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Situation seems a little confusing - does anyone have any colour on why the concert party are targeting Dimmock? I seem to remember that he was trotted out for an interview when sentiment was low and forced to describe his background...he seemed to come over ok. Is he being accused of incompetence (despite Block completing what appears to be a great acquisition and advancing the project), or is it a case of him blocking something the concert party want to do? I certainly don't feel that it is possible to vote intelligently one way or the other based on the public information at this stage.
AGEOS, normally you stick to comments concerning the geological prospects. But now you feel able to predict future stock prices, sharing your expectation for a gap-up. By your own omission you started investing at 8p and it has been a one way downward journey since then, to suspension without audited accounts at 0.4p. I suggest you return to geology!
Your comment about legal retribution is ridiculous.
Not sure why anyone believes that the stock is suspended due to the imminent award of Til II....looks far more like a suspension due to a failure to produce audited accounts, because the auditors refuse to sign off on a fake CAD 20m gain . ZEN should never have put the pv of Azer on the books as an asset, now they have had to take it off. Now they are trying to put the money AAOG wasted in Congo on the books as an asset. You have to ask yourself why AC is so desperate to get that sum in the balance sheet, as well as pretending to have sold CAD 18m of bonds when CAD 16m are still in treasury. Looks to me as if there may be a loan covenant which gets breached if the accounts are correct. IMO.
I assume that the real reason for the inability to issue audited accounts is that the auditor would not sign off on a purported gain of CAD 20.1m on buying AAOG for $200k. Obviously the book value of AAOG needs to be reduced by a significant impairment since they no longer have the licence, and the drill program was something of a debacle in any case.
Another enjoyable joke is the outstanding bond value of CAD 18.5m, of which CAD 16.5m have been 'sold' to the company treasury in an attempt to puff up the accounts. Does anybody feel that AC's "EMTN program management" bonus of around CAD 140,000 in the previous year was deserved?
I see the Zen social media goons are active, deleting my post for daring to suggest that an EV of $15m was a significant over-valuation for insignificant assets and management with a track record of incompetence. And that AC has little chance of securing new assets since he has no access to funds, together with a history of failure. The posts can be deleted but the facts are evident, no amount of social media bullying will make up for incompetent management. I can't be bothered to post anymore, my lesson on how not to invest has been well learned. Good luck to all remaining holders that are determined to go down with the ship.
TYB, I agree that if Zen were to get Til II it would be a positive result. The problem is that the probability of it being awarded to them seems to me very low, given the level of competition (acknowledged by AC), the fact that ZEN have no funds to develop it or even to pay the likely fee, and have a track record of complete failure. Why would the Ministry choose Zen? Would you? I am interested to know what you think the probability is, that is surely a number you have plugged into your valuation model. In the meantime I suppose you are down approximately 50% on your investment, if valued at the placing price, so I can't imagine that you are too pleased about the latest placing yourself?
FV, the warrants issued on August 6 were attached, 1 for 2, to the shares issued at NOK 0.08, which means they are in the hands of the same 'investors' who bought the shares. If they were in the hands of the management that would require an RNS stating so, and the same restrictions re. closed period would apply in any case. If management are so keen to share the future success they have to wait until the end of the closed period, presumably when the results are released, before buying shares in the market at around NOK 0.04; they have no need to acquire the warrants from the other 'investors' and exercise them at NOK 0.15. It's a fair assumption that this batch of warrants will expire worthless, like all the other warrants issued before them.
Does anyone know the Annual Report's AC CAD 1.548 million compensation for 2019 includes his CAD 366,000 consulting fee, CAD 200,000 'bonus from parent company', CAD 101,000 'bonus from subsidiary undertakings' CAD 34,000 director fee, CAD 59,000 guarantee fee and CAD 174,000 EMTN management fee, or whether we should add those to get the true number?
TYB, AC has not delivered some good projects because nothing in W Africa has advanced beyond the 'possibility' stage yet. He does appear to have delivered a deal in Tunisia, but we haven't heard that Govmnt approval has been obtained yet. We also have very few details - such as whether ETAP is carried etc. If ETAP have a work plan in mind then ZEN will have to find the funds to pay at least their own share of the costs - but at the moment have no funds at all as far as we can tell, based on the necessity for continual placings at what you seem to think is a bargain price.
Feminazi
" I can wait 5 years can you ??"
I admit that I am not prepared to wait 5 years for the Zena rig, now stacked uselessly in Azerbaijan, to be moved to the scene of its next debacle, so good luck if that is your plan. Of course you'll need to keep buying over that period since there will presumably be around 5 billion shares outstanding at that point.