Saffron Eng Share Discussion Threads

[winnet] 28/6/2017 12:44

Surely this is getting into the realms of silliness now, based on what we were told yesterday.

I've had one big purchase this morning. I guess this is now a case of hope you've been fed the right information. If its all a load of nonsense, then we're stuffed.

I'm going rationally, on what i'm been presented with.

[ayesha4] 28/6/2017 12:15

Its falling. Wheres the floor. Disastrous performance.

[winnet] 28/6/2017 10:40

Totally agree Pasleje, sensible post.

I honestly like this little company, i'm going to hold and let the cash build. The risk is geological - can we produce what the CPR says. To be fair, we are currently exceeding the CPR figures. So far so good.

[paleje] 28/6/2017 00:21

Winnet, I agree we need more detail, plainly told, perhaps the trading update will provide, I can't work MM out so far.

The delay is a nuisance but not a killer. TW did point out that he thinks there's probably value there but 'something was wrong' which doesn't tell us much. Nor does Zac Phillips who talks in inuendos, maybe Zac had grief with Po Valley. You can't trust any of these monkeys.

Will the delay be used as an excuse to raise funds? They said in the IPO that cash raised plus future cashflow would be adequate to fund all 3 projects. Well the future cashflow situation has changed and we don't yet know about Bezzecca although were led to believe it's going well.

If the lowest estimate shown in the presentation is correct, and there are no nasties lurking other than the few month delay, I think the selling is overdone.

[ayesha4] 27/6/2017 21:58

Hang on. Was it not the same team in charge when Shareprophets were plugging this as a buy to be sold at 12p. The same Shareprophets that then sold and left holders who had followed them - in the lurch. Cant think of bigger scum tbh.

[winnet] 27/6/2017 21:01

Paleje, we also have a few million of tax losses to claim against, but that's not my point. My point is we're guessing (albeit in an educated fashion). Where's the data...

[ayesha4] 27/6/2017 17:54

This looks oversold. How low can it go ? Only listed - few months ago. Not a brilliant performance.

[paleje] 27/6/2017 16:40

Can't access it now from my phone but it did say pre-tax so there should be nothing to deduct except tax ~30% in Italy?

MM salary, which I hope isn't 1.5m, and other costs would come out before it got to the pre-tax stage surely. So about GBP 900k after tax maybe a bit more, well that's how I read it but happy to be corrected.

[winnet] 27/6/2017 16:03

but that's just Bezzecca and that's just revenue figures. If MM is drawing 1.5 million salary it means nothing!

[paleje] 27/6/2017 15:49

Page 14 from today's presentation, Bezzecca potential...

"to generate annualised pre-tax cash flow of up to €1.5m increasing to €2.1m + on an annualised basis"

Same page also predicts peak production in July.

[winnet] 27/6/2017 15:38

i think the key issue with this share isn't the cash-flows themselves, 3,4 million revenue is great, but how much of that actually hits the bottom line. 70% profit is mooted on the chat boards but i'd like to see more detail before i part with any large slice of my hard earned.

[paleje] 27/6/2017 14:51

Just watched his interview from yesterday



He holds back too much, needs to come clean. Sp should be higher on fundamentals and the cashflow projection on todays presentation imo.

[chesty1] 27/6/2017 14:27

Chart looks dreadful how did I miss this one normally I get locked into these stocks

[ayesha4] 27/6/2017 12:50

10p to 4p. Overdone but diastrous

[paleje] 27/6/2017 11:48

New presentation online, presumably what he'll be using at today's gig.

[2vdm] 27/6/2017 08:59

You say "more delays". Isn't this the first delay and only by 3 months which is not a massive issue. So far SRON have delivered their other projects on time. However I would like to see expenditure and cash burn figures.

[paleje] 27/6/2017 08:56

Annoying. Masterman is presenting today at a Proactive event, also promised a trading update for early July. Delays with permits not exactly unusual in Italy but production now anticipated Q1 2018, I'm not sure what it was before.

It would be sensible if MM flagged up any adverse impact on his cashflow calcs.

[tsmith2] 27/6/2017 08:21

more delays and slippage

[paleje] 31/5/2017 10:39

If anyone hasn't seen this sharesmag video from 26 May, take a look, it's about 30 mins, 2nd half is most informative and covers debt, production, dilution, background, even Masterman's off the cuff thoughts ffw 3 years.



Talking ~40k scm/day by end June and a TU early July. Doesn't sound like any near term fund raise to me.

[cc2014] 30/5/2017 19:58

Does anyone have a copy of the IPO document?

[affemoose] 30/5/2017 10:49

I smell placement. Know nothing just suspect. Am out. GLA

[red rook] 19/5/2017 20:21

Would appreciate any discussion regarding any repayments of debt/loans obligations that SRON are currently under.

I have followed discussions here and on the LSE BB. Some posters mention a $12m debt whilst some say that SRON is debt free. I have checked the last financial statement:

hxxps://saffronenergy.co.uk/_downloads/YE16_NSI_Financial_Statements_Dec_31%2C_2016_opinion.pdf

In section 19.1 ULTIMATE CONTROLLING PARTY:

If I am reading this right, the 12m owing that has been mentioned came from the balance owing to the parent company in 2015 (2015: €11,610,863). However, as of the 31 December 2016 was €1,446,072

The more relevant section I think is on page 29 under section 20 - SUBSEQUENT EVENTS: It states that:

'At the date of this report, A$615,000 and €50,000 are due 30 June 2017 while A$ 528,000 and €50,000 will fall due in June 2018. Discussions are currently underway to extend the terms of the amount due 30 June 2017.'

So if I am reading this correctly A$615,000 and €50,000 are due 30 June 2017. Can someone more knowledgeable in reading accounts comment on this.


Regards