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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Obtala | OBT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.90 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.90 | 6.90 |
| Top Posts |
|---|
Posted at 19/3/2019 18:53 by multibagger Cyclone Idai is reported to having been truly devastating with much loss of life and property sadly. Even if it did not hit the OBT businesses/lands directly per se, one can imagine that the indirect effects of hitting infrastructure, electricity, roads, ports, communication, banking, displacement of populations and risk of waterborne infections etc in Mozambique.It is likely that government resources will be re-directed to getting the country back on its feet and could affect the issue of permits/licences etc...which will be seen as less of a priority. My guess is that the effects and after effects of the cyclone will surely impact OBT for the next the next 12-18 months at least from a business / revenue point of view...holders be prepared as developing countries take a lot lot longer to recover from such major events, than we in the West would expect. |
Posted at 19/3/2019 09:47 by michaelfenton Anyone any idea if the huge cyclone in Mozambique has had any effect on OBT ops in the region? |
Posted at 10/1/2019 07:52 by kaos3 tool - still waiting oex and obt |
Posted at 30/10/2018 12:59 by kaos3 RIP OBT RNSangry man -sold out - any comment still? |
Posted at 10/9/2018 11:43 by burtond1 https://total-market |
Posted at 26/7/2018 20:54 by multibagger Disconcerting - Not looking good if you are a small PI. Thankfully I got out of this ages ago.OBT will go the way of the tomatoes, canning business, Mama Jo's, mangoes, pineapples, hardwood, darkwood etc....all pie in the sky. Why is the share price dropping like a stone ? OBT is getting prepared for some proper corporate action likely to be unpalatable to small PIs......read the tea leaves. When will a bombshell suspension/delist process or other awful corporate RNS drop ? Not long. OBT has been total non stop BS. The usual excuse of the market not pricing the share properly/discount to asset will be dutifully wheeled out - has been done before and will happen again. Extraordinary/AGM will be held in the Channel Islands or some remote spot so that the average PI can't get there economically and vote will be passed by 75% of the concert party attendees. Let's see what happens, this is my bold prediction....good luck if you still hold. |
Posted at 23/7/2018 18:03 by sovereignplay My read is that we have absolutely no insight into what is cooking.Miles is buying the prefs at a loss... Meaning the prefs he bought convert to OBT ords for ~1,800. So say you buy one Pref and convert. You get ~1,800 ords which you sell on the market for c. 8p = you make ~$180. From the filing Miles is buying them clause to par. so either he has a really good reason to do it (a bid) OR is being encouraged by the other pref holders who know a sh*tstorm is coming and they want out. Chairman buys you out before it gets bad. Three theories: 1) There's a bid coming In this case you don't care about the equity, you care about the prefs which have a 150% ratchet clause. Meaning the prefs get a lot more expensive under a change of control. You want to sit on as much prefs as possible before making your bid. This could explain why Miles buys the prefs at a loss. 2) OBT goes bankrupt (sh*t is happening) If the equity is worth 0 then the prefs are a better risk reward as you'll have a more senior claim on recapitalized OBT. 3) Nothing is going on He's just buying other pref holders who want out. In the end difficult to know whatever is going on. But hopefully someone bounces off my thoughts on the PDMR filings and we can get somewhere. I think FV for the co is probably 12p-14p given the management issues on becoming profitable. What looks the most dodgy to me is the gross margin which even on better volumes has not been anywhere in FY 2017. And we have no numbers to work with re profitability in 2018 so far. For argument's sake let's say 10% chance a 15p bid comes; 60% chance this is worth 13p, and 30% chance it's worth 0p. Then probability outcome indicates 9.3p or ~20% upside from current levels. We shall see :) Bought at 7.80p last week. |
Posted at 11/7/2018 15:31 by nick rubens Are there any profit forecasts?If OBT make profits and pay dividends and grow those profits and dividends then it's shares will go up longer term, so don't worry shorter term. |
