Member Info for preciousmaj

The FCA used the share price rise at the court hearing to make out the scheme benefits shareholders and creditors are losing out. The share price rose due to the non-objection by the FCA - they used this rise to give them the upper hand during the court hearing and this must’ve played a part in justice miles decision not to sanction the scheme of arrangement. One can call this what they like but it doesn’t bode well for the FCA as the UK regulator.

“I agree... no one would be complaining if the SOA passed and they made 5-10x their investment”

This is also an insinuation that cannot be backed by facts. Shareholders could be invested since IPO @ 275p and be sitting on huge losses. The FCA can’t back up this statement nor can anyone else.

Hi G20304050,

You have answered your own concerns by insinuating that you’re a “trader” who are usually short sighted and not proactive.

The action group is a great idea for “investors” who are prepared to hold longer term and willing to engage.

Amigo can’t come out and be biased towards shareholders due to the pressure being applied by the FCA and others so investors need to take this role.

I'm good SC and hope you're well.

You're clearly wounded SC and have made some ludicrous comments that I won't entertain.

I'm not here to rub anything in anyones face, just making obsevation and monitoring the situation. Before you accuse me, I'm not trying to lower the share price for re-entry as don't see myself having that influence - wish I could.

GL to you and your timeline.

Investors need to understand how management intend to use the proceeds. The majority of funds raised are earmarked to drill an Appraisal Well at the Anchois Gas discovery and conduct a 2D seismic survey over the Rissana Licence.

I posted the below timeline on this bb in December and got a lot of stick by some but still feel that this is how it will play out:
1. Equity Raise
2. 2d seismic acquisition in Rissana block
3. 2d data interpretation
4. 3d seismic acquisition in Rissana block
5. 3d data interpretation
6. Resource upgrades
7. Farm out of Lixus and Rissana
8. Drilling

It’s now all about GREATER LIXUS in my opinion, which includes the Rissana block. This area needs to be studied together in depth before any value can be attributed. This project may be lucrative in the LONG RUN as the company has funds to play this out now and maximise long term value but can't see any short term triggers to move the share price in my opinion.

Sorry to see many of you lose out here but extra due diligence is needed when dealing with people like AP. I was cautious and managed to avoid the massive dilution but understand that many others lost out. I sold the small holding that I retained a few weeks ago as chances of a poor raise increased substantially. I don’t have any position and not looking at building one currently, I'm keeping a close look at the share price though.

However all of this talk of new management, different strategy, new Chariot and vision was all bo***cks from the start and long term holders should've known better as it’s happened before. The ramping from the company: will try to create a sizzle in the share price, new management focused on creating transformational value and after an event to transform SP 10x - were all attempts to push the share price up to raise funds at a higher level. It happened at the last raise and the pattern was clear to see this time around. If the closing SP was 14p then the raise would've been at around 10p but lack of trust in the BOD meant that any SP rise was never sustained – no amount of marketing was going to change that.

I don’t see the situation improving in the near future either, especially this year. I don’t understand the perception that buying at the placing price is a positive. The share price was higher a couple of months back but there’s been an event to substantially dilute your holdings, this event is unlikely to be reversed. The historical share price performance means NOTHING now – shares in issue have increased substantially from around 200m in 2012 to 685m+ post-raise.

The company have advised that they will raise around $23m by adding another 297m shares in issue @ 5.5p, which actually equates to $16,335,000 using my calculations. I may be wrong but does that mean the 297m are the minimum amount of shares to be issued but likely to be much greater if the subscription is fully subscribed. If we base it on the best case scenario of 297m then shares in issue increase to 685m and company will have $23m from the raise plus an estimated $3m current bank balance. The $26m cash divided by 685m shares equals to cash value per share post-raise of 2.69p plus whatever value one would add for the GREATER LIXUS area, which can’t be much due to no third party validation. The headline figures by Chariot don’t add up IMO – the company would need to increase shares in issue by 418m+ to raise $23m @ 5.5p meaning more dilution and a much lower cash value per share.

Sorry to say this but the writing was on the wall - I tried warning everyone

''On May 18, Nigerian Vice President Yemi Osinbajo said the PIB was in its third reading, or final stages, after which it would be passed.''

https://www.spglobal.com/platts/en/market-insights/podcasts/crude/051721-iran-us-sanctions-opec-oil-market-geopolitics

''this time PM our new Uber chariot bear''

SC, this was my second post on this bb in 2021 - you've had the floor to yourself to ramp away about how great things are at Chariot. I did predict a change of sentiment by yourself and was right on that.

It seems many on this bb don't have a diversified portfolio and/or have most of their equity tied up in Chariot and get emotional / defensive too quick because they wrongly assume comments on here have any bearing on the outcome.

Anyway GL

I predicted a raise by H2 2021 - time is running out so lets see if I'm right.

The cash balance as at 30 June 2020 was $5.8 m - don't know what the 31 December 2020 balance was as this hasn't been disclosed for some reason but safe to deduct $2.5m from this for last 12 months overheads.

It will be interesting to know the current bank balance - I'm forecasting this to be less than $3m.

The company has also acquired Rissana and AEMP during this period. It has also signed an EOI, signed a collaboration agreement and MOU. All of these must've incurred costs.

Twitter thread:
https://twitter.com/AIMissionary/status/1395303640701849600?s=20

Simon Cawkwell AKA Evil Knievil added a further 200,000 AMGO at 26p

"...creditors have had months to put up an alternative Scheme. The fact that they have not supports my view that the judge next week would have to be potty to support the FCA’s application."

