Member Info for steve58

Better still $16 million lump sum and a 5% free carry to compensate for no contribution to the millions already paid by scirocco for past costs.
This deal is so bad my dog could have done better.

If that's the case take the whole loan and then tell them the deal is off thank you very much.

Seems that if deal is done scirocco get $3 million less any loan advances.
Probably selling fees to deduct on the deal.
May just have enough for another AD plant investment.
Although thinking about it where is the money coming from to keep the lights on and pay fees and salaries.
Perhaps the board haven’t realised that the remaining sale monies are at least two years away.
Even with the AD plants in full production income will barely cover outgoings.
IMO if this deal go’s through this company is going to find it very difficult in the future when it could be so different if only they get their act together.

I'm sure it is a reasonable request to ask for a breakdown of a figure on the account.
If it has been audited it must be correct and their shouldn't be any problem asking for a breakdown unless they have something they don't want to tell the shareholders.

I'm sure that shareholders of a private company are allowed full access to records if they so wish.
Although in reality most of them are just husband and wife owned companies.

Too much hard work keeping it.
The paperwork alone must have taken at least 10 minute's a week.

Will be interesting to see how the fee providers accounts look when published.

Morning Chris.
AD plants would cost £125 million minimum and at the current expansion rate should be completed by the year 2130.

I though an RNS last year gave them until June next year to have six plants in operation otherwise exclusivity was lost,

Correct me if I’m wrong.

Welcome back.
Great idea and you get to meet the proactive young lady whose name I can't remember.
I'm sure the board would really like to hear shareholders points of view for once.

Tax losses are worth nearly $4 million.
Three times the mc.
Another attis helium one type deal maybe.

Maybe Gneiss sources the finance for a fee of course.

Looks like the board knew the reaction to the deal.
Can't see many if any turning up.
Very convenient for the board but shareholders ignored.

Good afternoon Chris.

Seems the board etc are right wound up over things.
Definitely running scared.
They did Definitely say that if Ruvuma not sold for an acceptable price they would fund to drill pr even production if necessary.
Another complete u turn as was their change in strategy.

Would mean issuing about 6 billion shares although rather have an asset and continue than nothing.

Maybe they have something lined up.

To think Wentworth could be earning in excess of $50 million dollars a year in a couple of years from now.
Payback in about four months
The Board have definitely lost the plot.
Surely a loan secured on future production could have been taken put. Why don't gneiss lend them back some of the millions they have taken or at least defer their fees until production.

The main problem is that the helium one share sale monies received have been spent on fees and lining their own pockets.

Seemed only a few months ago they said if they couldn't sell it for a price beneficial to the shareholders they would fund to drilling.
Complete u turn and total disregard for shareholders.

They may have blocked big double.
They must realise everyone else feels the same way.
So they may have to block everyone else.

Sorry old rope.

Seems everything was going well until the one dyas deal was aborted.
The board didn’t have a plan B so therefore just gave up and just spent million's lining their own pockets together with their cronies.

Their board are running scared that Ruvuma will fail.
If it does we get just $3 million less related expenses.
We even have to pay for any additional costs until the deal is done.

I assumed past costs would have been at least partly reimbursed.

Seems Wentworth are having their cake and eating it and we are left with the crumbs.

I think any normal person could have come up with a better deal than what is on offer.
To think how much this deal is costing in fees.
Money for old roofer or what.

Absolute disregard for shareholders.
Strange how a few years ago they could raise $30 million for the aborted one dyas deal.
Seems they can’t raise a bean given current sp.

Where have the millions gone given we have one AD plant 50% owned.

The deal is awful given we are not being reimbursed for past costs and are liable for any cash calls until the deal is complete.

I seem to remember us helping Aminex out when they were strapped for cash.
Also nr’s decision to keep drilling after Tullow’s withdrawal.
Cannot a deal be done where adt meet all our future costs and we retain a very small percentage as a free carry.

Seems the board are intent on this transaction going through.
At least a couple of million in fees out of the initial $3 million not leaving much for their expansion plans.

Looking back all seemed to be going great guns when they announced the one dyas deal.
Interviews galore even the coo made an appearance.
Once the deal was aborted the board just seemed to give up on the company and its shareholders. The fees situation and telling shareholders one thing and doing something difference need investigation. If they have broken the rules then would be banned from being directors so would have to go anyway.
I trusted the board to give some shareholder value.
They have sold an asset for maybe a tenth of its true value given the proven reserves and 3d seismic.

It seems they have a big problem in the way they look at assets.
Perhaps they need to stock up on Imodium as they will probably need it at our forthcoming agm.

Year end accounts have to be filed by 30th June so the next couple of weeks could be very volatile.

The board must read these boards.

I sure hope they do because it will give them some idea of the utter contempt most shareholders have for them.