The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
This was known at the end of May:
https://links.sgx.com/FileOpen/Announcement_Update%20on%20EOT.ashx?App=Announcement&FileID=610162
Scottie, JLP - not much happens there? They managed to usurp BMR's family silver (actually zinc, lead and vanadium) for a pittance. Bird is very active elsewhere, BZT and Galileo (another beneficiary of our once wonderful assets) both of which have invested in new African assets whilst still BMR languishes. Bird was instrumental in the 'repositioning' of the Kabwe assets but it's Borelli who should be under legal scrutiny.
We get a royalty when they eventually process the tailings, comes after a lot of costs are recovered first so nothing in the foreseeable future. Yes he effectively gave them away.
Birdy really flying in Africa at the moment:
Galileo agrees conditional Heads of Terms ("Heads") to acquire 100% of Botswana- incorporated Crocus-Serv (Pty) Ltd (Crocus) (the "Acquisition")
· Crocus assets include 21 exploration prospecting licences (PLs) totalling 14,875 square kilometres; 19 PLs in the in the Kalahari Copper Belt (KCB) and 2 PLs in the Limpopo Mobile Belt (LMB) in western and north eastern Botswana respectively
Colin Bird bringing BZT into copper mining in Zambia, he's a finger in a few pies in the county including GLR and JLP (and BMR) maybe he can salvage something here for shareholders - not holding my breath though.
Posted by steelwatch elsewhere:
First Published: 20 February 2020 | Latest Update: 20 February 2020
Abandoned Wellhead – Lincoln 205/26b-14
Petrofac Facilities Management Ltd (PFML) propose to abandon the Lincoln 205/26b-14 well, located west of Shetland.
The well will be abandoned using the Transocean PBLJ, an anchored semi-submersible mobile drilling rig. It is proposed that well operations will begin around 5th March 2020 and take around 30 days.
https://seafish.org/media/1582197702-Issue_04_Oil_Ga
Page 5
Full throttle or extreme prudence? Why will it take 18 months from drilling the third Lancaster well (mid 2020?) to first oil 18 months later in 2022?
Cheers, AquaeSulis01
TLF? nothing on that ticker.
bigwil7 thanks for that, you are well informed.
My definition of safe is somewhat different than yours, based on the shenanigans over the sale of travel, I personally consider the holdings of Day, Raby, MIN's directors and Zachary as a direct threat to other holders. I suspect that if there is a whiff of a credible JV in the offing there is a chance of another MBO especially if we are close to approaching the settlement date for the Zachary loan.
Bigwil7, What's your definition of safe hands and I take it the 55% you have come up with is not on enlarged capital post exercise of warrants? Who holds what in your opinion? Thanks in advance.
Don't forget each of these begging letters increase the 'insiders' holdings at knock down prices:
The directors (min and loyalward) currently own about 25% of the company, Mrs Adams affiliations unknown, 5.7%. Zachary had on conversion of warrants equivalent to 18% of the enlarged equity before this years placings, with those, it is probably well over 20% now. So thats 45% and possibly 51% of the company in insiders hands at least. A further share issue would almost certainly increase their influence and that's before consideration of the leverage of the Zachary loan. If any real value can be seen in MIN (by the insiders), just what would you expect them to do?
We're in Q3 now so on Cebo's prediction - possibly today.
Nothing on PMO either.
Cheers Mani01
Out of interest would TLW consider ECO's TSX position when issuing a RNS? That is would an RNS have to come within LSE and TSX opening hours?
yes, but the late buying was on the TSX not LSE.
Anyway, read elsewhere that the TSX is closed tomorrow for a holiday.
Ivan and Qatar investments already own over 17%.
Barclays comments from the PMO board at the other place.
? Barclays downgraded UK explorer Premier Oil from “overweight” to “equal weight” with a 120p target. It said: “The current pace of free cash flow generation is not rapid enough to stop debt refinancing risks becoming a headwind for the stock.”
With Premier delivering operationally its 30 per cent discount to tangible net asset value might be expected to close, Barclays said. However, it forecast net debt to remain above two times the relevant earnings measure through 2020, complicating financing negotiations with lenders ahead of debt facilities maturing in 2021. A $5 move in the price of a barrel of Brent crude shifts Premier’s valuation by 20 per cent, it estimated.
“The good news is that we believe the portfolio has credible divestment candidates, while management also has a track record for accretive acquisitions. Our concern is that net debt of more than $2bn could cast an increasingly large shadow over an otherwise robust investment case the longer the market is left waiting for an inorganic solution to improve the balance sheet.”
Barclays
At the current pace of debt reduction Premier would take more than six years to clear 2019 year-end debt, which exceeds an estimated mid-case field reserve life of 5.6 years, Barclays said. It also highlighted that Premier traded at deeper discounts to net asset value during the 2016 and 2017 debt refinancing processes.
Premier’s minority stake in a discovery off the coast of Mexico would be the obvious disposal candidate with a value of about $290m, Barclays said. It also noted that while Premier’s south-east Asian fields had become peripheral to the business, they were still contributing about a quarter of core operating earnings so a good price would be needed.