Member Info for komakino

SAVANNAH ENERGY E&P LIMITED

https://find-and-update.company-information.service.gov.uk/company/13868221/filing-history/MzMyNzYwMDc2NGFkaXF6a2N4/document?format=pdf&download=0

Yes, could well be PF, and always best to treat with caution anyone who doesn't substantiate their posts, though there is a steady amount of sells at the moment which is limiting the sp progression. Maybe AK can shed some light on things on Monday, though he's usually reluctant to discuss individual II's.

One of the posters on ADVFN is asserting that VR Global are in the process of selling their 50m holding. There's no evidence provided to back that up, but if true, would explain the sp holding pattern at the moment and would likely mean we are not going to be seeing any big jumps in the sp till they sell up or stop, which could be a while to churn through that amount.

Tom Winnifrith covered yesterday morning’s non-news of AIM-listed URU Metals’ (URU) proposed listing of majority-owned Toronto-listed subsidiary ZEB Nickel on the joke US OTCQB market. The shares rocketed from 170p to 210p on the news, a 23.5% gain. But the bald truth is that we are talking about a joke market with little liquidity and in any case, I would have thought your average US punter would manage to get access to the Toronto Venture exchange without having to deal with a tin-pot middle man.

Luckily those attracted to owning shares in joke John Zorbas company URU Metals (URU) have the collective IQ of a cheese sandwich so they fell for the spoof. But spoof it is. As Nigel pointed out when Uru snuck out dire results on New Year’s Eve, Uru is almost certainly running on vapours with a death spiral to convert outstanding debt kicking in at 85p. Thus, a share price of 200p (up 17% on the spoof) is insane.

Closing for registration and questions closes on Friday 21st January at 9 am. Links for the webinar will be delivered on Friday 21st January.

https://www.savannah-energy.com/investors/gm/register/

Lst, Enlarged Share Capital is currently 1,248,031,868 (up from 996,408,412). Further Enlarged Share Capital (on admission to trading on AIM of the EBT Shares will be 1,306,098,819.

The EBT (Employee Benefit Trust) shares (58,066,951 new Ordinary Shares, which are proposed to be subscribed for by the EBT at nominal value and funded via a loan provided by the Company) are expected to be admitted to trading on AIM following the General Meeting, subject to, inter alia, passing of the relevant Resolutions.

Yes they are certainly after shares as they'll take 500k in one hit at 26.95

Lobon, Vitol were involved in the Petronas acquisition as they loaned Savannah $20m as a bridging facility to pay transaction costs and the deposit. A lot of us thought Vitol might have been funding the overall acquisition but that proved wide of the mark as they borrowed the money from Maddox DMCC, a global commodity trader headquartered in Dubai.

Apart from that there was no mention of Vitol in the admission document.

O&W, not sure many of us on here have Ianotti's wealth ;-)

Bit disappointed that David Clarkson has overtaken my holding making 3 directors with more shares than myself, but not sure other director's holdings are that important personally when AK has got more than enough to convince me he believes in the future of the company.

Any of the II's wanting to sell before yesterday could have presold anyway, so I'm taking the price rise yesterday as a positive sign that we're not going to see a lot of shares flipped. Well, that's what I'm hoping anyway ;-)

The new statement of capital after the new share allocation has been registered at companies house (6th Jan), so perhaps that suggests it has.

https://find-and-update.company-information.service.gov.uk/company/09115262/filing-history/MzMyNTg5MjUzOGFkaXF6a2N4/document?format=pdf&download=0

In homage to duster the RNS does say 'on or around'

Application is being made to the London Stock Exchange plc for admission of the Placing Shares and Subscription Shares totalling, in aggregate, 251,623,456 new Ordinary Shares, to trading on AIM, which is expected to take effect at 8.00 a.m. on or around 7 January 2022 ("Admission").

If you look at the 7 Energy transaction there was no separate RNS on the day the placing shares hit the market so on that basis they could have done. However, the website has not been update to show the new share allocation, neither has the London Stock Exchange site. That could just be an administration issue, but either way it's a bit unclear.

p466
13.2 Two former directors of the Company, Ms Isatou Semega-Janneh and Michael Wachtel, have raised
claims in the UK Employment Tribunal against the Company in connection with their respective exits
from the Company. The Company, having taken legal advice, believes such claims are spurious and
are without merit, and is vigorously defending them

Oakey, I don't think cyb was trashing the article per se, more that his view was that IC should have been looking more at the fundamentals after the acquisition

Most of us on here are long suffering shareholders ;-) It's a good feeling to be back in profit and let's hope it's a steady rise now rather than the start of a fall back as it was after the 7 transaction. Vibes are good though, lots of things in our favour, and the price action seems strong since we have been back trading so hopefully more to come this week before sp settles and we then look for news flow to keep up the momentum.

Well that didn't copy and paste too well!

website is www. research - tree .com (remove spaces)

Savannah more than * doubles its scale in Africa For investors concerned by the extended suspension of Savannah’s shares worth the wait. Savannah is acquiring both ExxonMobil and Petronas’ s : fear not, it has been oil businesses in Chad and Cameroon for up to US$700m and transaction. The assets being has raised US$ 65 m gross via an acquired are highly cash generative equity placing to help f und the , meaning the cash outlay come completion in mid into a significant 2022 is expected to be just West and Central African ~US$3 3 0m. These deals w ill transform Savannah regional oil, gas, and midstream player.

We estimate t hey will treble EPS and boost CFPS by 37% in 2023, and raise Savannah's 4-yr average FCF yield after all debt servicing to 16% at US$60/bbl Brent. Our pro forma risked NAV rises 37% to 85p/sh.

Lots more detail on the website

https://*********************/companies/uk/oil-gas-e-ps/savannah-energy-plc/research/finncap/savannah-energy-savannah-more-than-doubles-its-scale-in-africa/8_32396

So Maddox DMCC, a global commodity trader headquartered in Dubai, is the senior lender, with Vitol providing the bridging loan

1.4.4 On 9 September 2021, the Company entered into a US$20 million bridge facility agreement with Vitol SA. The facility is available for the purpose of funding transaction costs and paying the deposit related to the PETRONAS Acquisition. Interest of 8 per cent. plus LIBOR accrues on any amounts of the facility drawn from time to time on a straight line basis and is payable on the date any amount of the facility is repaid. The loan agreement and fee letter provide that the Company must pay a utilisation fee of 1.5 per cent. of the amount stated in each utilisation request

JCEP, it's not clear to me how that works, maybe one for the Q&A session. The adjustment though reduces the sum paid from approx $650m down to $329m

Page 66 admission document

3. Adjustment upon Completion
Given the difference between the Economic Effective Date of the transaction of 1 January 2021 and the
anticipated Completion date of the Exxon Acquisition and the PETRONAS Acquisition of 1 July 2022, there
is expected to be a significant completion adjustment to the sums ultimately to be paid to ExxonMobil and
PETRONAS at Completion relating to, inter alia, the cash generation of the acquired assets during this period
and the sweeping by ExxonMobil and PETRONAS of certain of the upstream target companies’ cash
balances just prior to Completion. As at the date of re-admission and consistent with the economic and
commercial assumptions outlined in the Chad/Cameroon CPR, the Completion date adjustment is expected
to be approximately US$321 million