Member Info for Spikeyj

"May 29, 2019 0 comment
Dear Shareholders,
We are pleased to up date shareholders on progress this year for the Company. We are aware as well that shareholders have asked for more frequent information so will publish a quarterly update moving forward. "

october now, so it's more than four months since
whetstone said they would publish quarterly updates.

still not even a single comment from whetstone
about britdaq throwing them off that platform.

the people who bought at 7p did so because they *also*
got given 1.25 warrants exercisable at 8p, for each share
that they bought at 7p. ... that was a sizeable sweetener!

people just buying in the market at 7p don't get those.

... presumably the company will be issuing an RNS
soon to confirm if/that all the money was collected in
order to issue all those conditional placing shares?

dismal volume currently. they need to RNS
what these prospective deals actually are.

if boris sends a letter to EU asking for an extension,
then EU replies saying, yes, we will offer you one
lasting X weeks/months, is there anything to stop
boris from *then* saying, thanks but no thanks?

i.e. benn act obliges PM to *ask*, but does not oblige
him to *accept* whatever is then offered from that?

(i am not meaning to debate the pros and cons of
brexit itself, but it's surely relevant in thinking about
potential share movements of lloyds in short term
to think about what is going to happen late october.)

"...strategy is to seek to build an oil and gas investing company targeting projects with attractive risk reward profiles. Its investing strategy is to look at the natural resource sector, the oil services, power and energy sectors and in technology related to these sectors. The Company considers that it is likely to focus more on the natural resource sector.."

sounds like in short term, not oil services, not power generation, not
battery technology / power line / gas line construction, not metering.
so as an "oil and gas investing company", presumably when they talk
about the 'natural resource sector', likely they are still meaning an oil,
gas or coal discovery, rather than something more diverse such as potash
or rare earth metals etc. ... got me popcorn at the ready, waiting all agog.

idefinite positive for holders that they have confirmed they have actually
reduced admin costs, though only by 26% so these still remain fairly high.

other than that, nothing much new in the half-year results. still no
concrete news on aje development plans, which look like they are
still some way off, imv. still aiming to be cash flow positive in 2020,
but not saying that they will be profitable then. they & posters here
are making upbeat noises about adme's ability to look for some
non-dilutive finance, including via zark, but nothing concrete to
prove any actual outcomes from that. so still a waiting game until
they unveil what these african natural resource asset(s) are that
they are hoping to secure option(s) on, in order to do appraisals.

given that the CEO has made much of the work and connections
he already has, shouldn't be long before further announcements.

may be an interesting day tomorrow. -- may well include the half-year results?

... but also once company gets agreement for potential equity dilution up to 300%,
then they might be able to unveil a deal or two? - and also we get to see whether
those 8p warrants really are enough of a sweetener to persuade those 'conditional'
investors to go ahead with their 7p purchases, only 40% above ask at close on friday.

bargain, eh?!

***

"· a further £150,360 subscription by Zark through the issue of 2,148,000 new ordinary shares at the Issue Price, conditional upon shareholder approval and admission to trading on AIM; and

· a £412,000 subscription from other investors through the issue of 5,885,713 new ordinary shares at the Issue Price, conditional upon shareholder approval and admission to trading on AIM."

imv, the guy's done a good job, includes leaving a decent amount
of time for succession planning etc. very understandable timing for
departure. ... so not expecting this news in and of itself will make
much difference. (but what the heck do i know, it's a quantum world!)

how does one make more dads?

not really a twitter user, although on rare
occasions i glance at what others are saying.
... bit too busy to follow closely day to day.

gl.

pros and cons about being main market vs AIM.
- in some ways, companies on main market but
not in the premium segment of main market have
less oversight & regulation than AIM companies.
(for example, AIM company RNSs have to get the
nod from a NOMAD to ensure compliance etc.)
... WRN made much of being a 'main market'
company, & look what happened to that one....

