Member Info for Spikeyj

… no rush, frobert, but it would be nice to hear a reasoned
factual argument from a (supposed) long-term ADME bull like
you explaining why they think this share is a good investment.

tbh, can’t see it myself, but it’d be good to
know what the other side of the argument is.

“I do believe the management are on the right
path for future growth and shareholder return.”

? what evidence do you see to support that assertion, frobert?

no.

MNG still marking time.

meanwhile, still holding.

ADME doesn’t have any facility agreed
with trafigura, and never has had one.

ADME has only ever had a ‘memorandum of understanding’ with trafigura,
under which trafigura has said it *might* be willing to *look* at some deal(s)
which ADME wanted to propose to it, but with zero obligation or any kind of
commitment on trafigura’s part to agree to any kind of financing whatsoever.

some of the dodgier types on ADVFN and twitter have sometimes tried
to misrepresent that as ADME already have agreed access to $100million
financing that they can call upon when needed, or an agreed debt facility,
but it is no such thing at all … zero advance commitment from trafigura.

the two existing wells were badly depleted, with production
falling away rapidly. they are unlikely to produce much more.

(just take a look back at the year on year
production figures from past results RNSs.)

…given the above, wouldn’t it make more sense to arrange
a new FPSO lease once they have actually drilled new wells,
or are at least much closer to completion on new drilling?

- rather costly to get a new FPSO in place will little to fill it?

it begins to look like they failed to get a placing away on
the panoro news … ?would expect it should have been RNS’d
by now if they managed to organise it this week just gone?

that panoro news was their best chance of getting a placement away.
share price went above the nominal 1p value yesterday, so it is possible
they managed to raise some cash, in which case we will see an RNS on
that very shortly. - but unclear as yet if yesterday’s pump was actually
persuasive enough to sucker in any new money? … ADME’s reputation
in the market is understandably dire, with many folk already having
been burnt on many previous spikes and placings over several years.

? so what else can they try to use to get the s/p and volume up
long enough to make a placing possible?— clue may be in the text
of the end year results, where they mention that they are “open to
potential renewable energy investments, primarily in Europe …”

i don’t think they’ve said that before, so it rather suggests to
me that they are already trying to line up some kind of guff
RNS about a worthless so-called ‘asset’ in renewable energy.

(after all, they’ve already tried to play the “oh look, we’ve got
a brand new really rich and important corner-stone investor”
too many times for that to work again, and it doesn’t look like
the “we’re going to sell aje” joke is exciting the market enough.)

they had already been ‘in’ mexico, & were already fizzling out
on that, before they claimed they were selling the aje stake.

old news now, but still worth watching out for that old
trick of folks starting aje sale stories to enable a placing.

i don’t think the story of selling the aje stake was anything to do
with funding mexico. (…in fact, i don’t think it was about anything
at all, other than trying to spike the s/price to get a placement away.)

(but it was a few years ago, and maybe my memory playing tricks.)

meanwhile, not much fizz in adme this morning.
wonder how many suckers got spiked yesterday.

r0h1td, don’t you know a roll-over when you see one?

hi dan. no offence, but i think you’ve got the history slightly wrong.

this company was originally an aggregates firm, PPA, which did really badly
and destroyed shareholder value pretty comprehensively. PPA was then
converted into a shell company, ASTAR, which was taken up by frangos &
olivier with cornhill backing as a new vehicle with the stated purpose of
bidding for marginal / abandoned oil sites in mexico. they renamed the
company MXO because of that mexican focus. MXO shares did well on
the promise of that, but MXO overbid for some mexican licences which
turned out to be quite poor quality, so that MXO simply abandoned them
without developing any of them at all. however, they were able to use
their pumped up share price from the mexican bidding to raise a few
million to invest in the nigerian aje stake, which jacka had been forced
to relinquish because they could no longer finance their aje stake.

it was after the mexican fiasco that MXO claimed it had a prospective
buyer for MXO’s aje stake in nigeria (i think they said that the buyer
was an outfit called GPDC, tho’ i might be misremembering the name
slightly? - londonfish can probably correct me on that). MXO’s claim
that they were going to sell their share of aje spiked the share price
massively, & allowed MXO to get a big placing away, & that apparently
allowed certain individuals to sell out some big stakes they had acquired
in advance of that claim. …funnily enough, lol, after the share price was
spiked up, and they got that big placing away, the supposed buyer then
just melted away and MXO apparently decided to not to sell aje after all.

(personally, i don’t actually believe that there ever was a serious prospect
of that particular outfit buying the aje stake … i think it was just a spoof.)

(to be fair to osa, he was not in charge then. but i
suspect that ADME is still prone to similar games.)

caveat emptor, as ever. good luck all honest folks.

some folk with longer memories will remember a previous
occasion when the ADME/MXO BoD claimed they had a bidder
for their aje stake — that helped spike the share price, they got
a whopping placing away, & then that bidder mysteriously just
faded away. few years ago now, but a rather familiar theme, imv.

… just about 1p bid now, so placees could start
forward selling now & keep those warrants …?

who wants to hold the adme baby? - roll up!

… this is their best chance to attempt a fundraising…

no cash left, no production, still owe aje project debt,
huge monthly cashburn on BoD pay & perks, ongoing
legal dispute re the (near worthless) barracuda asset.

and a long history of utterly failing to deliver on the overblown
promises made by the exceptionally useless & greedy BoD here.

so imminent placing ahoy! - IF they can pump the s/price up
to the 1p nominal paid up value, or if they can issue at 1p but
sweetened by large warrant issue for placees, or if they can place
contingent on shareholders voting for a capital re-organisation.

aimho.

in terms of whether the BoD could have done anything about this
in the meantime? … well, osa promised 3 deals a year, and they
boasted that this was a really good time and context for firms like
ADME, supposedly with good connections of various kinds, to pick
up bargain assets that larger O&G companies would be off-loading
… and ADME has been burning a lot of cash on what they claim
are M&A related costs … but the BoD does not seem to have brought
the bacon home so they have been failing on that purported strategy.

shareholders will never get to know what exactly those big ‘M&A’
costs really were. somebody’s pocketed a lot of money that way imv.

i think the only real game they can try to play is some kind of pump and
raise on the back of petronor news soon-ish. but even if they fail at that
and the company drifts into administration etc, by defeating align’s
attempted revolt the incumbents here managed to keep their snouts
in the trough for several hundred thousand ££ more pay and perks,
despite zero outcomes for shareholders. …not bad work if you can get it!

i think they must be deferring them already, since
the company would otherwise have run out of cash
completely several weeks ago. (unlikely with this bunch
that they will have just agreed not to take a salary etc?)

and some more.

always had a bit of a soft spot for glen, since i nearly went
to work with marc rich back in the 80s. ah, the good old
days… glen doing OK, but i do wish that they would take
the hint from bluebell about spinning off their coal div.