Posted at 04/7/2018 11:55 by katylied Back in the day, you old-timers had a 1 in 3 chance of getting this punt right (OBT, PRG, BMN). PRG burned brightly for a short while, then death spiraled. The stable parent OBT flattered to deceive by never seeing through a business plan (where next? A whelk stall at some forgotten backwater African port?). Then there is BMN, the winner by a country mile. The one that stood out from the beginning (so I filled my boots). Seriously, within 18 months BMN can be over £1/share. Ongoing massive cash generation (Sept interims should reveal all). And it is really not too late for you poor (PRG, OBT) folk to get onboard. Time to chuck out the chintz... |
Posted at 10/4/2017 11:54 by scotty1 hxxp://www.sharepropSomething more than the fertilizer smells at Obtala By Evil Banksta | Monday 10 April 2017 Obtala (OBT) should be a simple business to understand, its website explains that it farms just over 1,700 hectares of land in Tanzania and that it’s transitioning its forestry business to supplying hard wood products from 314,000 hectares of forestry concessions. And yet the group structure, accounts and accounting practices are possibly the most opaque that I’ve seen for an AIM company for quite some time. I’m going to highlight three points that should make the longs very concerned and should tempt the shorts out to play. 1. Montara Continental Limited: Obtala doesn’t own its assets direct, instead there are multiple holding companies, first in the British Virgin Islands, then in the Seychelles, until you finally get to the farm and forestry concessions which are held via Tanzanian and Mozambique companies. But Obtala only owns 75% of the ordinary equity of one of those intermediate holding companies, Montara Continental, which indirectly owns all of the group’s principal assets and hence Obtala only owns 75% of the farm; it owns even less of the forestry concessions as we’ll get to shortly. It’s entirely unclear what arrangements might exist between Obtala and the external investors in Montara but a look at the 2015 accounts shows that Obtala made a loss of £11.654m in 2015 of which £13.563m of that was a loss for Obtala shareholders but £1,909m was a profit for Obtala’s minority shareholders! Hello? How does that work then? How come the minority shareholders are making out like bandits when Obtala shareholders are suffering the pain? 2. Argento Limited: A second sub-holding company owns Obtala’s forestry concessions, it has agreed a convoluted preference share investment which means that currently 22.5% of this company is owned by more minority investors. As of 15 March, £14m has been raised by Argento in preference share finance that give the holders a priority right to the assets of Argento, a guaranteed 5% dividend plus an ordinary dividend if Argento pays one. These preference shares are convertible into ordinary shares of Argento or alternatively exchangeable into Obtala ordinary shares. Preference shares like this have hybrid qualities; at worst they are debt and take 100% of the assets, at best they are equity and take just 22.5%. Factoring in the two holding companies means that Obtala has a maximum 58% economic interest in Argento and thus a maximum 58% economic interest in the forestry concessions. 3. Biological Assets: Obtala’s 2015 accounts show a value of £118.2m for “biological assets”; this is a hugely material number in the context of Obtala’s accounts, without it the net balance sheet would look pretty close to nil. However, unfortunately, this is not a figure in which we can place a lot of faith, the auditors don’t and their report specifically highlights the number as needing an “emphasis of matter”. You have to look back to Obtala’s 2013 accounts to find the original source of the number: The income statement includes an increase in fair value of £107,379,000 in relation to the biological assets. In prior years these biological assets were held at cost of nil as no reliable fair value was available. In plain English, the directors magicked a number out of thin air representing their view of the profits that they expect to raise in the future. This is a “level 3 fair value”, if you want to read more on the topic search Google for “Enron level 3 valuations” to find out why Warren Buffett refers to this valuation technique as “mark-to-myth& In summary, Obtala owns 75% of a farm in Tanzania, which is probably worth in the order of £4m (This 1,400 hectare farm in Tanzania is for sale for £3.4m) and separately owns 58% of a nascent unproven hard woods business about which some wild speculative claims have been made but even the house broker admits will burn cash this year. Obtala’s market cap at the close on Friday was £53m, in addition the preference shares are £14m of debt from the perspective of Obtala ordinary shareholders. Factoring in the complex structure and accounting shenanigans, I think that the valuation here looks too high by a good factor of 10. |
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