Cadogan Energy Solutions Share Discussion Threads

[researchcentre123] 17/2/2021 07:34

My point is if the shares in an unquoted company proger probably aren't worth as much as the agreement is to pay, so they could demand repayment and then seize more shares when that is not forthcoming (which I think we'll find is not). They could probably sell 57% of proger quite easily for the loan amount. Alternatively they could negotiate a higher location of shares, although I think they shld go for the cash.

[1hughb] 16/2/2021 17:07

The advantage with enforcement is they should get more shares if not the lot

[targatarga] 16/2/2021 10:56

Management have a no communication policy!

[shortcpx] 16/2/2021 10:45

As you've been here for a while, do you have any contact with management? Tried contacting a few days ago but no response

[shortcpx] 16/2/2021 10:42

Thinking about it, they may well have to exercise the option if they want to avoid the hassle of enforcement which gets them to the same place anyway:

[thordon] 15/2/2021 21:50

Maybe well we will find out soon , my bet is we will get the options in Proger.
Then a vote , then couple weeks with suspended from Aim for the reverse take-holder rules

[shortcpx] 15/2/2021 12:39

If they RNS'd a repayment reminder it's obvious call option conversion never mind a full blown RTO is off the table. Seems they'll persevere with their Ukrainian assets now production is restored and prices are recovering.

[russman] 15/2/2021 12:05

or take the cash.

[thordon] 14/2/2021 20:22

Next 5 weeks we should see multiple RNS , the oil permit issue being one of them , Then tax court case and Proger Loan.

May look up the court cases when ive a spare couple of hours , navigation of Ukrainians law system is tiresome.

Proger is a interesting one as they have been looking to list on the main , wonder if in the back ground they could use Cadogen in a reverse takeover.

With progers share option and capital of cadogen and assets this would give a 57% majority in the company as combined.

For that to happen our share price would need to be 20p to 25p a share to reflect true value of cash and assets

[russman] 11/2/2021 08:08

was that not a couple of years ago & the shareholders kicked the old management out.

[brumbrum79] 10/2/2021 21:43

Thordon, I agree.

[thordon] 10/2/2021 21:14

If i was the management i would go for the call option of shares .
Remember there was a broker who had valued the shares at £20 million if converted.
Anyway the action of reminding of calling the loan may be a to get a larger slice of the pie.

[brumbrum79] 10/2/2021 19:13

10.02.2021
Awarded to the JV led by Proger the surveillance activities of the ASPI network works

Proger, in JV with Bureau Veritas Nexta, Tecno Piemonte and Tecnolab, was awarded by Autostrade per I’Italia the tender for the surveillance of the works related to the network managed by Aspi falling within the national territory.

The JV led by Proger was first in the ranking of a public tender procedure, carried out by a tender commission appointed by the Ministry of Infrastructure and Transport, for each of the three overall lots into which the contract was divided according to the competence area of the Territorial Offices.

Proger will therefore offer integrated engineering services regarding supervision and control, the execution of tests and instrumental, functional or related surveys – quarterly, annual or bi-monthly – partly “scheduledR21; and partly “on call”, for a total of 7,385 works of art, including viaducts, overpasses, galleries and minor works.

The operational organization foresees the activation of a Front-Office in close proximity to each of the Territorial Offices and a Back-Office for all coordination and engineering activities at Proger’s headquarters in Rome, which will ensure homogeneity of approach, planning and evaluation for all artworks on the network.

This assignment follows the checks already carried out by the company on over 4,500 works throughout Italy starting from 2019, thus ensuring immediate operation and an already consolidated knowledge of the needs and problems to be solved.

The tender-based contract has a duration of 3 years, extendable for other 2 years, for a total value of € 67,500,000.

Links:

hxxp://www.proger.it/en/awarded-to-the-jv-led-by-proger-the-surveillance-activities-of-the-aspi-network-works/

hxxps://www.autostrade.it/it/web/mobile/comunicati-stampa/-/detail/2069D2A70DB095AFC1258630005A4A18

Good Reading

[russman] 10/2/2021 10:09

It is a call option.

[targatarga] 10/2/2021 08:04

However I look at this we're talking years. Cadogan have been unable to stay out of the courts for very long. Can we even say that Progers books are 100% accurate(it's not as if Cadogan have access to the facts). Many a business have dodgy foundations/liabilities. Imho

[shortcpx] 10/2/2021 07:16

Why a long case? They have a share pledge so just a process of getting a court sanctioned sale. If they decide to keep the shares then it's a potential RTO.

[researchcentre123] 09/2/2021 22:31

It would seem the old management thought they'd lend the company's money to their mates. However neither side counted on the management getting thrown out and actually having to pay back the money. My prediction - no money on 25th Feb as it's been spent buying new shares in Proger. Where else will they get it from? So there'll be a long legal case after which the shares in proger get grabbed by Cadogan and sold for much less than the loan amount. Still there's an argument that the loan is worth something but what shld be the discount? 50% or less? And how long - 2 more years?

[shortcpx] 09/2/2021 18:46

We know they're not exercising the call option. Question is whether they repay on time, have discussions around restructuring etc or enforcing the pledge which may end up in a RTO scenario. Last RNS was too brief.

[russman] 09/2/2021 07:58

CAD do not own any Proger equity yet, it is a convertible loan.

[huffster] 08/2/2021 11:24

Proger's original press release. Not seen much evidence of collaboration. (Not seen much evidence of anything really...)

hxxp://www.proger.it/en/progers-capital-increase-takes-shape/

[diesel] 08/2/2021 11:12

I suppose we should be asking why they invested here in the first place, I always thought that were seeking spin off opportunities from Progers O&G interests, or maybe they were looking to enter new markets, O&G in the Ukraine is proving very lack lustre.
Haven’t Cad got a director on the board, so difficult to find any corporate info. actually any info for that matter! I think a good result would be to get the cash back, if only the original loan.

[russman] 07/2/2021 19:39

But how much is the minority stake currently worth.

[itsriskythat] 07/2/2021 16:58

Exercising the option would give Cadogan 33% of Ingeneria.

Cadogan would have an increased 25% of Proger spa. This should be compared to the 22% of Proger spa at the time of the loan in Jan 2019.

Source: Ingeneria now owns 76% of Proger spa

[russman] 07/2/2021 07:17

It is a convertible loan to a third party holding company.
If there is no repayment on due date, claim the security (value unknown) or bankrupt the holding company & get x% cents in the euro.
Only the Directors of the holding company know what value is left in the holding company at this point.