Member Info for optimist13

Very difficult to buy any this morning. Currently NT to buy any shares.

The company have stated in previous releases that the RTO will transact at 10.00p per share and whilst the amount of funds raised will more than likely be different to the original amount indicated, I feel sure the transaction price will not change.

In the May 11th news update, the company made the following statement:
"The parties are in the process of documenting an extension of the longstop date to 31 August 2020. Given that the futures of both Comarco and AAA are closely related, it is the companies’ shared belief that the current delay will not change the long-term outcome. As announced on 31 December 2019, one option being evaluated is to accept investors at asset level in the Port and to then complete the RTO of Comarco group into AAA. The Company is also considering initiatives to jointly build a marine logistics division within AAA using an organic route with the help of Comarco. This would allow us to grow AAA, give exposure to a high growth business and create more free cash flow."

We know that the company have security of Comarco assets to the value of $12m against the loan advanced which now amounts to $1.3m and is repayable on the 12 November this year.

At the current share price, there is significant scope for a material increase in the share price given the above and with the current lack of availability of shares at the current price, I expect to see a gradual increase towards the 10.00p level as the RTO deadline looms nearer.

Back to NT again.

Thanks for the confirmation again Mike, I am sure your posts have helped to settle a few nerves.

Kenny - yes, still holding.

Buys going through over the ask on Aquis:
28/08/2020 11:34 25,000 5.7

Well....can't buy any now without going to NT

Hi Kenny.....long time since our paths have crossed....trust you are keeping well.

No shares available to buy at the moment. Anything over 10000 to buy goes to NT.

With the right news and confirmation of when the RTO is taking place, the share price should recover very quickly.

Bought a few more today.

The long stop on the RTO expires on Monday and whilst it may be extended further, we may see an update.

Mike Joseph took his full allowance in the small capital raise recently, and as the major shareholder I am sure he knows what is going on at ground level. If its good enough for him then that gives me confidence that it is just a waiting game now.

Comarco should be getting plenty of work from the Mozambique LNG project at the moment, so there should be a material improvement in their revenues.

Further to the announcement dated 4 August 2020, the Directors of Rurelec PLC (AIM: RUR) announce that the final court hearing for the reduction of the Company's nominal share capital by way of cancellation of 561,387,586 deferred shares of £0.01 each and the cancellation of the share premium account of the Company (together, the "Reduction of Capital") has taken place today and that the High Court of Justice has formally approved it. Registration of the Court Order is intended to be filed with Companies House on Monday.

A further update will be made when the Court Order has been successfully filed at Companies House and the Reduction of Capital becomes effective

The reduction of capital should be approved by the Court today. So. what are we going to see. A share buy back, a dividend payment, a sale of the company, a sale of an asset or all or none of these things?

At today's share price there is certainly room for some serious uplift if we hear any good news and the interim report is also due before the end of this month.

Good look to all LTH's here.

is due before the end of this month.

Should be some positive news now that funding has been approved for the Mozambique LNG project and Comarco has been reporting a need for more vessels to cope with the increase in demand.

As the long stop for the RTO was extended until the end of August, there may also be some further news on how that is progressing to coincide with the interim report.

Further to the announcement of 6 March 2020 (the "Announcement"), the Directors of Rurelec PLC (AIM: RUR) note that Rurelec have received a further US $280,000 by way of partial repayment by Patagonia Energy Limited ("PEL") of the Amended and Restated Loan Notes.



The balance outstanding on the loan notes is approximately US $20.92 million with the first US $5 million of repayment shared 80/20 between Rurelec and Basic Energy Limited, the ultimate shareholders of PEL, and then the balance paid 72:28 thereafter (Rurelec: Basic Energy Limited). The total amount owing to Rurelec is now US $15.2 million.



