Member Info for scotpak

There ya go rewindrepeat. the 32m shares the you were speculating furiously on were in fact bought back by SAVE themselves and will now be cancelled!!! :)

Had a chuckle when I read Rewindrepeat's posting history!!!

As I stated previously the actual NBET Finance company PLC bond prospectus (page 20) states:

Purpose

The Debt Instrument(s) is primarily intended to settle legacy debt and payment arrears owed to GenCos, "GasCos", and other market participants in the Nigerian power sector.These unpaid obligations which stem from years of under-remitted payments by DisCos, inadequate tariffs and shortfalls in government subsidies have led to a crippling liquidity crisis, discouraging further investments and weakening the overall supply chain.

By restructuring these debts (backed by the government and needed industry reforms), the objective is to clean up the balance sheets of key stakeholders, particularly GenCos and GasCos, enhance industry liquidity and promote investments in the sector. This in turn, will improve creditworthiness, enable better planning and operations and unlock new capital for infrastructure upgrades, metering and generation expansion.

Andrew holds 293m shares, so he obviously HAS NOT sold out. Spouting false information like this is really bad form. Also if your intention is to persuade retail investors to SELL so you can buy cheap shares, I dont think that strategy ever works, as its the large institutional BUYS/SELLS that move the market. Lots of good, honest people on this board, so please dont spoil it.

> cash collections in 2025 = $278m or $23m per month

> Cash collection in the month of Dec 25 was only $17m, likely slowing down because of all background action/ negotiation of GENCOs, new bond etc

> Cash collection in Jan 2026 was $64.4m which is well above the average per month amount of $23m in 2025 and obviously a big step up from Dec

Hopefully start of a new trend which accelerates helped by GENCO bond issuance issued specifically to settle legacy debt (of GENCOs and GASCOs)

Had a quick skim but looks like there re-released the almost exact same operational and financial update that they put out on the 30th of Dec. The only new piece of info I saw was that cash collections in Jan 26 were an impressive $64m. Other than that nothing really new. So all a bit confusing.

Yep agree there does seem to be a timing preference for the GENCOs (vs Gas suppliers). I guess the point I was making was that the bond issue encompasses payments for both GENCOs and GASCOs. That is the perceived regardless of the timing mechanics.

Also some of the GENCOs are our creditors as we have discussed before.

The NBET finance co bond prospectus states that the "PURPOSE" of the the bond issue is:

The Debt Instrument(s) is primarily intended to settle legacy debt and payment arrears owed to GenCos, "GasCos", and other market participants in the Nigerian power sector. These unpaid obligations which stem from years of under-remitted payments by DisCos, inadequate tariffs and shortfalls in government subsidies have led to a crippling liquidity crisis, discouraging further investments and weakening the overall supply chain.

By restructuring these debts (backed by the government and needed industry reforms), the objective is to clean up the balance sheets of key stakeholders, particularly GenCos and GasCos, enhance industry liquidity and promote investments in the sector. This in turn, will improve creditworthiness, enable better planning and operations and unlock new capital for infrastructure upgrades, metering and generation expansion.

GASCOs are defined as "gas suppliers", in the definition of terms.

Also dont want to suggest that SAVE have also accepted a haircut, indeed Gas companies may have gone a different route. But thought definitely worth thinking about the implications.

Reading an article by "Newsbase" with the headline, "Nigeria’s $361mn bond revives investor confidence in power sector, says Proton Energy CEO". Was going to share link but its behind a subscription wall (I read it on my Blomberg terminal).

The key paragraph for me is:

Ikon (Proton Energy CEO) told CNBC africa that the successful transaction marked a turning point for the industry by restoring cashflow and encouraging new investment. He said generation companies had agreed to a 40% haircut on outstanding receivables in exchange for certainty of payment and improved market conditions.

Now its hard to verify that 40%, but if that indeed is the case and the various gencos have accepted it, it might not necessarily be a bad thing. If this means that SAVE has signed a similar agreement, does this mean we get certainty that we get $300m (60% of $500m) of our receivables paid sooner rather than later. Does this improve the gas/electricity market over the medium to long term in Nigeria?

In agreement with all your points Mudpump. Hope the mgmt are reading this.

With Brent breaching $70 this morning (after being in the 50s a few weeks ago), our stock should be flying, yet we have not moved!! C'mon mgmt. We need to sort auditors, financials, reporting. We need achieve some milestones thats remain untouched for years. We need investors to treat SAVE seriously again.

Another interesting article on this topic. Some positive words from the Sahara Power group who like SAVE have a large amount of legacy debt:

https://www.channelstv.com/2026/01/28/fg-begins-%e2%82%a64trn-power-sector-debt-settlement-as-%e2%82%a6501bn-bond-for-gencos-100-subscribed/

Additional info:

(Bloomberg) -- Nigeria will issue the second series of a 4 trillion-naira bond program between March and April to clear legacy debts to electricity companies, Michael Nzewi, CEO of bookrunner CardinalStone Partners, tells investors at a meeting in Lagos.

• Government raised 501 billion naira in the first series of the debt offer that closed on Jan. 8

• First series debt raised at 17.5% for seven years

• NOTE: Nigerian authorities last year approved a phased offer of 4 trillion naira in debt to fund obligations to electricity companies that are struggling with liquidity to make investments and expand

What does this mean? Hopefully it means we are getting closer to a fixed repayment plan for SAVE's legacy debt (£500m receivables balance). Hopefully we can get more info soon from SAVE themselves on this. Did email Sally from IR on what happened to the Retail investor coffee morning, but as of yet no reply.

Been trying to investigate what happened to these bonds that were meant to settle on Jan 8th. They dont have an ISINs so cant just look them up on bloomberg. In touch with Cardinalstone securities who have promised to send over some docs. Will revert when they get back. Also I have seen some new headlines on my Bloomberg news feed:

> NIGERIA TO ISSUE 730B NAIRA BOND TO CLEAR ELECTRICITY DEBTS

> CARDINALSTONE PARTNERS CEO COMMENTS ON NIGERIAN ISSUANCE PLANS

This is all I can see now, but will obviously come back if I have more.

Hopefully we get a sizeable payment over next few weeks together with a potential timeline for remaining outstanding receivables. Very hard to deduce what the payments could be. If you remember, there was a a press release a few weeks before the GENCO bond issue on a payment specifically for gas suppliers. And then we have had the GENCO bonds which lumps gas suppliers in with all the electricity distribution companies.

I was of the impression that the original RNS was mis-worded, as it initially discusses NIPCO reaching 26.5%, and then later discussed "potential transactions". So I am betting they have not reached 26.5 yet, and are still in buying mode to get to 26.5%??? Maybe thats why we got a holdings transaction report for Andrew (CEO) and not for NIPCO.

Thanks Zengas. Does the report give any estimates for receivable payments and chad litigation payments?

Must have had to "pay up" to secure the large size given lack of liquidity. Fingers crossed happier days are around the corner.

If AK is just going to lump together with NIPCO (& others) and takeover company, then what's the reason to draft and pay for a relationship agreement? We all know the potential of the company, we know upcoming triggers (nigeria receivable payment/ chad liti) so no value in trying to pull the wool over minority SH eyes for a few months?