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It probably was anyway.
Any monies drawn for further ruvuma cash calls get added on to the $16 million total consideration.
Looks like only about $700,000 was for non ruvuma cash calls so should receive about $2.5 million on deal completing so about $18,500,000 less $2,500,000. So whatever advances were received on account of cash calls for Ruvuma makes no difference. We still get our full $16 million less non ruvuma cash.
A bit long winded but hopefully explains it.
Should double from here on completion.
Just realised the fees contract has been terminated and will end completely once the Ruvuma sale fee is paid.
Spotted ot on page 80 of last accounts at cos house.
Those were the days mc spiked to over £40 million on the news that 12 barrels of condensate were being produced from the ausible reef.
You might find the investment collective on telegram very interesting and informative.
Ifs placing is for a really profitable business then maybe it would work.
However they have squandered the millions they received for horse hill and the helium one investments so what’s to say they won’t do the same with the Ruvuma cash and or any placing monies. The problem is they spend hundreds of thousands on due diligence fees for investments they do not buy.
Thanks for that.
Try joining the scirocco telegram investor group you will find it quite interesting.
Agreed.
Although it would be good to claw back some of them here.
I would like to think that if the Ruvuma monies are utilised into assets that give instant income and profits that could well have an influence on the sp.
Running the company.
Opening the post.
A few meetings a year.
Does make us wonder what they can possibly do 46 weeks a year for the last four years given the level of activity.
They have sold off all of the legacy assets.
Purchased a 50% share of an AD plant.
Mustn't forget they changed the company earning strategy and the company name.
Not bad for four directors in four years.
I don't ever envisage seeing much of a return if any from the AD plants business.
Oil and gas is where the real profits are to made.
The one dyas investment would have been transformational for the company and the sp.
Just look back at the interviews when the deal was initially thought to have been done October 2019 I think it was.
We would probably have had a mc in excess of a billion pounds together with an sp of £1 or more.
We can't turn back the clock but it does make you wonder how things would be today if that deal had gone through.
To be honest once the Ruvuma deal is sorted the board may decide to put the company up for sale.
If third parties are doing all the work what is left for them to do.
Interesting.
Look them up on companies house information pages.
They seemed to expand almost to the day their founder joined our board.
I think these were the fees for quite a few years.
There is also a monthly retainer fee which I assume was paid just to retain their services whether they actually did anything in that month.
The aborted one dyas deal cost over 500k.
Considering we have purchased just one asset in four years that seems an awful waste of company funds.
I will have to look back at the past accounts for the figures.
And hopefully a further $3 million in the next few months.
Not sure if we still hold about £500k of He1 shares.
If you value the electricity generation business at £1.5 million with about £2 million to come at the end of the month that is about £4 million for starters without about another £2.5 million by the end of the year gives a total about £6.5 million .
I think we still hold our 8% share in Kiliwani so could bring that back into play.
I’m sure Gneiss will be taking their cut.
Money for old rope.
Cup of tea for me.
The tens of thousands invested are long gone.
My break even point a few years ago was 10p
It wasn’t to be.
Back in with a small investment.
Imo will double from here once deal closes.
GLA
I assume the £150k is the tax payable on the whole $16 million and not just of the initial $3 million advance.