San Leon Energy Share Discussion Threads

[gary hindsight] 08/7/2022 10:00

Hi yes I agree and wasn't expecting them to trade so far but if admission doc is published today as promised it didn't indicate that trading would be restored today

[pejaten] 08/7/2022 09:55

In the announcement it mentions that the admission document will be published later today. What we are reading now is the RNS, not the admission document

[cd27idw] 08/7/2022 09:39

I was focused on the deal and never really looked at the results, hence I missed the going concern bit. That's really worrying, as in the current economic climate, and sod's law prevailing, sh*t usually happens. On the plus side, MLPL have got a waiver on $99m loan charge tied up in the deal. Surely that'll float the company? More sleepless nights ahead.

[gary hindsight] 08/7/2022 09:36

KaosThe reason to issue pref shares is to reward shareholders in the existing company. The first 40m of divs will be paid on pref shares in priority of any divs paid on the new sharesWe were expecting a dividend flow based on the interest on the loans previously made which will be cancelled. So this is a way of making sure we get what was originally planned

[rimau1] 08/7/2022 09:34

Kaos. Its quite simple and we discussed it on this BB a few months back. The preference shares are a mechanism to reward existing shareholders previously committed capital returns. New stock purchased will not have these preference rights.

[hpcg] 08/7/2022 09:33

This is positive (but down the line, so not material):

Following completion of the MLPL Reorganisation and the ELI Reorganisation, it is the Company's intention to evaluate the potential for and benefits of, in due course, seeking a listing of its Ordinary Shares on the Official List, Premium Segment and the admission of those shares to the main market of the London Stock Exchange, subject to satisfaction of all regulatory requirements and approvals.

[kaos3] 08/7/2022 09:32

what I like is economics: equity financing is better than 14 % financing (note) returns. I salivate ...

[kaos3] 08/7/2022 09:31

I do not understand why issuing preference shares? just or one divi payment is not enough of an argument for such a consequential opperation ...

if one can explain to me in a plain language .....

[hpcg] 08/7/2022 09:29

The share count increase is much smaller than I anticipated, but then we have a lot of sway over the deal with the debt. The fundamental question for those asking about the share price on resumption of trading is whether you think the whole caboodle is worth $381mn or more (ignoring the prefs).

[gary hindsight] 08/7/2022 09:25

I also thought that when admission doc is publish shares will be re listed I am not seeing it here or is it only after the re-org and creation of the pref shares after agm?

[gary hindsight] 08/7/2022 09:23

This bit is concerning if I understand it correctly. There is still material uncertainty that the leg outside the control of the company will completeIt saysHowever, while the working capital requirements of the Group can be met for the 12- month period, the Directors believe that the continued viability of the Group and Company into the future is dependent on the completion of the Proposed Transaction. As such, the completion of the Proposed Transactions creates significant uncertainty upon the Group and Company's ability to continue as a going concern beyond the 12-month period. The Directors' have concluded that this represents a material uncertainty which may cast significant doubt upon the Group and Company's ability to continue as a going concern and that, therefore, the Group and Company may be unable to continue realising its assets and discharging its liabilities in the normal course of business.

[red5] 08/7/2022 09:21

results also out could be a big factor

[red5] 08/7/2022 09:20

yes a large read through with a cup of tea or orange juice this weekend no time yet as working but will monitor the boards to see what other think.

[cd27idw] 08/7/2022 08:59

We've supposedly got an "indirect" interest of 44% of OML, "facilities estimated at $151 million for NFA, $3,414 million for 1P and 2P reserves and $3,714 million for 3P reserves"

A further share release of 344,334,257 shares released making a total of 868,029,818, vs 449,913,026 original, our share percentage has about halved, Tosca fund is now down to 37.64%. This is the crucial bit, how does Tosca fund's growth on it's initial investment pan out. There's mention of 18m shares to board members, but that's not massive. Beyond the fact that it's dependent on Eroton raising the readies, we have to wait for the market to decide.

[rimau1] 08/7/2022 08:55

Very quick scan and to me the transaction looks broadly the way it has recently been described. Can i be the first to say BOOM! I will spend the weekend analysing this in depth but this is transformational whichever way you look at it. Nearly there.

[red5] 08/7/2022 08:54

what should expect the share price with all this in place the value of being reversed in from when the last share price in. i have seen reverse take overs in past given higher sp

[hpcg] 08/7/2022 08:29

What do you mean clue on the share price? That is set by the market. It is going to take some time, a few hours, for anyone to work out the implications. As stated in an earlier release it looks like we get debt element as $40mn of preference shares, which is 1oc in value. I hope admission will be after approval on 5th August.

[cd27idw] 08/7/2022 08:22

further 344334257 shares issued; current shareholders get preference shares with dibs on 1st $40m dividends, about 8.8c/share any guesses on the new asset value of the company?

[carcosa] 08/7/2022 08:18

Ordinary Share Capital on AIM will commence in Q4 2022

[red5] 08/7/2022 08:14

So any clue on share price I couldn’t find it but does say admission document later today?

[plasybryn] 08/7/2022 07:43

No news do far is probably a good sign. If it was a simple deferment that could have be issued first thing. This sounds like something more involved. Chill it cometh imo