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With 20.3 million shares and a forthcoimng dividends of 18.6p they may soon get the cost of their share ourchase back
Theyadded after adding 725.7k shares on 20 July 2023 according to Stockopedia
Asteriscos Patrimonial SLU, the largest shareholder, topped up their holding on 20 July 23 to 28% now with 20 million shares according to Stockopedia
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They are a Spanish company who have Estate Agency and Business Efficency Divisons with a liking for Retail Business efficiency, if my translation is correct
Size of Claim is crazy, it has history and was at one time resolved, and at first reading appears thin. . Press Extract from City A.M. in July 2023
Extracts
" PayPoint faces a multi-million pound lawsuit from a social enterprise, which has accused the payment services business of anti-competitive conduct in the pre-payment market.
Social enterprise Global 365 said in a statement that it has begun legal action against the London-listed firm to “recover significant loss and damage” after having troubles launching its own prepayment system, which aims to reduce fuel poverty by enabling energy suppliers to offer price parity between prepayment and credit customers.
Global 365 claims it was “shut out of the market” with PayPoint entering into exclusive agreements with most of the major energy suppliers in Great Britain.
This meant it was not able to effectively launch its prepay system and alleged that PayPoint was abusing its dominant position by imposing contract restrictions.
It then complained to Ofgem, which subsequently opened an investigation and reached a provisional view in 2021 that PayPoint engaged in conduct that had the aim of restricting other suppliers entering the energy pre-payment market.
PayPoint made “voluntary commitments” to remove and not enforce the offending clauses, and make a donation of £12.5m to Ofgem’s voluntary redress fund.
But now Global 365, represented by law firm Addleshaw Goddard, is bringing its own legal proceedings before the Competition Appeal Tribuna
Agree £172 million is a crazy claim . Average Total revenue Paypoint per annum was £156 m from 2019 -to date (period of case). I don't know the detail of the Anti competition appeal, which is disputed, but that claim seems crazy
Question & answers for the Shareholder General Meeting on 31 July 2023
Question 5. The conditional sale of the Caspian Explorer has been agreed in June and you were expecting to see the cash. Is there a problem, has the deal fallen through? If so, are there other parties you’re talking to that are interested in buying the CE?
Answer
Yes there is a problem. The deadline for payment has passed and despite repeated assurances no payment has been received.
We have therefore begun discussions with alternative purchasers, who are more likely to be interested in 100% of the Caspian Explorer and would therefore be expected to offer more than the $22.5 million previously agreed for 50% of the Caspian Explorer.
Source :- Company Website Site : Investors : Announcements and Alerts: General Meeting statement & BNG and Caspian Explorer updates aka RNS Number : 6203H Caspian Sunrise plc RNS Number : 6203H Caspian Sunrise plc
31 July 2023
My post has the quaification in it !
• Potential second sell on similar terms if successful
16 Jan 23... Caspian Explorer contract
The charter rate is expected to be in excess of $150,000 per day with all
mobilisation and demobilisation costs to be borne by IOC.
AGM presentation Mid 2023 ,,,Caspian Explorer
First commercial charter
• For a consortium led by ENI
• Drilling 2,500 meters in Q3 2024
• Expect net profit $15 million
• Potential second well on similar terms if successful
50% conditionally sold for $22.5 million
• Purchase price $3.7 million
• 50% sold for $22.5 million
• Gross accounting profit potentially c $20 millio
AGM preswntation 2023
Caspian Explorer
First commercial charter
• For a consortium led by ENI
• Drilling 2,500 meters in Q3 2024
• Expect net profit $15 million
• Potential second well on similar terms if successful
50% conditionally sold for $22.5 million
• Purchase price $3.7 million
• 50% sold for $22.5 million
• Gross accounting profit potentially c $20 million
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16 Jan 23... Caspian Explorer contract
The charter rate is expected to be in excess of $150,000 per day with all
mobilisation and demobilisation costs to be borne by IOC.
