Member Info for scotpak

Despite HXUL's intervention, nice to see a bit more positivity on the board for a change, not just the usual moaning and groaning. Good luck to all.

Im orginally from Glasgow, but I live in Reading, so cant get over to Edinburgh unfortunately. Hopefully someone else can fill that role to update us poor longtime suffering retail shareholders.

It was positive to see such a large large reduction in trade receivables ($112m reduction). RNS also mentions several debt lines being paid down. However, why is it then that net debt only fell by a measly $17m? Where did the rest of the cash go? Did it go to reduce account payables, was its some other WC lines which are seasonal (thus allowing for more rapid paydown in following months). Hopefully it wasn't due to some receivables being written off as bad debt (but I'm sure that would have been disclosed). Hopefully mgmt are reading this and can help out.

I have emailed Sally from IR again. Hopefully she replies. Will update here of course.

The 15% buyback resolution is just standard and were also included in the 2025 and 2024 AGM notices. So wouldn't read too much into it. Like everyone else here frustrated by mgmt's continued silence. Hopefully means there are big important developments going on it the background.

Not following closely. Could someone please tell me why this is rallying today? What news is out?

Yep very frustrating, but most oil/ energy names have been hammered today. Fingers crossed for all. CMON SAVE!!!!

Https://dailypost.ng/2026/04/05/power-crisis-gencos-kick-as-tinubu-approves-n3-3tn-to-clear-legacy-debt/

Same new story but different article. Key line for me is :

> The approved payment plan is in ADDITION to the existing pioneer N501 billion bond to settle legacy debt

The way the article reads seems to suggest full and quick payment of 3.3 trillion, whilst the bond programme remains ongoing to settle remaining debt (power companies claim total actual legacy debt is 6 trillion). Obviously above is my interpretation.

Initially when i saw this, i thought, same ol, same ol, they have approved payment many times before. I guess the only difference this times is the settlement agreement signed by 15 power companies. Also the article doesnt state whether they will rely on the previously announced local bond programme to settle the debt, i really hope not, given it has been painfully slow.

Chin up lad, it will do and when you least expect it! :)

Https://www.newsghana.com.gh/gas-suppliers-cut-deliveries-as-nigerias-power-debt-hits-n6-8-trillion/

I hope this pushes the Nigerian govt to actually do something more material to resolve this crises.

Thanks for the clarification. I hope they have made some much needed drastic improvements on their internal audit function.

As I mentioned a few days back, the problem here isnt bad numbers, its poor accounting controls . Not enough systems and checks in place to give validity to the numbers outputted. So perhaps PKF have been hired to improve the internal accounting controls as internal auditors. If this is the case, then they wouldnt be allowed to act as the official external auditors who would sign off the annual accounts. So perhaps thats whats going on? That external appointment not confirmed. Perhaps others more closer to the profession can add more colour here??

From that article this part sounds positive for SAVE:

Pay gas suppliers

Giving further details, another source within the Presidency familiar with the arrangement said Tinubu had attached conditions to the disbursement, directing that a significant portion of the payment be ring-fenced to settle the GenCos’ own outstanding debts to GAS suppliers.

The official said the condition was to address the gas supply challenge, which has been a key factor in the recurring collapse of the national grid.

According to the source, the GenCos have long blamed their inability to maintain stable generation on unpaid gas bills, arguing that suppliers cut off deliveries when payments are not forthcoming, causing power plants to go offline and generation to dip below the minimum threshold required to keep the grid stable.

“The President is now saying this N2.8tn that I’m going to pay you, we’re not just going to pay you like that. He will tie them to percentages. ‘How much are you owing your gas supplier? Because I don’t want to pay you, and you divert the money to buy the next private jet and still return to say gas supply is low.’

“Government is going to mandate them on the amount of that money that they’re going to use to pay their gas supplier. So that they don’t come back and say you are still owing gas suppliers. Don’t forget that part of the audit has identified how much they are owing their gas suppliers,” the source explained.

Just wanted people to look at the other side of this debate. Thats all. Also, how long would it take for the private SHs to sell a consolidated SAVE to another company to cash in their profits. Thats could take yrs (another disadv of going private).

People here discuss delisting like its a no-brainer for the CEO. Here is some AI colour:

Yes, taking the company private would make it significantly harder for Andrew Knott to realize a cash profit on his shares in the short term.

The primary disadvantages regarding short-term cash profits include:

Elimination of Secondary Market Liquidity: As a public company on the AIM, Knott could theoretically sell portions of his 13.8% stake to the market (subject to lock-ups) to generate cash. In a private structure, there is no active exchange, making it nearly impossible to "exit" small amounts of equity for cash without a formal company-wide sale or a high-cost buyback.

High Opportunity Cost of Capital: Knott recently invested heavily to consolidate his holding, including a £4.5m purchase from the employee benefit trust and another £1.8m in the March 2025 fundraising. A privatisation would likely require him to tie up even more capital to buy out minority holders, further reducing his personal liquidity rather than providing a cash profit.

Dividend Constraints: Savannah Energy has historically prioritised growth and debt repayment over dividends. While as a private owner he could technically vote for a dividend, the company’s high net debt (US$655.9m as of year-end 2025) and ongoing multi-million dollar capital projects in Nigeria and Niger make significant cash distributions unlikely in the near term.

Complex Exit Horizons: To see a major cash profit privately, Knott would need a "liquidity event," such as selling the entire company to a larger major or a private equity firm. Given the current audit friction with BDO and the complexity of its African assets, such a sale could take years to negotiate and close.

Reliance on Fixed Compensation: Without the ability to sell shares easily, Knott would be restricted to his executive compensation for cash flow. While substantial—totaling US$2.18m in 2024—this is a fixed income stream rather than the "windfall" profit that can be achieved through share appreciation in a liquid public market.

Yes, great find WM. Increases the odds of a fair and quick settlement in relation to chad!!

Was told by Sally from HR there will be a retail coffee morning in Dec. Then was later told this would be held in the new year. Did email again but silence. Hoping this means some big positive things are going on in the background and they dont want to reach out to us until they r resolved. Of course, thats coming from a biased investor who is LONG.

New auditors is good. However If you remember, the last accounts were qualified. This meant, previous auditors (BDO) were not saying accounts were inaccurate, but were instead saying the internal controls and systems were too weak for them to be fully relied on. Thus we need some info from the company which provides evidence that they are working to improve their internal controls and systems and that this should lead to financial statements that can be signed off with a "true and fair view".

It means your pal Andy who u accused of dumping 32m shares a few days back, is actually buying MORE shares.