Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Am I missing something?
What is "Over 20% up in USA"?
Docs published. Not read yet. Just a heads up!!
@Stas
You are, I hope, aware that @Ashwaldo got exactly the same reply word for word!!
See Ash's post 02-11-2023 at 07:08.
@SharePlay
To assist, if you bank on within 5 working days into the following month, you won't go far wrong.
@Bolton16
Regarding "I am still wondering what management discussions will be released means."
I could be wrong but does this mean the release of a standard interim MD&A ? November seems to be the time of year one is released.
If you're wondering as to its content, then I've not a clue!!
LL'n'P,
Many thanks for posting this as its not on SEDAR.
But really... spot the glaring.... item 13 on the report. If in doubt ask @illusion he/she/they/it are keen on dates....
"On October 5, 2025, the Issuer signed with its lead bondholder, a purchase agreement to obtain additional financing of gross proceeds of US$4.0 million".
I'll let Gaffney know
"Nowt"
"Owt"
@St1,
Great words. I and many more I'm sure share your sentiment.
So, as asked before, here's a question for you and for all who frequent this board, just supposing, heaven forbid, we find ourselves where we are today in the run up to the 2024 AGM. What are you going to do? "Owt" or "Nowt" (confirm you choice above)
@wwk
What exactly are you trying to say.
Currency combinations in your post make it confusing.
@ today's exchange rate, RM's "total compensation" last reported for 2022, as far as I can see, amounted to 455,900 Canadian (270,822 sterling). Actual salary amounted to 316,500 Canadian (187,980 sterling) the remainder being option based awards.
Arthur on the other hand, his "total compensation" for 2022 amounted to $1,888,200 Canadian (671,700 cdn / 398,945 sterling salary the rest again being option based rewards).
If you could, rephrase what you want to say for appropriate answer / response
@WB1, small correction for any new onlookers,
"We are now funded until Q4 24 and maybe beyond if production can raise and settle at 2kbpd"
Its Q1 24
@farraway
Just a thought on your link theory.
COPL have recently announced its "on track to remove a further $1m in costs". To be that precise, I consider such costs can only be those already known, i.e. fixed, i.e. salaries.
Richard Mays salary package for 2022 amounted to $455,900 Canadian. Can you be a VP for Business Development in one company as well as a NED in another, the other being one that is embarking on a new direction seeking out oil and gas/energy opportunities? No doubt someone will correct me if you can!!
Also, it is interesting that both Milton's new directors have previously held senior positions in Oilexco - don't need to say any more on that subject!!
Richard Mays- Vice-President, Business Development and General Counsel of COPL (Appointed on September 1, 2014).
Good Spot / info @farraway
As regards any link, don't know but anything is possible in COPL Land!!
Trujack, Pilot, Careful, many thanks for your thoughts all of which are valid.
Just one final thought on this subject, if the senior lender is as shrewd as AM has led us to believe, then I simply can’t see them agreeing to this strategy without considerable assurances, there’s just too much at stake to be less than astute when investing pension funds.
NG – Lassonde Curve. Thank you for this information.
I trust I’ll be forgiven for what I’m about to say and I don’t know about anyone else but whilst I very much get the process, my understanding, when I joined the COPL family, was that we were way past the concept through feasibility stages in fact we were at the institutional / strategic investment stage looking forward to that steady but very promising rise.
AM with Zak Mir December 17, 2020.
“We’ve done our due diligence and been talking to debt providers who have said what’s the decline curve and I said there’s no decline curve it’s an incline curve and they (the debt providers) pause and go “You got to be kidding me, how did you get your hands on this””
Whatever transpires, we’ll all probably know a little more in circa 20 weeks or less.
Is why a US based Global Investment firm i.e. the senior lender (RNS of Jan 21, 2021) with some $30bn under management which includes the investing of pension funds (AM of May 25, 2023 @ 18:54:29) agree to forgo interest payments from October 2023 to January 2024 in favour of payment in kind (PIK) from a company which just over 6 months ago faced the real possibility of going into administration.
If, as AM also states “secured lender .......has got full security on the assets of the company” (AM of May 25, 2023 @ 18:01:46), why would they not wish to call in the loan and realise their debt by the sale of the assets?
Is PIK a much better proposition?
Q1 24 will, if nothing else, be interesting to witness.
From the October 6, 2023 RNS
1) Senior Lender and SWAP provider (BTW I don’t pretend for one minute to know who or what a SWAP Provider is) has agreed to forgo interest payments from October 2033 to January 2023 in favour of PIK.
Question – who in their right mind would agree to this from a company that just over 6 months ago faced going in to administration. Have they been assured such a decision will be in their best interests?
2) The company is on track to remove a further $1m in costs.
Question – For me, these can only be costs already known, i.e. fixed, i.e. salaries. Are more execs working for nothing or better still being gotten rid of?
May already have a part answer to this one as communicated by Hannam’s recent equity research note.
3) New directors and governance framework.
Question – Clearly neither has been fit for purpose but why now and who has instigated this requirement? The new board still comprises original board members less the main protagonist (I thank the deity to whom I report for that one!!) and one or two others.
4) Gaffney comments – “the company intends to increase production and demonstrate the potential of the Wyoming asset”
Question – to whom and why?
On the point of our CFO, I do wonder why it would appear we still retain the services of the former CFO on a consultancy basis doing all the same work it did when it was officially the CFO of COPL.
Final thought.
Although the latest deal constructed by Anavio may appear ruthless, is it too much to believe that we, the humble long suffering private investor, have at long last actually got some recognition / acknowledgement / support / etc, albeit by the back door!! At least in the SEDAR listed press release we get an actual mention (see below) which is so conspicuously absent from any communication by our own Board!!
“Anavio remains committed to working with the new board and management of the Company to deliver the most value for all stakeholders and shareholders.”
Para 4 opens with the reference to the diluted share count having increased to 2,369,000,000.
Question - is just shy of 2.4bn shares in circulation a definitive figure or is this just an assumption by Hannam considering that they say "our diluted share count"?
@th2k,
Thank you for this.
Stand out for me personally from this research note following last years rather frustrating average 40% salary increase for the execs is this -
"An employee voluntary salary reduction initiative is also in discussion with senior employees".
Very positive move for the long suffering PI.
Careful,
Great find. Many thanks.
Y99 (v2)
Ed,
Many thanks for your reply.
Y99 (v2)