Member Info for legache

Strider, Just so you know MM has a shed load of shares in PVE which is the majority holder of SRON. Now all this is wrapped up in COCO (assuming shareholder approval). Therefore one of the many things you can't really critisise MM is not having skin in the game. I personally don't have a great deal of time for MM, as I kinda agree, he talks a very good game. BUT we now have a load of other people involved including Parson and the ex Rockhopper girl. So, this can only be a positive thing for current SRON shareholders. I cannot talk about the SOU assets, as I have done zero research, but we were due to get a production sign of on Sant Alberto and Q3 Revenue figures which should see a big upside from Bezzecca. I invested on the assets, the technical team and the strategy. The rough PE was about 3. I certainly didn't invest because i trust the Aussie Mafia. I think on the whole, we will attract more investors now, which was what we were struggling to do, partly because of the MM factor if you ask me.

How on earth they amnaged to get this placing away without announcing this to the market at the same time. It should have been suspended there and then. Also, as i commented previously, why weren't we shareholders allowed to take part in the placing, with full knowledge of what was going on, like [I guess] those placees were. Doesn't anyone else hate it when the little guy gets a significantly worse deal than the the rest?

What on earth does MM mean when he talks about having critical mass? "will transform Saffron into a materially larger funded natural gas and oil company with critical mass through an exceptional balanced portfolio of high quality assets. "

100k� and 33k� filled just hours before this announcement. As always on AIM someone knew this was happing and will make a killing. Dodgy as hell IMO. In terms of the announcement. I need to do some work on these assets before passing judgement. Having James Parsons on board is clearly a great move though.

wow, 100 grand buy! My giddy aunt. Wish I had 100k spare to average down! Obone - bet that was you!

You'll be wrong about he H2 prediction, by quite some way i'm afraid. The recent interims only had 2 months of Bezzecca revenues in. During that intitial period they were ramping up the production so what we effectively had was 4 months of lower than average rates. The next half will have better rates (the 102% increase RNS) and include all 6 months. Despite the salaries being a bit silly, there is no way in the world they will be making a loss. I'm not sure MM really should be getting paid vast amounts of cash until we start generating better revenues, but that debates is unfortunately an age old one.

K3, I take the points you make. But can i come back on them if I may? I'm not asking the CEO to telegraph future placings. At this stage we haven't been told what the cash is for. We know, as per the podcast, that it *may* be for an asset acquisition. Now my key point here is, just weeks ago we were told there was no plans for a placing and that MM believed growth would come initially from revenues. He said he wanted the assets up as a first priority. Sant Alberto is still awaiting a sign off. Fast forward a few weeks and hes *possibly* seen something in the shop window that catches his eye [i get enough of that with my wife] thats for sale. We subsequently have a placing a a 25% discount to the IPO. If the IPO was so oversubscribed, why aren't we seeing folk diving in at less than 6p? Second point I made was about the fund raising. I'd be happy to buy some at 4p, provided he tells me which dress he wants to buy. [sorry thats wife i'm referring to again...]. At the moment he is just asking for 1.25 million to go shopping and asking us to trust his taste in dresses. Well k3, all i can say is that I am currently questioning his dress sense.

K3VMC - I've just ticked your post up, becuase i sincerly hope you are correct. There are two thinks that get on my cleavage about this Firstly, he said categorically he had no plans for a placing. Not just in that presentation, but in other interviews and to other shareholders privately. Now, I accepted when I got involved we would need cash to develop. However, ALL indications were that would be further down the line at a much higher price than 4p. If we wanted to raise cash so soon, this should of been done in the IPO. This smacks of amateurism. I accept your point about there was nothing worth buying at the time, but he has indicated that the money COULD be used to develop assets. Surely this should have been costed! Secondly, if the placing is done for a reason, then tell us the reason when making the announcement. Hell, why not offer existing holders the opportunity to participate if its such a great deal he has up his sleeve. I'm not going to sell my holding here, but I really am very very angry.

https://www.**********.co.uk/blogs/saffron-energy-sron-stratex-international-sti-anglo-asian-mining-aaz/

If this was not what you wanted, why did you invest? --- Simple. I am not naive. I knew at some point this could happen. I just expected to use revenue to fund [whatever this is] in the short term. We had assurances this would be the case.

Yes, Trojan. I am not denying he mentione dthat dilution could be an option at some point int he future. However. He was asked the question specifically and gave a specific reply. Sorry, this is not really that debatable, he said "we have no plans [for a placing]"

Trojan - I watched the video, this isn't about dilution. He was asked directly at - 28.48 https://www.youtube.com/watch?v=4oowbZ04bEs I quote "we a not planning on doing anything like that"

I'll have to go back through the interview, but he WAS asked DIRECTLY "are there any plans for a palcving" and IIRC he said clearly "No". Then the fella who was chair intervened to point out that not all placings are necessarily bad news for shareholders. Blah blah blah. If they had good news and "plans" why not release them at the same time as the placing. What he is effectively saying to "trust me" and I don't. The 6p placers must be riled after this! Why not get the so called "oversubscribed IPO" away with more cash if they knew they would need it after just a few months. No, I am not a happy bunny. I am very angry about the way the BOD have played this. I'm sitting on an enormous paper loss and I am not pleased at all with this move.

Am i dreaming or did MM repeatedly say there wouldn't be a placing at the event Obone was at?

Any idea when we can expect an update. I was hoping, giving the share price being on its knees, this would come sooner rather than later!

Crazy, mad. Wish I had the capital free to average down, but not selling a penny of my SQZ holding at 22p. Main problem here is clearly that the G and A is far too high. This is the first time they have disclosed saleries and the market doesn't like it. 500k off the profit margin is too much. They need to start talking profit as opposed to revenue. I'm all for paying Masterman mega bucks, but hes got to increase the profit, not just the revenue figures. I am one very unhappy bunny at the moment. I am sure I cannot be alone.

Indeed it is Obone. I have been digesting the iterims. Some good, some bad. The major positive is that after you remove the IPO costs and other ones offs (200k on office furniture - WTF?) and add in the increased revenues outlined previously the profitability figure looks a little rosier. I for one would like to see some acquisitions or corporate action as even on the now doubt improved figures, this at the moment is a far better for Masterman and the executive cohort than it is for us - theoretically their masters!

Obone, the figures are euros. So not quite as bad as a sterling loss! At least we have G and A figures now. Which i what we are waiting for. they have around 800k in salaries and staff benefits. I feel some belt tightening needs to happen.

Lets talk about North Sun Italia. We own 100% of it. I have been looking through their numbers. They incurred a 6 million euro loss in 2016. They have G and A of 600k. There is also a 1.4 million euro loan to Po Valley Energy on the books. Anyone know anything about this The reason for the loss was summarized in the going concern sections as "The loss was largely due to the continued reduction in production volumes from the Sillaro field and the impairment test on Sillaro assets" I calculate our revenue in the year 17/18 to be in the region of 1.6 million euros - assuming we get all the news the BODs promise. Now clearly i am less than encouraged by these numbers and i am beginning to wonder if Masterman isn't being entirely straight with us all?

Someone just sold 13.5k. At least at 4.5 i think it must have been a sell. Lets hope that's the last of it. She share price is on its knees and badly needs to (good) news to generate a little interest here. IMO.