Member Info for Skeletor

I am only repeating something I saw a poster say on X but thought it was a good point and that is reagrding the VAT receivable.... If we are desperate for cash and 100% confident of getting the VAT but unsure on timing why would we not have sold this receivable at a discount to a Factoring company. Not sure what discount we would have had to swallow but if we had got £800k for it and been able to report that in an RNS I expect the SP would be much higher than 10.5p.

Makes you wonder about the VAT receivable and what this is really worth if unable to factor it.

They hid it at the bottom of the interim RNS. £6m to be raised via CLN. I guess the one nugget of hope is we don’t know the conversion price. Optimists would have said it will be at a significant premium. I guess seeing the mass II sells today gives weight to a pessimistic argument that terms of the CLN have leaked and the terms are not great. Who knows.

One thing is for certain - no terms will be as good as if they had raised £6m when sp was 40p last summer. We would have massively moaned at the time but we didn’t have the benefit of knowing how tight cash is and therefore maybe Shishir should have done the unpopular thing for the long term health. Let’s see what debt we get….

Well that’s £114k more than I expected they would get but £186k less than they needed.

£3600 worth traded today… let’s hope the retail offer and placing saw a bit more volume than that or Mark Epstein might have to swim to Mexico rattler than fly first class on his next all expenses trip.

I note that the timeline in the RNS stated the results would be announced on 11/01…. Yet here we are with no announcement. Perhaps too embarrassed by the result? I will be astounded if many took up the non discounted opportunity to pay Marks wages and fund his lifestyle further.

The usual Fintwit crowd have finally noticed NANO so expect it so push on from here. Does also open us up to volatility when they move on but all in all NANO needed a bit more limelight so a good thing.

Bernie - To help negative posters answer that question are you able to let us know roughly how many you are buying at 0.06p (whilst it is available on a buy quote just now at 0.0588p - 2% discount)?

Genghis's point still stands though that MM is currently not a holder. Doesn't mean he's right to not be one but if MM is someone you use to validate shares (which I sometimes do) I would take his current holding of 0 shares to count for more than any upbeat bullish posts on X.

£1.8m revenue of which £1.5m was from a contract they no longer have….. Awful

Even if they are going to get it out on time. Why create the jitters by being so close to the wire. They are reporting on a period that ended September so no need to leave us all waiting for final few days. Especially when they justifiably have a bad rep in this area.

I’m not saying they miss it but getting it in 1 min before the deadline is also not a good look. Also as a delay starts to look possible it is easy to see how it allows our imagination to start inventing possible reasons why.

Relieved an RNS did actually drop but other than more specific detail about the one person who it has worked on there is no new info. They have not even finished P1A.

The significant thing that could have happened today was the full release of data to the wider community bringing more attention but don’t think that is happening.

Don’t see the sp doing much today. Remains an exciting investment in the medium term

Thanks Harchris

@Harchris. I genuinely missed that BAT did a placing? If they did then great as I won’t deny that the impeding second tranche has been a concern of mine (we also wouldn’t know if they had sold out of tranche 1 as no need to notify once below 3%).

Can you provide link to placing news for BAT. Not saying I don’t believe this but keen for reassurance as this would make me more bullish.

Cheers

Wasn’t that on the 6th?

I went onto BAT website a few weeks ago and they had done a recent presentation which very much included their investment in TGR as a cornerstone to their business. Gave me some confidence that they intend to hold on to second tranche.

What % of BOPD is Azule of the combined Azule/sonagol BOPD? Thanks

@lostmoney - haha that is City down to a tee. You are right -once we have proved NFTs don't sell he will say that was never going to work but then fully back the next thing. I don't know how someone so stupid has enough money to be a TR1 holder...

I suspect the radio silence is an attempt to raise ahead of results as otherwise we will all see in the results the need to raise and crash the SP making it even harder to raise. I also suspect our TR1 holders have been tapped for this hence no comment.

@Harchris. Not quite true regarding fully paid in shares as the CLN that caused all the fuss yesterday was to fund the cash consideration of the acquisition.

Also the share payment made to BAT has been dumped on the open market which has been one of the main factors we now find ourselves at the sp we are at.

Don’t deny that 5 years from now that this may look the correct strategy but it’s painful

For balance - I think I am in a minority who wishes we had never bough Mozambique. It seems all our cash flow restraint would not exist if we hadn't stretched ourselves. I think I am the only one who would have been quite happy working within our means and slowly developing the 30k resource in Madagascar. Get cashflow positive and then look to be more ambitious.... Perhaps hindsight but all my valuations of this business are purely based on Madagacar and we would be at multiples without cash flow constraints.

@AJ - All I can say is to echo Shishir's sentiment and welcome you into the TGR fold as a fellow shareholder. Unfortunately your investment is already 10% down due to a poster earlier alarming the investment community with nonsense talk of winding up... Hopefully with the clarity issued just now you can recover that on Monday.

@Gallmat - to answer your frustration on why not an equity raise to end the speculation. Simple answer is Shishir does not agree with the market valuation so refuses to dilute at such cheap values. I suspect he was loathe to even do this tiny dilution to pay the interest and the reason AJ was left waiting I suspect is because he is very close to debt finance (at least a bridging loan) and could have paid out of that... Circumstances today have forced his hand. I wonder if once we have debt finance sorted whether you will still feel issuing equity around the 16p level is wise?... Obviously in hindsight a placing at the 40p level would have been best I think.

Looks like the battle that has raged all day between the seller and buyer is being won by the bulls. Possibly the seller is out at last? You'd feel sick if you were one of the ones who sold big chunks at 15.5 this morning - Over 10% up from there now.

About 4 X the volume we normally see....