Member Info for optimist13

I wasn't going to make any further comment until the results were released, but I would remind holders of the principal focus of the Joint Administrators for Sterling Trust:

"the principal focus remains the realisation of the company's shares in Rurelec plc. As detailed above discussions are ongoing with key stakeholders and interested parties regarding the options available to realise this asset for the benefit of creditors"

The question is what value the Administrators put on the 54.79% shareholding, which in turn will more than likely dictate what other shareholders will realise for their holding.

By measures I have provided previously, the value of EdS today would appear to be in the region of £50m. Rurelec own 50% of the company, but are also owed £37.4m from EdS and its parent company PEL.

Despite GFD's ramblings and smears, I maintain there is significant upside to the share price, albeit it is not without risk.

That's rich coming from you. Anyone reading your continued ramblings could be forgiven for thinking you are not a shareholder at all.

From memory, you are the one who has in the not too distant past agreed a valuation figure for the company greatly in excess of the current share price.

You don't like anyone having an alternative view to yourself and are quick to ridicule, despite it being proven that some of your comments have been incorrect.

No further comment from me until the results are released.

Reading the latest Administration report on Sterling Trust, there appears to be buyers interested in their Rurelec share holding. The big question is what someone is prepared to pay for it.

Previous discussions on here have supported a figure of 3.00p to 5.00p, but I think many would now accept a lower figure.

An offer of 2.00p per share would value the company at £11.2m against a net asset value of £27m. This would represent a large discount to net assets, but it would bring this sorry saga to an end.

https://beta.companieshouse.gov.uk/company/01761400/filing-history

loan extended until 30 June 2020, but it appears they expect to repay the loan in full by the end of this year.

https://investegate.co.uk/rurelec-plc--rur-/rns/loan-repayment-and-extension/201905070700060821Y/

Getting there slowly but surely.

I think the liabilities should now be in the region of £1m. So against assets of £28m, those talking about a CVA need to think again.

All sounding very positive to me....

link:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/AAAP/14057094.html

Anglo African Agriculture plc

(“AAA” or the “Company”)

Result of General Meeting and update on discussions with the Comarco Group

At the Annual General Meeting of Anglo African Agriculture plc ("AAA" or the "Company") held earlier today, 30 April 2019, all resolutions were passed. These were as follows:

To receive the accounts for the period ended 31 October 2018, together with the report of the directors and auditors.

To re-elect Andrew Monk as a director.

To reappoint Jeffreys Henry LLP as auditors of the Company

To authorise the directors to determine the auditors’ remuneration.

To approve the directors’ remuneration policy.

To approve the directors’ remuneration report (excluding directors’ remuneration policy).

To authorise the directors to allot shares.

To dis-apply pre-emption rights.

The full text of the resolutions can be found in the Notice of Annual General Meeting dated 5 April 2019 on the Company’s website at www.aaaplc.com.

The Company has worked closely with the Comarco Group for over 6 months since the Company advanced Comarco a loan of US$1 million. During this time, and as announced by the Company on 30 August 2018, the Company has added significant value to Comarco by advancing a restructuring and consolidation of the Comarco Group’s companies and operations.

There are currently advanced and constructive discussions with Comarco to ensure that AAA benefits significantly from both work done and also the future upside of the performance of the port and marine operations. AAA will continue to focus on consulting and advising the Comarco port and marine operations to create significant value for its shareholders.

It is also on the AAAP website Chris.

I was notified by my brokers.

They could announce a half year trading update tomorrow seeing as we have had six months trading. Further confirmation of profitable trading from the two divisions would certainly add to the positive news story.

Looks like the Dynamic Intertrade website has been updated:

https://www.dynamicintertrade.co.za/

There is not a lot of free-float if you look at the share register, so any further positive news on the strategic agreement with Comarco should lead to a decent re-rate of the share price, IMHO.

A bit more patience required here I believe. There is clearly more news imminent, but it would appear the directors are not at liberty to divulge any information.

This from the 14 March statement:

"The Board has also indicated that the Company’s future growth is aligned to that of the Comarco Port in Mombasa, Kenya, to which it has lent $1mn through a convertible bond, and is providing advisory services. The Board is pleased to report that business at the Comarco Port is growing strongly. Ground is due to be broken in the next few days to commence construction of an LPG plant and import terminal. In addition to this, Comarco has entered final discussions on a number of significant bulk handling projects, including operations to support the proposed large scale Rovuma LNG development in Mozambique."

I am not expecting any new information to be released tomorrow, other than the usual AGM approvals, but further news can't be far away.

Added a few more this afternoon.

The AGM is tomorrow. Time for the company to start delivering some material news to reinforce the additional benefits of the loan to Comarco.

Buys going through on NEX this morning:

10/04/2019 08:35 515,419 0.417

https://www.the-star.co.ke/counties/coast/2019-04-09-new-sh75bn-lpg-firm-to-end-monopoly-in-kenya/

http://www.pumps-africa.com/kenya-construction-of-us75m-liquefied-petroleum-gas-plant-begins-in-mombasa/

Extract

The construction of a US$75m liquefied petroleum gas (LPG) plant has begun in Kenya’s coastal city of Mombasa under the mantle of Mansa East Africa.
The onshore storage and filing facility will be constructed in three phases, with the first phase set to be completed in November at a cost of US$8.5m.

Mansa East Africa is a partnership between US company Petredec and Kenya’s Rift Gas.

Rift Gas Chairman Lt Gen (Rtd) Njuki Mwaniki said the US$75m includes the cost of the storage and filing facility at Mombasa’s Liwatoni area and other infrastructures upstream.

Once completed, the facility will move 12,500 tonnes monthly and is expected to shake up the importation of Liquefied Petroleum Gas in Kenya which has been dominated by African Gas and Oil Ltd.

News leaking out slowly....a few buys today on Main Market and NEX. We just need an RNS from the company now to get the ball really rolling.

Looking at where the LPG Plant will be situated on the Comarco website, there is clearly plenty of room left to attract further companies.

With work starting immediately, we will hopefully receive further updates from the company. It is rather telling that the positive news today has not resulted in any trades. AAAP still well under the radar and further efforts needed by the BOD to raise the profile.