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I think Gasprom potentially could cause some problems(hindsight a poor choice), even if it means further delays/ legals. I think as bigger an issue is the LOG CLN at 19p for 60m shares and the LOG CLN at 32 p for 20m shares, ( not forgetting all those freebies handed out by Fiona to management - somewhere over another 10m shares in option/warrants). now here lies the problem in that the administrators have been very patient in holding their position but at some point they will have to sell their holding and or convert their CLN. This in itself is not a problem but they are going to have to offer a decent discount for an institution to take them off their hands. Whilst this is a known factor I don't think it can be dismissed as easily as some would like to think as it has and will continue to be a headwind. All these factors combined with the ongoing delays would suggest the upside is not what it should have been and depending on future timings of events then we might have to put up with downside in the mean time. Really with the favourable landscape the sp should be a lot higher but decisions have consequences.

Hi RKB,
Interesting post - take a look at the RNS 7 Oct

https://www.lse.co.uk/rns/PRIM/capital-reduction-replacement-lc708lhvcty19a5.html

This is why we went to the High Court to get the Capital reduction it allows us to distribute reserves subject to shareholder approval.
As you say it gives the company a couple of options and could reflect what I would perceive a more realistic mcap relative to NAV. Im not aware of how many other small invest Co's on AIM are in this position.

Rambler Metals & Mining* (RMM LN) – 28.25p, Mkt cap £45m – Ming Mine turnaround gathers pace

We have published an updated research note on Rambler Metals & Mining. Please CLICK FOR PDF

NPV Valuation: 168p/s

An accelerating programme of underground development is delivering improvements in tonnages processed, grades, recovery rates and copper production at the Ming mine in Newfoundland.
The recent discovery of a new mineralised zone near existing underground infrastructure east of the main Lower Footwall Zone highlights the mine’s underexplored character.
Despite relatively low levels of past exploration, the mine has an established history of resource replenishment exceeding mining depletion with recent drilling showing both grades and mineralised widths improving at depth providing a long mine life with expansion potential.
As drilling ramps up and development accelerates, the turnaround of the Ming mine is now gathering momentum with copper output expected to double the 2021 levels in 2022.
Rambler Metals operates in an established mining jurisdiction rated among the 10 most attractive places for mining investment globally.
Based on SP Angel’s long term commodity price forecast of US$10,500/t copper, we estimate an NPV6% of US$362m or 168p/share.

Rambler Metals & Mining* (RMM LN) – 28.25p, Mkt cap £45m – Ming Mine turnaround gathers pace

We have published an updated research note on Rambler Metals & Mining. Please CLICK FOR PDF

NPV Valuation: 168p/s

An accelerating programme of underground development is delivering improvements in tonnages processed, grades, recovery rates and copper production at the Ming mine in Newfoundland.
The recent discovery of a new mineralised zone near existing underground infrastructure east of the main Lower Footwall Zone highlights the mine’s underexplored character.
Despite relatively low levels of past exploration, the mine has an established history of resource replenishment exceeding mining depletion with recent drilling showing both grades and mineralised widths improving at depth providing a long mine life with expansion potential.
As drilling ramps up and development accelerates, the turnaround of the Ming mine is now gathering momentum with copper output expected to double the 2021 levels in 2022.
Rambler Metals operates in an established mining jurisdiction rated among the 10 most attractive places for mining investment globally.
Based on SP Angel’s long term commodity price forecast of US$10,500/t copper, we estimate an NPV6% of US$362m or 168p/share.

A Merry Xmas to all. Last year the Board spent a great deal of time cleaning up the Company and putting it on a great footing - one of the few investment companies which is trading at a significant discount to NAV. I have great hopes for 2022( as always DYOR).As a significant shareholder myself I will be pushing( along with the other board members) to close that NAV gap and hopefully increase the overall valuation. Remember nothing trades in a straight line, there are detractors who as they sell out become less significant every day - but that's all part of the Aim way it would appear!!!

All the best and hopefully a profitable and safe New Year.

Best
Rupert

I think the problem is that LOG have a CLN with a strike price of 19p which converts into 60 mil shares and another 20 mil warrants at 32p( Im sure AC will be familiar with those numbers). This is an awful lot of dilution and will act as a large brake on the sp until this can be cleared. S&W will need to sell some shares in order to convert the warrants.

