Member Info for Skeletor

Have you ever seen a chart before with such a huge spike in volume but a flat price. Almost a simultaneous meteoric rise in sellers and buyers. Very unusual. Who runs out of steam first??

What's it take to put this on an upwards trajectory again? Very frustrating. Feels like we have only ever had positive updates. even equity raises have often been done at or even occasionally a premium of the SP of the time.

Have we run out of good news to tell for a while and the SP still languishes. I wonder if we become a T/O target? Anyone we try and propose project partnership with will surely look at our £6.5m Mcap and think rather than partner with us they could just buy us and take the whole of the pie.

It just feels that unlike many other AIM stocks this is so under the radar (look at the volume each day) that no one knows we exist. Long term I have every confidence but physiologically I would like to see the value in my PF rather than my imagination.

I am struggling with the difference in basic profit and adjusted. What adjustments are needed? Am I right that basic is the underlying cash generation? I.e. what you use to pay the divi?

Has Formica left it to the new guy to swing the axe on the divi later in the year?

Not quite sure how they afford that divi.

Iron price looking perky. 17% higher than early this week.

Thanks Yuri.

Not sure I am reading this right but based on his voting rights he is now down to 1%??

Will take a lot of pressure off the bid when he is out. Assuming the same no of buyers remain but he is no longer selling then you would expect to see a decent rise.

Thanks.

And no method for reclaiming these I assume? For stock held in ISA.

Cheers

Fairly new to SEPL. Do we get any withholding taxes etc on the divi?

Cheers

So if H2 is similar cash production to H1 we will have generated nearly as much cash in 1 year as the entire market cap of the business??

We live in crazy times.

My understanding of UK Corporate Governance is it follows a comply or explain set of rules. That is to say that whilst the code says the owner and executive should be distinct they don't have to be so long as TGR explains why that is. I would be interested to dig out that explanation.

Risk is Reward

He will not provide Financial statements via a Q&A. He will do this via either an interim or FY update. He could of course do via another RNS such as "financing update" but realistically this would only be bad news - i.e. justifying the need to raise or borrow.

I think we are so close to increasing revenues and operational profit now that he will wait for then hope that that teh sp is significantly better then raise. If it is not then my Q was would we just hold off on growth or be forced to raise at a cheaper SP than we regard fair value. The fact that we will be able to cover costs in the very near future means we can make the choice rather than be forced into an unfavorable situation.

Hmmmm, I kind of disagree with the phrasing "some real issues here about who owns what"..

I think that is clear is it not? Shishir owns 30% of TGR and 100% of TSG. If approved under old terms TGR would own TSG and Shishir would own 50% of TGR?

I found it really useful to hear Shishir use corporate governance as the reason a penny has not gone to TSG. This is main market so we can be confident the external audit will validate this. I was getting worries that a lack of professionalism had occurred but I now think not.

For me the issue is one that has existed from the beginning but I have become more sensitive to in recent weeks which is that in the ideal world the person who owns 30% should not also be the executive of the business. This marks down the investment case for me but because it is such a good investment case I still have it as the biggest in my PF - It would simply be bigger if the owner took a back seat and employed an independent CEO.

Is this when we all start to feel a little stupid for not hoovering up shares at 22.5p last week. We all knew it was crazy low but it is so hard to stick with conviction when this happens. I made a small buy at 22.5 having stopped incessantly topping up once it dropped through 30. Lost my nerve pre presentation and sold at the top ups at 24p ha ha.

Still a positive couple of days although we should be careful not to celebrate 35p too much... It was only a few weeks ago that 35p seemed too cheap and we have had positive updates since then.

You are right. Not hugely researched as not been invested for nearly a year. Still get the RNS notifications though. So does that mean Newcrest can’t buy 5% at $60m and if they can why are they getting a price based on 7 months ago?

Based on a $60m valuation of 5% of Havieron this values GGP’ 30% stake at $360m which is approx £288m.

This against a market cap of £443m. So is GGP worth £155m If we had no Havieron, and no current j/v?

I don’t have the answer to that but that is the question to answer before deciding if undervalued or not.

I would suggest that You would ideally have Havieron covering much more of the mcap. This is based on many regular posts on here that often suggest we are undervalued on Havieron alone…. Well turns out not.

My follow up question would be:

Unsure how we invest in all the near term projects and stick to the commitment not to raise equity at a low SP in the event the SP stays low... Surely at some point one of these 2 commitments gets tested? Unless SP rises significantly which would be great but not guaranteed....

Feel like he is telling us off for questioning him ha ha. V impressive though to be fair. Hope here ends the worry of distressed equity raise.

They say they have multiple offers for funding which for now I will take at face value and it seems promising.....

My issue is that when new projects such as this ender the pipeline they reference the revenue they expect to make. It would be good to understand what profit... No good generating $10m a year revs if it will cost $9.99m to operate. What margin do we think EQT is outside of fixed centralised costs?

I am only just waking up to some of this TGR vs TSG conflict.... My bad..... But even before the merger looked shaky as per last RNS surely it was not legal for TGR (a company with 30% Poddar ownership) money being handed over to TSG (a company with 100% Poddar ownership). How was this allowed to happen?

Likewise as you have touched on. Why did the ticker for TGR get RNS news and updates for things that were happening at TSG when we had no ownership of TSG.

Regardless of whether merger goes ahead, motives etc is any of this legal or within corporate governance guidelines?

Big red flag to me that we have a 30% owner who is also our executive leader (should be distinct from one another) and is also the owner of a separate company that we are merging with.