Member Info for plumbus

This was on the HUR board at another place, inference being that it's being used on Solan:

Of particular interest to HUR holders is that Transocean Leader will work for Premier Oil in UK North Sea from March 2020 to June 2020 at an undisclosed dayrate. Currently, the rig has a gap between this contract and the current one (Hurricane/Spirit), which ends in October 2019.

Colin suggesting that Star will be supplying Kabwe in November or December with the plant ready in October.

PMO producing 4 x CNE and has only two thirds of m/c as CNE, that balances out the debt a bit.

A bit more; posted by bullster at another place;

BMR want to split their royalty payment for Kabwe into a seperate company and also acquire a further license.BMR will comment further once either or JLP and Galileo updates the market.

edit.... partners to active agreements..

Current mc is £600, they'd have to offer a steep discount to that to get a rights issue away 1 for 4 they'd be lucky to get £120M, is it worth it, shareholders have got little enough out of this company over the last 4 years without being clobbered further just as things begin to gel - rising/stable oil price, debt falling.

What it does tell us is that at that time there was no significant negotiations in train and that these buys apparently did not take any of the three directors over reportable thresholds.

the sale of the travel business was mooted as a necessity prior to capitalisation of the SC project - why is not readily understandable. Anyhow sale of the business seemed to go on for an age with outside buyer or buyer's falling by the wayside and was eventually bought out by the Director most responsible for that aspect of the business, Mr Wilson aided and abetted by zachary investments. After the buyout the travel arm immediately went into expansion mode taking up a further travel business. MIN's share price collapsed. Minoan was left with the remains of a loan owing to zachary (900K), the SC asset and very little cash. Wilson apparently still has options in Minoan.
My feeling is that if there is real value in the Crete asset it will follow a similar pathway to that of the Travel business, the wheels of change lubricated by Zachary who now have a dilution protected warrants holding to buy 18% of the company at less than 3.5P.

' I feel that the value of the business is getting less and less value and because the sp is 2.7p I cannot see how they value the business at the price they do'

Quite, you've been seduced into believing the business is almost worthless; maybe they'll take it out for 4p just as a gesture of goodwill you understand to the long suffering shareholders? :-)

Arsenal, Day and Raby of Loyalward have between them 11.5% of the equity.

'Anyone who thinks the BOD are hiding shareholdings in mysterious places clearly doesn’t have a clue about the Disclosure rules.'

Rules are one thing adhering to them is another - minor example - where have the shares reported in the recent RNS to have been taken up by directors in the placement been disclosed?
Why didn't they find the need to declare those?

Been mentioned on here that the last placement shares may have been in lieu of Directors fees and paid into a holding company. It is necessary to disclose these shares just as any beneficial holding. But...

Arsenal, if I understand you correctly you believe both the management and the remaining asset here to be worthless. I on the other hand believe the management to be self serving and conniving but believe the asset has very real value and worth a multiple of the current mc.

Not according to their stockbrokers Bigwil7, all holdings beneficial to the directors must be reported even if held as you described. Everything about this company is opaque.

Personally I do not believe that directors have not got considerable 'skin' in the game, I just believe it is not transparent to us mere mortals. The asset is valuable and its value will be outed, unfortunately I don't believe that PI's will be in the picture when it ultimately delivers its largesse. Still holding on for the MBO buyout - just as the travel business was; with its potential only being realised once out of our grasp.

If raising finance is issuing shares to creditors to pay for seemingly endless liabilities, then yes they excel at that, the creditors probably had Hobsons choice. And how does a company of mc £6M have liabilities of £900K (as raised in the recent placings) when it has few outgoings and presumably only a small negotiating team to pay for? We initially had borrowings of about £6M with Zachary we sold off our only cash generating asset and still manage to owe them £990K and rising and now they have a stranglehold on the company potentially owning 18% of the equity. The story just gets worse (for the PI) as time goes on. And people think this lot are still acting in good faith?

They are not kidding themselves - just trying to kid the rest of us!

'but AB would probably just sell them off cheap to the French!'

If only he were that enterprising, we'd be in clover!

Best PMO can do is to agree to buy some of the assets from the purchaser in a mutually beneficial deal and fund that, possibly up to £200m from borrowings?

Most of PMO gas is sold in the far east at a price tied to that of oil. So not a great saviour when oil price falls. IMO.

They are not are they? Is that because it aint worth a bean or that they don't want to anyone to know its worth until they have full ownership of it? Heads or tails, coz it doesnt like we're likely to get a valuation anytime soon.

union, they will only get a revaluation of the asset if it were in their (managements) best interest - that may not be the case at this juncture.