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Share Name Share Symbol Market Type Share ISIN Share Description
Cadogan Petroleum Plc LSE:CAD London Ordinary Share GB00B12WC938 ORD 3P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 3.70 29,306 08:00:00
Bid Price Offer Price High Price Low Price Open Price
3.40 4.00 3.70 3.70 3.70
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 4.43 -1.58 -0.68 9
Last Trade Time Trade Type Trade Size Trade Price Currency
15:06:56 O 29,306 3.43 GBX

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07/3/2021
08:20
Cadogan Petroleum Daily Update: Cadogan Petroleum Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CAD. The last closing price for Cadogan Petroleum was 3.70p.
Cadogan Petroleum Plc has a 4 week average price of 3.60p and a 12 week average price of 2.70p.
The 1 year high share price is 4.75p while the 1 year low share price is currently 2.25p.
There are currently 235,729,256 shares in issue and the average daily traded volume is 70,662 shares. The market capitalisation of Cadogan Petroleum Plc is £8,721,982.47.
06/3/2021
12:56
thordon: RATING COMMUNICATION Cerved Rating Agency on 23/04/2019 awarded the A3.1 rating to Proger S.p.A. Proger SpA (Proger or Company) is mainly active as an engineering company for the construction and management of infrastructure works, Oil & Gas and construction at national and international level. The reference shareholders are Sgambati Umberto and Lombardi Marco, President and both AD of the Company, through Proger Ignegneria Srl (72% of Proger SpA) and Proger Managers & Partners (54.99% of Proger Ingegneria Srl). The Company has also been owned since 2015 by Simest Spa, with a 27% stake. In March 2019, the Company and its parent company Proger Ingegneria Srl concluded a paid share capital increase of 13.4 million euros, carried out through convertible financing granted by Cadogan Petroleum Holdings BV,a Ukrainian companylisted on the London Stock Exchange, to Proger Managers & Partners. In return for the exercise of the right of conversion, Cadogan will hold 33% of the capital of Proger Ingegneria Srl. Fattori di rating (Key rating factors) • Business model and market positioning Proger operates in four lines of business: Multidisciplinary Engineering (M.E.), Infrastructure & Real Estate (approximately 58.1% of the Value of Production, VdP, 2018), Oil & Gas (about 38%) and Security (1.4%) and Special Projects – Green Energy (2.4%). The Company develops its activity mainly abroad (67.7% of the VdP, in 2018), with a strong contribution from Saudi Arabia and Egypt, and in Italy (32.3% of the VdP), both through internal workforce and through subcontractors, according to the needs and types of orders acquired. The Company also operates with some local legal entities that are not currently consolidated in the results of Proger Spa, but whose financial statements are revised. It is the leading italian no-captive company in the sector and among the top 100 internationally (81st in 2018), benefiting from consolidated relationships with international players such as Eni and Leonardo, and national players, such as Terna, BNL and Anas. The Company is also a leader in the design of hospitals, with a consolidated track record on the national scene. • Key financial results The pre-final stand alone results show a VdP of 104.2 million euros, down on 2017 (-5.4% YoY), mainly due to a lower contribution from division M. E. (-27.8 million, -23% YoY), despite the growth of b.u. Oil & Gas (+11.2 million, + 12.2% YoY) and b.l. Infrastructure (+7.4 million, +7.4% YoY). EBITDA adj. increased to 9.9 million (9.2 million in 2017), thanks to b.l. Infrastructure(+3.5 million) which compensates for the reduction of the other b.u. (-0.7 million Oil&Gas and -0.9 million M. E.). The EBITDA margin, similarly, grew to 9.4% (8.3% in 2017), due to the different mix of b.u., the largest contribution of which derives from the B.L. Infrastructure and M. E., characterized by a greater margin. EBIT is suffering the same trend as EBITDA (7.9 million in 2018 vs 7.3 million in 2017, +7.1% YoY), compared with constant depreciation and amortization (1.9 million in 2018). Peg financial management for higher foreignexchange losses(0.4 million in 2018 vs 0.2 in 2017) and financial charges (1.7 vs 1.5 million) due to increased entrustments, with ebit coverage interest at 4.72x. Net profit is expected to be 4.1 million, in line with 2017 (4.0 million). From a financial point of view, the adjusted PFN for leasing stands at 32.4 million euros, an increase of 5.8 million euros compared to 2017, with an adj./EBITDA ADJ. PFN at 3.28x. As far as