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Either way you look at it. Consolidation has never been a good sign for shareholders. As you say, it means we still need to raise a shed load of money to get anything started.... how long does one need to deliver something? 10 years and £40m still not enough? How useless and thick must you be to achieve something like this.
Yep. LC thinks that if he withholds important info from shareholders it's not considered lying.
By the way we didn't use the last placing money's to pay ourselves we are just going to take 40% of the company instead, is that okay with you guys? No? Okay we will take 20% instead. With this 20% we will have a majority of the vote anyway going forward.
When LC talks about "working capital" he is simply talking about his and his sons monthly salaries and to have another attempt to build a company. I have not invested that much here. I feel for those that have. I am beginning to feel like you could give Louise another $100m to try and build a profitable company and he would still find a way to **** it up. Looks like an honest man with great determination but sadly I think he does not have the "gift of the gab" as they say. He may be better suited as a college teacher.
I think (rather hoping) that Kat will fly soon and then Kibo can sell their warrants at 1p to get more funding.
Courtesy of Yaki from Shumba quarterly release:
"Shumba holds a financial asset, recognised as held for trading, comprising shares in Kibo Energy plc, an AIM listed entity.
The Kibo share price has declined by over 44% in the quarter to 31 March 2020
The company has financial assets that it liquidates from time to time to create sufficient liquidity. As at 31 March these were valued at over
USD140 790."
They talk about the falling share price but it is their fault it has been falling.
So as of 31 March Shumba had about 30m. I.e. sold around 20m during March month. Should be done now I think!
JD, Shumba has been very naughty.
https://africanfinancials.com/shumba-energy-expects-a-significant-loss-for-the-hy-results-ended-31-december-2019/
I think it's simple, at the next general meeting LC should be voted out. This guy is taking a life time to deliver any sort of value. He has proven that his contacts in Africa is not worth much at all after being shafted by the Tanz government. Ive been here for 5+ years now. What an utter waste of time so far. This company has not earned any revenues in 10 years. Only reason I havent sold is that my holding is not worth much now. Im sure there are many others who can do a better job than LC.
No matter what angle one looks at this from, this has been a disaster. I would prefer LC say he is struggling to sign the deals off and be honest rather than say all is healthy. Many deadlines were missed before covid blew up.