Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
For information and awareness
Ownership Breakdown
BEFORE current RNS change
Note: Information From Simpley Wall St
Individual Insiders 0.5% 4,780,059 shares
Institutions 2.0% 19,205,806 shares
Private Companies 9.1% 87,365,324 shares
General Public 88.4% 852,343,274 shares
Top 12 shareholders own 11.55% of the company
Westward Investments Limited 7.61%
(Linked to Adonis Pouroulis Shares 73,359,099 Value $10.9m)
Meridian Capital International Fund 1.49%
Leto Trust 1.45%
Legal & General Investment Management Limited 0.27%
George Canjar 0.26%
azValor Asset Management SGIIC, S.A.U. 0.23%
Duncan Wallace 0.058%
Julian Robert Maurice-Williams 0.048%
Robert Archibald Sinclair 0.043%
Christopher Zeal 0.042%
Andrew Hockey 0.033%
Adonis Pouroulis 0.01% Value $14.8k
Note the RNS showing a blank space in the column associated with Askar Alshinbayev purchase below the
"Resulting situation on the date on which threshold was crossed or reached: 6.190000% or 59,676,544 shares"
Next row
"Position of previous notification (if applicable)": shows zero or empty SO would indicate its a new build completion and /OR as Whimax has commented looks to be the completion of a "personal" buy order.
Intresting as it does look to be a personal build...and as indicated, not through Meridian? Why 🤔
Rgds Sft
Rgds Sft
Was it a slow acquisition (which I would have thought pushed up the SP) and as a result have only just now crossed OR (more probably) their position has just now been acquired via the closed placing?
Still do not see that many declared threshold RNS's being crossed.
As interactive investor and the other such platforms hold private investors (us) shares as nominees I am assuming they hold and have crossed the 3% threshold by a large margin but do not have to declare? Comments.....
I think it's good to see institutional investors starting to enter even if they may have recieved 🤫 beneficial information ( or have "guessed" there was a fund raise required 🤔) and entered in at "JUST" the right time.
Markets seem to like the news though? Assurance will be confirmed with a steady and continued climb...
GLA
Rgds Sft
A little bit of speculation and diversification by AA?
" £50,000 participation in the CLN by Austin Acquisitions 1 Limited, a personal investment company of Mr Andrew Austin, which we BELIEVE speaks highly of confidence in our strategy and plans"
https://www.londonstockexchange.com/news-article/URAH/placing-subscription-and-cln-to-raise-ps330-000/15967460
Rgds Sft
Hi Smyth111,
Appreciated, this is a good board and think posters put in decent info that allow different perspectives.
Nice to know I am not precieved as too much of a Casandrea (daughter of Priam) ;-)
I think after some of my successes and fails I HOPE to contribute and instigated discussion, preferably being proved wrong on my negatives. It comes from too much use of operational risk assessments I suspect.
On a more positive note:
Looking at Simpley Wall St chariot status on being "rather under valued " they rate chariots potential rather highly (it ridiculously high imo, but nice to aspire to).
I admit I lack knowledge on how they arrive at such, data but its worth a look for addtional company information alone.
There are a lot of LTH here who are very knowledgeable and as above never mind being shot down with accuracy (-:
All the best to us all.
Kind regards Sft
Fair point Whimax
I know I am banging the drum but imo it has to be consistently raised.
It's proving out.
Thanks for the clarification I will be back for 7th September...so that would be good.
Cheers Sft
Hey AJ,
Well I am in with Kistos also and Andrew Austin plays it very differently to AP imo.
Kistos have nose dived since the change in the UK and Dutch tax regimes, and very poor drilling campaign results.
But Andrew is firm on share holder protection (out side of operational drilling fails and tax of course). But they very quickly got production and income before expanding.
We and the markets MUST MUST see some finance projections from AP, but I as you indicate have my doubts.
