Coro Energy Share Discussion Threads

[odillon] 27/5/2024 18:03

Here is a notice from 24 November 2023

"FTSE Russell on Friday reports that the following five companies will be removed from the FTSE AIM All-Share Index next week Wednesday in the absence of an active market and in accordance with the suspension rule, as they have been suspended for 40 business days without indication of resumption."

It goes onto list five companies. So it seems to me that this is what may happen to Coro. But I note the end of their notice relating to indication of resumption. So I am hoping that that gives wriggle room if we fail to cease being suspended in time.

[bungeetrader] 27/5/2024 16:34

AIM companies can be suspended for up to 6 months before removal from AIM.
A simple Google search will provide that answer.

[georgesorrow] 27/5/2024 16:30

FFS Odillon, what are you on?

FTSE Russell has issued the RNS, not Coro, not Aim. It always issues such notices when a company looks like it might be removed from its index.

How are you translating "Consequently, if this constituent remains suspended a further 20 business days after today, it will be removed from the FTSE Russell Index with two days' notice, at a nominal value (0.0001)" to "will be delisted from AIM"???

[odillon] 27/5/2024 16:07

My understanding is that removal from the index means removal from trading on AIM.

I can see that the address I tried to copy in my last post has not been included in my posting. but if you search for "what happens when a company is kicked out of a stock index' that should take you there.

[odillon] 27/5/2024 15:32

But being de-listed from the index is, in my view, something to be avoided. It just adds in a further issue to contend with.

Here is an article about being de-listed which overall appears to be saying that de-listing causes an initial drop in the share price but an eventual recovery. But this article is about much bigger companies than Coro.

[...]

I am very much hoping that we are able to appoint the new director or directors before the de-listing deadline.

[jason90] 27/5/2024 12:41

Hi George, thanks for clarifying this. This is what I was thinking.

[georgesorrow] 27/5/2024 08:06

FTSE Russell is just an index for investment monitoring purposes. It is clearly stated in the RNS that Coro is at risk of being dropped from the index, not delisted from AIM. Just like a large company being dropped from the FTSE 100. It’s all there in the RNS.

[odillon] 25/5/2024 10:43

Steelwatch, you are citing a provision which is irrelevant to the situation the company finds itself in. The position the company is in is set out in the RNS of 23 May 2024.

[jason90] 25/5/2024 10:08

There is a massive long term renewables opportunity in South East Asia

Link below:

hxxps://www.energy-box.com/post/unlocking-clean-energy-potential-southeast-asia-can-reach-17tw-of-renewable-energy-report

Coro even mention in their latest presentation the potential for a further 1 GW of renewables in the future.

This is in addition to their current 400 MW projects with an RTB value of $80 million

With the right leadership in place, things could be very exciting for Coro (and us shareholders). I sincerely believe Michael Carrington has a huge part to play in this transition.

[steelwatch] 24/5/2024 21:54

Relax. 24 April Suspension RNS. 5 months to go.

"The Exchange will cancel the admission of AIM securities where these have been
suspended from trading for six months"

Top of page 15:

[jason90] 24/5/2024 19:06

One can only hope.. It's make or break from here.. Loyal shareholders should be fairly rewarded IMO. We've backed this company and seen them through difficult times. The play was always around Duyung. Hopefully the new 'sensible' leadership will see this view. Once Duyung is over the line, Coro should be smelling the roses with renewables.

[solarfire73] 24/5/2024 18:21

I'm sure everything's under control at CORO hq. ?

[odillon] 24/5/2024 18:15

By my calculations the 20 business days from 23 May 2024 takes us to 21 June 2024, so we need to un-suspend by then or successfully make a case for a stay of de-listing.

[mebo2] 24/5/2024 15:34

I'm beginning to the the bond holders are going to run off with the Duyung sale profit leaving retail shareholders with nothing

[digger2779] 24/5/2024 01:03

As I said before I reckon the bondholders got rid of Parsons with a view to putting one of their own people on board. Why it's taking so long is anybody's guess but let's hope the new person when appointed will be working in our interests as well as his "masters". Last thing we want is for them to run off with the crown jewels.

[odillon] 23/5/2024 20:41

It appears to me that the RNS is referring to rules that do apply to an AIM company.

The relevant provisions cited are for FTSE AIM companies.

However, on a quick glance at the provisions it appears that there is room for manoeuvre depending on the circumstances. I stress this is on a quick glance, but it may be that the need to appoint a second director is something that extra time is allowed for.

That said, ideally we will have a new director or new directors in post soon who are highly competent and dynamic.

[stewart4990] 23/5/2024 19:09

Mate,It is not fine. We are suspended, and I see that as a major issue, if all they need is a director, then get a large shareholder appointed and get us trading again.The longer it goes on, the more concerning it will become.

[toolsmoker] 23/5/2024 18:34

It's not for the aim market .it's fine

[bungeetrader] 23/5/2024 18:33

I think they better get a move on ASAP!

[currypasty] 23/5/2024 18:27

23 May 2024

In association with the Suspended Companies rule, the below company will be placed "on notice". Consequently, if this constituent remains suspended a further 20 business days after today, it will be removed from the FTSE Russell Index with two days' notice, at a nominal value (0.0001).

[jason90] 23/5/2024 18:12

Coro RNS out regarding suspension. Any thoughts?

[odillon] 22/5/2024 10:00

Hi Sage, there is that anomaly with Conrad's FID estimate in the Coro presentation slide which has the FID at the beginning of 2025.

Rafboy, yes the more interim progress the better. I am not familiar enough with PLC law to know whether Coro can execute any deals without a quorum of directors - but perhaps as Conrad are in the driving seat it is not a problem for the Mako deal?

[rafboy] 22/5/2024 09:01

It will be good to have the GSA signed off so when we do come out of suspension we should see a decent uplift in the share price

[mebo2] 22/5/2024 08:51

The board of directors or bigger investors probably seeing Parsons track record didn't trust him & I wouldn't either, the man's a snake

[the sage] 22/5/2024 08:01

Hi guys. I am aware of the domestic GSA, I mentioned it several posts ago. But if the FID is expected by the end of June, then logically both GSA's would need to be signed before then. I agree that voting James off the board seems to have been orchestrated but there was no sign of it at the AGM last month. If it was orchestrated, then I would presume that the large shareholders who voted him off have a plan of direction that they wish to take the company in. As I said before, the next few weeks should be interesting.