Sdx Energy Share Discussion Threads

[deanroberthunt] 08/4/2019 09:10

so much for all the bullishness, especially from Malcy, it's done nowt but fall from spring 18'

[tournesol] 08/4/2019 09:05

Captain, Shakey et al

so long and good luck

[captain james t kirk] 08/4/2019 08:56

Stating the obvious Mr Welch is aptly named.

[shakeypremis] 08/4/2019 08:47

Plenty of conspiracy theories out there mate. Never disregard something because it sounds like conspiracy. Your theory of under performance being concealed is also a conspiracy theory.

[tournesol] 08/4/2019 08:36

I don't find conspiracy theories very credible. I think incompetence and an attempt to conceal under performance provide more compelling explanations. Either way it makes this uninvestable for me. It's not an enormous loss in cash terms. But in percentage terms it's one of my biggest losses for years. I'll have to have words with myself.

[shakeypremis] 08/4/2019 08:24

I tend to agree with you but I am not sure the delays are just PW being too optimistic. He's been lying about timescales since late last year. Combine that with the delist and it whiffs a bit. Plus the two top holders, Waha Capital and Ingalls must know what is going on and are still on side. They want those cheap shares they'll be allowed to buy once the delist goes ahead. It's a crazy conspiracy theory but I don't believe all these delays are just delays anymore. Maybe they don't want to takeover sdx but they almost certainly do want extra shares.

[deanroberthunt] 08/4/2019 08:21

This has turned into a right pos

[tournesol] 08/4/2019 08:16

It's also pretty shoddy to slip out the news of the delay at S Disouq as an appendix to the update on the Canada listing.

It's also very unprofessional to provide so little detail and at such a late date.

I'm afraid I've lost confidence in Welch and have decided to sell my holding. It's been unprofitable and unrewarding.

Best of luck to holders, but I'm out.

[tli8jaguar] 23/3/2019 19:35

The link to the Al Waha Feb 2018 presentation, good find Shakeypremis

[tli8jaguar] 23/3/2019 19:23

2 During the current year, the Group, through its 100% subsidiary MEA Energy Investment Company Limited, acquired an
additional 4.99% equity stake in SDX, taking its aggregated ownership to 19.39%. Given the Group’s representation on
the Board of SDX, the investment was classified as an Associate. However, since the investment is carried as part of the
Group’s venture capital activities, it is accounted for at fair value through profit or loss (note 13).

[tli8jaguar] 23/3/2019 19:22

Thanks Shakeypremis, very interesting.

Subsidiary
Country of
incorporation Principal activity 2017 2016
Principal Investments
Waha AC Cooperatief U.A. 1 Netherlands Investment in AerCap 100% 100%
MEA Energy Investment
Company Limited 2 Cayman Islands Financial investments 100% 100%
Al Waha Land LLC UAE Industrial Real Estate 100% 100%
Asset Management
Anglo Arabian Healthcare
Investments LLC UAE Healthcare 90.1% 90.1%
Waha Investment PrJSC UAE Investment Manager 100% 100%
Waha Investment Management
Company SPC3 Cayman Islands Financial investments 100% 100%
Waha VAS Limited 4 Cayman Islands Investment in Channel VAS 100% -
Oasis Investment No 1 Limited Cayman Islands Private financial transactions 100% 100%
Oasis Investment No 2 Limited Cayman Islands Private financial transactions 100% 100%
1 Holding Company carrying an investment in AerCap (note 12).
2 Holding Company carrying an investment in SDX Energy Inc. (note 13).
3 Waha Investment Management Company SPC owns 98.9% of Waha MENA Value Fund share price (2016: 100%), 51.8% of
Waha MENA Equity Fund share price (2016: 67.8%), and 60.5% of Waha CEEMEA Fixed Income Fund share price (2016: 89.5%).

[shakeypremis] 23/3/2019 16:04

More stuff;

It would appear that the sole purpose of MEA Energy Investments Limited (now SDX SPV Ltd) is carrying an investment in SDX for Waha Capital.

See page 37 (numbered 35) of the below 2017 Full Year Report for Waha Capital;

hxxps://www.wahacapital.ae/docs/default-source/default-document-library/enfs-al-waha-cap(dec17).pdf?sfvrsn=0

"Holding Company carrying an investment in SDX Energy Inc."

[shakeypremis] 23/3/2019 16:04

The other companies they invest in are all much bigger and produce much more revenue and profits so one would assume they see a very bright future for SDX.

