Andalas Energy And Power Share Discussion Threads

[yorgi] 04/11/2016 11:36

A great RNS this morning the BOD are moving forwards with the company objectives which should see the company building into a bigger company in the medium to longer term and with it the rewards for shareholders who understand their strategy.

The market they are targeting is huge if they can achieve their objectives then we have plenty to look forwards to.

[sweet karolina] 04/11/2016 09:08

Oh dear another ramping RNS from the company and more selling is the initial reaction from the market.

It does look like DW has lost his Midas ramping touch. We know the company needs to raise money in the not too distant future - its auditors have told us that. How bad will the dilution be if only a small hand full of mug punters still buy into DW's ramps?

[sweet karolina] 03/11/2016 19:44

PPS

I am glad you are happy with the level of directors' remuneration, personally I find it a tad high for a company at this stage of development, especially as there is material doubt over its ability to continue as a going concern. I agree directors should be paid for running companies, but not for running them into the ground.

I am glad you read the full annual report. You no doubt read all the way to the end and are fully aware of this:

18. Related party transactions
On 5 June 2015, Andalas and Corsair Petroleum (Singapore) Ptd Ltd (“Corsair̶1;) entered into an agreement (“Assignment”) pursuant to which Andalas agreed, amongst other things, to undertake and fund due diligence in respect of certain oil and gas concessions in Indonesia with a view to making an investment. Initially, for administrative convenience, Andalas and Corsair agreed to structure the funding of the due diligence expenditures as loans ("Loans") to Corsair and, accordingly, advances pursuant to that arrangement were made on 8 May (US$25,000), 10 June (US$250,000) and 15 July 2015 (US$225,000).

On 19 August 2015, Andalas incorporated a subsidiary, Corvette Energy (Singapore) Pte Ltd (“CorvetteR21;). On 31 January 2016, Andalas, Corsair and Corvette entered into a novation agreement pursuant to which the Loans were extinguished (for $Nil consideration) and the benefit of the loaned moneys was transferred
to Corvette with effect from 30 October 2015.

During the year under review the Group incurred due diligence expenditure following the agreement with Corsair. The Group engaged with a number of individual consultants to pursue the strategy of identifying projects in Indonesia that could lead to an AIM reverse acquisition of the Group. The total value of consultants that were introduced by Corsair to the Group was $1,837,000 consisting of 14 full or part time consultants (not including Directors).

Details of Directors remuneration are disclosed in Note 7 Directors Remuneration. For details of any relatedparty transactions entered into after the year-end please refer to Note 19 Subsequent Events.

From note 19

On 4 June 2015 the Company entered into an Assignment Agreement with Corsair whereby Corsair had been granted a carried interest in oil and gas concessions introduced by it and a share of future revenues from these concessions. It was agreed that in order to avoid any future conflict of interest, the carried
interest be substituted, subject to the passing of the resolutions at a shareholder meeting, for the issue of Ordinary Shares in the Company, which would, in aggregate, represent 5 per cent. of the Enlarged ShareCapital following readmission (“assignment shares”). Following shareholder approval on 13 May 2016 the
Company approved the issue of 122,406,940 assignment shares to be issued.

The note does not explain why corsair and corvette are related parties. Perhaps you can enlighten everyone as to who are the beneficial owners of corsair and corvette and then confirm that you are happy that the company first made a loan to corsair, which was extinguished without any repayment being required -ie gave them a free money for nothing. Are you happy with the astronomic fees of the consultants introduced by Corsair. Are you happy that Corsair was granted a carried interest ie gets a share of any money that might one day come to Andalas (your money) and does not have to contribute a penny to development costs and then this interest was instead converted into 5% of Andalas thus diluting you at PLC level rather than project level and at the same time giving Corsair shares to sell rather than have to wait and see if there ever is any money to be had at project level.

To me this absolutely stinks and no BOD, which I consider to be high calibre, would ever allow something like this. But maybe I am a fool who thinks directors should actually live up to their obligations under the Companies Act and not just laugh at them whilst filling their own pockets at shareholders' expense.

