Member Info for rumpelstielzchen

Https://x.com/lukegromen/status/1999165462815322407?s=46

I wont be buying any more as I am knee deep in SAVE already. Thanks for updating me on take over code.

A lot point towards further attempts to take this private on the cheap. Maybe another equity raise/dilution for friends and family. Offer at 3p to take private? AK and affiliates are accumulating more and more ...

Maybe all deliberate to take private at 4.5p?

EU Warns It Lacks Near-Term Power to Sway China on Rare Earths

Gift Link https://www.bloomberg.com/news/articles/2025-11-06/eu-warns-it-lacks-near-term-power-to-sway-china-on-rare-earths?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc2MjQ0Mzg3MSwiZXhwIjoxNzYzMDQ4NjcxLCJhcnRpY2xlSWQiOiJUNUFOSEFHUTFZUTAwMCIsImJjb25uZWN0SWQiOiI4QzRERDRCREZCODY0MzgzQTg1NTRDMTdDN0MwQzRCRiJ9.irp3wCOEcfGC5pK7TAGvOhjBYhCOTyf5O8HqA59mQ1U

The information is 1:1 from White House I didn’t edit a single word. Posted it for discussion and very god points made by people.

I have been in MKA since 2021, and most of the time carried a large loss. Never posted as initial position was small at £10k. I have added to MKA in the 50s and 60s, and it is a substantial position now. This is ok my SIPP - in it for the long run.

CHINESE ACTIONS:

China will suspend the global implementation of the expansive new export controls on rare earths and related measures that it announced on October 9, 2025.

China will issue general licenses valid for exports of rare earths, gallium, germanium, antimony, and graphite for the benefit of U.S. end users and their suppliers around the world. The general license means the de facto removal of controls China imposed in April 2025 and October 2022.

https://www.whitehouse.gov/fact-sheets/2025/11/fact-sheet-president-donald-j-trump-strikes-deal-on-economic-and-trade-relations-with-china/

Here are two things that worry me:

*** 1) Naira facility comes too late, increased our total interest expense

I question the benefit of the Naira facility now that we likely past the FX challenges in NGN. It would have been useful 3-4 years ago. Now it seems to increase to hurt the bottom line as we pay higher interest compared to the USD debt. The USD debt had to be refinanced anyway, but could have been done in USD, or 50:50 USD:NGN.

To back this up, from H1/2025: "The average interest rate has increased in the period from 14.3% to 18.4%." - at this point we didnt have the full Naira loan facility in place. This number will only go up, eating into the bottom line.

Each 1% of rate increase on our net debt cost SAVE $6mm. So in H1 alone that increase was worth -$25mm. And it is bound to go up further as we subscribe to more of the Naira facility.

Maybe I am missing something, but to me this seems a good facility at the wrong (late) time.

For comparison, SEPLAT pays 9.125% coupon on their $650mm 2030 bond. The bond trades at par suggesting SEPLAT could finance around the same levels today.

*** 2) Cost of carrying the receivables balance

The receivables balance has large opportunity cost.

To put this in numbers, the current receivables balance of $493mm times 18% avg interest rate from H1/2025 report = $88mm annual cost to carry the receivables.

This "basis" between debt and receivables is a huge wedge for SAVE and with our high debt balances could pose a real going concern risk.

Luckily this will be resolved soon. Or perhaps the true-up mechanism allows to charge interest on owed balances? Does anyone know?

In hindsight the South Sudan outcome is good in my view as if they cannot control / govern Nigeria assets, how would they cope in more difficult jurisdiction ... ?!

* AK renewed for min 2yy

Mr. Knott has agreed with the Board to renew his service agreement on revised terms. The renewed agreement includes a minimum term of two years, securing Mr. Knott's continued leadership during this period as a key member of the senior management team. All other material terms of his existing service agreement remain unchanged.

*UK Public Markets Landscape

Savannah Energy plc has actively engaged with the London Stock Exchange in connection with its consultation paper "Shaping the Future of AIM", contributing to this reform dialogue. Savannah's particular focus has been on the operation of AIM Rule 14 relating to share suspensions, under which companies may be required to suspend trading for extended periods when undertaking large-scale transactions deemed to be reverse takeovers. The Company believes that such transactions can represent important opportunities for value-accretive growth; however, the potential for prolonged suspension periods can deter companies - particularly those operating in jurisdictions where governmental approvals are protracted - from pursuing such opportunities.

(...)

As part of its normal course of business, the Board has also initiated a review of the appropriateness of Savannah's current AIM quotation and the potential alternative options available to the Company, including the possibility of seeking admission to another recognised stock exchange. This review remains at an early and exploratory stage.

*Future M&A Activity

Savannah has recently entered into an exclusivity period in respect of the proposed acquisition of majority interests in a portfolio of renewable projects located in Sub-Saharan Africa, with an aggregate gross capacity in excess of 100 MW and a strong payment history. The proposed acquisition would also include the associated operational teams and a portfolio of renewable development projects in the same country with a targeted gross capacity of approximately 40 MW. The transaction, which remains subject to the execution of long-form documentation and other customary conditions, is envisaged to involve a potential gross consideration in the US$90 million to US$110 million range and would be expected to be funded through a combination of debt and cash resources.

Reads to me like some IIs are divesting "certain secondary share transactions" to get NIPCO to 19.4% ownership (at 7p!?).