There was also another company in the UK called 'MEA ENERGY ADVISORY UK LLP ', which was renamed to 'WAHA CAPITAL INTERNATIONAL LLP' in October 2018, a few months after 'MEA Energy Investments Limited' was renamed to 'SDX SPV Ltd'.

While I still think the delist is being done to facilitate Waha being able to purchase more SDX shares I am now thinking it less likely that a takeover move is afoot.

hxxps://beta.companieshouse.gov.uk/company/OC413379

[shakeypremis] 23/3/2019 16:04

"Waha Private Equity will seek to achieve long-term capital appreciation by acquiring majority or significant minority stakes across growth sectors primarily in the MENA region."

From the presentation I linked below. This encourages me to some extent as it appears after looking at Waha for a while that they aren't in the business of taking over companies. Although they still possibly might with a view to sell it on at a later date.

[shakeypremis] 23/3/2019 16:03

Stuff I've dug up today on the largest shareholder;

I've been doing some digging around and it looks like MEA Energy Investments Ltd (now SDX SPV Ltd) is some kind of investment vehicle for Waha Capital who are an investment company based in Abu-Dhabi, who as of 2017, had some £2.3B of assets.

hxxps://www.wahacapital.ae/docs/default-source/default-document-library/fy-2017-investor-presentation-feb-18627a5ec39b1f643a8bfaff00004bf08c.pdf?sfvrsn=0

Michael Raynes definitely works for them in some capacity and even has an email address with them; [e-mail]

Now it's clear that Waha aren't going to run the company but they might well be interested in taking it private to fully reap the cashflow SDX is likely to produce in the future. They could also simply just want a bigger stake in SDX. They look to have bought their entire stake of 19.4% in 2017. I bet these guys will be buying more through SDX SPV Ltd once the delist is complete. Now we just have to hope the SPV is just for holding the shares and not a vehicle to take the company private.

[ll0ydy] 23/3/2019 14:50

I personally like the way Paul hinted at a acquisition in 2019. BP deal back on. Wishful thinking maybe.

[shakeypremis] 23/3/2019 11:26

Matchmade, what? You mean like South Disouq... lol *faceplam*

[matchmade] 22/3/2019 18:34

I noted PW's comment on CNG, but he didn't seem to hold much store by it in terms of sales any time soon..

[shakeypremis] 22/3/2019 17:04

Morocco Side Business

Despite my annoyance and misgivings about the delays in Egypt I did manage to notice through my frustration that Squelch mentioned that in Morocco, aside from their piped gas business which we all know about, they are also looking at selling CNG (compressed natural gas) to other customers. Presumably this stuff will be bottled or sold via tankers? Interesting, perhaps they have more gas than they can get customers for at the moment or perhaps this CNG side business has similarly favourable or even better economics than the current Morocco activities. Anyone else pick up on this? Of course Squelch was light on the detail. They seem to do that a lot. Not announcing things. Makes you think they don't want the share price rising...

[shakeypremis] 22/3/2019 16:58

Because they are paying him! lol. He won't take them to task in any meaningful way. Despite the delays and possible shenanigans going on here I still think SDX is very much undervalued but they need to get SD sodding well online and quickly. If the drilling programme in Egypt is half as successful as previous ones this company will quickly be making nearly it's entire current market cap in cash every year (if you take in to account Morocco).

[the drewster] 22/3/2019 16:26

Feb 2017, when Malcy added SDX to the Bucket List, they were above this price, and apart from the recent dip, anyone invested in the interim is underwater - why did Malcy not pick him up on this?

[itsriskythat] 22/3/2019 16:22

Watching the "Malcy Show" with Paul Welch ...

I was told how exciting these Egyptian and Moroccan businesses are, because Malcy used the word "exciting" in every other sentence. It was a shame that Paul's body language and tone of voice didn't echo Malcy's excitement. It is a "Show" which unfortunately has been repeated every quarter.

I'm afraid that actions will speak louder than words in the next quarter. I made a small profit on SDX in 2018, but only through selling in August.

[matchmade] 22/3/2019 15:48

Where's your evidence that drilling costs later this year will be 'huge'? Current capex is mostly for one-off pipeline and processing facilities, which SDX will then contol, either to the Egyptian grid or from well all the way direct to customer in Morocco.

[dsmith57] 22/3/2019 15:30

Just listened to Welch's Malcy interview. Total contempt for small shareholders. He seems to think that everyone has made money. Deluded arrogance. S. Disouq better be good because it seems that drilling costs will again be huge this year. Going round in circles.