Cadogan Energy Solutions Share Discussion Threads

[thordon] 05/4/2021 12:16

Cadogan will still be held by the share holders , its where a company increases its holding in another company and is covered by reverse takeover rules.
As the stake is worth more the Cadogan current share price which is undervalued anyway.

[researchcentre123] 05/4/2021 06:09

So how would a reverse takeover work - as things stand at most Cadogan would be a minority shareholder, so what would this mean? As far as I can make out they'd end up shareholders in a company whose management hates them so wouldn't be likely to pay any dividends....

[russman] 04/4/2021 21:12

Claim the security.
Sell to the highest bidder.
Bankrupt Proger for any balance.
Or
The best option is a reverse takeover on CAD's terms not Proger.

[thordon] 03/4/2021 18:58

Unless we know the terms of the loan deal and securities then we are guessing.
We have only the RNS to go by.
Still even if we end up taking the options in the shares this still has to go to vote as will end up being a reverse takeover by rules of Aim.
We will know soon as Cadogan will be applying assets freeze on Proger & management SRL in the coming weeks.
This is quite a easy process.
Proger & management SRL could raise the money but suspect that the shares bought are security over the debt and hence lays the problem of not paying back debt.
The Deal was set up with the old Italian management who was removed over a year ago , maybe a buddy help me out and we do a deal which has now backfired.

[researchcentre123] 03/4/2021 16:33

The trouble is the loan is to a holding company only, which is what makes all this look so suspicious - I could understand lending money to a company so you have recourse over it's assets. But lending money so someone can buy shares in an unlisted company? There is not a bank on earth that would have done this deal. If they leant you or me the money, we would have at least put it in something we could liquidate when the money was required back.....maybe not shares in a Cadogan as it's not liquid enough but something much bigger. As it is, it seems to be a structure designed to give Cadogan as little security as possible.

[targatarga] 03/4/2021 13:50

Perhaps a judge could be bribed to freeze Progers assets!

[diesel] 03/4/2021 11:25

This is a strange operation and this fiasco adds the curious way the management operate.
Why did they not put forward a director to Progers board, surely that would have been a required minimum to oversee their investment and gauge the appropiateness of taking a stake in the business. This money is about half the value of the business, surely they would have been in negotiations about the settlement before the due date.
It is beginning to look like Cadogan have been scammed.
Why would Large Italian engineering consultancy business look to a small UK business to borrow money, did they approach banks to raise debt?, did they try to issue corp. bonds?
Looks like you’re probably right Reaserch.... years of time wasting will now ensue just like trying to get the Ukraine government to issue licences when you’ve complied with all the formalities.

[researchcentre123] 03/4/2021 11:05

Well that's the $14m question. What is a minority share in an unlisted company worth, especially if the directors take their profits in salaries rather than dividends? I don't know. I'd be interested if anyone has a balance sheet or accounts for proger - might give us some idea

[russman] 03/4/2021 10:11

Is their participating interest in Proger Ingegneria SRL still worth 14m E.

[researchcentre123] 03/4/2021 09:13

Called buying time. Start with arbitration, when that doesn't work out, apply for a court case. 2 years later proger loses but in the meantime has had a loan extension of 2 years....and who knows if anything will be left of the "loan" money after that.

[brumbrum79] 02/4/2021 17:10

1.04.2021
New communication Proger Manager & Partners S.r.l.
Below is the note sent today by Proger Manager & Partners S.r.l. (PMP).

Link:
hxxp://www.proger.it/en/new-communication-proger-manager-partners-s-r-l/

[77howard] 26/3/2021 20:59

Pantheon Resources (PANR) about to rocket:

Talitha #A well on the Alaskan North Slope has encountered five significant oil bearing zones plus an unexpected additional prospective zone.

"The results to date and the potential economic value as discussed earlier i.e., 350-500 million barrels of recoverable oil at an estimated NPV10 of over $10/bbl (at today's oil price) represents a huge potentially multi billion dollar prize that we can test over coming weeks."

[77howard] 26/3/2021 20:58

Pantheon Resources (PANR) about to rocket:

Talitha #A well on the Alaskan North Slope has encountered five significant oil bearing zones plus an unexpected additional prospective zone.

"The results to date and the potential economic value as discussed earlier i.e., 350-500 million barrels of recoverable oil at an estimated NPV10 of over $10/bbl (at today's oil price) represents a huge potentially multi billion dollar prize that we can test over coming weeks."

[researchcentre123] 26/3/2021 20:06

Yes ....a lot of uncertainty with a 20% spread on the share.......

[targatarga] 26/3/2021 16:42

Could be an Italian film plot..... lend us your money or end up dead.

[researchcentre123] 26/3/2021 15:04

I say that because if you make a loan, you need to know how the borrower is going to pay it back. In this case as the money was spent on illiquid shares it would appear there was never an intention to repay

[researchcentre123] 26/3/2021 14:43

Well the business is litigation. Actually if I took over a company whose previous management had lent out it's money to a shell with little security, I'd be looking at whether the criminal courts were more appropriate. The only problem with that route is you're even less likely to get your money back. I might also look at the liability of the previous management and whether they had breached their duty of care

[russman] 26/3/2021 07:56

Disagree with "diligent".

[targatarga] 26/3/2021 07:22

Don't forget overpaid!

[itsriskythat] 26/3/2021 07:13

Shortest RNS in history.

Here are some more words .. tardy, slow, delaying, inactive, laggard, lazy, procrastinating, remiss, slack, sluggish and diligent.

But dilatory does the job.

[targatarga] 25/3/2021 08:08

I wonder what Michelotti thinks of this now?

[russman] 25/3/2021 07:51

PMP was the holding company.
If it still is; the Proger empire would unravel very quickly.
Maybe PMP has already been emptied.

[shortcpx] 25/3/2021 07:17

He's got verbal emphysema. Terse RNSes because he thinks RNS charges are by the word

[itsriskythat] 24/3/2021 20:40

Is Fady getting legal advice, because he's had long enough to get some and plan for this endgame?