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Tony, according to the interim statement only 63% of the 'lenders' had agreed to the roll over 'in principle'... it seems that AFC hadn't actually agreed anything even 'in principle' at that time and were said to be waiting to see the 'documents.

Up till now it was assumed that the loan plans would be the next 'event' that would be progressed and that would be followed by the requested letter outlining the comittment of the African side. I think that was in effect putting 'the cart before the horse'. NCCL's proposed 'partners' have said they want to see that letter of commitment before they are willing to progress to a buying into this project.... it makes sense, imo, that AFC would have the same reservations.

I think all sides of the senior movers and shakers in this project would like to see the 'horse being put before the cart' and are waiting for that letter before moving on. The real issue imo, isn't the loan restructure.... its that 'letter'. Get that and everything moves forward on ALL fronts. At the moment... where's the letter?

I'm under the impression that whether or not AFC have agreed the loan restructure plan 'in principle' .... they are in the same boat as the 'partners' .... they would quite rightly want to see some kind of commitment and that letter/MOU being signed by the African side... before they agree to permently sign off on another loan rollover agreemen and will continue to delay completing the formalities until it is.

There isn't any lack of news. They said in the recent intrim statement that the loan restructure documents were anticipated to be returned by the end of this month. They can't give out any news on that until those formalities are sorted.

But just maybe the acceptance of the loan roll over plans won't be the forgone conclusion that were envisaged after all, however they are hardly likely to release another RNS on that just yet.

The non-binding letter of intent issues that were originally said to be wanted from the new head of EDM once that appointment was made, seems to have become a more uncertain and ambiguous issue.

I'm wondering now if it's possible that the continuing ambiguity over the content and who is going to be responsible for signing the 'letter of approval/MOU'.... is the reason behind the seemingly protracted hold ups in acceptance by the lenders of the loan restructure plan... which according to the prior timescale were expected to be substantially completed by September 2nd.

Whatever the case, this has gone on for a very long time and despite the all the plausible excuses and supposed intentions of the Africans and their 'white papers'... it's strange that this non binding letter is seemingly not near the top of the MOZ government 'things to do today' list.

If (according the Hanno) it's now not necessary to wait for it the be signed by some new appointee after all, who,is going to be responsible for it... and what's the hold up?

There's supposed (again according to Hanno) to be substantial funds just waiting to be released, hanging on the end of this mysterious non forthcoming letter! Really, it's no surprise that the market reaction is to keep marking this stock down... the indications that 'all is well with NCCL' ... seem to have recently gone missing in action!

At least there wasn't any more unpleasant revelations... but obviously this stock isn't going back up to around the 140-150p range anytime soon. The minuscule dividend rise isn't anything to get excited about either. With the prevailing global economy headwinds probably expected to cause some turbulence over the near/middle term, I'm going to looking for a reasonable opportunity to forget this one and move on.

UT last night on close was 69.3 for 52k shares, 0.5p below the spread.

Opening UT today was 73.35... way above the spread... for just 183 shares.

THAT lights the candle for the day!

The next trade for only 183 shares is 2p lower... and all day since it's been below 71.6.

THAT's share price manipulation folks!

Or if you prefer... share price management!

(In my view, a means to a possible buy out end... if upcoming events turn substantially against GSK,)

Sure isn't... the downwa d trend could even take it back below 6p by the time the weeks over. :)

The reasons that "many people are managing to buy at this price" is obvious and those reasons are actually touched on in Laxey's post. Mateus Magala was shipped in to clean up the corruption mess that was enbedded in EDM. He was always only a temporary appointment and has now reverted to his previous position. Which has left EDM utterly rudderless!

The question that has to be asked is why he was allowed to 'retire' from being the head honcho at EDM before a new CEO was identified and so able to arrange a straightforward hand over of the reins to a new 'Mr. Clean'.

IF?... Mateus Magala was able to have a major impact on the 'corruption culture' prevailing at EDM.... who is now 'holding the fort' until a new appointment is made? Has that 'corruption culture' now been reinstated? The market is saying thre is a high risk that It HAS!

The reasons for the low sp nothing to do with NCCL as such... and everything to do with the shocking decision making at high levels of the MOZ government.

