I think the raft of posts related largely to a 2014 company, forget the name now. Must have been the previous 'MEN'.
Incidentally they too seemed unhappy with performance and a consolidation!
Do you have a link to this seawolf?
Deepthinker
Not sure your post is entirely accurate. Pretty sure he was the Chairman of Severfield when it went up 10 fold.
Imperial was not one licky dip of the drill bit, it was a sequence of drills and exploration expansion over 5 years.
I was lucky to have invested in both at the time and is the reason I am in here. Granted, this has been a tougher nut to crack. It has however led me to Atome which is not a company that would typically have been on my radar but already my dividend shares are close to 40% up and im on a tidy gain with my PrimaryBid.
As someone mentioned on ADVFN, Atome was a PL idea and initially started through his innovation fund. It didnt need to go through President.
grsshaw hits the nail on the head, Musri has been introduced to improve the production side and his credentials look second to none. More importantly these people who operate at high levels in Schlumberger/PC are usually well connected.
Given everything is being thrown at improving the price (Farm out / Atome / Drilling and workovers etc) I would expect President to end up private if the price doesnt improve.
President share in Atome is now worth around £10m - £3m more than on listing and the price has dropped, its nuts.
Watch live on Sky News as Olivier Mussat, ATOME CEO, will be joining
@SkyIanKingLive
shortly after 10:30 GMT to discuss ATOME and its role in the future of energy #ATOME #GreenHydrogen #ammonia #AIM #Paraguay #Iceland
https://youtu.be/9Auq9mYxFEE
Its on the live stream feed, currently back on the clip by around 40 mins.
Favours Atome holders for a start because if they issue stock now on the basis they might need it there will be £3m of shares in issue that dont need to be if they dont actually need it.
Either way its free and isnt a loan.
Its not a loan facility.
Its a Standby Equity Facility - Google says;
In corporate finance, a Standby Equity Distribution Agreement (SEDA) is a type of share allocation agreement between a company and a share purchaser. It is a form of private placement. ... If the company finds that it never needs more funds, it can elect not to sell any shares at all
So basically, if the company needs further working capital it can call on it by issuing equity at 80p is my reading. Also;
The facility is being provided without any fees or other payments to PLLG Investments Limited or Peter Levine
In essence, means they can do the placing on bare minimum dilution and if they need some funds they can call on the facility at a fixed price (without paying a premium).
How come FTM goes missing on good news and only ever crawls out to moan?
We had this exact discussion a year ago when they were issued.
Drichi, I dont think that is what it is saying.
In my view it is saying CPC pay 60% of the first 15.5m and then its 50/50 after that.
I think this should also address the free cash comments raised here and elsewhere.
Incredible interest rate achieved, that and the A- really does show the strength of the company.
I'd imagine he is telling holders to keep stock because you'd have to be an idiot to sell them.
Its amazing how Getech, a relatively small company with peripheral H2 exposure, not a fraction of Atome's projects.
Basically hope value linked to H2 caused them to increase 20%+ yesterday. A market cap now half that of President for a small business with a small H2 exposure. Whilst President doesnt really budge despite having a solid underlying business, drill programme, farmout, positive cash flows and massive H2 exposure. Bonkers.
Cannot wait to see Atome and how it performs in the market as a pure H2 play. Should be some serious upside.
Also, its also on the website
https://wp-presidentenergyplc-2020.s3.eu-west-2.amazonaws.com/media/2021/11/262256-President-Energy-Circular-Web.pdf
I got my letter today, It only appeared in my corporate action mailbox this afternoon online.
No, I mean clean and green funds wont invest in oil companies but they will invest in clean hydrogen.
The market doesn't even value the oil assets correctly let alone hydrogen.
Its a bit like a shop selling chickens for pets and plucked ones for dinner.
Some investment houses wont go near fossil, others are dedicated to clean and green. Total different market and criteria to invest.
FTM still a bundle of joy as ever.
You sound like someone with an axe to grind, surely as a shareholder you have positive sentiment towards the dividend in specie?
Drilling a 3 well (maybe 5 well) programme for oil, On verge of approval for a farm out in Paraguay, Spin out of a hydrogen and ammonia business.
Not really that negative.
KRTH - I guess we will get something out of it in the end with Atome. I'm hopeful at least.
I first bought at 30p finishing up buying at 4p when I thought they couldn't possibly go lower, those shares are dead in my pension. I bought some personally at 1.85p which are now marginally underwater but the upside is now huge.
FTM, I am not arguing a lack of shareholder value within the share price, I am arguing that if you remove the chairman and the loan from the equation, you have to replace them with another chairman and another loan. The amount expended by the company is exactly the same (if not more given loan terms).
Isnt that what loans are? Borrow money and pay interest. Someone point me in the direction of free/low rate unsecured loans especially for use outside of the UK.
I think it was covered before on an investor call that all shares have been paid for and that Levine didnt have any share options anyway.
Over the years there have been mistakes for sure that we can call him out on, but some of this just makes no sense to me.
Ok so take a loan to repay the loan, the only difference will be that instead of Levine getting interest someone else does. From an investor standpoint its six and two threes. Unless that there is an interest differential saving, which is unlikely with Argentina as it is.
FTM Im sure he is delighted about receiving a salary at the expense of losing a massive stack of his own cash in this.