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So here’s the thing..... you announce a deal without lifting this resolution.... let’s say the share price goes on a run 3/4/500% or whatever in a matter of days.... They want the best chance of raising into that? I believe that is what graham is trying to say in this statement. He also mentioned alternatives to broker placing. Otherwise they may as well just placed the 200m that they can still place when it was at 0.25.
On the face of it things do not look good with their history. I wish they would do more to reassure investors. I believe if the news is as good as it can be we will all be happy for them to raise funds at a certain price that may well do us to revenue. I honestly think they know what they want to do but they are incompetent in how to do it
Well the vote will be done by show of hands first, so they can influence the vote still.
I'm also inclined to think they are cowards and it will be a much easier meeting for them with news first. Remember they managed to get the GTW RNS out on the morning of the AGM.
With regard to the resolutions I see 3 possible courses of events.....
1) the 35% authority is to facilitate a merger with MFDevCo. In which case share price may be irrelevant if they have agreed on a set equity, but this will be very positive for the sp. Short term funding to come from the seed finance and then the upfront payment
2) they want a dilutive placing... in which case they need to support the share price with news. News could come before or after the GM
3) a mixture of 1/2 perhaps 25-30 % for merger and the rest short term funding
I wonder if they need the resolution before triggering the newsflow and they could have an rns ready waiting once the approval is confirmed. (Wishful thinking??)
I still believe there is a lot of value for us in MFDevCo with GTW whichever outcome, but I am very much hoping and expecting a more positive one
“ I believe they very much know the first gas field and I think it will be a significant asset that once had national importance.“
Just referencing back to Wobwat’s post on Petrofac related assets.......
Thames area is a rumour that came up before, somebody claimed that the Siemens rns prompted interests. The export pipeline was closed but I believe it’s now been taken over and refurbished. It certainly would fit the hub profile.
Rough field ceased to be used as a storage facility, so I guess you could say it was significant to national gas supply. It looks like it’s been put back into production, but appears to have a steady export route. Would certainly fit the hub profile too. I guess taking a field from one of the nations biggest power suppliers would give you a ready made power contract.
Cygnus field has been one of the largest producing fields in the SNS, so not sure about this. However they appear to have a problem meeting regulatory requirements for gas quality entering the grid and was talk of routing supply to Netherlands. Perhaps GTW could solve this
I’ve looked at Morecombe bay where there have been talks of development plans, it certainly fits the profile but whether conventional gas recovery remains a better option. There was a gas terminal closure but export rerouted to a nearby more modern facility.
Ketch and schooner - I’m thinking maybe related to a larger nearby asset. I would think these are the smallest assets they are looking at, if you overlay the hub model.
I am surprised that there isn’t a firm rumour going around. But it’s clear there are so many possibilities and directions this could take.
How about the fact they didn't have an agreement with Petrofac or Siemens until recently? They did well to write it 6 months ago?!
What does it matter if it was written this morning, 6 months ago or in 1943...... it's all very relevant, very current and very exciting
He is going to say it's becasue Damian is described as the CFO and not Joint MD.... which is completley irrelevant, but he is also CFO and seeing as this is a finance piece whats the deal about him being CFO.
I mean all the credible info that makes this an exciting investment, and you want to pick on the fact that the didnt call Damian joint MD!!! oh the desperation.
I particularly like how thjey talk about multiple projects....
Just imagine what the value of a company with multiple GTW projects will be. OK we don't know the commercials of projects yet, but you have to think it will be many multiples of where we are today.
That's what interests me and keeps me invested, the possibility of a portfolio of assets. You can see from this piece with the SPV facility and the use of collaboration with partners, how the growth and fast acquisition of multiple projects can be managed within our own limited resources.
Fantastic piece just released on FInance. Really drives home why this is so investible, how the financing is likely to come together, and why the GTW offering is very different from past attempts at making deals becasue of the availability of finance for this type of project, and the security that the assets and the power contract can provide.
Looking at the closure of the Theddlethorpe Gas Terminal... theres a couple of the larger platforms that would be a great fit for this model with other surrounding fields. I think the rumoured assets from this area that have been talked about in the past are small fry compared to what could be achieved. It would seem natural to look at hubs in locations where the current route to market is either decommissioned or under review.
Interesting.... i've just gone back to look at AGM presentation.... i guess i have more seen GTW projects as individual projects with an integrated solution, however, further to MBs comments, the AGM presentation makes the following points on the Hub page 8:
Support from OGA for implementation of GTW
Organic growth from first field
Incremental acquisition of projects
Hub becomes export route
Single route to shore
I guess if it's close enough to shore it doesn't have to rely on existing wind farm grid to provide the route into the grid. I am getting a sense that this could be even bigger than some of us supporters may anticipate.
Projects that have been rumoured in the past perhaps do not quite fit thsi model, so perhaps we are in for something bigger, this sounds a bit more like the scale Tigre are looking at.
I am absolutely suggesting that they have called an EGM in the knowledge a deal will come before, and my guess is that on announcing the deal it will become clear why they want to do this.
The authority to issue shares isn’t only required for a cash placing...... authority would also be needed for things like acquisitions, maybe debt for equity ... they are not going to fund projects via equity issue
They already have offers for seed finance.... up to £0.5m.... which they may well be able to surpass with Petrofac on board and a deal signed.
Chances of a placing before the 12th = zero
Chances of a deal before the 12th = considerably higher
Sounds like a pretty good time to buy considering latest news from Petrofac, Marnavi, Siemens etc
lol i certainly don't work for the company..... their attitude appears to be to sit back and wait for a deal and that will put everything right. It certainly won’t get some people's money back. As i have said there are many mistakes that have been made and we always knew the history. But as a business i think they have a really good thing going on here. And i have always thought from day 1 there is potential to grow a substantial company, and still do.
As a plc they have completed failed us. The market has completely failed us. How much of the value that people have lost is down to the market, the broker, market makers, traders etc, and how much is down to the business? You cannot say the company by delivering a GTW initiative, with Siemens and Petrofac, that they have destroyed 80% of the value in doing that. So operationally there has to be more worth than there was in January, because they have a bigger pipeline of potential deals. You could argue that it was overvalued on expectation of the Brazil project or GHs. But the added value from going from nothing to a deal will be worth it.
We can’t control the ups and downs of the market, which is why the majority of the time, my focus is on what can be controlled which is the business credentials. I think the business credentials are exciting and investible, even if the harsh reality of the market that the shares are trading on has made this painful. Is it right that it should be allowed to be shorted down for the broker to screw them over with a heavily discounted placing. Yes the company contributed to allowing this to happen, but thats not the point.
oh really cobra... didnt realise....!!! of course it was tongue in cheek.
but worth noting they clearly have a lot of business and a strong order book and things are going well, yet they are wasting time with MFDevCo on GTW deals..... not as if they are desperate for business.....
but being involved in the GTW initiative will be good business and publicity, and like what i have said with Siemens, the market for them is much bigger, as they are not limited to MFDevCo opportunities, delivering projects with MFDevCo which might encourage a plethora of other opportunities through other operators, they have a wide market for repeat business