There is no relationship whatsoever between the internal loan restructure plans for NCCL's lenders and any signing of a MOU/letter of approval by some future new appointee to head up EDM.

Yep , well said. sez it like it is and well explained. The loan restructure is exactly as Hanno described it... a distraction, it's always been a forgone conclusion that the restructure plans would be accepted and it's just a matter of waiting for the formalities to be completed. They anticipate the completed paperwork being returned for that sometime around the end of this month and it will then go forward for shareholder and official market approved.

The really important next thing we need is the hear is the interview formalities have been completed and a new EDM CEO/Chairman has been appointed. Hopefully the head hunt procedure should by now have been whittled down and they'll know soon who they want in the chair.

It depends on whose turn it is to play mystic meg and is overcome by that astounding feeling... that really feels we will get at least one RNS this week

"Whether is be loan,letter,or otherwise"

Following the initiation of revocation proceedings by the appellants (GSK), the respondent (Vectura) counterclaimed for infringement of five patents relating to the delivery of drugs by inhalation.

GSK, who market such products for the treatment of chronic obstructive pulmonary disease and asthma under the brand name Ellipta, say that their products do not infringe and/or that the patents are invalid.

A dispute arose as to whether GSK can claim in addition a declaration that their Ellipta products were old or obvious at a particular date. Such a declaration, which has become known as an Arrow declaration after Arrow Generics Limited v Merck & Co Limited [2007] EWHC 1900 (Pat), would, it is said, provide protection against allegations of infringement by Vectura of as yet ungranted patents.

The judge (HHJ Hacon sitting as a High Court judge) struck out the claim for the Arrow declaration on the grounds that there was no prospect of the court granting it on the facts of this case as they presently appeared, or as they might emerge at the trial. GSK appeals, arguing that the judge should have let the claim go to trial, to be decided alongside the other issues.

However GSK appealed the ruling striking out the clam and presented additional evidence, it won that appeal which was heard on 12th of June.

Consequently everything is still 'in play' and the action on all these issues is proceeding to High Court in November.

As I've previously posted... hundreds (sometimes thousands ) of trades are being recorded at below the closing bid in the after hours UT auction, it has the obvious aim of keeping the sp on the floor... and its been going on since the start of this year. The trading patterns prove its algobot trading, but unfortunately... (I believe instigated by GSK but obviously no proof) and although there has been much debate about the practise of electronic algorithm trading it's not yet been ruled as illegal.

If VEC win in court (or even if they don't) it should hopefully stop... and the sp will be allowed to resume a normal trading level based on its fundemantals

According to Mozambican daily newspaper O País, power production in Mozambique is expected to grow at two different stages.

The first will be from 2018 to 2028, which will include the interconnection of the electrical systems that will allow the production of about 3,400 MW.

The second stage will be from 2028 to 2043, which will be based on the interconnection of the electrical systems through interchange, allowing for the production of 12,000 MW.

The government intends that by 2030 all Mozambicans will have access to electricity.

RE: Astounding: "i really feel we will get at least one RNS this week".

WOW! That's good! You can't get more astounding than that!

Yep, trading fundamentals seem to be all good so the delayed results should provide some impetus. Could well drop further before then... but me thinks that if it does it'll be more likely due to the prevailing overall market sentiment at the mo ... I was looking/hoping for this sp level, so content to have bought back in at 96p a pop.... fingers crossed it's not a long term 'falling knife'. I do still have an on-going concern that the CEO only talks a good story... he's never invested his own money and put it where his mouth is... his continued failure to invest any of his own money even at this low level is rather noticeable! Impossible to plan for what or how Brexit (in whatever shape it might happen) will effect the risk/reward effects of the private charter and freight businesses.

"There is no need to ramp this"

"We tick all the boxes" "We are the only game in town" "It's a case of when not if"

Wow!

I suspect we should hear that the loan restructure documents will be returned in around three weeks time, probably around the end of October, that will probably promote a confirmation RNS for sometime in early November.

