Member Info for Moho30

I've been trying to assess any near term upside to the current position to decide whether to stay invested. I originally brought many years ago on the back of the Niger drilling - which has been kicked down the road again - and I'm astonished the Niger government have still allowed them to keep the licences. AK obviously doesn't have much faith in them or he would have progressed them. So what else is there ? A lot of projects 'being progressed' per the last ops update - a couple of wells in Uquo - so we can hopefully look forward to increased production numbers from this and Stubb creek, which hopefully they'll get paid for. Some of the renewable projects boast some sizeable MW but going to need some serious investment to anything like the 'up to xxMW' that is talked about. Chad still a wild card and if there is a settlement in the offing anytime soon its going to be a lot lower than the headline numbers being banded about and takes the big 'upside bonus' off the table that some are hanging in for. I'm hoping we get some near term progress in the receivables but that's really all I can see near term to give the share price a poke. I'm sure there will be other deal bits a pieces but they're hamstrung by funding - and market cap is shrinking so potentially makes another RTO and protracted suspension a possibility. I'd like AK to at least rule this out. NIPCO still to show what they're bringing to the table.

They only acquired their shares in March 2025 (and presumably for > 7p), so didn't take them long to reconsider their holding

Thanks Zen. Always appreciate your thoughts. The problem - and it seems to be a recurrent problem with SAVE - is the two items you mention - addressing the receivable & the Chad arbitration are largely out of their control. Partly a cost of doing business in Africa, but it adds considerably to the risk profile and I don't think they are addressing the risk management side of things sufficiently. Exemplified by not being able to get the accounts signed off, and auditors and Board members resigning. Perhaps too much power at the top and a rather ineffectual Board.

Tier - I'd like to see the CFO on the call, and how he's rebuilding the Balance Sheet, and addressing the corporate governance issues. My guess is he's chasing his tail trying to figure out what he's got and what nasties lurk within each acquisition/subsid while AK is already looking for the next red carpet.

I think the existing Auditor will need to sign off in some shape or form - and if there are serious doubts on solvency/liquidity then they will issue a fully qualified report highlighting the doubts about going concern. If this is the case then the recent SPA signed would likely amount to wrongful trading , with serious Director sanction (disqualification ?) - and this is the only indicator that it might not be quite so bad. Then again the corporate governance is truly rubbish - and the recent resignation of two HO Non-execs does nothing to dispel that they are addressing the issue. Interested in what the CFO might have to say at the AGM

Not like them at all to give a precise date if they don't have to. Maybe LSE losing patience, and given them a deadline..

"We’re in a position where, given our balance‐sheet strength and the nature of our cash flows, we can secure funding for our green-energy projects at very attractive rates".

Che - That was 2021 - and we know their balance sheet now is pants. That deal doesn't do much for me apart from indicate that AK is still strolling down red carpets instead of addressing the main issues. Baited breath to see what Mr Strategic Investor is bringing in. I'm guessing that one will gradually get dropped with a few holding postponement RNSs. Hope I'm wrong.

Broadly positive RNS but the main good news from the RNS for me was that there wasn't any bad news ! Apart from that there is a lot of 'is expected', 'potentially', 'good progress'. I'd like to see some actual deliverables. Shareholders being insulted again by a throw away comment on the continued suspension, and yes I'm sure its all about the working capital forecast, refinancing and receivable collection. BDO want to see something on paper from a third party and it's still all up in the air. Risk of working in those jurisdictions it is in, but you make your bed.... Wonder if we will ever hear about the 'strategic investor' again.

Who knows, but I'm speculating it's around sign off of the working capital forecast - and I hope AK and NB are locked in a room trying to find a solution - possibly to the debt maturing in December. While most Companies would see non-sign off and resulting suspension as a major governance issue, SAVE seem to have fairly lax governance tolerance which worries me.