legal entities are concerned, revenues amount to approximately 20 million (13.4 million in 2017), with EBITDA of 2.2 million (1.8 million in 2017) and liquidity of 3.5 million, while the financial debts referred to them are in the hands of Proger SpA. The PFN adj / EBITDA adj pro- form, as a result, stands at 2.92x. The order book at 31/12/18 amounts to approximately EUR 345 million, consisting mainly oforders in Saudi Arabia and Tunisia andframework agreements with Eni and Terna. The backlog, together with the 31/12/18 pipeline of approximately 674 million, guarantee visibility to the development of the plan (VdP expected to 168.8 million in 2019 and peak at 238.6 million in 2021). • Liquidità (Liquidity) The trend in operating liquidity denoted a negative balance of 6.3 million, due to the significant negative change in the CCN that totally absorbs the Gross Operating Cash Flow. The trend is impacted by the choice to finance some strategic suppliers, obtaining improvement economic conditions tosupport marginality, without limiting their availability of bank trusts. As of 31/12/18, in fact, the Company maintained an adequate buffer of about 20million on thetrust, useful for the development of the future growth plan. The increase in paid capital will also allow new financial resources to be raised with banks or private debt, in support of the growth plan. Key risk factors • Market risk The Group is heavily dependent on macroeconomic and geopolitical dynamics, both internationally and nationally. With regard to abroad, it constantly monitors the country risk both before participation in a tender and periodically during the development of the orders in place. Similarly, in Italy, specific analyses are carried out to assess the creditworthiness of potential contractors before and during the development of a contract. • Operational risk Individual orders are subject to the risk of delays and slippage, covered by insurancepolicies. The Group's prospective results depend heavily on the performance of the first four projects (about 87% of the 2019 VDP). • Financial risk The Group is exposed to fluctuations in the interest rate on existing variable-rate loans, neutralised through the use of derivative hedging instruments (IRS on the aforementioned type of financing contracts). The Group limits currency risk by adopting a natural hedge policy on foreign orders. Rating assumptions • Production development in 2019-2020 in line with the business plan in terms of revenues and margins, unlike in 2018 due to the delayed capital increase in support of the growth plan • Sustainable growth of the CCN, with a progressive reduction in average days of collection as a result of the credit management policies initiated by management in 2017 • PFN growing in line with business development, with PFN/EBITDA < 2.75x and EBIT interest coverage > 6.0x in 2019-2020 • Completion of the acquisition plan in 2019 and development of expected constant flows in the Business Plan Rating sensitivities • A trend in line with rating assumptions will allow the maintenance of the current rating class • A deterioration in economic and financial performance compared to credit rating assumptions could lead to a downgrade of the assigned rating The methodology used can be consulted on the Cerved Rating Agency website – www.ratingagency.cerved.com Analyst Responsible: Donato Biancosino – donato.biancosino@cerved.com Chairman of the Rating Committee: Cristina Zuddas – cristina.zuddas@cerved.com Cerved Rating Agency's rating, issued pursuant to Regulation (EC) 1060/2009 and subsequent amendments and additions, is an opinion on the merits of creditand that expresses in summary the ability of the evaluated entity to meet its obligations on time. Cerved Rating Agency's rating does not constitute investment advice or a form of financial advice; it does not amountto recommendations for the sale and holding of securities or for the holding of particularinvestments, nor does it provide any indication as to whether a particular investor should make a particular investment. The rating is subject to continuous monitoring until its withdrawal. The rating was issued at the request of the evaluated entity, or related third parties, who participated in the process by providing the necessary information requested by the analytical team. In addition, available public information and proprietary informationobtained from sources trusted by theCerved Rating Agency were used in the analysis. The rating has been communicated, within the time limits provided for by the current Regulation, to the person evaluated for the verification of any material errors.
