Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
After yesterday's RNS it did make me wonder if this deal has been done with inside knowledge that Ombrina Mare will not be the success most share holders had hoped for.
Also noting his £3 million home complete with 5 bathrooms at the taxpayers expense - the rules and fossil fuel saving should only apply to everyone else.
Citizen. I saw that article from Mark Carney with a smile noting his chauffeur driven limo and first class flights around the globe which will probably increase now at the UN. Similar thing with that petulant teenager Greta Turdberg who's just a mouth piece for her parents views. Hey Ho!
The sale of Egypt at $11.5 and 114mn unwanted shares in an rubbish company is poor at best - especially when the cynic in me notes a 'board member from RKH' will be appointed to grab another wage packet. I suspect Sam Moody will self elect himself to that position and then appoint another mate from RKH to the enumeration committee there too. If it looks like a t*rd and smells like a t*rd it is one. Another great purchase by the BOD grasping a defeat from the jaws of victory. No wonder this is 15p and not a pound.
I have always thought the FDA were a 'protectionist agency' to benefit American companies and Pharma's by putting these first and rejecting submissions from outside of the USA or making it difficult for overseas applications. In 2016 the FDA banned antibacterial soaps containing Triclosan among 17 other's promising similar benefits with other compounds that were no better than any normal 'day to day' soap and in most cases worse. Fast forward or Back to the Future with Andrew Newland's attempt to gain FDA approval for Parsortix some 3+yrs ago with an amateurish approach and promise to gain FDA approval within 6 months then and now a Q-submission before a De Novo application is considered by the FDA. My take on this is AN was errant in his promises and the FDA were and are right. If any company wants the 'Gold Standard' to be approved by the FDA it has to work each time and every time before granted or binned until proved. If the submission is approved and granted it could transform cancer treatment worldwide but if not it's 'just an AIM pig in a poke' followed by more dilution.
Yet no one one wants to bid on a billion barrel basin with proven 500 mn barrels in shallower water at a lower tax ?
No real buyers in any quantity even at 18p seems an Exel about to repeat once again whilst the directors get fat.
On the off chance that the Ombrina Mare case wins the directors will award themselves more bonus's for this great performance, whilst everyone else with any sense will sell as fast as they can to get out and cut their losses.
Only the second sitting today on a Saturday for The House of Commons since the Falklands war in 1982- may those souls rest in peace but with a bitter irony of coincidence to battle against ourselves this time.
Mr carrot,
If there were a simple mechanism to remove the RKK Board of Directors it would have been done by Odey years ago and he failed. The other major shareholders are part of the London city boys network that if done to one does to all and one of the reasons for the move to Wellbeck St.
Rockhoppers phone and email lines are only open to those with clout and not for communication with shareholders unless you are very lucky to get through or receive a reply.
Orchestrating a BB revolt against Rockhopper to remove the directors is pointless because the PI quickly loses interest despite his or her outrage. The major shareholders have made their money and now hedging on a binary bet without upsetting the apple cart. Then the scenario of the BOD of RKH fighting with the balance sheet reserves at their disposal to stay 'in pay' thus reducing shareholder value to nothing. Exel and many others ring the same tones.
Ralph - Nigoil posts 'strong buy' to short sell. ie - ramp the mugs to buy, borrow their shares and know the share price will be back in 19p area soon - Thus accumulating or profit taken.
His buy on a t20 at approx 21.75p mid December tells you this - especially as he continues to tell everyone he is in profit even at 19p.
I have no axe to grind with Nigoil or anyone doing the same thing to line their pockets but I do have issue with the BOD
mismanaging this company into the ground with expert ease.
Employ Tony Durrant for 3 yrs at £2m per annum whilst we still have some money left -rising to £3mn at first oil plus bonus's. Sack the whole BOD at RKH and restructure RKH as future money maker without the parasites it has today and pretty much going nowhere fast
Sam Moody always looks so sheepish at interviews and AGM's through guilt of conscience, so ask yourself if a change is needed and why?
If there were a pay out on Ombrina Mare would you trust Sam Moody and co to keep it, invest wisely or just fritter it all away once again?
Management history answers this question if anyone is in doubt.
I'm beginning to side with 'Olliesky' with this share is sh*t although I would not want an epic of Ollies ky - sorry chap.
Whether Monte Grosso, Ombrina Mare, Civita, Eygypt / MOG , FOGL/DES. Welbeck Street or the Eric Raude campaign and Isobel etc., which are all failures in my opinion. The Board of directors have performed poorly and without remorse for the job they are supposed to do in increasing shareholder value which they have not done by a mile. This opinion made even more disastrous by their handling of the Sealion project sale to Premier oil without a penalty clause included in the contract nor a clarification of the carry which as far as I can see is ebbing away to nothing. By comparison look at Premier's purchase of E.ON assets in the North sea that still generate 15,000 boe per day for $120 mn which Rockhopper could have bought or similar at the time and then ask if the BOD are doing the great job they paid for or the gratuities it receives by pay, free shares, pension and wages. I see them as first class flyers and five star hotel all expenses paid individuals to all points of the globe as busy fools instead of focusing on their real job. In each RNS I have read since the discovery of Sealion 9 + yrs ago it has been one more polished turd after another.