We are also pleased to welcome NIPCO Plc ("NIPCO" or the "New Investor"), a diversified Nigerian energy conglomerate, as a potential new investor in the Company, who we expect to own approximately 19.4% of the Company following completion of their primary investment and certain secondary share transactions. The proceeds of the New Investor's primary investment are expected to enable, among other things, the advancement of certain business development opportunities currently under consideration. Coupled with the imminent completion of the primary investment I committed to in March 2025, a series of secondary transactions, which are expected to occur today, are anticipated to increase my shareholding in the Company to approximately 12.6%, demonstrating my continued strong faith in the Company's future potential.

Interest expense will go up further now that we have completed on the Naira debt facility. Interest rates in Nigeria are a multiple of the US: NIBOR is at 25%, then add a credit spread on top...

Seems the whistleblower on this board had some legs after all?

P126 has more details

In Q2 2025 (shortly before the intended approval of the financial statements for the year ended 31 December 2024) the Group commenced an investigation focused on the Nigerian operations of the Group. The consequence of this investigation is that governance, and the effectiveness of financial controls within the Group’s Nigerian operations have been under review.

The Directors sought expert external legal and other professional advice which included an independent, comprehensive investigation which has recently concluded. The investigation highlighted control weaknesses in the financial control environment in the Nigerian operations relating to: (i) segregation of duty limitations in respect of certain payments, (ii) inconsistently applied processes in respect of supplier onboarding and (iii) breaches of internal policy in respect of recording payments and contract management. As a result, the Company is working on an implementation plan to address these deficiencies and to enhance the overall design and robustness of its internal processes, including enhancements to information systems.

The outcome of the investigation, noted above, has not, as of the date of approval of the financial statements, resulted in any changes to the financial statements compared to the unaudited results announced on 6 June 2025. The Company advised its external auditors, BDO, of the above matters, resulting in the auditors requiring to undertake further audit procedures and testing. BDO have completed additional work since that time however, at the date of this report, they have not been able to conclude on this work as information which is required to complete their testing is not yet available and leads to our and their conclusion of control weaknesses in the financial control environment, as noted above. These findings and the limitation

on their work consequentially has an impact on the audit opinion.

P101

During the external audit process (and unrelated to the investigation discussed below), BDO notified the Committee of its intention to resign as auditor following conclusion of the 2024 external audit. The Committee is overseeing a comprehensive audit tender process for both Group and the Nigerian subsidiaries and has taken the opportunity to split the audit work with a local component auditor for the Nigerian operating subsidiaries and an appropriately sized mid-tier firm auditing the Company and Group. This appointment process is expected to conclude in Q4 2025.

Matters considered post-year end

In addition to the audit tender process, the Committee has been extensively engaged (in conjunction with the Compliance Committee) in the investigation process as detailed in Note 2 of the financial statements. The Committee has been particuarly focused on the appropriate involvment of the external auditors in the process and the impact this had on the audit design process and opinion. The Committee also oversaw the work of the finance team in responding to the investigation. This investigation identified a number of concerns in the control environment within the Nigerian operations of

the Group and led to a delay in finalising the audit process.

As detailed in Note 2, the Directors have accepted a disclaimer of opinion for FY 2024 from BDO. Whilst this is clearly a disappointing outcome, particularly given the significant effort expended in completing the process to date, the Directors believe it is in the best interests of all stakeholders to conclude

the FY 2024 audit process and move forward to allow the incoming auditors to shortly commence FY 2025 work and to allow the share trading suspension to be lifted. The alternative would have been a further delay in publication of several months.

The Committee is closely monitoring the improvement plans which have been put in place to address the concerns raised following the investigation. The Committee is also overseeing the establishment of an internal audit function during Q4 2025.

The combination of auditor resigning AND delay is what worries me a wee bit. Also the silence on reason of delay. For heaven sake we are suspended, you can give us a bit more information. The stock price will not go anywhere. I still hope the delay is nothing sinister, and more along ZENGAS's reasoning. GLA.

Do the basics right first, only then add on glossy ESG - SAVE trying to eat caviar, but cannot bake bread. With this string of suspension the company will loose IIs as this is not compatible with UCITS format with often daily liquidity promise for investors. Suspended shares go in the trash bucket.

Here is Copilots take:

*** Director Resignations ****

On 9 October 2025, Savannah Energy announced the retirement of Sir Stephen O’Brien and David Clarkson from the Board after eight years of service.

The retirement of directors with governance oversight during a period of financial reporting delays is concerning. However, the appointment of replacements with audit and legal backgrounds may be a proactive step to strengthen oversight.

While they have formally retired from the Board, both individuals are remaining involved as advisors to the company.

This advisory role helps preserve institutional knowledge, continuity in governance, and strategic input during a period of transition and complexity.

=> Investor Implication

The advisory arrangement mitigates some of the concern around abrupt leadership change.

However, it’s important to note that advisors do not carry the same fiduciary responsibilities or oversight authority as board members.

The effectiveness of this setup depends on how actively they are engaged and how their input is integrated into decision-making.

Anyone making a market that reports come out Monday vs. Friday? =) Probably better to publish Friday after close, so investors can digest the updated.

You do your alias name proud! :-)

I agree with you, the noise around concerning payments and audit delay are worrying me, too.

However, what gives me some comfort around director resignation is that both directors will stay on as advisors. If they were really concerned they likely wouldn't I am thinking.