[sweet karolina] 03/11/2016 19:06

PS shareprice down again today on reasonable volume. Forward selling of book build shares is only one possibility. Maybe people are just paying more attention to the auditor's emphasis of matter than they are to glossy spin from DW.

Are you going to use this new low as an opportunity to lower your average as you say you would like to? Or maybe you should consider whether the man who has already cost ordinary PIs a fortune by his totally inappropriate actions is really as high calibre as you think he is.

[sweet karolina] 03/11/2016 18:22

I asked you how you defined a high calibre BOD, not can you reproduce the blather about them on the website.

How about answering the question.

Yes I have stood up to people who fall well short of the levels of decency and honesty the Companies Act 2006 and Financial Services Act 2013 require. Unsurprisingly they did not like it and tried to bully me and TW with legal threats. They withdrew when TW put together compelling witness statements from a number of compelling witnesses. They paid all our costs as well as their own, amounting to £60k.

In my view Dave Whitby is not a high calibre Director and if the rest of the BOD were of high calibre they would have got rid of him after he got the shares suspended having horribly breached AIM rules and cost ordinary PIs, who bought into the ramp before the suspension, a fortune.

I define a high Calibre BOD as one which plays by the rules, puts the interests of all company members first (as required by the Companies Act) and have a track record of delivering shareholder value and in doing so are able to enrich themselves, rather than enriching themselves at the expense of shareholders. High Calibre BODs are measured by how they act and what they actually achieved for shareholders and not by how good the blurb about them looks on the website. There are several names in the e-mail chain you chose to reproduce, they all produce impressive sounding blurbs on their websites, yet in my view are complete scumbags.

Thus I ask again how do you define a high Calibre BOD?

I read shareprophets, there is as much that I disagree with as there is that I agree with. I do not subscribe to the tipping service as I prefer to do my own research, though many people do and they seem quite happy with the service they get. Shareprophets published articles I wrote voluntarily (ie I was not paid, though most of the writers do get paid a small amount for what they do - it is not just TW and I will admit that I find the style of many of the other writers to be much more compelling because they express themselves in a much less aggressive fashion). Thus when the despicable bullies tried to shut me up, they also tried to shut shareprophets up. TW could have cut me loose, but he did not, he stood by me and together we made the bullies pay. That does not mean I am now in his pocket and indeed I had a vociferous public argument with him over a matter about which we disagreed - without evidence or justification, he questioned the integrity of a friend who I know to be of the highest integrity.

I would strongly suggest that whether you like shareprophets style or not, it is unwise to be unaware of what they are saying, that does not mean you should blindly follow it, but instead that you should critically analyse it with an open mind and make your own decision. Shareprophets is free and subscribing to it does not result in an inordinate amount of spam in the inbox.

[glibgibon] 02/11/2016 22:01

The presentation seems to tick all the boxes as to strategy, but I'm assuming that Andalas is not a charity. It would be good to hear at what stage we will be able to make money from the project.

This is definitely a long term investment with the presentation suggestion about 2.5 years until completion. I guess the first movement on the share price will be when the MOU gets signed.

Is there a breakdown of the key financial stages of the project - where we will need to finance parts of the project and how we generate income?

Sorry if this sounds negative - just tired. I doubt any fundraising will be at these levels anyway so share price will be rising again at some point.

[sweet karolina] 02/11/2016 19:44

Don't duck the question Yorgi how do you define a high calibre BOD? If it is one that enriches itself while destroying shareholder value then ADL has a very high calibre BOD.

[yorgi] 02/11/2016 18:52

Yes so it seems Seans66, there is nothing a troll hates more than being exposed :-)

[doshdabbler] 02/11/2016 17:27

Agree. Set to vote through another 1.5bn shares at the AGM then it's confetti time.

[sweet karolina] 02/11/2016 17:16

Interesting trading today - glossy presentation on the website and a BRR media interview and the share price falls 10% on highish volume. Smells a lot like forward selling into the ramp designed to get a placing away

[sweet karolina] 02/11/2016 13:24

Yorgi,

I am interested to know what constitutes a high calibre BOD in your opinion.