By my calculation it means they only need to get the price up to where it was a few weeks back within 3 years and its worth about £75k to the CEO. Not a great look, but I have seen a lot worse, and slightly in their defence they did allow PIs to participate in the fund raise - something few smaller cos do. I know the price below the placing price but if it were 12/13p we may all be singing a different tune.

Good spot Scot and that could well be it re the Dec 25 debt maturity, as within the auditors going concern scope. They'll need to come up with one or the other for BDO sign off - evidence of potential refinancing proposal or evidence of likely movements on the receivables. Hopefully the later but clearly at the moment they have neither.

Just my opinion but I don't think this is anything to do with changing auditors so Malcy wrong on that count. BDO is the current auditor and need to sign off the audit report. If the issue was with the numbers they wouldn't have published them already - so also fairly sure the numbers won't change. However what hasn't been settled is any further disclosures in the annual report and the contents of the audit report. I still feel it's all about the receivables. The company has to produce a forecast for the auditors to show future cash receipts and that they can settle debts and obligations as they fall due, which they will have done. BDO want to satisfy themselves that there is some substance behind the forecast, rather than blind optimism from the CFO/Board. They'll want something from customers saying here is our repayment plan and they clearly haven't got it yet or don't believe it. It should never have got to this point. This is meant to be a grown up company but it's still being run like a headless start-up. Whatever people think, failing to file accounts on time, and having to suspend trading is bad. This has implications for loan covenants, credit ratings, investor sentiment, in-country relationships. I've pointed the finger at the CFO in the past, but this wouldn't be the first company where the CEO enjoys walking down a lot of red carpets doing deals on his own account and the CFO is left to try and unravel what it's all about. The Board need to get a grip, and maybe investor PR might like to slip into first gear.

Scot - Lots of reasons why - and only speculation on my part, but we've had a copy of the accounts released so we know the numbers so it's obviously around BDO wording and sign off, which requires them to be comfortable with the numbers they've released or their internal working capital forecast, and the going concern disclosure. Hopefully they'll provide a crumb of comfort at the AGM.

No surprise really, and I'm guessing it's around the auditors going concern evaluation, and their view on the scheduling of the receivables. Without evidence to the contrary they are probably well justified to be sceptical of any working capital forecast put together by the CFO and the board. I was desperately hoping I was wrong re the accounts filing and poised to buy more if they managed to get BDO sign off with just the usual audit qualifications. They've got a month or so to start collecting some cash otherwise all bets are off. Still scratching my head how its been allowed to get to this point.

Wonder if they'll sneak out a spivvy Friday afternoon RNS re the Accounts filing.

Watching to see if they can get audited accounts filed within deadline. Not long to wait.

I'll be happy just to see them get the accounts out on time, and see the BDO going concern note. Less than 2 weeks to wait.

Rumpel - Exactly ! I appreciate that auditors come and go and BDO may well have found that it's just too complicated for their set up or doesn't match their risk profile - which is fine. Irrespective of the reasons for BDO resigning, I don't understand why you would not approve the accounts at the AGM, and the only reason I could assume is that they might not be ready for sign off by the date of the AGM - which is the last date they have to be filed. This obviously has other implications, and god help us if we're on for another suspension which is the sanction under the AIM rules for failing to produce signed off accounts on time. Not trying to suggest anything but to me they could have made this a load clearer in the last RNS.

My query was, if you are going to hold the AGM on 30 June - why would you not get the accounts signed off at the same time - and go through the hassle of holding a seperate EGM to approve them later - unless there is some doubt that the accounts are going to be signed off by then - and we know what that means !

Hxul. You're right. Normally the AGM takes place at some time after the accounts have been filed. If the last date to approve the accounts (and submit them) is 30 June, and your AGM is on 30 June why would you not get shareholder approval at the same meeting (as they did last year) rather than going through the hassle of holding a seperate meeting for the accounts. Seems odd, but then a lot of info coming out of Bank street is a bit short of clarity.