You have missed the point Ralph. RKH had the money to develop this potential and the reason they bought MOG in the first place but did not have enough clout to by pass Italian politics where as ArcelorMittal do
Rockhopper had their license to develop Ombrina Mare revoked for a possible pollution event or just an eye-sore 12 miles from the coast but allow the Ilva steel plant in Taranto to operate and kill the local residents, children with toxic waste, un-habitable land and dust fall out. The ambiguity and corruption within the state of Italy laid out bare for all to see which side of the bread the butter is on in Italian politics. A point that should not be missed by Rockhopper's legal representatives.
In my humble opinion 'Big Pharm' should have taken Angle out when there were only 48mn shares available at circa 60p - 75p and a mkt cap of up to £36mn for twice the share value at £1.50 = £72mn. But why didn't they see it? or did they see other reasons not too? The product is essentially the same then as it is now apart from a few tweaks from an AIM company that 'Big Pharm' could have done by raiding their petty cash tin. Today the share price is 83p but now there's 178 mn shares when the product is essentially the same as before but this time it may pass FDA scrutiny after years of amateurism by the board of directors and the many dilutions to get to this stage when 'Big pharm' could have done this in a few months - once again from petty cash. At 83p the market cap is £147mn - twice the cost it would have been at £72mn not long ago without a hint of an offer from 'Big pharm'. Now the characters are cropping up quoting silly numbers of £2, £2.50, £5 and even £17 a share!!! At £2 a share = £356mn or £17 a share = £3bn. Answers on a postcard to Angle BB
Just a couple of points.
1) a 20% farmin would make PMO and RKH equal partners
2) of the equal partnership RKH would still have the carry from PMO
3) RKH's 40% would be more profitable than PMO's 40%
4) have PMO blown smoke up investors/equity partners etc backsides with previous presentations stating output from Sea Lion is xyz at 60% ownership slashing this output number by a third
5) PMO selling their share of Zama at a price per barrel in a higher tax environment than the FI's puts a value on Rockhoppers assets.
6) does the BOD at RKH realise or understand their strong position as of yesterday
What a load of trash you post - RKH haven't even moved into the Falklands and you suggest they now have an interest or development in Alaska - ffs.
The cynic in me suggests this capex increase from $1.5 to $1.8bn just about covers the carry of $337 due to Rockhopper that PMO do not want to pay.
I'm no fan of an accountant being a company CEO but he has transformed PMO from an almost bankrupt company to paying off debts, keeping creditors happy (may be not shareholders), hedged output to mitigate the swings within the oil market, managed Zama to a position to sell it off and bank a profit, has bought wisely in the North sea to create cash flow /profits, got Catcher to provide output against Solan's failure etc etc. Whilst at the same time keeping Sealion a prospect for the board and management of RKH to still get their money until the real plan becomes evident to remove this BOD and get RKH on the cheap. I never invested in Rockhopper to own PMO shares but I know PMO is a far better prospect with TD at the helm rather than SM and SM who are still at playschool but demand salaries of Investment bankers. The sale of Egypt from my perspective had warning lights written all over it - keep paying the directors their salaries, a poor case outcome for pending arbitration and allow a ****ty offer from PMO to acquire RKH without a minnow attached to the sale.
This process was never going to be a quick wham-bam thank you Sam suing a government for lost profits however strong the plaintiff case may or not be. Italy threw in their 'joker' card which the tribunal shredded. The board let the shareholders know before 'Mogger' informed us. The RNS wasn't more director gratuities - sick joke.
Pardon my cynicism but is this an admission of failure to meet the FDA submission objectives? it seems worded as such when this is needed to enhance cell loss in procedures to place cells on slides for imaging. Is this little hidden away paragraph telling everyone 'we told you so' by RNS? Another cash call and dilution which ever way it's worded just more fork tongued 'Newlandspeak'. The whole RNS is jam tomorrow or jam by 2021, 22 or 23 but the bread slice gets smaller each time to spread it on. Sales of less than a £ million pa is pxss poor by any standard whatever the margin and the only way to sell the product is create lab services for pharma companies or experimental drug analysis is just clutching at straws for some revenue. Big Pharma could have snapped this up out of petty cash if it did what it stated on the tin or did what it said on the bread wrapping before the jam sandwich. A year from now when this cash is all used up, no FDA clearance and no buyer in sight a book build, more share dilution or bond issue will follow - mark my words.