Aminex Share Discussion Threads

[blackgold00] 11/5/2015 09:06

interesting warbaby, has any one got a link to the last JB interview, I can't find it myself at the mo. thanks

[warbaby43] 11/5/2015 07:54

Vike1, if I recall correctly, in that interview he didn't refer specifically to Argo by name but just "a very supportive lender" and then added words along the lines of "who want to help us grow the company."

While the probability is that it was indeed Argo he was referring to, the presence of Tommy Mack on the Board and their modus operandi did make me wonder whether it was instead Gemini who was the "very supportive lender."

All will be revealed soon (next week?) - it's gotta be!

[dontsweatit] 09/5/2015 19:40

when is the defaults date very soon i think

[foolsandcows] 08/5/2015 20:17

I think we may find out soon...patience anyone?

[vike1] 08/5/2015 20:09

For what it's worth, in Jay's last TV interview, he stressed what a good relationship they have with the lender, and that Argo is very supportive of their activities. With the $3m we've paid already, plus the whopping interest payments we've made, Argo's probably not far off from having already recouped their principle. Why would they chop the head off their golden goose? I'm sure Argo would be happy to keep lending out at 15% for years and years.

Worst case, they pull a Solo and hit up the market for a couple mill - dilutive, but it keeps the lights on.

[warbaby43] 08/5/2015 18:33

jacks13, quite agree with you re the implications of the Argo warrants, however looking at the 2014 AR, the exercise price does seem to have been re-negotiated at the time of granting the loan extension. Would be interesting to know what this has been reduced to - a question for anyone going to the AGM?

[jacks13] 08/5/2015 15:52

Don't forget Argo, apart from being a creditor, do have their own stake in the company. They'll want their pound of flesh but they're unlikely to send the company under whilst their investment remains likely to prove profitable. Only if the gsa doesn't materialise and/or the licenses are revoked because of non-performance is their assessment likely to change; in my opinion that is!

2013 HALF-YEARLY FINANCIAL REPORT (29 August 2013 page 21 of 22):

'On 17 January 2013, the Company agreed a US$8 million loan facility with a fund managed by Argo Capital Management (Cyprus) Ltd which was fully drawn down in the period. The loan facility carries a 12.5% coupon for the period (rising to 15% from 1 July 2013) and a repayment premium rising from 103% to 120% depending on the date of repayment. The loan is repayable from the proceeds of the sale of the Group’s US assets in the first instance. Under the terms of the loan, the Company will seek new equity to repay the loan if disposals of assets have not repaid it by the end of the current year. It is secured by fixed charges over certain of the Group’s subsidiary companies and a floating charge over the Group’s assets.
The Company granted warrants to the lender representing 5% of the existing share capital of the Company at a price of Euro 0.06. The cost of these warrants falls within the scope of IFRS 2 Share-based Payment and is recognised over the term of the facility. All warrants will be exercisable until 31 December 2015.
The warrants are subject to anti-dilution rights at the same exercise price. The Company has calculated the fair value of the warrants at the date of grant at US$1.37 million using the Black Scholes model which has been included in a Share warrant reserve in the Condensed Consolidated Statement of Equity at 30 June 2013, with a corresponding amount offset against the initial value of the loan. The key assumptions used to value the warrants include a volatility rate of 60% and a risk free rate of 0.33%.'

[foolsandcows] 08/5/2015 15:37

Interesting times ahead.

My prediction. Within two weeks transformational news out.



Good luck all.. ;)

[warbaby43] 08/5/2015 15:30

Just a reminder for those holding via nominees that the AGM date, 20th May, approaches so anyone wishing to vote will need to make contact with their nominees within the next few days.

For matters to be determined, herewith the Form of Proxy:



With Brian Hall up for re-election, that should be among the interesting results to look for post the AGM.

[ngms27] 08/5/2015 15:01

Yes I got the dates the wrong way round.
June the 30th is the deadline to drill the Ntorya Appraisal so failure to do so risks losing the Ruvuma license.

