Coro Energy Share Discussion Threads

[pavey ark] 27/11/2023 14:12

Could I make the rather obvious point that if A CAR is sold somewhere for say £5k this does NOT set the price for ALL CARS EVERYWHERE at or close to £5k.

Yes I know that this is rather silly but then again there are silly posts out there so I thought I'd join in.

For the curious .....absolutely no value has been ascribed to any Coro renewable assets .....this has been my theme for some time.

[helpfull] 27/11/2023 12:33

Oh! How rude?

Crazy Pavey might be overvaluing the Philippine assets compared to what Sembcorp are willing to pay. Sembcorp are also in the running for Duyung gas.

hxxps://timesofindia.indiatimes.com/business/india-business/sembcorp-to-acquire-428-mw-wind-assets-in-india-china/articleshow/105534986.cms

[pavey ark] 25/11/2023 11:34

The Capton (potential) deal was announced in August......50MW mentioned

The Mobile world MOU was announced in October ....50MW

The deal with their Vietnamese partner/installer was reworked...November ...Coro now have 92.5% of the business.....I think there is a "free carry" on the 7.5% so Coro is probably liable for 100% of cap ex .....some of this will be sold to Capton.

There would appear to be little doubt that the deal is going ahead and soon.

The Coro management run/develop the renewables side in a very impressive way and the only holdup has been caused by the lack of cash due to the delays at Duyung.

The Italian assets have been sold and ion Ventures was bought for £500k and sold for £1.25 million.

As far as the deal being "good" for Coro there has been every indication that management are more than capable of getting a good deal as they are in the position that every seller wants to be in......selling something that people want/need !!

The details of the deal will be interesting but they COULD sell 42% of the business to Capton then use this money to pay their share of installation costs up to a certain point ...then the income may be enough to complete the 50MW deal.

Nothing to say that things stop at 50MW but the money will be coming in.

[10owen] 25/11/2023 08:16

I said on thursday I intended to add to my Coro holding and have now done that.I agree Pavey I think this is way undervalued and that it is just a matter of time before the frustration of the Duyung delays are behind us and then we should see plenty of blue sky.

In the meantime I hope we get the Capton tie up announced next week and that it is a decent one for Coro and one that ensures the roll out can be accelerated.Gla.

[pavey ark] 24/11/2023 21:18

"This transaction, timed as we move towards finalising our previously announced Vietnam funding arrangements with a view to initiating our rollout of the 50MW rooftop solar project"

Currently Coro has two solar installations rated at c. 5.4 MW

This deal is TEN TIMES BIGGER and worth over $30m .

At close tonight Coro had a market cap of UNDER $9m !!!???.....this has been silly for some time but it is now moving into the bizarre zone.

It would be even more strange if they had two well advanced projects in the Philippines worth $275m with two more in early stage development......no....wait a minute !!??

[jason90] 24/11/2023 17:37

I've calculated around Euros 35m back to bondholders. (includes interest and shares after a full Duyung disposal)

Let's hope they have the option to sell their full share of Duyung ($101m), before this financial year end. This would negate having to renegotiate an extension with bondholders. (Coro have said this is a possibility).

Then there's the cost for Coro's capital to first gas ($38m)?

So net to Coro after a Duyung sale could be around $28m which is not to be sniffed at.

Plenty of cash to move ahead with their renewables and possibly partner again with Conrad on some further upcoming gas fields which Conrad are currently developing once Mako deal is finalised. Remember that Coro had a big hand to play in developing Mako Gas Field to this commercialisation point.

This is all best case scenario in my opinion.

[bengal1] 24/11/2023 15:12

Anyone know how much is owed to Bond holders at this point of time.. Is it around $35m??

[lazarus2010] 24/11/2023 11:10

Keep an eye on that Curry and let us know...first sign of any uptick could be a leak 🤞

[currypasty] 24/11/2023 10:01

doesnt look like anything soon from conrad


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[10owen] 24/11/2023 09:13

Nor me so far Curry but there is a lot of potential for very significant gains once Duyung is sold and financing with Capton is finalised.Heres hoping anyway.

[currypasty] 24/11/2023 09:05

TBH, its not been a great investment for me



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[10owen] 24/11/2023 09:03

Your not alone with that wish Laz.Have you still got zillions of these with a capital Z?.

[lazarus2010] 24/11/2023 08:58

They must be confident that the share price will be above 0.4p by June 24 and here's me hoping it will be above 1.4p by then!!

[pavey ark] 24/11/2023 08:25

This is obviously very significant news.

The Vietnamese partners are willing to take a smaller share of a (potentially) much, much bigger cake.

Coro can now sell a sizeable part of their now 92.5% share to Capton and still retain 50%+.

Very reassuring that their partners in Vietnam are willing to take shares at a 67% premium and more when 100MW has been installed!!!

This business in Vietnam....built up on a shoestring budget... must now be worth more (much more ?) than the entire current market cap

[10owen] 23/11/2023 09:29

No argument that we are way undervalued that's why I keep topping up.Got a decent number now but will probably add a few more.

[pavey ark] 23/11/2023 09:17

I wouldn't hold your breath....this could be the deal of the decade and I doubt if it would make any difference to the share price.

There are any number of current shareholders who absolutely refuse to see ANY value in renewables.
The only way forward for the share price is to get Duyung over with and a big change in the shareholder base.

On a more positive (less depressing) note is that the current share price totally and completely ignores the massive value (current and potential)in the renewable side and is totally focussed on the never ending soap opera that is Conrad and the Duyung negotiations......opportunity !!??

Give Duyung away for the debt....call yourself "Coro: SE asian renewables"and the share price doubles immediately (at least) and a long orderly queue form outside your door with people wanting to give you money.......with Duyung ..all that debt..messy (stalled) negotiations ....not so sweet.

EDIT: I will obviously take all the gold anyone is willing to throw at DUYUNG !!!

[10owen] 23/11/2023 07:23

Let's hope so Pavey we need some good news to get the share price re rated.

[pavey ark] 22/11/2023 21:15

10owen, rather more confident that Coro and Michael Carrington can deliver ....as they have in the past.
Coro has absolutely no control/input at Duyung ...it's all down to Conrad.

The Capton Energy deal looks rather linked to the recent Mobile World "estimated at 50MW of rooftop solar capacity"
Capton Energy: "The funding proposal received is for Capton to buy into Coro's current Vietnamese solar projects and provide investment into Coro's project pipeline of up to 50 megawatts"

Coro does have a large pipeline of solar deals so perhaps not a direct connection with World Mobile but given the recent data coming out of SE Asia and the need/desire for renewable energy Capton is unlikely to be the only source of capital.....but I'm sure they are very interested.

One last point: I can't see Coro going chasing new 50MW deals without lining up the capital.....they have enough existing projects to go one at a time 3Mw-4Mw....so 50 MW suggests to me that things are moving along.

[10owen] 22/11/2023 19:52

The 4 months period of exclusivity re funding with Capton Energy is up a week on Friday.Hoping for positive news and not another drawn out Duyung saga.Gla.

[pavey ark] 21/11/2023 16:22

Barony, thanks for that.

Not much (anything?)new but good to see it all set out.

As we all know it's down to Duyung and they are saying c $100m to Coro if it goes well but I think most sensible investors would settle for the bond holders paid off and cash to move the rest of the deals onward.

[barony] 21/11/2023 10:05

hxxps://x.com/coroenergy/status/1726892200561443098?s=61&;t=GTRW5CgFRbsqPU2b14N2vQ