Member Info for Tommo1985

Have you or anyone had a stab at calculating FCF either on a daily, monthly or annual basis? I am trying to work it out but it is complicated...

I expect a rescue placing, for a company in a warzone, with a government that clearly hates its main shareholder that is being illustrated in a vendetta against the company, to be at least another 40% off from current prices. That's if they can get it away.

Unless there is a very fast resolution to either the war, the VAT issue or both, equity holders are going to get a very nasty haircut. Or it’s tits up time.

I’d definitely buy after whatever deeply discounted rescue fundraising occurs mind you.

Two thoughts here.

1) if net debt is flat, inflation is bringing down the real value of the debt annually.

2) There should be a legal action under the Energy Charter Treaty. Reducing profits from $125m to $1.6m amounts to an appropriation of the company by the state. If you want to nationalise us pay compensation.

Probably the guy who had exercised 9.8 million warrants at 0.55p selling into strength. Nearly a 4 bagger in less than a year.

Surprised to see us down at this share price given the RNS makes (at least) 15p fairly certain.

I do think this transaction should require a voting majority and one that can be done online rather than in Timbucktu in person.

If that cannot be forced, can a no confidence vote in one or more directors be staged instead - that definitely could be done online - aim being to force an actual vote of shareholders re the deal.

My biggest problem with this RAM thing is the exclusivity. I'm fine with the asset being sold to the highest bidder. But not to the only cheapest bidder who also demands a lock in from other bids.

It is not a gold miner, it is a gold recycling business, with operations in South Africa and Ghana.

Yes it is sat on a tailings facility, with some JORC and some non JORC resources. However it has not yet processed any of it, and needs external help to do so and does not yet have permits to do so either. This tailings facility is a tenth of the size of say a KEFI in ounces.

The problems here are the location (SA is not great, with historic power cuts, thefts etc) and recycling materials have become harder to find. Ghana has also added a gold export ban on certain types of gold (Dore IIRC) so they have had to invest to turn recycled stuff into bars/find suppliers to do so.

The management have also been selling any bonus shares into the market rather than keeping them which helps to depress the share price.

Given its location and size, it will never have a huge PE ratio, but is still a very good business that could eventually get everything right but has had to paddle against the tide (which is is doing reasonably successfully).

Sadly the train will not leave the station, due to all those 1.3p placement shares which are being sold into any rise.

So much for Sath’s £2m at 2p.

Seems like very good news today. Checking https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7833030&lang=en-GB&companycode=uk-enq&v=

This states: “The initial coupon rate on the new loan facility is SOFR plus 4.00%.“

A bit of googling says SOFR is 3.92% so Enquest are paying 7.92% for this new facility, which IIRC is significantly cheaper than their existing debt financing.

When the accountants arrive to number crunch, it will be interesting to see how much this will save Enquest in debt interest annually.

Shifted from RKH to ENQ today. At these oil prices, I don’t think sea lion will get FID. I also think the EPL now has to be removed, else there will be an avalanche of job losses in the North Sea. Unite will catch fire.

1.5p

2.5p

3.5p

IIRC.

Ps I can trade, just got offered 1.234p to sell. Must be moving up in auction.

Today was a good news day. No delay RNS, no placement RNS. If there are any setbacks Harry has a duty to keep the market informed… so no RNS means we are a step closer to “we are go”.

I reckon that we are go. Gold at all time highs and rising means that everyone wants this done. Plus currency control relaxation has happened, resettlement of locals is done/happening and some of the recent streamer deals and placees were big well informed businesses. All this leads me to believe we are on the runway and the engines are roaring. Let’s go KEFI!

Humble pie is about to get rugged again...

Pahahaha

The £6m cash is a great point. If you deduct the cash held from the shareprice then you are basically paying a little over £5m for the actual business.

The discount (25% on the previous day's shareprice) was a bit expensive. But RKH now FUNDING SECURED to first oil.

Sadly the subscription price of 48p will act as a drag anchor on the price of this share. They need to scrap it.

Https://petition.parliament.uk/petitions/707101

Https://x.com/ticerichard/status/1945512209334903080?s=46

They are expecting to cover $64-88m and that "Possible sources of funds for the currently unknown Rockhopper project equity requirement include but are not limited to: Any proceeds from the monetisation of the Ombrina Mare arbitration, any payout under the insurance policy put in place to cover the annulment outcome, balance sheet cash, a convertible issue or other mezzanine finance instrument, an equity issue or a farm out. In the event funding was necessary and not achievable then the Group could not sanction the project."

This does not sound like a placement if they have got the insurance proceeds.