19/2/2021
18:36
itsriskythat: 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?
14/2/2021
20:22
thordon: 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
03/2/2021
09:31
russman: The CAD share price suggests that there will be no repayment. Surprising there has been no negotiations to date.
03/2/2021
00:52
brumbrum79: For Thordon: In the Operational Update it's not indicated the average sale price ($/Boe) of the Crude Oil production realized in the 2020 so it's not so easy to estimate Crude Oil revenues 2020 -> $??/Boe 2019 -> $47/Boe 2018 -> $52/Boe Brent Crude Oil average annual price: 2020 $41.7/Boe -> -35% yoy 2019 $64.3/Boe 2018 $71.3/Boe Ukrainian Crude Oil price = Brent Crude Oil price less a discount 2020 Crude Oil production 106.400 Bbls -> 291Bopd (288 Bopd in the 2019) Imho, it's better to be more conservative about Oil production revenues -> 3,5 Usd millions. I try to explain my opinion. we know these from HY2020 report: 1HY Crude Oil production -> 230 bopd -> 182 days * 230 bopd = 41.860 Bbls 1HY Crude Oil/E&P Revenues -> 1.263.000 Usd 1HY Crude Oil average sale price -> $30,17/Boe 1HY BRENT Crude Oil average Price -> $39,90/Boe Estimated Discount price for Ukrainian Crude Oil vs. Brent -> -$9,73/Boe -> $10/Boe For 2HY2020: Estimated Crude Oil Production -> FY-1HY -> 106.400 - 41.860 = 64.540 BBls Estimated Daily Crude Oil Production -> 64.450/184 days = 350 Bopd 2HY BRENT Crude Oil average Price -> $43,62/Boe I apply the same discoun price as in the 1st semester 2020 -> -$9,73/Boe Estimated Ukrainian Crude Oil average price for 2nd semester 2020 -> $33,89/Boe Estimated Oil/E&P Revenues 2HY2020 -> 2.187.261 Usd Estimated Oil/E&P Revenues FY2020 -> $ 3.450.260 It's a conservative estimate. I'd like to remember this - directly from HY2020 pag. 6: 'The Company has performed successful work-over on the Blazhiv-10 well with the replacement of the sucker rod pump. Currently, all the four wells are producing with an average rate over 390 bpd as of 30 June 2020.' Blazhiv Oil Field -> 4 Oil producing wells: Blazhiv-10 -> 185-200 Bopd Blazhiv-3 -> 125 Bopd (oper. udate 03/2018) Blazhiv-1 -> 63 Bopd (oper. update 02/2018) Blazhiv-Mon-3 -> 24 Bpd (oper. udate 05/2018) _______________________ Blazhiv Field production 397-410 Bopd maximum Crude Oil Prod. Yearly 127.000-146.000 Bls (Bpd range 350-400) ______________________________________ Thordon, I agree about NG trading segment (AstroInvest-Energy). Ukrainian NG market is performing well (volume & prices), I would be surprised to see a negative result. Imho, the minimum target is recovered the provision/impairment (>2 Usd MM) of the previous year. ______________________________________ Last but not least, the management didn't write nothing about Astrogas LLC and Pirkviska area. This case was won but challenged in appeals court by geonadra & others... 2nd feb 2021 was the day. We will see... ByeBye BrumBrum
19/1/2021
22:18
brumbrum79: Until now No news about Astrogaz LLC and legal battle for Pirkivska license area. Radar & Sonar switched ON. This is not a good news: Cabinet of Ministers signs PSA on seven UGV sites, DTEK Naftogaz, Zakhidnadraservis and Geo Alliance Today at 11:00 in the Cabinet of Ministers, the Prime Minister of Ukraine Denis Shmygal and representatives of four companies, winners of PSA competitions, signed the long-awaited production sharing agreements (PSA) for 7 oil and gas fields. Thus, JSC Ukrgazvydobuvannia (part of the Naftogaz Group) concluded a PSA for four sections: Buzivska, Ivanivska, Balakliyska, Berestyanska. DTEK Naftogaz LLC has concluded an agreement on the distribution of products to the Zinkiv site, Geo Alliance LLC to Sofiyivska, and Zapadnadraservice, represented by Well Co LLC, to the Uhniv site. This was reported to ExPro by company representatives. Tenders for these agreements took place in 2019. Representatives of the Interdepartmental Commission for the Organization and Implementation of Production Sharing Agreements and