Neos Resources Share Discussion Threads

[stephanie_m] 19/4/2015 22:29

"The first priority of the Company is to acquire an operating business in the natural resources sector as a platform for the recapitalistion and redevelopment of the Company and its re-admission to AIM. "

Michael Moquette
Chairman
March 2015

[whoppy] 19/4/2015 21:46

Sounds like they will use the tax loses, which we always thought they would. It's why the company has been kept going and is an asset which should find a good project..hopefully one with revenue. Could be valued quite highly.

[stephanie_m] 19/4/2015 21:30

2014 accounts / more views...

In June 14 agreement for funding (and an RTO?) were agreed with third parties, not involving the three largest shareholders (Principle / Teeling / Flanagan).
However the Nomad unexpectedly withdrew as Neos advisers and the share was suspended as per AIM regulations, before the funding arranegments could be completed.

So near and yet so far.

So it was back to the drawing board. It would appear that matters are sufficiently well advanced that the company can now say that they ARE GOING TO RELIST NEOS and that the 2014 accounts were prepared on a going concern basis.

For shareholders, myself included, this is simply brilliant news.

Of course I look forward to reading the readmission document and to find out a lot more details about the new business. But the fact there there are experienced businessmen prepared to get NEOS on the road again, is very positive. Nobody knows the financial situation / funding onvolved with a relisting. But put this way half a loaf is better than none.

We could be in for a nice surprise, you never know. It may be several months before a deal is completed, but hopefully sooner.

Finally it is great to see oldtime regular posters back on this thread again. Welcome back guys and let us be VERY positive about the future of NEOS.

[whoppy] 19/4/2015 21:27

Yes Steph. It sounds like they will re-list with a bio fuel asset.

[stephanie_m] 19/4/2015 21:16

Just read through every page of the 2014 accounts and for a start can you spot the difference between the outlook statement of 2014 & 2013, both signed off by the same Chairman Michael Moquette?

>>>>>


Outlook LAST YEAR
As previously announced on 21 February 2014, the board has been in discussions with its two largest shareholders and has evaluated a number of opportunities in connection with the Company's future direction and funding requirements. However, it is with regret that the board must now confirm that as at the date of this report, it has not been possible to reach a satisfactory conclusion. Consequently, the accounts have been prepared on the break-up basis.

Michael Moquette
Non-executive Chairman
28 April 2014

OUTLOOK THIS YEAR
Solvency, funding uncertainty and impact on going concern status.

The board considers the Group a going concern as at the date of signature of these financial statements and the going concern basis has been applied in their compilation. The previous year’s financial statements were prepared on the break-up basis, reflecting the intentions of the directors at that time to close the Group down.

However, the Group now has new management and a new strategic outlook, which the directors believe will give the Group and its companies new purpose into the future.

Michael Moquette
Non Executive Chairman
31st March 2015


2013 accounts prepared on close down basis
2014 accounts prepared on a going concern basis.

[whoppy] 19/4/2015 20:57

Or maybe a project that needs investment and a listing funded by Neos tax loses.
1 for 1 shares in new company.

[godolphin] 19/4/2015 16:19

Principle has 25%, Teeling 9%, Flanagans 4%. They were reluctant to contribute to the plan mentioned last year so I guess they'll get diluted like the rest of us. I expect by 50% or more unless we can take part in the placing.

[cornabrone] 19/4/2015 16:05

NEOS rises phoenix like. That is a surprise, but a pleasant one.Will Myersons still have an interest via Principle?

[whoppy] 18/4/2015 20:38

Going concern
In accordance with their responsibilities, the Directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. Although the prior year financial statements were prepared on the break-up basis, the Group now has new management and a new strategic direction, hence the old plans to close down have been abandoned.

Yay :)

[g1g4lo] 18/4/2015 19:16

From the accounts identifying the tax losses are available indefinitely

"The Group has trading tax losses of £53.1 million (2013: £52.7 million) that are available indefinitely for offset against future taxable profits of the same trade in the companies in which they arose. The value of the
unrecognised trading tax losses at the current tax rate of 23 per cent. is £12.2 million (2013: £12.1 million)."

[stephanie_m] 18/4/2015 17:06

Will comment further on this later.

[oilbuy] 18/4/2015 16:27

Fantastic news

[stephanie_m] 18/4/2015 16:03

This is the GREAT news

"
Solvency, funding uncertainty and impact on going concern status.

The board considers the Group a going concern as at the date of signature of these financial statements and the going concern basis has been applied in their compilation. The previous year’s financial statements were prepared on the break-up basis, reflecting the intentions of the directors at that time to close the Group down.

However, the Group now has new management and a new strategic outlook, which the directors believe will give the Group and its companies new purpose into the future."

[g1g4lo] 18/4/2015 13:29

Yes my view was H2 after talking to the company in January. At least the board are trying to not lose the tax losses.

Poor Bryan Myerson - shame. And his son Nicholas has not helped either spending a fortune and not getting anywhere.

At least there is hope

[godolphin] 18/4/2015 12:51

I expect pre IPO funding which may include directors getting their cheap shares, followed by the RTO and listing with more fundraising. If they can get the D1 Trading business doing well then we may be spared some dilution. Given the efforts they've made I would expect they will want to move within the next six months, earlier if they have a business in mind.
I wonder what Myerson thinks of it all. lol. I notice they mention moving away from his services and office.

[g1g4lo] 18/4/2015 12:30

Yes I agree a fair chance of the company being relisted.

Just hope a good deal financially does help current shareholders.

What is your view on timings? Was hoping to read something in the accounts but timings were not discussed. I suppose it depends if a company is lined up and how far they are down the road.

[godolphin] 18/4/2015 12:14

Operating natural resources companies do tend to be large. With such a variety of people like Tainton, Thomson, Moquette it could be anything. Not forgetting Teeling! We have a fair chance here I think.

[g1g4lo] 18/4/2015 11:32

Looks like it. Must be a big RTO to take advantage of this though.

What are your views?

[godolphin] 18/4/2015 11:27

They'll correct the link shortly I'm sure.

Interesting on p3. "The company intends to resume trading in biofuels through D1 Trading Oils Ltd to participate in profitable opportunities with a strategic partner".
So I guess they're thinking of the tax loss.

[g1g4lo] 18/4/2015 11:06

godolphin

I looked at this yeasterday or Thursday on the website and could not download it. Well done for finding an operating link.

Now a tax loss of £53.1m saving a company £12.2m at a rate of 23%.

Surely we can find an operating business that needs to take advantage of this :-)

[godolphin] 18/4/2015 09:53

Link may not work but this does. (pdf.pdf lol)



Company outlook
Since incorporation, the principal activity of the Company has been to operate as the holding company of a Group of companies engaged in the procurement, production and trading of biofuels.
Over the last 9 months your Board has evaluated and developed strategies for the recapitalisation and redevelopment of the Group. The core entities of the Group comprises D1 Oils Trading Ltd and Middlesbrough Oils UK Ltd, the holding company of the operating entities of the Group in India.
The first priority of the Company is to acquire an operating business in the natural resources sector as a platform for the recapitalistion and redevelopment of the Company and its re-admission to AIM.

[godolphin] 18/4/2015 09:36

Group accounts have just appeared at companies house, the link on the website is not working yet. Expect agm notice next.

[stephanie_m] 17/4/2015 19:48

Probably towards third quarter..
Look forward to some update from Russell Thompson