Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
98k barrels a day in March and will now need to add tolmont which must be fully wound up by now. In the final results webinar they did say will be 55% gas in latter part of this year
Bank New York Mellon issued Corporate Actions to convert ADRs
The FCA show complaints under Morse Club Limited for Home Credit and Shelby Finance for Dot Dot Loans. Morse we’re going to split into 2 companies one dealing with online and one dealing with home credit. Online lost over £12 million 2021 and £5 million for 6 months to August 21. The split was to be able to raise more capital for online. I think Morse will close home credit imho because the FCA will not let them carry on lending unless they pay out serious compensation. Morse will cherry pick the best of Home Credit and offer online instead (80% of home credit pay online anyway). Latest update stresses new customers being targeted and with all the payday loan firms gone they will aim higher than benefit cases. Last year complaints cost around £8 million and £4 million year before. A big part is Fca fees where a SOA will eliminate that. The CMC will no longer be able to pursue Morse and once the SOA is done the complaints team can be let go
Hopefully not HUR. Hopefully a cheap late life asset. Still trying to work out why they released the update a month early.
Can’t see shareholders wiping themselves out. Worst case scenario run down loan book pay £10 million to scheme of arrangement and pay balance to shareholders and shut business.
Why would you raise money when you can run down your loan book. Latest update says adequate funding and surely they would have to say they will need to raise cash to enact the scheme of arrangement (like Amigo). Home credit comes under Morse club and online under Shelby finance so they are already split. Morse know how much the complaints will cost and how much they can pay and after listing in 2016 and raising £68 million can see shareholders wiping themselves out.
Cane that is incorrect as the RNS they had permission to do the split but ran out of time. Online is under dot dot loans anyway. Maybe FCA insisting they tighten lending criteria. All I know is loads of old customers being turned down and agent numbers dropping. Time will tell
The recent update said they have tightened lending and concentrating on new customers. That sounds to me like you are no longer renewing loans under the agent model to old customers. Complaints on Trust pilot of people applying for new loans but been turned down. There was a big drop in agents from full 21 to last set of intrim results.
Provident offloaded £1 billion in claims for £50 million. If they close Home credit then FCA cant oppose scheme of arrangement. There latest update said they are mainly lending to new customers which could mean online only. Hopefully going forward online only and close home credit for as little as possible with scheme of arrangement.
Net assets of over £40 million easy. Just depends on future strategy and cost of scheme of arrangement
On most platforms you just tick a box to say you are ok with that and deal.
They gave it away for peanuts. Not sure if MTR trying to be an investment trust or royalty company. CBE wanted 100% so maybe they seen what MTR missed.
Brucebanner you are completely wrong the figures quoted are depth not mineralisation.
Being spouted. They do not have 370 metres of mineralisation they gave the depth they drilled to. They have not said the length of mineralisation and just because it is near to Havrion and bigger does not mean better or commercial. Let the drills do the talking.
Last financial year complaints cost nearly £7 million and online was lose making. If they can stop the complaints without loosing the business they could recover. The loan book at year end was £96 million and knock off £20 million for the borrowing and £20 million for complaints still leaves a fair bit of capital.
The CMC might leave them alone as they make very little money in scheme of arrangement based on Provident paying 5p in the £
Please excuse my ignorance but Enquests costs in the North Sea will be paid in £ such as wages hire of equipment etc but the dollar has appreciated by 10% this year so those costs will come in less. Ie if wages are £5 million pound a month will this not lower the opex and capex North Sea costs. I know the accounts are in $ but will the strong dollar reduce costs.
They have £50 million in equity so if they use £20 million to sort out complaints could be ok if FCA go for it.
They need details first
They are still lending for one. They have made a provision of £45 million for complaints but have not said how much cash they are going to be putting in could be £10 or £20 million. Light on detail but with a loan book worth £70 million they could be worth a gamble.
4p maybe 3p. There is a lot of uncertainty and cannot see them getting new borrowing terms with all their equity used for scheme of arrangement. High risk