Yes you are right of course about net assets but you are talking about past management failures.I think the new BOD are fresh,have new ideas and are proactive,hence the Egyptian sale. The whole company is still worth around 4 times less than net asset value which I have never seen before and half of that is being turned into cash so in my eyes 4p is ridiculous when we know the minimum size of the Egypt deal
Sorry but you are wrong,every date hoped for has the word expect before it.No firm promises at all ,which of course SDX cannot make because of the involvement of other parties.However all the basic terms of the transactions which were agreed are still in place ,including the 1st quarter prepayment by Citic. Everything is on course at present.Obviously everyone is disappointed by the delay but until facts change the company is on track.
Maestro,no deadline has been broken.I am sure both parties in the Egyptian sale would like to have concluded the deal well before now.SDX have confirmed that no material changes have taken place since the last RNS.we must concluded that the deal is still on without any substantial change .That means substantial cash for SDX.$6.9 for West Gharib and much more from South Disouq which will require shareholder approval.All this suggests cash from Egypt more than the current share price.Thus the market cap has no value for Morocco which SDX see as their main business going forward.
It seems to me that the delay must be caused by Egyptian Govt. not yet having given formal consent to the deal.SDX have previously stated that they expected to get such approval,and with no material changes having happened we must assume that the approval is still expected.Thus ,while there might be an unknown unknown,I think the shares are grossly undervalued and any logical investor should agree with that.
I have had a response from CFO.
Production from KSR-21 has not yet begun and RNS will be issued when it does.
No material changes have taken place in Egypt and RNS will be released when they do.
This board means exactly what they say ,no more no less. That makes them reliable in my book,they could almost be fellow Yorkshiremen !
It doesn’t matter what Smelly does.The events in Egypt will decide the share price in the short term and Moroccan ambition in the long term.
I haven’t bought any shares for 2 months but intend to shortly if no news from Egypt..