Member Info for MozzaBezza

Evening all,

I note in the AGM forms, that there is no vote to re-elect Charlie Wood as a director.

Does that presumably mena that he is stepping down or that he falls under some rule that means he won't need to be up for reelection?

I'm pretty sure he's this guy, he's very pro the new management team so I guess we can say he'll vote to kick out the old board and bring the new ones in.

https://twitter.com/wyld3c4rd/status/1140244282596573185?s=19

Hi there,

I had a word with Kevin Taylor, one of the proposed new board members about this and it looks like it'll probably be posted (presumably on the updates section) on their website "when the finer details are sorted out".

I think that as they already own a collective shareholding that is very large that we will be able to expect them to participate in any raise that follows the EGM. Even if it's at a discount, they've already stated that only the director working in Finland will be drawing a small salary and the rest will be awarded share plans according to their performance.

I hope that helps.

Hi there,

Are you on Twitter (it's very easy if you're not). If you follow me (@ProAIMTrader) I can add you to the group of us, which has two of the new proposed board in it.

All the best,

Hi mate, I'm trying to find out for you a direct contact for them.

It was agreed in July 2010 off of the top of my head.

Yep, it said in the last RNS:

"The stated objects of the Document are to remove the following directors of the Company, Professor Richard Conroy, Maureen Jones, Seamus FitzPatrick, Dr Sor?a Conroy and Louis J Maguire"

"and to appoint Alan Osborne, Stephen Grimmer, Martin Doyle and Kevin Taylor as Directors."

The proposed new board already have 18% of the stock and that's not counting those of us private investors who will also vote the old board out.

My view is that for the old board to hold on to the company they will have to buy more stock and then if the current new board want to bolster their position then they have to buy more too. The stock is tightly held, so you don't need a lot of movement to get things moving a lot here.

I think there's a high chance that the new board will be able to oust the the old board personally, but nevertheless, I think that the mechanics of this situation will likely push the price up regardless.

It won't be long now before we get an RNS for the new EGM requisition. The new proposed board, discounting any of their friends and associates, already have 18% of the stock here, so while it's not nailed on I think that the chances that this goes through and we kick out the dead wood BOD are very high.

Once we then get some meat on the bone regarding where the new board are looking to take the company, then this could do very well, as it currently only has a market capitalisation of £1.09m with 34.49m total shares in issue.

Cambria's Profit after Tax (PAT) increased 50% to a record $1.66 million for the six months ended 28 February 2019 compared to the same period in 2018.

· Earnings Per Share (EPS) of 0.27 US cents for the period remained on par with the same period last year despite a 54% increase in weighted average shares in issue to 544.6 million from 352.6 million at 28 February 2018.

· Consolidated EBITDA increased 23% to a record $2.06 million from $1.67 million for the same period in 2018.


· Cambria's central costs increased by $42,000 to $98,000. Cambria's CEO and Directors rendered services to Cambria without compensation during the Period.


· Group interest costs fell 83% to $24,000 from $143,000 in 2018 after the partial conversion of Venture Africa Limited's (VAL) loans implemented in July 2018. Consolidated debt decreased to $0.43 million from $3.05 million at 28 February 2018.


· Net Equity increased by $5.29 million to $7.13 million from $1.84 million at 28 February 2018. Net Equity excluding investments increased by $4.1 million to $6.0 million from $1.9 million at 28 February 2018


· The Statement of Comprehensive Income includes a foreign currency translation adjustment (profit) of $107,000 attributable to Cambria.

I don't really understand the price action here.

I must be missing something, because the way I see it is as thus:

- ~50% of JKX stock is held by two big UNB guys who seem to own ~90% of UNB
- The board member that wasn't voted out/resigned in sympathy is a guy who is the UNB chairman.
- in 2017 (the last set of results I can find) UNB did £95m net profit.
- JKX in the last full year to hand did ~£12m net profit.

An RTO of UNB into JKX would allow both for liquidity for the holders of UNB stock and the combined value of the two companies would surely have to be in excess of the current market capitalisation of JKX (£83m).

JKX on last year's net profit is trading on a multiple of 7 and a bit times, so surely a UNB merger would trade at a big premium form these levels.

On the other hand there could be a takeover bid, but this to me seems less likely as I can't see how that would benefit UNB as much as having the listing would.

I can't see them trying to force JKX to go private as a 5% shareholding can block that at the EGM vote and they would require a combined 75% holding anyway to do so, so you would expect the share price to shoot up on them buying in advance of that.

"SH3 retube successfully completed helping total production to hit 37k at one point. But my previous questions are valid ! #gkp"

If that's accurate (and to be fair to the chap's twitter, he usually is) then this is exciting news.

Presumably an RNS can't be that far off once it has been flow tested as long as needs be.

I have a reasonable holding here, although a lot of it is still underwater sadly.

Nevertheless, I think that if they've been at B/E for a couple of months or so then they must by now surely be approaching a decent level of production net to the company. 100BOPD must be the next logical target for the company, but with each well presumably requiring flow testing for 10 or so days we should expect something reasonably soon I would think regarding ZR.

Massive volume today.
Third highest volume day in fact since 2017 I believe.

I can only assume that we are down due to any former JKX directors flogging their stock post resignations/being kicked off the BOD.