my remarks not intended in any way as a dig at this
company or its prospects, just a reflection on levels
of oversight on AIM vs non-premium main market.

am considering taking a modest stake here, soon-ish.

hi putney,
thanks for the helpful reply, appreciated.

no, i'm not a shareholder here. but i am on the lookout for some
possible investments in india-focused companies, as on a long
term view i would like to build up a bigger portfolio chunk in that
region. i have no particular view on koovs currently, but for me
i'd be someone who would prefer to get in at a higher price once
they'd shown more tangible evidence of traction & momentum,
rather than get in at a lower price with less evidence of success.
(i think the latter strategy would be better suited to investors
who have better knowledge of retailer valuation than i do.) atb.

hi putney, when CFO pursell spoke about 'market expectations' at the AGM, did
he himself specifically reference the hardman report in relation to that, or is
that you assuming that the hardman report reflects the market expectations?

relevant passage is in RNS 4th feb 2019:

"The Board has undertaken a full review of its operating costs and business objectives in order to ensure that the Company is best set up to execute its investment plan in the most cost effective and efficient manner with a core focus on preserving cash. The result of this comprehensive review has been a significant reduction in the monthly operating expenses, which are 66% lower than incurred in 2018 and, in turn, the cash burn rate of the Company. "

... i.e. this refers to *operating expenses* being reduced by 66%,
but says nothing about any reduction in the *admin expenses*.

still, half-year results are imminent, so they will help clarify.

dan, re your 23:12 post. adme announced that they
have cut the operating costs, but they did *not* say
that they have managed to cut the admin expenses.

those are two different items in the company accounts.

from RNS 13th sept 2019:
(i've put asterisks *** in to help you spot it, deltalo)

"Resolution 4 - Disapplication of pre-emption rights to provide additional authority to issue equity securities

The purpose of this Resolution is to allow the Directors to allot equity securities or sell any treasury shares for cash as if Section 561(1) of the Companies Act 2006 does not apply, in connection with rights issues, open offers, the issue of options to employees and officers and other pre-emption offers pursuant to the authority granted by Resolution 2, and otherwise up to an aggregate nominal amount of £1,849,476, ****representing approximately three hundred per cent. of the Company's so enlarged issued Ordinary Share capital following the issue of the Subscription Shares***, assuming that no other ordinary shares are allotted and issued by the Company between the date of this document and the General Meeting."

kentan, it's up to you how you interpret what happened.
i am simply pointing out that it was *not* the sheikh who
changed the name of the company. it was BoD did that.

kentan: "Changing the name of the company to match his initials .... was it a vanity exercise? ... an ego trip?
Perhaps, if he cannot do it himself, someone close to HH Sheikh Ahmed could give us an explanation for his actions.."

it was not the sheikh who changed the name of the company.
it was the BoD who did that. the sheikh was not on the board.

presumably the main pump should come after the meeting?

i.e. once the resolutions passed to allow them to issue those
conditional placing shares, but also to give them authority
to issue shedloads extra shares in future, then the BoD here
can crack on with announcing some deal(s); likely imv to
take the form of paying some cash, plus some shares and/or
warrants, to purchase an option on some kind of west african
O&E asset, which probably won't yet be producing anything
much -- the idea would be, spend a relatively small amount
to buy the option, and announce a plan to evaluate the very,
very, very positive future potential that the BoD thinks that
asset(s) may have... now that would be the time to pump up.

(long term value, of course, would depend on what actual
outcomes would be from proving up & developing any such
asset. but value and share price can of course disconnect...)

remains interesting to watch.

plenty of others besides peep will
be looking for an exit strategy, imv.

sure does smell like
yet another placing.

from http://ainsliecapital.com

"Charlie is a core part of the coproate team .."

hmm, coproate...

https://en.wiktionary.org/wiki/copro-

... parapraxis?

just over a month to go until 3rd quarter results
and divi announcement. i added a little today.