investors conducted significant systematic work to form mechanisms for implementing Production Sharing Agreements, given that a year and a half has passed since the winners were announced. During this time, many political and economic changes have taken place, and the most painful for the implementation of PSA projects have been the price crisis in the hydrocarbon market, and the pandemic that has led to a global decline in economic activity. It should be noted that these seven projects for the implementation of oil and gas activities in subsoil areas, taking into account long-term prospects, are primarily designed to increase domestic gas production and further abandon import dependence. It will be recalled that Production Sharing Agreements are a systemic tool for the formation of state policy in the implementation of projects with investments in subsoil development and infrastructure construction. 13:01 / 31 December 2020 Link (Ukrainian Language): hxxps://expro.com.ua/novini/kabmn-pdpisav-urp-po-semi-dlyankah-z-ugv-dtek-naftogaz-zahdnadraservs-ta-geo-alyans 'DTEK Naftogaz LLC has concluded an agreement on the distribution of products to the Zinkiv site' -> Zinkivska - Oil & Gas Overseas Trading BV and Naftogazkspluatatsiya LLC (DTEK Naftogaz). Zinkivska included Pirkivska license (Astrogaz LLC) __________________________________________________________________________________ Some good news for Natural Gas Trading activity: Daily gas consumption in Ukraine reached a record 200 million cubic meters against the background of cold weather Daily consumption of natural gas in Ukraine on January 18 is expected at the level of 200 million cubic meters, 20 million cubic meters (11%) higher than the previous day (180 million cubic meters). This was announced by the director of GTS Ukraine Operator LLC Serhiy Makogon. According to ExPro, this is the highest value for the last 4 years. The sharp increase in consumption is due to lower temperatures throughout Ukraine. "The GTS system works normally," Makogon said. We will remind, during 2020 the population of Ukraine consumed 8,15 billion cubic meters, on 12% lower, than the average indicator for the last three years. Link (Ukrainian language): hxxps://expro.com.ua/novini/dobove-spojivannya-gazu-v-ukran-dosyaglo-rekordnih-200-mln-kub-m-na-fon-holodv Review of the Ukrainian gas market for January 11-15 The first half of January was ambiguous in the Ukrainian gas market. The activity of natural gas trade during the first decade was minimal. Prices for natural gas (January resource and gas in underground storage) in the first week of January fluctuated in the range of 8,000 - 8,300 UAH / thousand cubic meters. After a long weekend, from January 11 the market gradually enters the usual mode. During the week (January 11-15), the market was mainly traded in January and gas in underground storage. Natural gas prices in Ukraine last week repeated the dynamics of prices in Europe. The resource of January at the beginning of the week (January 11) traded in the range of 8,250 - 8,400 UAH / thousand cubic meters, closer to the middle of the week it rose to 8,900 - 9,000 UAH / thousand cubic meters. However, by the end of the week they are again decreased - to 8,200 - 8,400 UAH / thousand cubic meters, although on the last day there were offers and cheaper - at 8,000 UAH / thousand cubic meters. Gas prices in underground storage facilities on Monday (January 11) fluctuated in the range of 8,200 - 8,350 UAH / thousand cubic meters. At the end of the week gas in storage was also traded at 8,200 - 8,350 UAH / thousand cubic meters. At the peak of prices (Tuesday evening) - Wednesday morning) offers of individual traders for the January resource exceeded UAH 10,000 / thousand cubic meters. Prices reached the highest values ​​for the last two years (since February 2019). Some of the Ukrainian traders note that the prices were reduced, first of all, by large foreign gas importers. "Large importers with foreign