San Leon Energy Share Discussion Threads

[callasjunkie] 21/12/2022 21:58

The only asset worth considering here is the VLCC Eli akaso. Zero info on its current activity. At least it's saleable in a liquidation.

[alaric7] 21/12/2022 16:26

'alaric7 ... thank you for taking your time. considerate. I am bellow your level.'
well kaos3, i'm told buddhists believe that mindfulness is the first step on the path to nirvana, so your gracious acknowledgement is a good start. the buddha himself, according to legend, spent much time meditating under a peepal tree before reaching the rapturous state that few apparently achieve. in your case i suggest you just focus on not flunking the year 1 kindergarten exam :-)

[kaos3] 21/12/2022 15:10

" as it believes that additional or alternative financing might be available on terms that may be better aligned with the Company's overall strategic and financing objectives . Specifically, a prospective alternative lender has also indicated that it may have an interest in taking an equity position in San Leon by acquiring existing ordinary shares from certain shareholders...."

alaric7 ... thank you for taking your time. considerate. I am bellow your level.

Agree - citation above does not say - equity for debt - explicitly.as a condition for refinancing. but usually there is a condition ... you get the loan ... if you provide me an equity sweetener (warrants etc...) - hence I read it wrong and jumped to the conclusion.

SLE will get a loan and will make the lender happy with an equity stake to the lender - provided by our big shareholder (making my above points still valid imho - about why would Tosca sell if all great at current price, lender gave a hint - what he has interest in - not a demand !! ... to be fulfilled etc )

also agree nothing major to worry about - yet... they were honest enough (strong) to tell as it is. good sign

[alaric7] 21/12/2022 14:36

jeez where to start with you guys? first it is abundantly clear that san leon is not facing a credit squeeze (at most a short term cash issue, which it appears to be managing - it has a $50m facility in place, which it would prefer not to use for the reasons given. second there is no debt for equity here - where did you read that? therefore no dilution - did one of you dream that bit on the mushrooms? they have a lender who also wants to buy stock in the company, not in a placing but in the market. various points here,it's called the stock market (heard of that? it's where people buy and sell shares for all sorts of reasons. i notice nibbles says he sold his holding here) and one presumes that the lender will have run the rule over san leon pretty closely and it seems they liked what they saw enough to want to invest in the company as well - what's not to like about that? third what fire sale? it's selling its interest in Oza - big deal! it's a totally small noncore asset that has nothing at all to do with san leon's business case, unlike the $750m drawdown facility and the midwestern reorganisation, which has everything to do with it. if i were for one moment to humour you in your delusions about this company, do you not think that martin hughes' toscafund, which today owns 74% of san leon (that’s over 330m shares btw) might have something to say about it? but of course you don't think do you? i imagine, given the level of your debate thus far, you will have only understood about 5% of what i've just said but not to worry as it's jelly for tea today.

[kaos3] 21/12/2022 12:30

exactly - fire sales announced

[nibbles1967] 21/12/2022 12:27

You're also missing the point that the statement goes way out of its way to suggest that they're not going to run out of cash. Nobody else has mentioned that before but, now you come to mention it, it does look very shonky

[kaos3] 21/12/2022 12:12

alaric7

- ok - let you explain to me .....

1. why would anyone in the know "give up" HIS equity ... to improve SLE balance sheet for US all?

(He IS in the know most and is "sacrificing" his prescious stake for us? good samaritan?)

2. is this proposed action debt for equity swap (no dilution)

3. at what terms - as a shareholder I must know that - as it is very important - the debt for equity will happen?

TIA

[alaric7] 21/12/2022 12:01

boy you get to read some infantile rubbish on these boards. you seriously don't understand how a lender, who also wants to buy the company’s equity in the market is a good thing? debt for equity swap? dilution? what mushrooms are you guys on? yesterday we had an update which confirms we currently have a $50m facility in place and that there is likely a better deal, which can be concluded and and available for drawdown early in the new year and you think that's bad news? you also seem to have missed the positivity of the language around completion of midwestern's reorganisation, which says that 'the MLPL Loan will be extinguished following the Midwestern Reorganisation'. given how cautious nomads are in the present climate and would naturally be around the negotiated $750m facility, that's hardly conditional language. guess difficult for the babies to get their heads around those kind of numbers. go back to kindergarten and learn to count to 10.

[nibbles1967] 20/12/2022 21:56

Dilution I think is the answer that nobody wants to hear

[b2baby] 20/12/2022 20:47

Great question leopoldalcox. The statement make little sense and is vague in the extreme. Also some twaddle about diversifying the shareholders. Adding one new one and taking a number out is hardly what I would call diversification. I should have sold ages ago.

[glavey] 20/12/2022 20:16

There seem to be quite a few known unknowns here, supplimented by the potential of quite a few unknown unknowns, whilst any known knowns are understood by a privilaged few.

[kaos3] 20/12/2022 18:27

debt for equity swap? (same???) nominal number different quality. different cost/return

lets say debt can be 100, but in order to get it cancelled one gets 200 of equity .... of the target ... just as an illustration

[leopoldalcox] 20/12/2022 18:23

What am I missing here?How does a secondary sale of existing shares add finance to the company?"Specifically, a prospective alternativelender has also indicated that it may have an interest in taking an equityposition in San Leon by acquiring existing ordinary shares from certainshareholders."

[kaos3] 20/12/2022 13:39

I would assume ... some party in the process recognized that SLE is time strapped ... and might using it....for its own benefit...


could be this:
some shareholders (must be big to deserve being mentioned - so they should know) exiting .... just in time or just before the fairy tail ... is up to you

[plasybryn] 20/12/2022 11:56

Im back to my original buy in price so happy to give OF a bit longer to deliver a stonking deal and a great dividend payout which he himself loves of course. I agree the roll out of events and timescales are far from what i expected but investing is always a game of patience and its easy to get wrong footed.

[glavey] 20/12/2022 11:27

And that was that, as they say.

[nibbles1967] 20/12/2022 07:28

Sheesh, I'm glad I sold the lot two weeks ago. This smells really, really bad and I think I'm going to have to short it now

[white swan] 10/12/2022 09:26

B2Baby - spot on and last year OF recieved total renumeration of over UkP 2mio fo what sitting and watching?

[alaric7] 06/12/2022 16:18

stuff and nonsense B2Baby,you’ve clearly never experienced a major complex transaction before. i wonder people who write these inane kind of posts have the foggiest idea of the deal that Oisin Fanning and Jite Okoloko have put together here. underpinning the whole interconnected set of transactions here is a $750m facility being provided by a syndicate of lenders. there will be a vast number of cps to be satisfied, many relating to regulatory approvals from govt. departments. the timing of such things is not within the control of private sector stakeholders. so maybe take a raincheck next time you feel the need to hit your keypad

[b2baby] 06/12/2022 14:53

Am worried about management here. I don't mind something being delayed but the number of times that what they're working on has been delayed versus their own updates leads me to suspect incompetence. A realistic estimate of timeframe should be possible.

[witheco] 06/12/2022 06:37

She's the one that keeps the dream aliveFrom the morningPast the eveningTo the end of the light