AP is involved in about 10 or so companies and is now getting around $750k per annum ( wages and perks) just from Chariot.
Information from Simpley Wall St analysis on Chariot.
Kind regards Sft
PS Got burned on Rockhopper and Premier so seen/felt it before. I really worry AP having got outed from Petra and his heavy spending programme/ loan/ debts is trying it another way with Chariot (share placement) but the wild card is his unknown spending vs returns aspirations in his sphere of ops I.e. mining "transitional and Hydrogen" and it equivalent third world "deals". Looks very open-ended especially when Westland Investments are involved. They potentially have inside information on what is going to happen and when...hence can hold off until investing at the right time. Am I being too suspicious? Money men, mining, third word (and 1st) banks never rip of share holders of course :-(
Well they are going to need more cash before the Anchois makes it to production or they will be back to more raises you can bet on that.
I will be out of country for the GM in August.
Would love someone to REALLY REALLY press them on financing (office/outgoings, Hydrogen and transitional arm outgoings) and obtain a verbal or planned conformation that there will be NO more share placements and subsequent dilutions.
What are their budgets! Markets and we ALL need to know.
Kind regards Sft
I like your thought process BDC
Though it still means (imo), they have overspent and underestimated.
As a management team they still have to "try" and convince ii's (and me now) that they can build a company that is sustained on generated income rather than fully maintained and paid for by investors (Since 2012?).
This latest raise and dilution (+100% in just over a year) just reflects VERY poorly (understatment) on the team, in pulling out a rabbit and telling us it's black (onshore story) rather than white (we need more cash to keep going).
But what IF and I mean IF the onshore ( or as i like to call it : pirate treasure map) is actually NOT gas viable? they are off gambling again before generating income.
Best rgds Sft
RNS further comments:
The Fundraising is conditional, inter alia, upon the passing of the Resolutions (as defined below) at the General Meeting, on admission of the New Ordinary Shares to trading on AIM becoming effective and the Placing and Open Offer Agreement not being terminated in accordance with its terms. Shareholders should be aware that if the Resolutions are not approved at the General Meeting, neither the Placing, the Subscription nor the Open Offer will proceed.
Is that the September GM or one just for the directors?
Most would have recieved their electronic voting requests prior this RNS share placing.
So I am assuming most have already cast a vote for, against or abtain on points 6 and 7?
6. AUTHORISE ISSUE OF EQUITY
7. AUTHORISE ISSUE OF EQUITY WITHOUT PRE-EMPTIVE RIGHTS
Myself I had actually ALREADY voted AGAINST 6 and 7 ( AND No. 3 also..re electing AP) before this latest cash grab RNS.
Again would urge others, if you have not already done so to do the same. It will not stop any of the planned actions as LSE posters here would not carry sufficient quantity of voting rights but it may raise our profile.
Rgds Sft
Hey GP,
Valid question: I only came in on the back of the Anchois drilling results but have become more and more concerned about how we finance these other "pillars" ( Transitional /Hydrogen) which is imo AP's steer (mining and Africa etc etc) and it really can be open-ended in costs.....how are we to finance this big adventure long term return?
Whimax: Your absolutely right of course it would be a license so I was incorrect to think (duh) or say as I did.
Thank you for the correction.
Its onshore so, it's going to be land rigs so ver y considerably cheaper than offshore drilling. If its a license then they could have just secured that and use or include exploration from returns on investments made from the farm in of our soon to be rich "new" partners???. Why the hurry to raise cash then? Because (as it looks to me).
With only 4 million cash left from 31st of May they really had to raise more cash quickly to keep going.
So it could be thought that they have miscalculated FEED/FID costs or / and are over stretching their out goings else where I.e. AP other pillars?
Either way it's demonstrating a significant lack of good financial planning or disclosure, same drum I know, I know but it's proving correct imo.
That then leads onto me being very concerned that the ii's will not come in as deeply as I had hopped.
