George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Steve - Right on cue!!
Thanks for the response, so in your opinion, the correct vote is in favour of both?
Highland - My concern and that of my brothers below is that if they become a private limited company do the directors then have full control over the current shares?
He posted in the hope that someone a bit more knowledgeable on the matter could comment and help us all make the right choice on the voting form.
Next steps
Following the resolution passing, the directors will clarify the detailed steps required to return the Company's cash to Shareholders and will update the market in due course. As set out in the Circular, this process is highly likely to be implemented via a members' voluntary liquidation ("MVL"), which will involve a further general meeting being called by the Company in 2-3 months' time to seek approval from Shareholders to appoint liquidators. As part of the MVL process, the Company will also be required to seek approval from Shareholders to cancel the Company's admission to trading on AIM ("Cancellation"), which will either be sought at the same time as the MVL approval is sought from Shareholders, or ahead of time in a separate general meeting. Existing and prospective investors are encouraged to read the Circular for more information on the MVL process.
AIM Rule 15 cash shell classification
As the Company no longer has a mandate to pursue its investing policy, the Company is now deemed an AIM Rule 15 cash shell. Pursuant to Rule 40 of the AIM Rules for Companies, the Company's Ordinary Shares will be suspended from trading on AIM if the abovementioned Cancellation has not been concluded within six months of today's date. Should a further six months then elapse without the Cancellation taking effect, pursuant to Rule 41 of the AIM Rules for Companies, the Company's admission to trading on AIM will be cancelled.
80% in favour of the MVL - the RNS is out.
Great position to be in Edgar, I am just slightly below that at around 0.77 and in no rush to sell, I have a plan and am sticking to it so if it takes a few months or a few years we will get there eventually. Just a few more pieces of the puzzle to go and we should see the re-rate we all know that this deserves.
Fowler I honestly think by the time the Dev licence is sorted and the CPR released you may find yourself close to your target before the end of the year but next June is as good a target as any. See what happens, plus we have the CH1 drill to look forward to and we all know what historically happens here on spud, hopefully, more of the same.
Good luck to you.
I've been in a positive situation for a while as bought and averaged down well over the years and I fully intend to sit tight and ride this to production now, with the huge resource upgrade we will be rewarded eventually. It's taken patience to get here and a bit more won't hurt.
If we get another drop along the way then we get a chance to add again.
GLA 😁
Agreed Stock, lots here that are taking small profits and that's fine but if they get caught out on the big rises ahead they may well regret it.
Topping up when possible and holding for production, then we will see what this is really worth.
GLA
"Completion of the 3D seismic data interpretation is another important milestone for the Ntorya gas field development, and I am delighted that the results are so positive. The quality of the new 3D seismic dataset was excellent giving the JV partners the ability to map in detail the Ntorya gas discovery, refine volumetric estimates and provide the basis to locate future appraisal and development drilling targets. We are particularly excited by the significant potential gas volumes now identified in other untested structures within the licence area. To place these volumes in context, the Ntorya accumulation is potentially the largest onshore gas discovery in East Africa and, with the sizeable new exploration targets, should be much less expensive to exploit than offshore resources. Further announcements can be expected detailing a future programme of drilling and an associated schedule to commercialise these exciting new opportunities and add further value for all stakeholders."
Dev Licence - 2024
Contract a Rig Operator - 2024
Drill CH1 well and ready for production - 2024
Re-enter & repair NT1 Well & ready for production - 2024
Test NT2 Well & ready for production - 2024
Support Tanz with pipeline development - Scheduled for H1 2025
Total unrisked GIIP of 16.38 Tcf
Exciting times for the LTHs, let's hope the Dev licence is now forthcoming and we can work our way through that list.
@Allenby - "so we have to see if the money distributed to share holders as indicated before the vote"
Do you have any more details about what was discussed regarding this, please? How much was suggested would be returned to shareholders?
From tonight's RNS :
"The authorities also indicated that the Development Licence will be received very soon."
Charles Santos seems very positive now the GSA has been signed that we can expect the Dev Licence to follow shortly.
DYOR - Good Luck to all of us long-suffering AEX & SCIR/Solo holders.
Thanks StockCheque that makes sense and of course, ARA will hopefully do what's needed to generate revenue, I think the demand is well documented.
In the RNS released tonight, it does say that they are working closely to expedite the pipeline so perhaps in this instance they have noted the end of 2024 as a worst-case scenario, and hopefully, as you say it will be completed during the dry season.
Assuming that the GSA is confirmed tonight/tomorrow and the CPR, Licence, Spud etc are all forthcoming, does the pipeline delay stop the "Early Gas" or is there another option for distributing between now and the end of 2024? Gas in the ground is all well and good but we need to sell it to grow and move forward, don't we?
Agreed, when the CPR is released if it shows that we still have what was already proven then that's not a negative, just re-emphasises the world-class find that we have, if it does show a larger amount as per the re-analysed 2D then that's a huge bonus.
Also agree that even if it does follow the 2D and show an uplift in gas, without the GSA etc I wouldn't expect to see any sort of sustained growth on the share price, you'll get a spike no doubt from the traders but will soon fall back until we have all the approvals and news on the pipeline etc
Lots of positives to come just slow as always, hold strong long-termers, it'll come...... eventually.
Thanks Matt, will get onto Hfx tomorrow then.
Odd isn't it Matt, not received any paperwork either and No corporate action showing in my trading account despite knowing it's happening next week!
No that's great information and I'm certainly not interested in questioning you or anyone, especially those who went to the AGM on our behalf and got the information first hand, thank you for sharing.
The bickering point was more broadly aimed as it seems a fair few on here are more interested in point-scoring than actually posting facts about what we have in the ground.
It's a little tedious to read every day and let's be honest it's hardly constructive. Nobody outside of ARA and AEX know the actual timescales and what the total find is as of today so everything else is pure speculation.
I just wish everyone here who is holding the shares would promote the facts and help build towards the potential growth of what we do actually know rather than the constant petit posts.
As a LTH I am now excited by this, it has dragged for years for all of the reasons we already know about, now is the time to come together and build awareness of our not-so-little gem and in the coming months & years, we will all benefit from our patience.
Good luck all :)
Correct me if I am wrong ICB & RJ but early production isn't contingent on CH1 spudding is it? From what has been posted both on this board and the RNS would suggest that first gas will come from the existing wells and that CH1 is to be drilled post first gas. Also, I don't particularly care whether the huge amount of gas that we have proven is taken out of the ground in Nov/Dec or Q1 next year, does it actually matter, why bicker on things completely out of our control? The fact that the gas is there and we are carried for full field production is all that really matters, it's a matter of WHEN not IF in terms of the returns, so let's just sit back and enjoy the ride.