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Many thanks Credit. My email to Indus below:

Dear sir,

I have been a shareholder in Indus Gas for over a decade. The share price fall over recent years and months especially has been concerning and I note with interest the Boards decision to review options for closing the gap between intrinsic value of the company and the market value of the company.

I had a couple of questions that I hope you are happy to respond to:

1. The PSC expiry in Aug this year has not been mentioned in recent communications until the operational update in the last few days. Can you confirm that the application to extend was submitted with sufficient time for the extension to be granted before the expiry date of the PSC?

2. What are the criteria that need to be met for the extension to be granted. (I’m assuming that because significant capex has been incurred and gas production is ramping up that these are key criteria but it would be good to know the details).

3. In your view has the Indian elections created a delay in decision making such that there is a risk that any extension decision could take months more to come through and if so is there any provision within the agreement to continue to extract and sell gas while decision is pending even after the expiry date of the PSC?

4. Does any application for shale gas exploration have the opportunity to extend PSC extension beyond 10 years for all of the fields’ production? Are there any other opportunities to apply for extensions beyond 10 years?

5. Am I correct in thinking that any announcement on strategic review will only be made once the PSC extension has been granted?

Many thanks in advance for your consideration of these questions.

No response from the company to an email I sent last week requesting some clarification on the recent operational update. Anyone else email and receive anything back?

Outlook for policy continuity on natural gas looks good with existing minister reappointed in the role of new government.

Sensex more than recovered from its election results wobble and looks to be showing strong investor support for Indian corporate profits growth outlook.

In the past Khalsi has come in to buy stock when the share price has been completely disconnected from fundamental value, as it is now. He hasn’t done this yet. Insiders can not buy stock during close period which we are in now until results announced later in summer.

Suspect that strategic review will be completed and announced with year end results. This should provide the clarity needed for interest to pick up again. There may even be some directors buying and khalsi picking up more (they own a lot already so maybe not in interest to reduce free float even further)

lots of possible outcomes of strategic review to realise value. Very confident that will happen but London market listing isn’t achieving this currently.

Snuck out mid afternoon today. I can save you the bother of reading it…says more delays to pre commercial trials and regs enforcement. Some orders slipped into next financial year etc but the board have confidence in the short to medium term outlook. Revenue uplift coming in H2 of this financial year.

To be honest the whole statement reads as if even the board have got tired of hearing themselves say the same old stuff every time.

Anyway, here’s to H2. I’m staying invested in this one due to my ineffective investment strategy of hope.

Gas share of energy mix in India planned to rise from 6% now to 15% by 2030 on top of strong economic growth and growing energy demand. Modi probably shackled a bit with coalition to keep happy but suspect that infrastructure growth continues to be a priority for next five years. Should see Indus gas do very well and share price rising.

Results coming in now. 3 seats confirmed, 540 to go. I think they keep counting into the night until done.

Looks to be closer than polls suggested. Overall majority for Modi and BJP at risk.

If correct then outlook is strong for gas producers. We’ll know election result tomorrow and so should support share price recovery over the coming weeks.

https://www.spglobal.com/commodityinsights/pt/market-insights/latest-news/oil/051914-feature-modi-victory-in-indian-elections-seen-positive-for-oil-gas-sector

Definite chance delisting on the cards which is why some closely connected shareholders are relentlessly heading for the exit.

Still ridiculously good value whether public or private though. Just have to be more patient for your return if goes private.

Agree. We know that key issue now is the partnership with large US based diagnostics company which apparently will be announced ‘imminently’.

Likely in my view that this partnership will also include funding and agreeing terms on this is what’s causing the delay.

Personally I’m happy to see any partner take a good chunk of the potential global future value for GDR right now. Company valued at £6m odd so even if partner walks off with 75% (as an example) of future value creation we still end up with a multi bag from here.

Currently though we’re priced for almost certain insolvency and our US partner is probably the most likely way we avoid that.

Test of nerve for the GDR management team right now but suspect they are going to have to sacrifice a lot of value to create a lot value ( from these levels).

Can Cheek pull it off?…not long to wait either way. Sincerely wishing Good luck to all, especially long term suffering shareholders like myself for whom this stock has been a tiring journey.

Why David? What trades are you seeing to suggest seller is finished please

It’s a good point. Are there any institutions left on the register with decent sized holdings?

E_Al, yep aware of the founders holding in Indus Gas via Gynia and very aware of the almost total lack of liquidity in this company’s shares over the years. It’s the lack of share trading which makes me think that they are abandoning AIM. AIM is increasingly getting a bad reputation globally so I suspect that Kalsi doesn’t want any more to do with it especially when no one trades the shares.

He may want to relist on a different exchange where there will be enough interested investors.

It’s odd that the company has not come out and said anything in response to its share price falling over 80% in a week. And the trades keep coming in. Other investors know something - this isn’t just a few trades in an illiquid stock collapsing the price in my view.

Time will tell but suspect FCA need to know of any potential dealing on material non public information. Something highly unusual here.

Just my speculation. Share price move has been extreme over last few days and yet there is no evidence of any operational or trading issues.

Saw a very similar pattern with GEEC last year where insiders started to sell ahead of rns of delisting, driving the share price significantly down over a few weeks.

This looks similar to me. But of course I could well be wrong.

What other reason though could there be for sudden massive increase in share volume traded in a stock that hardly ever registers a trade. Very unusual so suspect it’s leaked info on delisting.

Agree that there is no evidence of any business performance issues to date so for me this collapse in share price can only be leaked info of delisting.

Happy to own private companies so will wait until the rns is out and the shares go even lower to pick up a decent holding. Company worth well over a £1 per share in my view so we’re in very deep value territory now.

Unfortunately I suspect it because insiders have got wind of the fact that Indus Gas plans imminently to delist and become a private company. Great Eastern Energy did this also last year - it is another Indian gas production company. The cache of being London listed has completely disappeared for companies like these now and when hardly any shares are traded the cost of the listing far outweighs any benefit.

If I’m right then the share price will be driven down to virtually zero as last remaining shareholders try to get out before it delists. If you can stomach it and are prepared to be a long term shareholder in a private company then you may get a once in a lifetime opportunity to pick up a significant quantity of shares at very heavily discounted valuation.

If delisting does happen it will not be because of operational concerns or imminent bankruptcy etc. just a loss of interest in being London listed. The long term outlook for gas producers in India still looks to be strong with good economic growth and a desire to increase gas to 15% of the energy mix from around 6% today. Indus is in a good position to exploit this backdrop and is sitting on proven gas reserves. But when private you may have to wait a few years for a buy out of the company or a relisting or maybe even a dividend longer term than that.

Of course I might be wrong and it could be something else. But keep a close eye and maybe consider the opportunity to buy very very cheap shares if you can and have the appetite for longer term holding without liquidity. At least if you do that when the news does drop you can act decisively and with a plan.

If this isn’t for you then You might want to sell out now !

Genedrive is not being shorted. To short sell investors need to first borrow the stock. You can track how much stock is out on loan to short sellers via

https://shorttracker.co.uk/company/GB00B1VKB244/

The position is updated daily from the FCA official lists.

No one is forward selling GDR ahead of a possible equity raise at an unknown time in the future otherwise it would show up in short tracker!

Yes you can tell your broker that your shares are not available for stock lending

Yes

Check out Short Tracker

https://shorttracker.co.uk/company/GB00B1VKB244/

No open shorts in Genedrive at the moment.