History of Caspian Explorer
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Caspian Explorer when built in 20120/13 cost between $170 to $200 million and had a probable lile of 20/25 years, Replacement cost $300 million
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This was a well negotiated DEAL
CASP Financed the deal with placing in 2021 with 36,363,629 new ordinary shares issued price of 2.75 pence per share ("Placing Price"), representing approximately 16.2% discount to closing mid-price on 4 August 2020. or 1 Million GBP. IMHO a good deal.
First option
For Half share the return of some U$22.5m in 2023 (for a 50%share in the asset)
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Second possible option for sale of Caspian Explorer
Issued 2,250,501,559 shares with this cash value of oprion it equall 1 cent US per issued share for half Caspian Explorer
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In wild numbers if whole asset was sold at pro rata cash rate that is a capital value of 2 cents per share or in GBP near current share price per share.IMHO this is not a fire sale and better deals should be possible, Numbers to bear in mind.
With Drilling perational and Explorer detail
Extract from Company Web site, Investors, Circulars & Docs, 17 July 2023
A notice containing the resolutions to be voted on at the Company’s General Meeting to be held on 31 July 2023
at 10.00am at the offices of Taylor Wessing, 5 New Street Square, London EC4A 3TW is set out on page number 3 onwards of this document
Midiel Engineering AG The purpose of the company is the development and supply of industrial plants. The Company may establish branches and subsidiaries at home and abroad and participate in other companies at home and abroad and all transactions that are directly or indirectly related to its purpose. The Company may acquire real estate at home and abroad, encumber, sell and manage.
So Midiel corporate aim is to build industrial plant ... why not a refinery ???
Mini refineries appear to supply cash and finance to CASP in the 2022 accounts
Discussion about refineries appear going back to 2019 and beyond on these BB
Balance of half share of Explorer could finance a joint venture CASP with Midiel to take over and modernise a refinery within both compamies spheres of interest... could just be a possibility ???
Tubbycustard ... the techniclal is term is ....SNAFU ... Situation Normal All Fouled Up
From Stockopedia
Wednesday, June 28th 2023 __________Full Year 2022 Caspian Sunrise PLC Earnings Release
Friday, June 30th 2023_______________Caspian Sunrise PLC Annual Shareholders Meeting
Looking at Explorer on a longer time scale as a project
CASP Financed the deal with placing in 2021 with 36,363,629 new ordinary shares issued price of 2.75 pence per share ("Placing Price"), representing approximately 16.2% discount to closing mid-price on 4 August 2020.
Seeing the return of some U$22.5m in 2023 for one million in shares value (£1 million) those who bought the placing at 2,75 having roughly doubled their value
LTH acquired the ship, with prospects, for FREE less admin and maintenance costs only.
NOW all share holders have a $22.5m book asset with same cash in the bank to run the Explorer and company with prospect of profit from current contract and others over the remaining half life of the ship (built c 2010/13 say a dozen or more years)
Following RNS the potential for a special divcidend exists
you do the maths
Average shares in issue 2,123 million, cash consideration of $22.5 million, potential for a special Dividend ???
Caspian Sunrise plc - 50% Sale of Caspian Explorer & Operational Update
FWIW.......... Speaking last Sunday through a contact, to her brother who lives and works, in an new Industrial town near Metah, Samarkand, Uzbekistan, which about halfway East West between Almaty HQ and CASP Oilfield, but south of Kazakhstan border.
Story is that he is working but not being paid for in minerals company. Company is busy but he and it seems most of men in company, haven’t been paid for many this year. Locally this is currently normal. Attitude is Faith, and Hope in the success local ventures will mean Charity will eventually agree that they are rewarded. His wife has a small part time job which feeds him and his two year old son.
An odd story apparently common in that area, It could be that CASP investors are expected to tolerate the “FAITH, HOPE,” attitude with a view to “ CHARITY” prevailing
FWIW Source Stockopedia ...... Upcoming Events for CASP
Monday, June 26th 2023
......Full Year 2022 Caspian Sunrise PLC Earnings Release
Friday, June 30th 2023
..... Caspian Sunrise PLC Annual Shareholders Meeting
Monday, September 25th 2023
..... Half Year 2023 Caspian Sunrise PLC Earnings Release