Member Info for MrEMC2

11.00 am on 31 March is the deadline for applications. Let's see if any trades take place at JP Jenkins 3rd April onwards as that will give us an idea of the mid-price of the Ritorno shares.

Hi OofyProsser, looking back at past posts the £500k investment was mentioned by a number of posters in 2020 linked with the name Forum; perhaps it was meant that AAOG was worth £500k to Forum.

It would appear that it arose from RNS 27 Dec 2019 - the £500k was from Zenith so you are correct - Forum did not make that actual investment.

RNS 27 Dec 2019 Disposal, Capital Reorganisation ....

"The Company has entered into a conditional sale and purchase agreement ("SPA") with Zenith Energy Ltd for the sale of an 80% interest in AAOG's wholly owned subsidiary Anglo African Oil & Gas Congo S.A.U ("AAOG Congo") which holds a 56% interest in Tilapia in the Republic of the Congo ("Disposal").

The consideration for the Disposal is the payment by Zenith of £1 million, of which £500,000 is in cash payable in six equal monthly instalments from the date of completion and £500,000 of Zenith Ordinary Shares to be issued at the VWAP of a Zenith share for a period of 14 trading days prior to completion of the Disposal. In addition, Zenith will fund AAOG's share of a US$5.5 million work programme on Tilapia and will fund the upfront cash element of any signature bonus payable for the new licence negotiated with Congolese Ministry of Hydrocarbons."

So the £500k is lost and around 499,434,220 shares in issue are worth 0.0p but the company is still 'active' at Companies House.

She is still active as director at five other companies. She probably got fed up not being paid anything.

I'm wondering what was all that business about Forum Energy pumping £500,000 into AAOG - that was the hook that encouraged me invest. Paul Forrest is a here but he resigned from Forum Energy 31 May 2019. Presumably Forum would like it's money back too!

Why have this additional raise? Probably because of lobbying by existing large scale Ritorno shareholders who may have felt aggrieved at the discounted raise on 9 Feb 2023 at 0.10p ; significantly lower than 0.70p mid price in July 2021.

So although, I have applied for more shares than my allocation (and I have applied for only £100 worth of shares!) I don't think I am likely to be successful for the extra shares because the £250k raise may very well be oversubscribed.

If Ritorno was trading on AIM no doubt the share price would have fallen to 0.10p or lower for everyone. As it is I don't have a clue about the 'true' share price and hence the notional value of my shareholding.

I've sent off my application for £100 worth of shares. Anyone else?

Letter from the Chairman

Section 1 includes the following:
"Assuming full take-up under the Open Offer, the issue of the Open Offer Shares will raise further gross proceeds of up to £250,000. The net proceeds in the Open Offer will be used principally to fund the Company's working capital requirements and further investments in the technology and impact sectors. Further details on the background to and the reasons for the Open Offer are given in section 2 below."

So perhaps expecting to see further details, but no:

Section 2
"Ritorno is seeking to raise, through the Open offer, maximum gross proceeds of £250,000 in order to fund the Company's working capital requirements and further investments in the technology and impact sectors".

So £100,000 was raised on 9 February 2023 and now would like a further £250,000 without giving any precise details what the money is for.

The chairman states "grateful for the continued support received from Shareholders" Hmm?

Hi Capsum, it means you have a binary choice. Take up the offer and pay the money (£29.34) OR do nothing don't even respond and it is zero effect for you.

I am a minor shareholder and the actual cost of taking up the offer is dare I say trifling and it would represent the lowest price for buying Ritorno shares. However, on the other hand it could be a case of throwing good money after bad as I am not aware of anyone being successful in selling their shares so would end up with more shares which for the foreseeable future can't be sold anyway!!

We have not been given any insight into the future prospects of Ritorno short term or long term and on the surface it looks like an exercise for raising funds to keep the company going (for the benefit of the directors of the company who will continue to be paid for what?).

I am not offering financial advice but I think of it as follows: it's a longshot whether I will ever get ANY of my money back from my existing investment; I can afford to 'lose' another tens of pounds taking up the offer as it helps to keep the company and my longshot alive longer.

So personally, I will take up the offer just for the 'hell of it' and round up to £100 application ie apply for a total of 100,000 shares whilst recognising it could be for zero financial benefit to me but I am not going mad buying lots more shares!

ATB Emc2

Offer correction

*250m shares on offer to raise £250k

Only for existing shareholders
1 new share for every existing 15 shares
issue price : 0.1 pence
200m shares on offer to raise £250k
Deadline for applications 11 am 31 March

a. so looks like the benchmark for 'share price' for existing shareholding is probably around 0.1p (a lot lower than 0.7p mid price shown at the last trade on 2 July 2021)
b. oh and by the way there was a placing on 9 Feb 2023 100m shares raised £100k
c. is it worthwhile taking up the offer which is for "working capital and further investment"?

Anyone got any comments?

Spread is apparently 0.05 (0.70%) !!

Hi Bamps,

Please can you go to the presentations and when Shaun gets to slide 7 ask him

So are there really 3 mines at Havieron each one may be a Tier 1 on their own.
Crescent
Northern corridor
Eastern breccia

ATB Emc2

Slides 18/19

Benefits of an ASX listing for existing Greatland shareholders
While Greatland will be listed on the ASX in 2023, the company’s AIM listing will be retained such that existing shareholders can continue to trade Greatland on AIM

*Callum Baxter (why isn't there a spell checker on LSE)

Long term holders like Callun Baxter are sitting pretty. GGP is top of the AIM 100 and handsomely up +1,162.07% from five years ago.

https://www.hl.co.uk/shares/stock-market-summary/ftse-aim-100/performance?column=date_5y&order=desc

Hi Strudel, Thanks. GGP is a big conundrum at this time - just trying to fathom out any clues! ATB emc2

With his finance background Shaun Day must have know all along that a 20cents share price is needed to list on the ASX. I can't recall how long ago he first mentioned such an idea but how is it he did not plan for it when the GGP share price was higher say at the 14p raise which was after all to get more IIs on board as well as raising funds? As we have come to learn he is usually well ahead of the game. Perhaps it is just questioning with hindsight on my part.

I wanted to ask a question at the town hall meeting but the friendly folk in the Cheshire Cheese plied me with a lot of alcohol and I was inebriated, I mean inhibited. My question was "Shaun, thanks for coming to London and meeting retail investors how long are you staying in London?" Hic

Sorry quote & MF11

Bojo2020

A qoute with thanks to M11

"He was keen to point out that this would only be on an accretive (rather than dilutive basis). He ran through the numbers and highlighted that anything less than a 2.33 multiple of shares in issue would be accretive as each share we own would own a larger portion of the Havieron resource. I did point out to him that this would be dilutive in respect to our other assets, and although he agreed he would be happy to progress based upon the guaranteed resources rather than the potential of others".

I understand from talking to someone at the TH meeting that the silver is just a pathfinder to the search for gold at Scallywag.