Coro Energy Share Discussion Threads

[lazarus2010] 29/3/2023 11:44

so the solar and wind projects are still 6 and 12 months from RTB...seems like time has stood still!!!

[pavey ark] 29/3/2023 09:11

From yesterday's announcement:

" Whilst the Company retains full ownership and cash flows from the Italian Portfolio prior to Completion, the Company has agreed not to withdraw further cash from Coro Europe and its subsidiary."

I think this puts the 1.5m euro advance payment into perspective.

If CORO agree not to take day to day cash out then Zodiac have to put up on their side.

NB: I have a holding here and I am positive about the prospects (or I would sell).
My recent posts may come across as super bullish but they largely originate as a reaction to the posts elsewhere which seem to be very anti ANYTHING coming from the company.

Again, my view is that CORO is no longer the company some people invested in originally ....or at least it has changed significantly.

Anyway....good luck to all holders...heading off for a few days R&R.

[man1] 29/3/2023 09:09

When you play the same tune over a number of different companies with mix of the same boards , it's not surprising things take a long time . I mean only Monday afternoons between 3 and 4 are specific for coro business.

[grannyboy] 29/3/2023 08:04

It's no surprise to see the only one getting off on this empty RNS is the wind turbine hugger.

[pavey ark] 29/3/2023 07:44

Vietnam solar: the period of exclusivity comes to an end and the company issues a detailed update of where they are with the acquisition .......hard to see any rational person finding fault with this announcement.

This deal is not massive but neither is it insignificant for a company the size of CORO.
I appreciate that some investors have little interest in Coro's renewables but it is very largely what they do.

Anyone going to the investor meeting now has the information supplied here and can raise further questions if they think this is necessary.

[begorrah88] 29/3/2023 07:14

So, in the absence of any real news to impart they have just stuck out a RNS saying things still progressing with the renewables acquisition announced 4 months ago. Some slight changes to the arrangement and now 'Following due diligence and site visits, legal work on the final transaction documents is now underway.'

That means absolutely nothing of any value - Everyone would have assumed legal work on the final transaction document would be underway by now.

I'd say the hoped for news that they wanted to announce today hasn't arrived [what a surprise] so just some pap to fill the RNS slot.

[lazarus2010] 28/3/2023 19:13

worth reading and keeping the link for when things are looking bleak!!

[man1] 28/3/2023 17:36

Anyone going tomorrow?

[man1] 28/3/2023 14:56

Well he classed it as a buy on his post. I'm sure they already have a position. But like any bulletin board etc unless the buys were posted you wud never really know ...

[mrmark1] 28/3/2023 14:34

Message was to Dan and his team

[ride daice] 28/3/2023 14:27

No. I've got enough already thanks.

[pavey ark] 28/3/2023 14:22

"On the Exchange Date, Zodiac paid a further fee of EUR1,500,000 to the Seller (the "Advance Payment"). In the event that the SPA is terminated and Completion does not occur, the Advance Payment is refundable and subject to an interest rate of 10% per annum. The Advance Payment is secured by means of an account pledge over Apennine's bank account and an assignment of receivables in respect of receivables due to Apennine under a gas supply agreement."

Let's not try for a glass half empty (or full) approach and look at the above.

The SPA is signed and the purchaser makes an advance payment of 1.5 m euro.
If the deal falls through this sum will be repaid with an interest charge and importantly the Apennine's bank balance and payments due covers this sum.

I don't see anything sinister here and it gives Coro cash now. There is little doubt that CORO could do with the cash BUT it looks like they need it to develop a number of assets....surely a good thing!!??

The purchaser has obviously stated that any debt held in Apennines accounts should come off the purchase price but Coro has stated "The SPA contains a standard working capital adjustment mechanism which is expected to yield a positive and significant adjustment to Coro if the intercompany loan account is settled by completion."

On top of any payment from the sale CORO expects to take a cash balance from Apennine's accounts and it should also be remembered that there is an 8m euro well reinstatement liability that will be removed from Coro.

The company consider this sale to be a done deal and a very good deal......I tentatively agree but that is probably down to my cautious approach to these things.
Government approval can only come when there is something to approve (SPA etc)but the approval really should come down to financial stability and technical competence ....plus the fact that Zodiac can/will spend money to improve production makes approval look certain.

[mrmark1] 28/3/2023 14:12

Are you and the 'team' buying Coro stock?

[ride daice] 28/3/2023 13:41

The appointment of Naheed Memon appears to be too coincidental for this not to have some legs to it.

[pavey ark] 28/3/2023 13:12

nametrade: absolutely not....Michael Carrington is pushing this very hard and the rest of the management team are very committed to renewables.....the investors meeting should make this very clear.

It is perhaps a big part of the problem here (certainly on ADVFN)that the company have moved their investments, interest and focus to renewables but the majority of private investors have no interest in the sector.

[nametrade] 28/3/2023 12:33

With Mark Hood off...maybe they are pivoting back towards Hydrocarbons again...

[bengal1] 28/3/2023 12:20

Looks good and honest to me.

[begorrah88] 28/3/2023 12:16

They are trying to 'off' some stock today mind. Small PI's being gulled into purchases while our ever-present dumpers take advantage to get rid of some lumps.Timing looks curious with tomorrows presentation? Will there be noises about fund raising? On the back of the weird decision to take €1.5m for the asset sale, on a 10% coupon, without it even having been approved by the authorities yet? Are CORO up against it for cash?

[currypasty] 28/3/2023 12:02

it didnt amount to anything last time he ramped this