Couple that with now significant dilution: from 500mil back when I came in (if I remember correctly), post drilling campaign).
The management could have sold farm in before FEED but not only did not but raised cash instead but then carried on spending in on the other "Pillars"
It just does not add up to me? AP has a history of spending big either on loans that came back to bite him or now through (his new method) share placing.
MY prediction is we will get a new partner signed in THEN we could very well see a share re rate 20:1 or even 40:1 (I really hope I am wrong) but he's not going to start buying back shares with income from the gas.
Will ii's start investing in with the current and potential management shenanigans?
Again I belive if we do not see a decent rerate after farmin/ contract and another more significant one after sanction that will be the markets answer.
No trust.
All just my opinions and speculations.
GLA
Rgds Sft
Hey GP,
Yes the gas is our ONLY real potential income generator but the cash from this will not be "ring fenced" to gas growth alone (AP answer to a question I posed on a QnA, he laughed at another; on future share buy back also).
I do appreciate this onshore purchase MAY be an excellent opportunity (purchased from whom?? and for how much 🤔) IF its not a duster.
What and for how long has a contracted geologist been working on that suprise gem?
I belive the 4 million cash left is more the real reason.
I, even more so now, belive the market ii's will steer clear: There is too much risk, lack of fiscal prudance/planning and visible disclosure and all in done in third world country's with high levels of corruption.
A very disappointed but not surprised Sft.
All the best Sft
Well AP has well and truly dragged us over the billion shares in issue now: 1,064,010,779 will be the out there after this latest cash grab round.
With only 4million left in the bank as of 31st of May it is obvious they were also running out of cash (wages) fast.
"Any funds raised though the Open Offer will be used to supplement the Group's working capital. As at 31 May 2023, the unaudited cash balance of the Company was US$4 million."
Who will the LATEST closed offer have been made to...wonder if the Chariot IR have to tell us?
These types of last minute fund raises with a company that has never made ANY cash will really undermine confidences, apart from all with most (us) private investors just hammers home CHARS fiscal prudence.....they have not really started on the Transitional and Hydrogen elephants yet, but of course, I must not worry as they will secure seperate financing for that 😉
"Proceeds from the raise will also support the wider Chariot group as we continue to deliver on milestones across each pillar (ELEPHANT) of our business for the benefit of all (Of my family, African mates and Westland Investments, oh thats me) stakeholders."
Of course if us private investors vote against the latest placing it could get voted down? Bit unlikely of course but I would advise when you do vote to vote against the reappointment of AP.
It would never get a majority but it is a protest none the less.
Again AP in my opinion is not to be trusted.
Rgds Sft
Hey Whimax,
I think it was on balance probably a good call, If you look at what can happen with Premier Oil in that they lost control of their debts that were sold on to others creditors (ARCM Hong Kong in particular ) with ARCM shorting on the company as a mitigation and then later called in the debt...with catastrophic results.
https://www.google.co.uk/amp/s/www.thisismoney.co.uk/money/markets/article-7767747/amp/Premier-Oil-target-record-132m-short-bet-Hong-Kong-hedge-fund.html
I think Petra Diamonds over spent and are paying for it now.
In addtion by financing FEED CHAR we're in a better position to potential secure thier own debt....but as you say and above....it can be risky....as before I really want to see some firm financing for the renewable/ hydrogen projects.
Best Regards Sft
Hello Frenan10
It troubles me greatly. Does it trouble ii''s? Post contract, farm in and Sanction will be a very good indicator: The market will adjust the sp to its new derisked value but share BUYS will be the indicator of confidence in the WHOLE companies future under AP 's management. That will be judged against his previous company's in particular Petra Dimonds.
https://www.proactiveinvestors.co.uk/companies/news/931898/the-star-that-burns-twice-as-bright-burns-half-as-long-petra-diamonds-completes-its-falls-from-grace-and-looks-unlikely-to-rise-any-time-soon-931898.html
I am hoping he as learnt a lot but he is has changed ract on loans and used share raising as the way to get us over the line thus significantly diluting the SP.
