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It largely make sense, i recall when Amc sold their assets in Russia it took ages to get cash out due to sanctions.
Nevertheless, i see egyptian asset going and it looks likely we will get in the region of $20m. Current mkt cap only 8m. Hold and be patient.
Legache
With the right PR this can easily go up 200%.
We know they have got $6.8m for WG and they will get around $13m for the rest in egypt, in my view. Thats $20m with them keeping moroccan asset. Sdx being the only producer in morocco.
Now imf are also saying a deal with egypt is close. They might
Considering the circumstances, the managed to get decent price for West Gharib, $6.8m.
South Disouq with infrastructure is worth more. There will be some cash and alot of receivables too, so what price will South Disouq go for?
There are a few companies in disouq area, the one i mentioned is a large player, there is also a large russian state owned company too.
Yesterday the mm's had no interest in trades and they resorted to manipulate sp by doing UT of 10 shares, yes 10 bloody shares to reduce sp after hours.
I think at present it best to hold.
I wonder if its this company that is interested in the assets.
https://wintershalldea.com/en/where-we-are/egypt
If the IMF short out Egypt, SDX may even get a better price.
The new management are basically like those guys that buy cheap stock and sell them into bits. They trying to get best price for the egyptian asset in bits. All eyes will be on SD and what price they get for it.
Also they have some cash and receivables in egypy will that extract some cash? We shall see..
Https://www.google.com/amp/s/english.alarabiya.net/amp/business/economy/2024/02/05/Egyptian-pound-skyrockets-following-landmark-agreement-with-IMF
Sdx fell from near 10p because of the financial issues in egypt, it appears it will stabilise soon.
If its a russian buyer and they tell us then we can understand the delay and getting money to us maybe difficult but possible.
They drew down more. It was in one of the rns.
Even if you take $2m figure, what is 15% of that in 6 months? Aleph is making free money, they screwed us shareholders by rejecting deal.
We need the deal wrapped up asap. Who is the buyer...
Legache
50p and 100m mkt cap? Even im not that optimistic.
Aleph will convert the convertible loan of $3.25m. That is 25% of the company. So company has been diluted by 25%.
They can trigger a buyout anyone who says they cant need head examined. Dont forget the generous interest rates aleph are getting for convertible loan close to 20%.
Aleph rejected the deal and beneffitted more and got more control of the company.
Littlened
Production is declining, resource is declinig and no meaningful investment being made for more production. In 6 months from jan 23 to end june 23 the cash balance declined by $3m.
5 months to dispose the asset is ridiculous, why taking so long. They need to tell it why its taking so long, the company was a large international producer. It must be loose change for them.
The thing is its been 5 months and the company is running the asset down. If the buyer pulls out sdx are doomed.
WG disposal price is $6.9m, sdx spent alot drilling every year.
The longer they take on SD the more run down it becomes.
Nice...
West Gharib price $6.9m
South Disouq still being negotiated.
New Upfront Offtake agreement for $2.1m
Sdx is looking undervalued now. South Disouq along with recievables and dollars in egypt will get alot more than west gharib..