The weekend was fab! Couldn't have asked for better timed
weather for a BBQ/Get together with a few people. Save for the significant
amounts of Gin that were consumed, and a certain person sleeping on the lawn,
it was a really good shindig! Albeit back to Monday with a bang...
So the reasoning for Leni Oil & Gas (LGO) is validated;
a shame that I will never rate the management. One doesn't see how someone can
be a prolific company director and give positives to all companies. Perhaps
someone can enlighten me, I can spin plates, but that's some spinning...least
we not forget the recent legal action. Today's LGO GY-664 Production and GY-665 Update, stick to reading
the production elements and any commentary, just the facts, not the
speculation. Its a positive for holders, but one cannot help but wonder if its
now time to sweep out the old guard which would assist significantly with any
rerating. Obviously some common-sense profit taking should be considered at a
point in the future.
Anglo Pacific Group are raising funds but likewise paying a
dividend? Anglo Pacific Group PLC Proposed Placing of New Ordinary Shares Is
that value for shareholders? The ones in the book build maybe? I'm not sure I'd
be wanting a 2% Royalty at those prices on Vanadium oxide, albeit it is a
'nearer' term producer and has an offtake agreement with GLEN, it seems pricey
if one includes the warrants etc... Cancap Investments Limited must be smiling today!
On Friday, I was greeted with a case of Hendricks from a
friend, whom latterly attempted to drink it all (not on his own I might add).
This was a long-standing bet about VGM delisting below 5 pence and about my short
on VGM...that was post their consolidation and ran for near 22 months. Then
again more recently...The company is dire in terms of costs per ounce and the
outlook isn't good. The delisting makes sense for the owners and anyone in subs
3 pence (Majority). So with their assurance that they will acquire shares at
3.72 pence, one wonders what the markets playing at...or perhaps VGM's history
means no premium can be given to the statements made: Vatukoula Gold Mines plc Proposed Cancellation of trading on
AIM This company won't be missed, it will however not be forgotten by
a "lot of holders" long.
Loads of noise (gossip) about oilers over the weekend, with rumours of a bid for Hardy Oil & Gas (HDY) no doubt caused by the 12% stake (6% increase) in recent days by Richard Griffiths and controlled undertakings (Holdings RNS). Not sure I'm such a believer but has a presented a nice opportunity all the same...Afren also apparently being "more than sniffed" at, but when aren't they...ticking all the boxes, as I commented on, the weakness was an opportunity to take a few more positions. The higher value plays of longs have been closed to be replaced with equity in due course.
Iron Ore doing the predictable in light Chinese data of giving a glimmer of hope and all base metals following "in a sort of fashion.".
Atb Fraser
Fraser- Hi- Yes - a beautiful weekend with a massive win on Saturday for my cricket team (no- not Notts) and Carl (the Cobra) Froch's win in the evening to round off a perfect day- I guess Ian wasn't working on his long awaited blog this weekend either- I guess we will see Shergar ridden by Lord Lucan first :-))
ReplyDeleteRe LGO- yes- nice move there and the daily RNSs indicate they have some oil in Trinidad, albeit I too have given a discount based on mgmt., rather than a premium.
Re NWR- cant see much value for the current shareholders as the debt holders have taken a 25% (senior debt) or 75% (other debt) haircut. The confetti will flow and the shareholders have been warned they will be hammered if they don't subscribe. I cant see any tunnel (let alone any light in the tunnel) re the ongoing bus plans, they are looking at a grim future but they are at least trying to remain a going concern and keep their employees off the streets. I suspect the shares will adjust when the rights issue details are thrashed out and published and the rose tinted glasses are removed. The term "throwing good money after bad" did come to mind here....
Re RUR- Ive got Birdsong as fully owned so Im not sure if on the right tracks here. This is from the latest annual accounts- Re ownership-
100 per cent. (2011: 100 per cent.) of the issued share capital of Birdsong Overseas Ltd (“BOL”), a company registered in the British Virgin Islands, under registration number 688032. BOL owns 100 per cent. of Bolivia Integrated Energy Limited (“BIE”), a company registered in the British Virgin Islands, under registration number 510247. Until 1 May, 2010, BIE owned, through an intermediary holding company, 50.00125 per cent. of the issued share capital of Empresa Electrica Guaracachi S.A. (“Guaracachi”), a company registered in Bolivia. During 2012 an amount of £10.5 million, which had previously been loaned by the Company to BOL, was capitalised and converted into share capital.
Re BKSA- found them from the curious holdings RNS on Friday- a 25% stake moved to Mamferay Holdings (a Vietnamese investor). Why? said my tiny brain. QVT, a v active fund owns 30% already, share price is 1.175p mid/mkt cap £2.5m with ---- £2.5m in cash, plans to wind up in the next month, and two existing assets- both in Bulgaria, each listed at just 10% of their fair value- Byala (beach resort) shows as E222k and Borovets (ski resort) as E268k. The 28/4/14 accounts indicate they have almost been sold now, and it all comes down to how much for - even at the amount figures, the return looks promising, plus there is always the prospect of some form of cash shell moves, and why did Mamferay pay 1.35p recently. On the negative side, the company costs £375k per half year, so that needs to be deducted as the accounts were up until 31/12/13. Im long at a bit less than Mamferay, its not a traders share given the spread, but the end seems nigh. It depends on the sale prices achievable but Mamferay have connections to a Bulgarian property investment company.... Lets see.
Cheers. The Leggie
Morning Leggie (24hrs later), just read the following and received this RNS update from a holding I have in Burford and from D as well (Cheers).
ReplyDeleteIt appears the Birdsong was Burford! I can't complain either having a holding there...
http://www.investegate.co.uk/burford-capital--bur-/rns/burford-receives--26m-from-innovative-investment/201406030700066471I/
Atb Fraser
Fraser- Thanks- This wasn't quite what I expected, but I guess someone had to provide security for the Birdsong position- I would have thought that even penal rates would have made for a better deal for RUR, given the $11m charge for this facility. So RUR don't really have much cash left from the Bolivian settlement, as we suspected. Maybe they should have approached Wonga instead....
ReplyDeleteCheers. The Leggie