George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Mordaunt sets out priorities: 'Restoring standards and trust'
Setting out her stall, Penny Mordaunt begins by recalling growing up in Portsmouth and as a child watching the Task Force set sail for the Falklands in 1982. Mordaunt says the party needs to return to those old values of "duty, service and sacrifice".
She says the Conservatives' greatest failings have been when they've come adrift of those values and "lost a sense of self". She wants a return to low tax, a small state and personal responsibility.
Mordaunt speaks of the country facing "serious challenges" - from the war in Ukraine to staving off recession. She says her prime objective is to restore standards and trust.
With Boris gone (kind of), how is this going to impact RKH?
Jon Wood of Aedos Advisors is one on the conseratives biggest donors and to Boris's Vote Leave campaign.
Hopefully Ben Wallace, who is begging for additional defence spending, will be keen to see the FI protected and producing oil to support energy security.
Deus, thanks for the informative post. One thing to point out, I had a telepohne chat with Sam last Friday and one questions I asked him was whether Institions were excluded from the open offer. He said no so you may find Aedos / Rab going in again for some more shares.
Didn't attend Godders but the presentation is now on the website
https://secure.emincote.com/client/rockhopper/agm2022/index.html
We know that at 30-06-21 cash resources were £5.1m and the company had a m. cap of £45.8m based on share price of 10p and 458m share in issue.
Now after the placing we have cash resources of £8.2m and a m. cap of £37.8m based on share price of 7p and 540m shares in issue.
Essentially valuing the non-current assets at £29.6m vs £40.7 a year ago. £11m drop.
What has changed for the negative? Harbour no longer on board (debatable)
What has change for the posistive? Solid commitmnet from Navitas, oil price 50% higher, OM arbitration closed, less focus on environment more on energy security, 35% of Sea Lion vs 30%.
https://rockhopperexploration.co.uk/investors/shareholder-analysis/
Aedos purchased 36m shares in the book build. They had sold their original 17m in April at about 9p.
The placing is for circa 52m shares solely for II’s.
At present we have RAB at 19m and a few minor holdings. A full take up of the shares will be a massive confidence boost to the market despite the discount.
We’ll see tomorrow
Am I reading it correctly that the placing is not limited to £3.7m and if significant interest the II’s can gobble up more?
I assume they have already have the intent for the first £3.7m
Thanks Manjukwai
Does anyone have a telegraph subscription?
https://www.telegraph.co.uk/news/2022/06/14/now-time-recommit-falklands/
I think a placing is inevitable even if we win £100m tomorrow because any payment will be fought and dragged out to the max. Sam has said annual reports will come by the end of May and with that I’m predicting we’ll hear about the placing.
Also just picked up on the following from the update on 19th April.
“ The Transaction is subject to certain precedent conditions, the most important of which are certain consents from FIG which include, but are not limited to, a two year extension on the Licences being acquired, Navitas being approved as an Operator and certain tax clearances from FIG.”
Are they negotiating a better tax deal with FIG
Thanks Paul, I’ve not seen much news on huge mineral resources in the Falklands so I’m sure this post is in aid of developing Sea Lion.
Volume rising the last few days as well so hope the share price can move north from here.