Will he use the same time of fundraising for developing the energy elephant in Africa.
As a Whimax correctly reminded having ties with Total is very reassuring.
I am guessing the next 3-6 months (post Sanction?? time line??) will reveal if the market has confidence in APs future renewable/ hydrogen ambitions and the companies ability to safely finance it.
GLA
Getting intresting and closer. 🤞
Rgds Sft
Hi Whimax
Appreciate the feedback and support your considerations.
Maybe I am too cautious.
But seen how much money can get drawn in and AP and many of the board have very good Africa experience, I would like to see some more renewable field development personnel in the mix; a back ground from one of the European renewables energy companies would be good.
Heard about some shocking mismanagement in the windfarm side: Taiwan is a current example and that's a very developed country, granted its all offshore.
Hydrogen is looking very expensive to get going presently.
But I also appreciate, maybe I should wait a bit more and ser how the "Jewel in the crown" pans out first before firing off too many concerns.
If management are precived to be respected and doing well the market will SUPPORT the SP.
PS no def not expecting a divi, any time soon.
GLA
Rgds Sft
Hey Jim, I certainly hope so.
I appreciate they are attempting to build a renewables/hydrogen base to develop but as I "bang on" about we need careful financing.
It may be that Chariot is by building such a base, its aim is to be in a position to get a bite of the development cash that the IMF (or AfDB) want to be raised/released. And infairness AP and board members have note worthy experience.
I just want us to be at a stage that we are NOT paying for it. Their partnering with TotalEnergies is of some significant assurance but fiscal prudence will be essential. Africa is a very risky location that only the likes of oil, mining (many risky), UEA, Saudi's or China have the deep enough pockets to dive in deep with.
I apologise to those investors that feel I am too negative, my position is as a normal investor. So I assure its not from a short stance (I am not such a sophisticated investor) but as we have seen, and I have experienced, AIM is investment vehicle that is fraught with shattered aspirations and Africa carrys higher geographical and political risk than anywhere else.
GLA
Rgds Sft
Hi whimax,
It's just my opinion of course, with attempts at reasoning put forward to support such.
Trading and investment houses need certainties and calculated finance figures to work on.
The gas side is the only mechanism for income.
Watch this space on if /when they get some cash back from the gas expenditure its siphoned of on to the energy elephant.
I am also not against what they are proposing but imo they lack knowledge and expertise in both areas with only BENOIT GARRIVIER and LAURENT COCHE experience looking to being applicable.
Again all my opinions
Time reveals all.
GLA
Rgds Sft
I would like to see clear and separated figures for
All the best Sft
Hello all,
The gas prospect looks good and I have over the course of posts highlighted the potential that the BoDs have multiple offers and the resultant negotiation difficulties.
It also appears (thankfully) due to the potential on multiple offers that they are not going it alone (thank the lord, it was a negotiation tactics).
We are not out of the woods until all is signed but I feel positive that we will achieve the Gas results we all hope for.
To some extent I now ignore that aspect of the company as it will run a predetermined time line all things going to plan.....
IF some of you as investors ARE NOT concerned about financing the renewable elephant road that AP is marching us down then its a great opportunity and the share price is set to take off .......
I came in for the gas project but have started to see the other side of the business "arms" as they now call it getting ramped up and its lead by AP due to just his mining experiences and govement contacts.
If every one is happy with the renewable/ hydrogen path I could do with some one giving me numbers of cash required vs expected return...anyone?
Because all I am hearing is: Membrane technology's (been around in Norway and Holland for about 15yrs), South African power grid, project noir, mining renewables, water container company, risk, new technologies, massive investments but again no figures.
Are you not a bit concerned too, do you not think the ii's are as well: The drip feed of investment on share purchases came to a grinding halt 2 weeks before the fund 25mil fund raise in 2022 and its not returned since.
