Cadogan Energy Solutions Share Discussion Threads

[thordon] 23/2/2021 19:40

Thursdays the dead line for loan repayment or transfer of shares in proger

[brumbrum79] 23/2/2021 11:15

Proger spa - a new agreement with EDP renewables Italia

23.02.2021
Framework Agreement with EDP Renewables Italia Holding for electrical substations for wind farms

Proger enhances its relationship with EDP Renewables, winning a two-year framework agreement for the supply of electrical substation design services for renewable plants that EDPR plans to build in Italy. Proger will have to provide the Executive Project and prepare all the documentation required to launch the tenders for its construction.

The agreement, which follows the one for the provision of technical assistance services and supervision of works related to the development of wind farms and photovoltaic systems, confirms the company’s experience in the electrical substations sector, an area in which it also works for other important Italian players such as Terna and Enel.

The first project concerning the substation connected to the Fulgatore wind farm in the province of Trapani is currently underway. Proger will be responsible for the development of the executive project (civil and electromechanical) of the EDPR electrical substation for the connection to the National Transmission Grid (NTG) of the electricity produced by wind power, coming from 12 wind turbines with a unitary power of 3.65 MW, for a total power of 43.8 MW, installed in the Wind Farm. The substation will enable the transformation of the energy produced by the wind farm from 20 kV voltage to 150 kV voltage for connection to the National Transmission Grid (NTG) with 150 kV voltage. The user station will consist of a 150 kV operating voltage section, with relative step-up transformer, and a 20 kV operating voltage section for the connection to the wind farm.

Link:
hxxp://www.proger.it/en/framework-agreement-with-edp-renewables-italia-holding-for-electrical-substations-for-wind-farms/

[thordon] 20/2/2021 10:17

Time will tell , think it was a bargain chip to grab more shares if unable to repay.

[itsriskythat] 19/2/2021 18:36

This discount to cash plus invested cash is currently so large that almost ANY clarification all over of the future corporate strategy would do wonders for the share price. Failure to do so in the next few days would not only be a missed opportunity by Khallouf, but would show that he is unfit to be leading this little oil company. Surely Khallouf can't be that useless?

[shortcpx] 19/2/2021 11:26

We do know they've reminded the borrower and other shareholders of the loan repayment date. They wouldn't have RNS'd that if they were looking to exercise the call option.

[brumbrum79] 19/2/2021 11:20

Russman..
From july 2020 Cadogan Petroleum has:
his board director inside the management board of proger ingegneria and proger spa, his member in the statutory auditors of P.I.;

Taken directly from HY2020 cadogan:
'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.'

From July 2020 to now, Cadogan's management, maybe some main shareholders, have access to Proger's information & data.
"maybe" also preliminary financial account 2020 and business plan/forecasts for 2021-2022.

Only Cadogan's small shareholders/minorities knows nothing about that.

[russman] 19/2/2021 06:26

Don't know if it is a good equity investment unless CAD get to see some Proger financial accounts.

[shortcpx] 18/2/2021 04:19

Not long to go. RNS next Friday?

[researchcentre123] 17/2/2021 23:02

Wld make sense perhaps - if proger us any good - to renegotiate the option agreement to get more shares

[russman] 17/2/2021 09:34

We cannot value Proger equity as a current investment.

[shortcpx] 17/2/2021 07:47

But the recovery from selling the shares is capped at the loan amount. Whereas there's potentially more upside from converting the options if that stake was worth more than the loan. Doesn't seem the case of they're pushing for a loan repayment

[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.