[haggismchaggis] 08/5/2015 14:13

Well done blackgold for correcting his mistake, although one would expect him to know this already as he's been actively following this stock for so long.

[blackgold00] 08/5/2015 14:05

ngms27 "June 30th they have to pay back $8m and they don't have it."

"the final repayment date of 31 July 2015"

Final Results

"The agreement for a disposal of 6.5% of the KNDL since the year end gives the purchaser an option to acquire a further 6.5% for $3.5 million within thirty days of the GSA being signed. Although Aminex's interest in the KNDL would be reduced to 52%, the exercise of this option would enable further substantial corporate debt repayment prior to the final repayment date of 31 July 2015"

[haggismchaggis] 08/5/2015 14:01

Is there a leak? GSA news? Connection to Kiliwani completed?

[larsson 2] 08/5/2015 14:00

Covenants can always be renegotiated with a penalty particularly if light can be seen at the end of this dark tunnel.
Thanks for the comments however I shall bail as soon as this hits 3p I will take take profits and run to easier and quicker returns if it ever gets that high of course.

[ngms27] 08/5/2015 13:54

If they don't run out of cash and breach banking covenants first.
June 30th they have to pay back $8m and they don't have it.

[clunes100] 08/5/2015 13:44

Larsson, I am probably going to sit on these AEX this time because sooner or later these are really going to run, I am already in profit from this morning following 6.6% rise as I bought sub 1.9p after costs. If you want to play safe and are happy with say 20% - take it and maybe you will get another chance. Selling will depend on news and timescales and essentially gut feeling, so I cannot offer expert advice. Although I did pick some winners recently, Centrica, Admiral, lamprell, BTG and small positions with some odds and sods that have paid off PMG, Tan and FPM, but having accumulated more VOG (top sliced at 88.25p) and bought back, I cannot understand why they are not performing better with revenues in excess of $60m p.a. and soon to add customers and drill 2 wells which will also hopefully secure supply and new reserves, not bad for an AIM oiler!

I have been in and out of AEX for years, basically trading to recover some long ago AEX losses, but I do get nervous of AEX, when things take to long, especially RNS's relating to well results, but now they have reserves that will soon get to market, I am not so stressy.

[clunes100] 08/5/2015 08:39

Just added a few but shown as a sell, I think this ready to spike again and I have traded the last two spikes successfully, the spudding will assist this.

[vike1] 07/5/2015 22:23

Northcote article today, which is of mild interest to us AEX PIs. Notable point is at the end where is states that Shoats Creek well is due to spud in next 10 days. Suggests is economic at today's prices, which would support CF owed to us.

[...]

[larsson 2] 07/5/2015 11:29

More of a minute spike than a tumescent rise but Ill take anything blue at present with AEX. If the share price starts to hover around 2p this week that may be worth getting a tad excited about but the volume certainly needs to pick up.

[bunbooster2] 07/5/2015 11:00

Has any noticed the tumescent rise this morning?

[1775] 06/5/2015 17:00

Nice buy at full price in auction at end of day.

[blackgold00] 06/5/2015 16:23

you won't get that Vike1, they'll need to prove up Ruvuma Ntorya first before a GSA could be granted, but it will certainly not take as long as these first GSA's of Wentworths Orca's and Aminex, of which Orca's is not yet agreed and Wentworth's has not had their payment protection terms confirmed yet.

[vike1] 06/5/2015 16:12

Really hope this GSA covers Ruvuma as well, so we don't have to go through this again in a year's time.

[blackgold00] 06/5/2015 11:49

warbaby43, yes agree, and ngms27, well i'm going to stick my neck out and say GSA in less than a month. They need the KN gas for the testing and Commissioning of the new Songo Songo gas treatment plant and its only the KN well that has been tied into the new plant.

So without our gas the new Songo Songo gas treatment plant will not be up and running. Do you think that the Tanzania authorities could afford (political as well as monetary) to have such a large and important investment lying idle for no good reason?