If your looking for a reason for a low sp imo it's because of the uncertainty of the other arms.
As to exit strategy with out clear financing for the rest of I will look at it after Sanction.
GLA
Rgds Sft
Char will continue to be regarded as a risky investment and largely ignored by the ii's due to comments such as (RNS):
From AP
The Business Opportunity- "As well as FINDING the projects that will provide material supply, another fundamental element is DEVELOPING the technology to enable the transformation and delivery of this energy = No definitive plan and variable costs
We successfully raised US$29.5m in June 2022 to progress the FEED for the Anchois project and for further development of our power portfolio (NO OBVIOUS BLUEPRINT OUTLINED), and I would like to thank the new (WHO WERE THEY) and existing investors that supported this raise."
"Whilst there are risks involved in these early stages, I believe we are leading from the front and reading the direction of travel correctly" = We are not specialists or have any back ground in energy supply but we are going to give it a go but it may fail, so be warned I told you it was risky.
From the CFO
"We are equally enthused by the progress being made in the Transitional Power and Green Hydrogen businesses with a number of world class projects already in the development pipeline as well as further opportunities that stem from our electricity trading platform in South Africa (OKAY ANY CASH GENERATION YOU WISH TO DISCUSS FOR NOW OR FUTURE)
We remain ambitious, to continue with this growth and development across our portfolio, but our priority focus is on getting to cashflow as quickly as possible through the development of our Moroccan assets= YES THATS ESSENTIAL BECAUSE ITS THE ONLY CASH GENERATION OPPORTUNITY AND HOW MUCH WILL BE SIPHONED OFF FOR THE OTHER NON FINANCED "PROJECTS"
General assessment as per ususal: Gas project is the only near term cash generator and that is aprox 2 years from realising production and cash flow.
That's my thoughts on why we will not see the returns that we are hoping for and the shares are not getting bought.
The gas side is the only area that can be costed out and returns calculated against.
No coherent policies in financing their "green ventures"..the new wild west, its all in corrupt Africa and headed up by AP = Let's put our pension portfolio behind CHAR 🤔
GLA
Rgds Sft
True but, AA's struggling with getting any good results recently:
1. Significant Drilling costs in the Dutch sector (Q11-B AND side track for Q10-A-04 required "evaluations" combined with a drop in production figures
"In response to the variable productivity of the reservoir at the Q10 area’s P15 platform, Kistos is pursuing REGULAR interventions to maximise production with a programme of side-tracks.......results: is undertaking a "detailed evaluation" last set of drilling resulted in less than expected
PLENTY "evaluations" going on!
2. TotalEnergies has suspended production at Edradour, one of four gas fields in the Greater Laggan area west of the Shetland Islands, partner company Kistos said, as the UK gas hub shows signs of significant decline and higher water production.
3. Benriach Well a duster
4. Shetland gas plant need more production and its not comming soon unless so.e other operator strikes and ties in?
5. Walked away from its proposed offer to acquire British oil and gas group Serica Energy...
6. The WFT was a big kick in the .......but maybe all the above fails in drilling will give some tax breaks?
7. Mime petroleum: The consideration was $1, plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares, at a price of 385 pence each.
Mime will repay $75 million of its debt, and the enlarged group will assume the remaining $225 million.
A payment to Mime’s bondholders of up to $45 million in 2025 is contingent on certain operational milestones being achieved. The Mime debt being retained by Kistos equates to approximately $111 million.
8. No more mention of green credentials/ Aspirations and in fact AA " Not rolling anything out now as we have to"
Where's the good news Andrew? You have to get the Norwegian assets, financing and then actual income
from potential production generating cash...whe and how much is the finance deal going to really cost.
It's not easy out there at all!
I can not see much good news coming our way for a good while, we are looking a bit like a origami Tiger at the moment.
Rgds Sft