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Yes Legache, we know the mkt doesnt like it.
We expected this.
Not gonna sugar coat this the results on paper are bad. What i dont understand is why are they taking so long disposing the egyptian assset. It burning our cash resources. The mkt thinks they are deliberately destroying value of egypt asset.
The takeaway is sdx will likely get around £10m to £12m for asset. If aleph convert all their shares 5p will value company at 13m.
I will say this Aleph shafted shareholders when we got 11p takeover offer last year. Its their chance to make it right now.
The first half of 2023 was in many ways a period of revitalising the SDX story. With a new strategy that is based on developing a hybrid energy producer, the Company announced that it is selling its Egyptian assets and I am pleased to say that the process remains firmly on track and the disposal, if completed, would constitute a fundamental change of business pursuant to AIM Rule 15, because the consideration, as currently calculated in the Heads of Terms, will significantly exceed the market cap Consideration Test threshold. The disposal will allow the Company to address some of the legacy issues inherited from the past and allow the Company to develop its organic and inorganic growth story in Morocco and beyond.
Half-yearly reports
AIM Rule 18 requires that AIM companies prepare half-yearly reports within three months of the period end.
The information contained in a half-yearly report must include at least a balance sheet, an income statement, a cash flow statement and must contain comparative figures for each of these. For the income statement and cash flow statement these comparatives are required to be for the corresponding period in the preceding financial year, while for the balance sheet they must be either as at the corresponding date in the preceding financial year or as at the last balance sheet date notified. Additionally the half-yearly report must be presented and prepared in a form consistent with that which will be adopted in the AIM company’s annual accounts having regard to the accounting standards applicable to such annual accounts.
After the ukrainian war foreign bond holdera began to take their money out of egypt its caused a bit of instability. Saudis, Qataris have helped and so have the imf.
But we have made the decision to leave egypt and concentrate in morocco.
Its a large operator who will buy our egypt asset for significant funds.
Earlofaim you beginning to believe.
Its rather silly, the sp crashed from over 8p due to egypt not allowing dollars to leave country for all businesses and citizens.
Bp and eni have just signed new deal with egypt, sdx have signed Heads of Term to sell asset to large operator and will concentrate in morocco.
Cheap