Chariot Share Discussion Threads

[anangf] 01/6/2021 13:22

Did he mention 10x payoff again...

[edgein] 01/6/2021 12:52

Chris,

Good link chap, lots coming up from the sounds of it. Q4 is going to be busy with A-2 appraisal well. Today's completion could well bring future scale to investors that want to stay for the long term too as the vid suggests.

Regards,
Ed.

[chrisfroome1234] 01/6/2021 10:01

All - please see below a link to Chariot's CFO speaking to Proactive.

[hsfinch] 28/5/2021 17:02

Will probably be down in the 4s next week.

[edgein] 28/5/2021 10:32

Bullish move by the CEO, obviously quite keen on the Anchois appraisal.

"Magna Capital LDA (of which Adonis Pouroulis is a substantial shareholder) has conditionally agreed to underwrite the Fundraising, ensuring that the total fundraising will equate to approximately US$23 million (GBP16.3 million) before expenses, by subscribing, in two tranches on or before 31 January and 28 February 2022, for new Ordinary Shares at the Issue Price (the "Underwriting Commitment"). Mr Pouroulis has personally sub-underwritten the Underwriting Commitment."

CEO wanting to take up the slack from the open offer though Magna Capital is quite bullish.

Regards,
Ed.

[daar] 27/5/2021 09:54

Options galore

[hsfinch] 26/5/2021 19:37

Yep. He loves a reverse ten bagger (eg FAR). But seriously, will the cash raise cover the cost of the appraisal well? They don't come cheap in deep water. And what if a problem causes cost overrun? Don't rule out another rights issue at the end of the year.

[brazilnut1] 26/5/2021 16:59

Malcy’s blog ? Guy hardly gets anything right. Wouldn’t invest or hold out hope on anything he spouts. All a con. Most things hatched in North Africa are. Be some dodgy dealings going on and PI will get it right up them again.

[texaschaser] 26/5/2021 09:07

moan moan moan on LSE
groan groan groan SP

Poetic

[texaschaser] 26/5/2021 09:06

moan moan moan on LSE
groan groan groan SP

Poetic

[888icb] 25/5/2021 18:43

Malcy is positive on his blog

This news today is most important and I’m sure will cement Chariot as a key player in Africa for both gas and renewable energy. Indeed I would suggest that the moves that have been made by Adonis Pouroulis since he took over have made Chariot a unique story in Africa and with potentially substantial upside.

The moves that have been made since then have the effect of considerably de-risking Chariot, at Anchois, where significant work has been done looks a lot more robust now that this raise confirms a well will be drilled this year. The cost of drilling this well seem to be lower than the expectations next year and that this year provides the company with a window of cheaper costs.

Apart from Anchois, the moves that they have made with regard to the partnership with Total Eren look to me to be able to be bracketed in that rare ‘company maker’ situation. The opportunities in the African mining industry and the use of renewables will be found by the management and financed by access to Total’s inexpensive debt makes this, exclusive deal seem copper bottomed to me. Talk of 500 MW or even a GW are not impossible and with 1.2bn people on the continent rising to 2bn mean that sustainable, green ESG compliant energy will be the place to be.

This financing is clearly significant for Chariot and whilst the discount has been commented on I feel that the ability to get some institutional investors on board is a justifiable price worth paying. Indeed the fact that this management has delivered a lot this year, and at this stage the CEO is putting a substantial amount to take part in the raise via direct investment, as well as his underwriting of what looks like an attractive offer which has been structured so that existing investors can participate at the same price looks eminently backable to me.

The deals this year, combined with the opening up of Chariot into being a major player in gas and renewable power for Africa’s huge mining industry and operating in at least 17 countries with an existing presence assured, plus the backing of the exclusivity of the partnership with Total looks like a no-brainer to me. A unique story, without doubt I would say that weans Morocco off coal for power and supplies a huge basic industry with renewable power.

[888icb] 25/5/2021 13:14

If they do get any options they should not be exercisable until the share price is at least 5x the current share price They can then join us on the rest of the journey to the 10x share price that was promised!

[wal57lottie] 25/5/2021 12:57

I expect the next big news will be the issue of options for the BOD. Sickenly predictable.

[888icb] 25/5/2021 11:20

What are they doing today? I think it’s called raising equity. More equity will be raised from a Farm in partner and then the large amount left will be financed.

[hsfinch] 25/5/2021 10:47

All debt and no equity?? Do you know anything about project finance?

[nibble] 25/5/2021 10:07

Exactly 888. There are no firm dates or specific details of proposed actions. It's all worthless flannel again.

[brazilnut1] 25/5/2021 09:55

In other words “give us more of your money while we work out a way to screw you over again, talk to you fools again in 6 months once we have decided how to do it”

[888icb] 25/5/2021 09:38

Now that done let’s look at how the company are selling this to us. They say they are accelerating the timeline to production and turbocharging CHAR. So they are telling us we are in a better place than we were this time yesterday:
Adonis Pouroulis, Acting CEO of Chariot, commented:

"We are excited to announce the completion of today's Placing and Subscription, subject to shareholder approval at the forthcoming General Meeting. This successful fundraise marks a key turning point in the evolution of the Company, as we seek to build a transitional energy business in Africa, that we believe will deliver value for all stakeholders. With the net proceeds, Chariot intends to accelerate the timeline of the Anchois Gas Development coming online, with a near-term appraisal well now in sight and the launch of Chariot's Transitional Power division, following the acquisition of AEMP earlier in the year in partnership with Total Eren.

This fundraise will turbocharge our growth ambitions in both our transitional gas and transitional power businesses which are highly scalable in terms of both the prospective gas resources offered in Anchois and surrounding area, and in the pipeline of projects to provide clean power to mining and industrial clients in Africa.

We encourage and welcome existing shareholders to join us on this exciting journey through the Open Offer and look forward to providing further updates on our progress in due course."

[nibble] 25/5/2021 09:15

Laughable really. How many more times do CHAR think they can get away with this trick? I suppose every few years they hope there's a big enough bunch of naive PI's around to hoodwink. (I fell for it the time before last!)

[brazilnut1] 25/5/2021 08:15

It’s all a con. Come back in 2 years see if company even exists. AIM ? Never again.

[texaschaser] 25/5/2021 08:14

Owch - wake up at 3.5p

[texaschaser] 25/5/2021 08:13

Moderate this - Owch!

[pally12] 25/5/2021 07:17

They issue more so they can award more shares to BOD

[888icb] 25/5/2021 00:11

CHAR don’t need to finance 37.5% of $400 million as it will be borrowed. That has always been the plan.

[hsfinch] 24/5/2021 23:05

OK...let's break this down. Anchois ain't going nowhere without a partner to fund the appraisal well. Prospective partners are saying 'What if we do come in for 37.5%...how are you gonna fund your 37.5%? Come back when you can cover your end...then we'll talk.' The cash raise might just tempt a partner to come in. That should lift the share price a bit. Let's say the appraisal well goes ok. Now what? Even if they can find a gas buyer and that's a big if, Chariot can't afford 37.5% of a $400million project. Another discounted share issue and farm down for nowt will follow. And Chariot will be left with a very small stake. It's happened time and again with small cap oilies. Im sorry but this is gonna run and run and in the end its gonna disappoint long suffering PIs.