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The only two large sellers would be Zion and Allan Gray. The AGM might shed more light on the seller/sellers. There may be no obligation for them to report, if indeed it were one large seller. The buy back was about 9% of the share capital. Cost was about $0.8M. End-2025 book value has risen from 3.9p per share to 4.1p.

Good news today, and unexpected too. 39.5M bought back at 1.55p.

Lekoil pay all oil proceeds into the account we are paid from. I believe they have no control over the account, or our receipts. That’s important. As long as they produce, we will be paid.

Robert, the book net asset value of the business at 31/12/25 at current exchange rates was 3.9p per share. Buying back shares at less than 3.9p is by definition value accretive. Going through the accounts again more carefully, I see I misinterpreted some of the numbers. First, the $2M profits on investments is merely an upward revaluation of the outstanding loan. Second, the balance sheet estimate of current investments includes $2.8M (I think) for forecast LOGI repayments over the next 12 months. So my estimate of $10M as of today is over stated by the same $2.8M. Also undiscounted book value of ca 7p per share is likewise overstated by ca 0.5p. On the other hand, the latest loan repayment of $1M suggests a faster rate of repayment, perhaps 5 years to go? Buy backs offer further upside.

Assuming no profits from investments in H1 2026, cash and investments are now $10.0M, equivalent to 1.7p per share.

Nearly $1M received, just announced, from the LOGI repayment. Exceeded expectations.

EM, see note 6 to the accounts for the reason why overheads have increased, ie Corporate services have increased. My guess is that refers to the profits share accruing to management for making investment profits. I think 5p is a reasonable price target, the LOGI loan of ca 5.5p per share will be repaid at a rate of ca 0.9p pa. In the meantime they will be buying back shares at maybe a 67% discount to book value and making profits on their liquid assets of ca $7M.

A small point in the AR. The company bought back further shares after last November’s RNS, but not announced, resulting in 49M shares held in treasury at year end and shares outstanding (net of treasury shares) of 443.5M. Assuming no discount to the outstanding LOGI loan, the book value per share is currently about 7p. The company made profits on investments during the year of ca $2M.

If you’re still reading Robert, I am the chappie with access to Tom Richardson. I haven’t followed this thread for a while, so missed your request. Clearly they had no problem repaying SAVE. My estimate for 6/2/26 is they had $2.8M cash & investments, plus a trade receivable of $33.7M. I would hope the inflated oil price will speed up receivables. Applying a zero discount rate, the NPV is about 6p per share, and will increase as further shares are bought back. If anyone has any further questions for management, I will ask them at the next AGM.

Latest LOGI loan repayment received of $537k.

One other small point. Dipo Sofola, the SAVE rep NED, not surprisingly will step down from the Board as soon as the SAVE loan is fully repaid. He will not be replaced, so reducing G&A somewhat.

Back from the AGM. As last year, I was the only shareholder attendee (apart from the CEO). Very little to report - steady as she goes would be a fair summary. The SAVE loan will be paid off by year end and thereafter the company will continue to build cash reserves, lend in the sub-prime market (mostly in emerging markets where access to debt finance is scarce, and hence commands higher margins), and buy back shares where appropriate.

Robert, it was I who attended the AGM last year and will be attending again this year. I have access to the Chairman Tom Richardson, who I consider to be a safe pair of hands. My shareholding likewise is substantial, 1.2% of the company. I will not be participating in any of the company’s future share buybacks!

The recent RNS gives a NPV of $70M for BMV’s 75% stake. But its terminal stake will only be 40%, making BMV’s ultimate NPV $40M, ie £30M. I guess BMV would not accept less than half of this, given there is upside to further exploration. £15M is ca 2p per share.

If a fair price can be negotiated, I think selling back the receivable would be desirable for both parties. FNK has made a slow start wrt its new business model, though whether that’s due to a lack of capital or a lack of investment opportunities is hard to say. The AGM will be a good opportunity to question Tom about his plans.

Next receipt of funds should be announced w/c Monday 5 May.

Dipo Sofola will presumably step down from the Board. There may be more to this transaction than meets the eye. It just might suit both Lexoil and FNK to negotiate a similar exit transaction. That would make the asset unencumbered from Lexoil’s perspective. FNK would want to clear out SAVE first if they wanted to exit. We’ll see.

Very interesting RNS today. In the last 12 months, the LOGI receivable reduced $7.0M to $37.3M while the SAVE payable reduced $2.4M to $11.5M. So we’re paying 2 years of normal payments upfront to extinguish a debt that otherwise would take ca 4 years to clear. Post this transaction the EV of the business will be about $6.5M. With a $37.3M receivable paying out perhaps $6M pa.

Transformational news this morning?

I tried buying some today @ limit of 1.6p with no luck. So there’s no overhang despite recent large sales. So someone has bought them, probably a buyback is my guess as stated.