#AMGO

https://twitter.com/AIMissionary/status/1392424704187711490?s=20

Interesting discussion on the Petroleum Industry Bill

UNDERSTANDING THE PETROLEUM INDUSTRY BILL- A NEW REGULATORY REGIME FO NIGERIA
https://www.youtube.com/watch?v=n5j6NikiuDY

I think you're right Dungiven123 - I though it was post-money valuation.

This means our equity stake is worth $6.7014m fully-diluted, which is nearly 10% of our current market cap.

The valuation for OcuTerra Therapeutic is higher at $16m - ALM have a fully-diluted ownership of 21.9% valuing equity at $3.504m, which is positive as nothing priced in for this.

I just can't understand why every single update coming out of the company is so downbeat though.

This portfolio company has raised $14.6m after 3 years of seeking external equity finance and ALM management decide to make it look negative FFS.

If it wasn't for Crystal Amber in our corner, I would be out a long time ago as there's massive disconnect between management and shareholder expectations.

Capital Markets Day - Live Recording
https://vimeopro.com/instinctifpartners/allied-minds-capital-markets-day

Capital Markets Day - Federated Wireless
http://www.alliedminds.com/assets/Federated-Wireless-ALM-CMD-14-April-2021.pdf

Capital Markets Day - Orbital Sidekick
http://www.alliedminds.com/assets/Orbital-Sidekick-ALM-CMD-14-April-2021.pdf

Capital Markets Day - BridgeComm
http://www.alliedminds.com/assets/BridgeComm-ALM-CMD-14-April-2021.pdf

Allied Minds plc ("Allied Minds")

During the quarter, following the resignation of its Chief Executive, Allied Minds continued its practice of poor communications and the unacceptable lack of provision of financial information. This included a botched Capital Markets Day, to which invitations were only sent to analysts and not to investors. The Fund is aware of two (paid for) analysts who cover Allied Minds. Subsequently, investors were made aware of the Capital Markets Day, with only a few days' notice. The company's broker subsequently apologised to the Fund for this error.

During the Capital Markets Day, important financial information was provided. The Chief Executive of Federated Wireless (which represents 26p of Allied Minds' house broker's estimated net asset value of 46p), reported actual Q1 revenues for 2021 and a financial forecast for the full year.

Revenue forecasts were also provided by other portfolio companies. The Fund believes that this information should be provided to all market participants and not just to those that were able to access the Capital Markets Day. More than a week ago, the Fund requested that Allied Minds release this information without delay to all market participants. This afternoon, this information has finally been made available.

Separately, earlier this month, paid-for research from Edison for Allied Minds was withdrawn, after the Fund highlighted an error with the percentage holding in a portfolio company. Earlier in the year, Edison apologised for a previous error: for several months, estimated net asset value had been materially overstated, as a result of not deducting the 12.6p special dividend paid to shareholders in February 2020.

The Fund believes that responsibility lies with the Chairman of Allied Minds. In light of this, the Fund has written to Harry Rein to ask him not to seek re-election at next month's Annual General Meeting. If he decides to seek re-election, the Fund (an owner of more than 18%, of the issued share capital) will vote against his re-election and write to other shareholders to explain its reasoning. The Fund believes that Mark Lerdal, a non-executive director of Allied Minds, should replace Harry Rein as Chairman. Following his appointment as Executive Chairman of Leaf Clean Energy ("Leaf") in 2014 with support from the Fund, Mark Lerdal achieved an excellent outcome for all shareholders in the company. Like Allied Minds, Leaf was a London listed, US based closed end investment fund trading at a 50% discount to net asset value.

Over the period, Allied Minds' shares fell by 31%.

Not 100% sure what it is but it's really close now

The RNS from Allied Minds seems downbeat and boring like usual. ALM make no mention of the fact that Orbital Sidekick have now completed the conditions for receiving another $16 million in U.S. Air Force funding, which is major news. The article that I posted from Space News is much more interesting.

However, the news of the Series A funding round of $16m bodes well for Allied Minds and the interest from the likes of Temasek derisk the investment and validates the product portfolio.

Edison only attach a fully diluted 3-4p valuation for Orbital Sidekick but I think this is on the lowside and will come good at some point in the near future.

Orbital Sidekick works, for example, with energy companies to detect and monitor pipeline leaks.

“We can see subtle changes in reflectance and absorption features in the environment,” Katz said.

Around underground pipelines, soil, vegetation and water reflectance changes in response to fuel leaks. Orbital Sidekick also plans to work with energy companies to directly detect oil and gas leaks.

Orbital Sidekick has established partnerships to conduct pilot programs with organizations including Phillips 66 and the Intelligent Pipeline Integrity Program, a partnership managed by the Energy & Environmental Research Center at the University of North Dakota.

“The energy and industrial sectors are under intense pressure to achieve ESG excellence,” Christopher Smith, Energy Innovation Capital managing director, said in a statement. “Meeting increasing social and regulatory expectations requires persistent and sophisticated asset and environmental monitoring. Orbital Sidekick’s Spectral Intelligence uniquely delivers hyperspectral imaging from space, allowing operators to monitor assets beyond the visual spectrum, across the globe, on a daily frequency.”

Orbital Sidekick also expects growing demand for information related to regional wildfire risk, global emissions, mineral detection and clean energy exploration.

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