owners were the first to hurry to reduce prices. "Even Naftogaz held on to the end, which is rather strange," one trader commented. With the end of the first half of January, the number of offers for the sale of the resource in February on the market is growing. Prices for the February resource during the week also decreased - to 8,250 - 8,400 UAH / thousand cubic meters at the end of the week. However, demand for it remains weak. According to traders, end consumers are in no hurry to buy, waiting for further price reductions and the release of mining companies with their own offers. "I think the main trade in February will take place in the last week of January. Next week, everyone will just look closely, the deals will be individual, and the entire bulk - in the last days of the month, "- said a representative of one of the mining companies. The price offers of mining companies, according to traders, may become the main pricing factors for resource prices in February. According to ExPro, some mining companies plan to start selling the February resource next week. The activity of natural gas trading on the Ukrainian Energy Exchange TV is relatively high, but gas is sold mainly by Naftogaz Trading. The leader in sales remains Naftogaz Trading LLC - 103 million cubic meters of resource in January and 1 million cubic meters of gas in underground storage with transfer in February. The weighted average price is UAH 8,938 per thousand cubic meters. The gas was also sold by Ukrainian Gas Trading LLC - 850,000 cubic meters of gas to the underground storage facility with a transfer in January at the weighted average price of UAH 8,535 / thousand cubic meters. Public procurement Prozorro. Kharkiv KEV is looking for a supplier of 2.5 million cubic meters of gas with an expected price of UAH 8,800 / thousand cubic meters (including VAT). Zhytomyr KEV will purchase 2.6 million cubic meters of gas with an expected price of UAH 7,676 / thousand cubic meters (including VAT). Both auctions are scheduled for March 22, 2021. ERU Trading LLC and Energy Trade Group LLC will supply gas to Ukrtransgaz JSC. ERU Trading will supply 20.33 million cubic meters of gas at the price of UAH 6,476 / thousand cubic meters (including VAT), and Energy Trade Group will supply 3.87 million cubic meters of gas at the price of UAH 6,603 / thousand cubic meters ( with VAT). Gas supplies are calculated by the end of 2021. Ecotechnoinvest LLC has entered into an agreement with Antonov for the supply of 2.6 million cubic meters of gas at a price of UAH 6,800 / thousand cubic meters (including VAT) until January 31, 2021. The previous supplier of Antonov was Energogazreserv LLC, which supplied 7.6 million cubic meters of gas at a price of UAH 6,000 / thousand cubic meters (including VAT) by December 31, 2020. Spot prices for natural gas in Europe over the past week have shown significant volatility. At the beginning of the week, Day Ahead prices fluctuated in the range of € 19.2-20.8 / MWh, during Monday-Tuesday they increased by 28% - to € 24.6-27.2 / MWh. On Tuesday, the Dutch TTF recorded a record daily increase in futures prices - over € 6 / MWh - to € 28,785 / MWh, a record value since September 2018. The reasons for rising prices - weather and LNG prices in Asia. Quotes on the Asian JKM on Tuesday renewed a historic high - above $ 30 / MMBtu against the background of gas shortages. All LNG goes to Asia, so supplies to Europe are minimal. At the same time, the rise in prices on Tuesday is called speculative - primarily due to the closure of positions by US hedge funds. From the beginning of Wednesday until the end of the week, gas prices in Europe fell as sharply as they rose in the first half of the week. As of early Friday, Day Ahead prices ranged from € 20.1-22.1 / MWh to about € 20 / MWh by the end of the day. The reasons for the decline - recovery from speculative growth, as well as lower LNG prices in Asia and updated weather forecasts for late January - first half of February, which show warming. Gas extraction from European storage facilities for the reporting week averaged 1.1 billion cubic meters, which is 3% more than last week. However, gas extraction from LNG terminals decreased by 10% compared to the previous week and ranged from 150 to 174 million cubic meters per day. In the first 13 days of January, more than 13 billion cubic meters of gas were extracted, 15% less than in the same period of 2020. As of January 13, 70.5 billion cubic meters of gas were stored in European underground storage facilities, of which 2.7 billion were in LNG tanks. In February, futures prices for the resource on the Dutch TTF during the first half of the week increased by 30% - from € 20.1 / MWh on Monday to € 26.2 / MWh at the end of Tuesday. By the end of Friday, they had fallen by 23% to € 20,075 / MWh. 11:08 / 18 January 2021 Link (Ukrainian Language): hxxps://expro.com.ua/novini/oglyad-ukranskogo-rinku-gazu-za-11--15-schnya UEEX: Resource Weighted average price with VAT(on all payment terms), UAH/1.000 cub. m February 2021 - 8.455,10 January 2021 - 7.924,14 December 2020 - 6.329,75 November 2020 - 6.101,31 October 2020 - 5.983,81 June 2020 - 3.692,34 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 The Ukrainian Natural Gas Market seems to perform very well in this Heating Season, both NG price and consumption. Imho, Cadogan's NG Trading Activity should be able to recover the previous impairment on the NG Stock (FY2019 and HY2020 -> impairment on NG 2/2,5 Usd Millions). ________________________________________________________________________________ Someone thinks/thought 'Proger is not transparent'.. Are you sure? This is the transparency of Cadogan's Management (fady & co.).. CADOGAN PETROLEUM HOLDINGS LIMITED (Sub-Holding -> 100% Cadogan Petroleum Ltd.) Company number 05255092 Registered office address 6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR Company status Active Company type Private limited Company Incorporated on 11 October 2004 Accounts overdue (by 19 days) Next accounts made up to 31 December 2019 due by 31 December 2020 Last accounts made up to 31 December 2018 Links: https://find-and-update.company-information.service.gov.uk/company/05255092 https://find-and-update.company-information.service.gov.uk/company/05255092/filing-history In the last 3 years (2017-2019), with the previous management, Cadogan Petroleum Holdings Limited (Sub-Holding) filled Full Accounts before 30 september. ___________________________________________________________________________ ByeBye
23/12/2020
23:14
brumbrum79: * 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)
22/12/2020
08:50
researchcentre123: 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
20/12/2020
21:27
thordon: 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%
05/12/2020
23:02
brumbrum79: Last but not least... one year of the new management... * bad governance; * no informations/news to the Stakeholders; * no trasparency or lack of trasparency towards the Stakeholders; * no new business; * no new project(s); * no new idea(s); * no diversification; * minimal investments in the Blazhiv Oil Field -> a new crude oil storage; * no investments to increase Oil production; * no implementation of electric energy project (NG energy generation -> 400/800Kwh) using associated gas(es) produced in the Blazhiv Oil Field; first, every day associated gas are flaring -> the gas flare produces CO2 -> CO2/Carbon Credits are a cost for the company -> no revenues from sales of electric energy to the ukrainian grid but only costs for Cadogan; second, every day the field operator buys electric energy (and heat) from third parties -> only costs for Cadogan; * "fabulous" share price performance from November 2019 to now (-50%).. I'd like to remember Meeus'/shareholders requisition letter... It's unbelievable(!), really a "Greatest"(!) performance; It's enough.. ByeBye BrumBrum
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