Hopefully we'll get news sometime before the New Year that a new chairman/CEO has been appointed that priotitises the signing of some kind of non-binding MOU/letter of approvel, that's said to be wanted by the potential partners before they are willing to release funds to advance the project ... once that's done they should be able get on with sorting a JVA sometime within the three month timescale. Even at the latest if all goes to plan it should be signed off by early next spring. Then we can all got to the races.

Oh, I see. A subtle difference. AFC have only agreed 'in principle' to the process of restructuring, which is different from agreeing the to the proposals 'in principle'

- "The Restructuring would be subject to all Lenders agreeing to the terms and documentation, as well as shareholder approval for the necessary share authorities to allow conversion of the Loan into equity
-- Restructuring documentation is expected to be concluded prior to 2 September 2018 and share authorities are expected to be received prior to the end of September 2018"

Good job they agreed at least to the idea of restructuring... it's 8th October today, I wonder how long actually agreeing to the proposals will take? Hope they get a move on.

Olderandwiser... yep, NCCL will have no real say in the NPV but that also means it would be pretty meaningless to speculate on any aspect of cash flow expectations for the future, simply because no-one knows what percentage of the project NCCL have managed to negotiate away. Even if an agreement does proceed and eventually gets signed with the proposed partners, NCCL will obviously have a very minor part to play in the projects future. They will remain not much more than than the 'landlords' with beneficial mineral rights... hopefully that should be sufficient and will be good for an around 14-15p sp on 'breaking news' that the project will go forward.

A little disappointing that on the 30/8 Hanno said that they had 100% agreement "in principle' for the loan restructure plans... only to find in the interims that they have 'walked away' from that and it was still only 63% of the lenders they had agreement for... and that the remaining lender (obviously AFC) had simply deferred any agreement until they have seen the documentation. I doubt it's a major worry... that they would call in their loan at present, all lenders haven't really got much option other than to roll it over. But taken all together it's really not surprising that the market is taking a pretty dim view of recent events.

It's an extremely complicated subject and your explanation is good and that certainly happens... but that is only one pathway into the auction. There are numerous other ways and one of them is to enter trades directly into the auction. Based on the length of time that very large volumes of shares have been cleared at under the closing bid it's clear that has consistently been going on and trades are continuing to be unloaded into the close action. This had been going on since around the start of the year.
I had a sense from a conference call earlier this year and believe that VEC reported this as possible market manipulation to the FCA. Although there's no have proof of that, it came across very acutely that the bod are distinctly unhappy with what is happening to the sp. All the FCA can do is investigate the trading patterns but it's apparent that there is nothing inherently illegal about the practise so there isn't anything that can be done to stop it. Also if you look at the trading pattern in today's 16.35 auction (which is typical of what has been going on) it's pretty obvious most of those trades could have achieved a higher price during the day and it's equally obvious due to the frequent duplications it's being 'algobot' traded. There have been several instances of the duplications being deleted well after hours!

IMO VEC would be trading over 100p at least if this manipulation wasn't going on.... as it is it's being kept materially under book value which I would say is currently in the 115-120p range. I believe it can only be due to someone with intentions of eventually making a buy out offer. GSK will have good reason for doing that if the plans to launch generic options for their entire future Ellipta range projected to be worth £billions by 2023.... advance as recently promised from here.

I think once the litigation issues are settled and especially if GSK lose... they will make their move then to take VEC out of the equation pretty quickly.

The other scenario that could accelerate things and more quickly move any 'buy out' plans to the boil... is if they agree to settle out of court in the next few weeks before the first case is due.

Hi Touch... is it possible your misunderstanding the reasons behind why there is a close auction every day? The fact that someone is loading up the close auction, often with half a million and oft times even more shares, so obviously happy to sell below the daily closing bids... sets a new bench mark for the sp and deters buyers. Hence a struggle for the sp to break out!

I suppose the continuation of the recent daily market sell off of this penny share stock isn't really much of a surprise given that a proposed fully binding JDA for a major multi-million mining and energy project, that a recently issued white paper says is vital to Mozambique's future prosperity and which supposedly has substantial funds ready and waiting to be released.... is now held up for want of a non-binding letter of approval being signed by an unknown future CEO of a local electricity supply authority. You'd really think the MOZ president would have something to say about that!