Cadogan Energy Solutions Share Discussion Threads

[thordon] 17/1/2021 12:37

Case № 640/12569/19 summons to court on 19 January 2021
December 2, 2020 ; Case № 640/12569/19
MESSAGE-MESSAGE *
3rd person:
Oy Land Gez Eversis Trading BV
Stravinskylaan 1531, Tower B, 15 floors, Section TV-15-046,
Amsterdam, The Netherlands
The Sixth Administrative Court of Appeal informs you about the consideration of the appeals of the Limited Liability Company "Astrogaz", the Limited Liability Company "Naftogazkspluatatsiya" against the decision of the District Administrative Court of Kyiv dated October 6, 2020 in the case of the administrative liability of the Limited Liability Company "Astroga" to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company "Naftogazsekspluatatsiya", Company "Oy Land Gez Eversis Trading BV" on the recognition of inaction illegal and the obligation to take action, which will take place at 10:10 "19" January 2021 at the address: st. Moscow, 8, building. 30, Kyiv, 01010 (presiding judge - Pylypenko Olena Yevheniivna,courtroom № 1).
In accordance with Part 2 of Art. 313 CAS of Ukraine non-appearance of the parties or other participants in the case, duly notified of the date, time and place of the case, does not preclude consideration of the case.
Secretary of the court hearing __________________ Vasylenko Yuliya Andriivna
* in accordance with paragraph 6 of Part 2 of Art. 125 CASU, the person who received the summons in connection with the absence of the addressee, must immediately notify the addressee
...
Now We know it, some news/update after 19 January 2021.

[diesel] 16/1/2021 17:36

See post 19613, thanks to Brum Brum....

[itsriskythat] 16/1/2021 12:44

How did you find that out?

[diesel] 16/1/2021 12:23

19th Jan, there’s a hearing to try and resolve the licence issue, not expecting much here but who knows...

[targatarga] 13/1/2021 22:15

I'm sure Brumbrum will fill us in!

[russman] 13/1/2021 20:54

awaiting any news.

[johny cash] 13/1/2021 13:41

I might be interested if price closed above 3.1 for more that 27 seconds.

[fillipe] 12/1/2021 13:45

Good to see CAD over the 3p at the ASK.

f

[russman] 06/1/2021 09:35

Exactly; why bother. Not that illiquid.

[thordon] 05/1/2021 20:45

Low value , unless news pending ?

[russman] 05/1/2021 20:31

last trade at 3.29 looks desperate. way over the odds.

[diesel] 05/1/2021 11:37

Signs of life?

[targatarga] 24/12/2020 08:06

BrumBrum79 - You as always have a good angle. Cadogan is like a woman who can't be tamed. From the early court cases till now we suffer as pitfalls and adulterous relationships continue.Cadogan is older now and continues to find problems. Let's hope she doesn't fail now.

Final outcome could be?

[russman] 24/12/2020 07:51

A lot of valuations have changed dramatically in the last year. No way of estimating Proger's current value. Hope for repayment or more onerous terms if "extended".
Spread has widened for holiday.

[brumbrum79] 23/12/2020 23:44

Update about Ukrainian Natural Gas Market & Prices:

Fingers crossed for Cadogan's NG Trading business in this Heating Season...

Six months ended 30 June 2020 30 June 2019 Year ended 31 December 2019
$’000 $’000 $’000
Notes (Unaudited) (Unaudited) (Audited)
Provision against unsold gas inventory
(614) (650)* (1,946)


Resource Weighted average price with VAT (on all payment terms),UAH/thousand cub. m

January 2021 7 256,43

December 2020 6 329,75 *

November 2020 6 101,31
October 2020 5 983,81
September 2020 4 702,90
August 2020 4 238,69
July 2020 4 087,61

June 2020 3 692,34 *

May 2020 3 701,52
April 2020 4 698,41
March 2020 5 303,24
February 2020 5 764,30
January 2020 5 763,78

December 2019 5 307,08 *

November 2019 5 819,78
October 2019 5 140,78
September 2019 4 702,90
August 2019 5 503,38
July 2019 5 756,54

June 2019 6 664,67 *

May 2019 6 976,50
April 2019 6 904,48
March 2019 7 921,16
February 2019 9 204,88
January 2019 9 822,93

December 2018 11 736,40 *

November 2018 12 062,83
October 2018 12 385,83
September 2018 11 389,95
August 2018 9 786,37
July 2018 9 589,67
June 2018 9 304,39
May 2018 9 007,57
April 2018 8 647,78
March 2018 8 305,96
February 2018 9 159,13
January 2018 9 683,94

[brumbrum79] 23/12/2020 23:14

* Cadogan Petroleum HY Report 2020 - page 4:
'This led at the end of July 2020 in the effective nomination of a new representative of the Group as Board Director of Proger Ingegneria and Proger, and the effective nomination of another Group’s representative as member of the Board of Statutory Auditors of Proger Ingegneria.'