The other problem with LOG is that they have 60 million options which can be exercised at 19p. I guess they would have to sell 40 million or so to raise the cash to pay for the options so no doubt that will be at a discount and then we have another 10% plus of shares in issue which is more dilution. I hope they have forward sold some futures contract because if Putin manages to strong arm European governments and get his new gas pipeline into full production then the macro dynamics can change very quickly.

dec futures above 400p/therm up 36 % on the day -unbelieveable

yes, that is what I was eluding to, rather than pure hedging. Gas prices up another 20 % today at 360p/therm - something will have to give. Im surprised IOG not flying as even if gas prices are not here when production begins.

ok thanks

Surely they have the ability to forward sell futures contracts on the basis that they are fairly certain that production is not that far away. The risk is that gas prices continue on their upward trajectory and /or they don't meet their production targets. They would never hedge the full amount but I don't understand GG why you say this is not possible - you don't have to be in production in order to trade gas future contracts. I think if they are confident about production starting this qtr then it would be prudent to sell forward contracts over the next year or so. the price achievable now will mean they can guarantee the income in their forecasts and run a variable price on the excess gas produced. A very favourable position to begin. Although unlikely they would look rather foolish if the gas price collapsed and they just relied the day ahead basis. its not the way I understand that O&G companies operate in leaving pricing to the variables of the gas price ( especially when they are clearly in the money)? Happy to be told why a company would be totally unhedged on their revenue stream?

Gas touched 300p/therm up 20% today. Im hoping that IOG have a hedging strategy in place. I don't think anyone could throw any criticism at the bod for locking in those futures prices. The immediate profit taking has now finished, non of the II have been selling by the looks of it and so my thoughts are that the sp should touch 35p in the foreseeable future without any adverse news. I picked up another 250k today at circa 29.75. Heres hoping GL.

May I kindly remind you that what you have posted is potentially libellous and certainly false.
If I read any other similar comments from yourself then I will be contacting both LSE and the FCA where you can carry on your claims.
Best
Rupert

Hi RKB/ Canaries,
the last funding round at Zuuse was as $1AUD and Fresho at 0.6 AUD( 3415723 shares held). We are very positive about the future of both companies and the value to Primorus.
We will update as soon as we have news.

Hi Testing, included in the operating costs is a negative fx movement( mainly due to AUD Fresho/Zuuse of £81k) as well as some one off costs involved in the restructuring.( compared to a £2k positive fx movement in the previous years first 6 months fx movement) - so approx a 40 % reduction.
Once the court has signed off on the capital reduction process then the company will have the ability to pay dividends/ share buybacks( if the board deems it appropriate). Clearly we feel the company is undervalued( but that is an individuals call).
We are working to create an investment company which is different to the normal model seen on AIM - it doesn't happen overnight but we are carrying out what we promised and hopefully all shareholders will be rewarded.
ATB

Canaries,
the parties have left themselves to the end of the year to complete but this includes a contingency, we anticipate it will take half this time.

Congrats to Invinity Energy Systems today(IES) on their latest deal - hopefully looking good for Enerox
https://www.lse.co.uk/SharePrice.asp?shareprice=IES&share=Invinity-Energy

Really looking forward to when MUST relist, especially when you compare market valuations of companies in the transitional energy space

If anyone needs any of the points of the investment clarifying please feel free to contact myself( email/phone nos on the website).
Apols if not clear, we will try and just include the salient points in future.( I guess less is more!)
Best
Rupert

A couple of interesting articles just been posted in the last couple of days - re new licences and bacton.
https://www.ogauthority.co.uk/news-publications/news/2021/new-chapter-for-north-sea
https://www.ogauthority.co.uk/news-publications/news/2021/oga-bacton-energy-hub-area-plan-hydrogen-potential

I would like to wish all Primorus shareholders( and non shareholders) their family and friends a very Merry Christmas.
In what has been a terrible year for everyone, I am certainly hoping for a much brighter 2021 where all can prosper together both in wealth and health.
All the very best and stay safe in these challenging times.
Rupert