What DW did about a year ago to ramp the shares before they were suspended was disgraceful.

The amount DW is taking in remuneration is shocking.

The murky nature of the related party transactions which benefit DW stink.

At the time of readmission the company should have had enough money to last at least 18 months and should not fall off a cliff the next day ie it should be nearer to 2 years, but 6 months on the auditor is saying without a fund raise the company is toast.

The RNS releasing the results did not say that. You had to read the full report to find that out. Fortunately TW took the time to do that and now a lot more people know the true situation. That does not seem to be trolling in my view.

Have you read the full report? There are lots of details in there that do not make it into glossy presentations. Indeed if you need to do a fundraise, which ADL does the auditor says so, then the more fluffy glossy you can put into a presentation on your own website the better distraction it is from the serious financial issues the company faces.

"it looks like another move up is possible." In case you have not noticed the share price is going down.

[yorgi] 02/11/2016 10:39

It's good to see the BOD have updated the website with an updated presentation today. Maybe not huge volume or not in monetary terms but buyers paying full offer so it looks like another move up is possible.

Slightly off topic but related, something I just posted on the AERO BB :

Bygdennis

I have had a quick look and Sweet Karolina is clearly yet another TW username or someone posting on his behalf in support of his trolling website. I noticed he has just posted an article and link to his troll website on the ADL BB. ADL is another company TW is trolling a company with a high calibre BOD and anyone of them has achieved far more than TW has or ever will if he lives another 100 years !

[sweet karolina] 01/11/2016 09:54

From full annual report:

“Emphasis of matter – going concern: In forming our opinion of the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 2 to the financial statements concerning the Group’s ability to continue as a going concern.

Within a period of less than twelve months from the reporting date the Company and Group will require further funding to meet their working capital requirements and in order to fund the development of the Group’s projects. There are no confirmed funding arrangements in place at present and this condition, as explained in Note 2 to the financial statements, indicates the existence of a material uncertainty which may cast significant doubt about the Company and Group’s ability to continue as going concerns. These financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern.”

[blueball] 31/10/2016 08:20

Down again first thing.

[nick rubens] 30/10/2016 09:58

If a placing is imminent and I'm not sure, though definitely at some point in the months ahead IMO and likely quite huge IMO, then what annoys me is the whole forward sold placings culture that has sprung about on AIM.

If ADL is worth it's salt, so to speak, then existing shareholders would accept a placing at a higher price ( to reflect any value that has been achieved, if any?) and fund it themselves, including the directors.

Why is it that there is this bucket shop mentality on AIM which lines the pockets of brokers and disloyal opportunistic flippers who effectively destroy existing shareholders wealth?

[doshdabbler] 28/10/2016 12:48

Cash burn is breathtaking

[tidy 2] 28/10/2016 12:31

What a load of poop

[sleveen] 28/10/2016 09:13

Large placing required.

[blueball] 28/10/2016 09:11

Shareholders have been seriously missled by the board.

[dailylarma] 28/10/2016 08:33

DW is the winnerShareholders are the losers

[blueball] 28/10/2016 07:59

Wonder what the share price will do today.

[yorgi] 27/10/2016 19:19

Doshdabbler

Have you considered how many meetings would have been required, emails exchanged and documents produced and verified to complete this deal alone ?



The plus side of course if you believed in the company 7 days ago then they have just got cheaper to buy/add :-)

[yorgi] 27/10/2016 19:11

What do you base that on Doshdabbler and I wonder why you were not suggesting that when you made the declaration on the 20th that you were now a shareholder ?

I notice in a previous post you commented "Beggars belief how this board can do absolutely nothing for a year.". I wonder if you have been looking in the wrong place for what the BOD has completed in the year :



Whether the share price is a true reflection of what progress our BOD have made in building the company towards achieving it's objectives is of course another matter !

[doshdabbler] 27/10/2016 18:01

Placing looks an inevitability now. Utter shambles of a company.