'Cadogan has recently received legal and financial information communicated by Proger and related to Proger’s activities for 2019 which the Company is presently analyzing. However, the Company is still to receive information regarding H1 2020 trading and critical information regarding forecasts and the new business plan of Proger for the next years.'

Cadogan was not informed about Proger's HY 2020 and updated forecasts/new business plan;

* Proger Spa - Proger Ingegneria Srl - PMP Srl - they are unlisted company but you could find, see and read their Financial Accounts Report (2019 and older) on the italy Companies House Register.
italy Companies House Register is like Uk Companies House Register.

* 'targatarga 22 Dec '20 - 16:35 - 19645 of 19647
I'm wondering if Proger is thinking of playing dirty. Cadogan have been lucky in the courts so far! Imho.'

It could be... It could happen...


* 'targatarga 20 Dec '20 - 20:44 - 19637 of 19648
So Proger was Micholottis poison pill! Interesting....'

I have a different view, Proger was a SPQR "poison pill" to meeus/salik...



* Proger Spa Shareholders:
Proger Ingegneria srl -> 75,96%
Simest Spa (Italian government agency which supports local companies to achieve export driven growth) -> 20,53%
Manitalidea spa -> 1,81%
Proger spa -> 1,70%

After Capital Increase in Proger spa of Proger Ingegneria Srl, the indirect interest will be 25% (33% x 75,96%);

Proger Ingegneria Srl Shareholders:
PMP Srl -> 72,93% (#)
Tifs Partecipazioni Spa -> 20,37%
Ma.Lo. srl -> 6,70%

(#) CAD has a shares pledge on a part of these;



Imho, the original plan (Cadogan's previous management board by SPQR) was:

1) feb 2021 -> exercise of the Call-Option;

2) July-Sept 2021 -> Merger of Proger Spa and Proger Ingegneria Srl -> 'New' Proger Spa;

3) Ipo of 'New' Proger Spa on the stock market - target 2022/2023;
Proger Spa first business plan was 2019-2023 (5 years)

[targatarga] 22/12/2020 19:08

It was strange how Fady managed to get such a large percentage when Michelotti was ousted.

[researchcentre123] 22/12/2020 16:44

Makes sense. It's a shame they didn't put in some management who had a better track record but they still have to be an improvement, although the new MD did exactly nothing for the share price at his last company over 9 years.

[targatarga] 22/12/2020 16:35

I'm thinking that Michelotti weeded Cadogans cash for Proger. Cadogans main holders smelt a rat and did an oust. Michelotti then left Proger for fresh pasture. Maybe fruit shall be harvested but it could take time. Imho

[researchcentre123] 22/12/2020 08:50

As far as I can make out the only asset of the shell they've lent to is shares in the main Proger company, so its only way of repaying the loan is selling some shares. I have no idea what they are worth, given it's unlisted and not publishing accounts. However Cadogan would be foolish to accept the original share purchase agreement. I suppose there could have been tax advantages for progers shateholders doing it like this but if it were the case then Cadogan would presumably have made more of the matter and ensured they had accounts to show their small shareholders. I can't really see the value in a listed company owning a minority share in unlisted shares as they become completely at the mercy of that other company. So here at Cadogan minority shareholders are at the mercy of the majority who are in turn at the mercy of the majority at proger if they buy in

[russman] 21/12/2020 16:49

But what would the 33% minority stake be worth now in the current circumstances.
Does this "shell" company still have the stake or the ability to repay the loan on time.
I suspect the stake is secured to the loan; was the cash just bridging for tax purposes.

[researchcentre123] 21/12/2020 16:21

Well the whole business was dirty. Proger after all is unlisted so who would lend money to invest money in an unlisted company that can only be repaid by reselling those shares? Imagine Cadogan is unlisted. I lend you 2 million to buy some shares in it. How are you going to repay? Just hope you can find a buyer who wants a minority stake I suppose but that is very difficult. My guess is they'll demand repayment and if they don't get it demand a lot more shares than originally agreed.

[targatarga] 21/12/2020 15:04

I'm wondering if Proger is thinking of playing dirty. Cadogan have been lucky in the courts so far! Imho.

[thordon] 20/12/2020 21:27

The Terms are that a member of CAD was to join the board of Proger ( this did not happen )
The 2019 - 2020 accounts not released , but data has been submitted to CAD directors to be annualised.
If CAD do not use the option to purchase shares in Proger , then Proger must repay the amount plus 5% compounded just short of $16 million return to CAD.
Which ever the directors will act to the best interest of the company , Broker estimated that the stake in shares was worth $20 million.

For me both options are good and company has a undervaluation , as the fact that this is dominated by large shareholders there's is no one share holder over 21%