as rumoured to be involved in the ORCP caper (yet to be revealed or confirmed).
So the common denominators to be aware of are:
1) Norwegian
2) UAE
3) Andrew Frangos and associates (ie. Stefan Olivier, Per Morgan Hansen etc.).
With both Petronor and Panoro Energy with Norwegian roots, it is to be expected there are other individuals to be revealed who are either invested or have interests in ADME.

WmsJames,
Not so.
You are forgetting that Andrew Frangos also has Lesoza Enterprises Ltd with a 4.70% holding, so combined with Winrose he has 8.31% stake, plus a whole sheaf of warrants that could give him (and Stefan with his holding and warrants) a controlling interest in ADME ... especially if some of the Peel Hunt shares are transferred to him.
He would then (eventually) have to declare himself at Companies House as a significant shareholder, without being a named director.
What can be seen as "Power Without Glory" ... ie. manipulating and pulling the strings.

For information purposes:
I have been reliably informed by a poster on another board that Winrose International Ltd (British ViriginIslands) has a controlling interest (75%) in London registered Danish Pharma Ltd who are involved in the setting up and production of CBD Oil in Denmark. As we know, Andrew Frangos is the person running Winrose, they have a 3.61% holding in ADME and is closely aligned to former ADME CEO Stefan Olivier. They are involved in Naturi Vita Ltd (another CBD Oil company) with Stefan as the director and Andrew as the person with significant control.
Also involved is a notorious Norwegian financier and felon, Per Morgan Hansen, who is currently being held on money laundering charges by the Norwegian authorities, who is deeply involved in Danish Pharma Ltd and has a close association with Andrew Frangos.
There are recent articles featuring PMH on the Finansavisen forum (can be translated using Google Translate):
https://finansavisen.no/tema/per_morten_hansen

Just goes to show who may be running the show in ADME (in the background) ... I suspect the former chairman of MXO, Andrew Frangos, is pulling the strings here too.