There can be no guarantee as to when any further loan repayments will be made. Further updates will be provided in due course.
https://www.investegate.co.uk/rurelec-plc--rur-/rns/partial-debt-repayment/202007101450537163S/

AGM Results:
The Company confirms that at the 2020 Annual General Meeting ("AGM), held today 30th June 2020, Resolutions 1, 2, 3, 6 and 7 were duly passed by shareholders. Resolutions 4 and 5, which relate to the ability of the directors of the Company to issue and allot shares were defeated.

https://www.investegate.co.uk/rurelec-plc--rur-/rns/agm-results/202006301530165834R/

UK Export Finance set to back Total's $20 bln Mozambique LNG project - source
Bonds News
June 26, 2020 / 6:07 PM / 3 days ago
UK Export Finance set to back Total's $20 bln Mozambique LNG project - source
Helen Reid, Emma Rumney, Simon Jessop

3 Min Read

JOHANNESBURG/LONDON, June 26 (Reuters) - Britain’s export credit agency UK Export Finance (UKEF) is set to back a $20 billion liquefied natural gas (LNG) project in Mozambique, a source with direct knowledge of the matter told Reuters on Friday.

https://www.reuters.com/article/total-mozambique-lng/uk-export-finance-set-to-back-totals-20-bln-mozambique-lng-project-source-idUSL8N2E34EI

Further confirmation of the secured funding:

https://www.africaoilandpower.com/2020/06/25/mozambique-offers-2-25-billion-funding-guarantee-to-lng-project/

Extract:

By Sihle Qekeleshe, Junior Sub-Editor on June 25, 2020

Mozambique’s state-owned National Hydrocarbon Company (ENH) has assured the partners in Mozambique’s liquefied natural gas project – a $20 billion gas project led by Total ¬– that it will pay the state oil company’s equity share of $2.25 billion government guarantee if required.

According to Carlos Zacarias, President of Mozambique’s regulator, the National Petroleum Institute, state financing had been secured and the partners have accepted $2.25 billion government guarantee in lieu of an immediate equity contribution from ENH. Zacarias said the guarantee was valid for five years.

Each partner in the project is required to make a minimum capital contribution. ENH has a 15% interest in the project that is expected to start production in 2024, while Total owns 26.5% after acquiring its stake from Anadarko for $3.9 billion in 2019.

Total has also secured $15 billion in funding for the project and the funding agreement is expected to be sealed on 30 June 2020.

It appears that further contracts are now being placed following the completion of the loan finance. Can't read the full article, but the link below reveals a contract for circa $3bn. I would expect Comarco to be able to announce some significant contracts in the near future:
https://www.tradewindsnews.com/gas/mozambique-lng-poised-to-book-newbuildings-in-mammoth-deal/2-1-821677

More trades going through Aquis (prev. NEX Exchange):
08/06/2020 13:11 30,000 4.99
08/06/2020 13:04 90,240 5.5
08/06/2020 08:41 5,000 5.4

$15 billion loan finance completed:
https://www.rigzone.com/news/wire/mozambique_lng_project_raises_15b_of_debt-05-jun-2020-162314-article/

Extract:

"(Bloomberg) -- Total SA’s liquefied natural gas project in Mozambique raised $15 billion of debt -- about the same size as the African country’s economy -- exceeding a funding target even as the virus pandemic threatens the global financial system."

Broomfielder - thanks for your analysis.

Looking at the accounts in more detail, I see that £1.9m has been paid to RUR by EdS since the financial year end. EdS also have the current pricing mechanism in place for the majority of the current year, so in theory, the profits for this year should be quite healthy.

Don't have a clue what the 'real' end game is here between the BOD and Administrators for Sterling Trust, but assuming they vote in favour of the resolutions at the AGM, then they must feel confident that we will eventually see a disposal of the company and/or a dividend payment in the interim.

As the NAV slowly decreases due to the turbine write off, I keep lowering my expectation of the take out price, but still believe it will be significantly higher than the share price today.

Looks like the delayed ExxonMobil project may go ahead next year according to an article just released:
https://africanminingmarket.com/exxonmobils-delayed-fid-on-mozambique-project-should-come-next-year/7077/

missed this Twitter post from Andrew Monk the other day:

Andrew Monk
@AmonkMonkey
SA Banks just announced $15bn funding for Total and Mozambique LNG - very good news for
@ComarcoGroup
and AAAP.L Covid 19 wont stop this being built and wil generate huge profits for port