Share Name Share Symbol Market Type Share ISIN Share Description
TXO LSE:TXO London Ordinary Share GB00B3SYR037 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.045 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -2.00 -0.19 1
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.045 GBX

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ih_237920: All from "marketwizzard2" - only concerning the NOMAD and return from suspension. Starting with today, and working back to Feb 20th. A month of lies. ------------------------- confident we return to aim. come out of suspension and then game on. looking forward to the action of TXO returning to AIM. Have remained very confidant throughout Shares in the hands of the strong now. i don't think you will find the new investors sub 0.20p moaning they will be adding to to position or initiating new ones, a new chapter begins I am as confident as was before that we see TXO return to market. 95% chance they return to market i think we get announcement friday or before open Monday re New Nomad and the shares fly upwards returns to market with Nomad hopefully friday shares coming out of suspension Shares due to come out of suspension. Expect this to open up at £1 and to move higher into £1.50-£2.00 range. Do you think TXO coming out of suspension? yes Do you think share price will rocket? yes See ya at 0.15-0.20p. positivity confidence picking up I have made my points to you and now will be letting the return from suspension and the hitting of my price target do the talking... Not long now till we get that RNS on a new Nomad What matters is what the share price does and i think it will rise sharply i think txo will return to aim Not long to wait now... Think we will see txo back and trading on aim very soon before March 24th. I think TXO will come out of suspension. I expect them to come out of suspension before march 24th. £1 return from suspension TXO will come out of suspension... why have a consolidation if your not coming out of suspension. The shares will rise on re admission and you heard it first here you think highly likely TXO will not find New Nomad Broker. I think highly likely. As always time will prove me right and you wrong, wrong and wrong again. £1 return from suspension a New Nomad will be found and shares will trade at a multiple of close price once they are out of suspension... Feel sure this is coming out of suspension. TXO are weighing up the merits of the various Nomads and will pick one that suits their requirements best Have remained very confident throughout suspension. New Nomad Could be unveiled at GM next week. i wasn't confident I could announce New Momad last thing i would be doing is having a General Meeting me and hinkais since suspension have been very confidant New Nomad would be bagged make a nice profit when theses come out of suspension... You say highly unlikely i say highly likely... There will be a New Nomad... I have felt certain of that all along I stick to what I have said all along its odds on that txo will come out of suspension.... :-) You say TXO will not return from suspension i say to you it will. We have made the case for why TXO will come back from suspension. We have also made the case for why TXO will fly not trapped... I didn't want to be without shares when TXO came out of suspension. I will be buying more on return from suspension. they are in discussions with more than 1 broker i will say two weeks time Friday 13th March we get announcement of return from suspension. Locked in by choice, won't be long now till we are out of suspension and in profit. looks like its going our way ;-) i feel 99.9% sure shares are coming back Tim has pointed out txo have no intention to delist are simply sorting New Nomad and says in RNS temporary suspension not permanent. If was permanent they would say so. they come out of suspension and bounce significantly upwards. bounce to at least 0.15p on coming out of suspension feel 0.20p is possible too Temporary suspension, temporary is the key word. i expect to see 0.15p when this comes out of suspension. i am 99% sure of TXO coming out of suspension 99.9% sure txo is returning now i feel 99% sure now shares will return... ;-) I feel 95% sure now txo is coming back to market When TXO returns and i depart with a tasty profit i will say told you Yarsan they will have been in discussions with Nomad once refinancing sorted will make RNS stating refinancing sorted and announce New Nomad. The debt is being renegotiated and the share will return. Return from suspension and deals to be done in my opinion. Reading between the lines TXO have a New Nomad in the wings a Nomad has been found certain New Nomad will be appointed. New Nomad be found even if share goes into suspension. Suspension then new nomad is my prediction.
fishermansfriend: As usual the LSE asylum has not grasped what is going on here. The net effect is the nominal value of the shares is reduced by a factor of 10. At the moment the company has a nominal market cap of £ 1,331,677.636 Following this they will have a nominal market cap of £133,150. The overall effect is that current shareholders will have 1000th of the number of shares they used to have. Let’s take the example of someone with 500,000 shares, at the end of this they have 500 shares. A nasty twist in there is that someone with 499,999 shares will have none, and someone with 999,999 shares will also only have 500 shares. The repayment of proceeds from sales of fractional holdings will be made to the shareholder on the register, ie to the nominee company and the fractional shares sold will be the nominee companies’ fraction not individual fractions of people who hold through a nominee. The nominee companies will have a number of shares that they cannot easily split between existing holders and not a whole lot of money to pay to individuals. Everybody needs to contact their own nominee company to find out how they will deal with this, but the intention is clear - the arithmetic has been done to shaft small holders. This is a particularly nasty piece of gratuitous vindictiveness. Exactly the same end effect could have been achieved by lowering the nominal by a factor of 10 - as per resolution 1 and then doing a 1000:1 consolidation. What is the point of doing a 500,00:1 consolidation then doing the fractionals on that then doing a 500 split? It is puerly there to shaft small shareholders. The resolution that does the shafting is resolution 2 which they have made an ordinary resolution so just needs 50% to pass. Making resolution 3 a special which needs 75% is neither here nor there. They have done all this without a Nomad to supposedly stand up for ordinary investors. The real issue though is what comes next. This is only the first part of the overall financial restructuring, if it happens at all, and the reduction in nominal is being done to enable a whole load of new shares to be issued. “a company may only lawfully issue new shares for a subscription price at or above the nominal value of those shares (the fee shares trick that was done to give half of the company away to Bergen was done to circumvent this law). In order that the Company may issue ordinary shares at a more attractive lower subscription price in the future” The next phase is likely to go something like this: Investor in the Bahamas converts his £500k debt into 5M new shares and then they place another 10M new shares to dilute the investor in the Bahamas below the 30% limit, raising £1m. That £1m pays off other loan note holders and keeps the lights on in TXO for maybe 12 months, nothing more. The dilution of existing shareholders is horrible. Someone unlucky enough to hold 50M shares currently owns 3.75% of this dog. Following the rest of the financial restructuring, they own just over 0.3% of this dog. After all this the shares will probably trade at about 10P, until they dive below the new nominal again. The person who used to hold 500,000 shares, which maybe they paid £500 for (0.1p – though many have averages far far higher than this), now has 500 shares worth £50. Wow what a great 10p party that is going to fund! Even after this there is no indication that TXO will be a viable company. It will still be an AIM microcap dog with a market cap of just over £1.6M. It will have cleared most of its outstanding debt and will have a range of dog totally illiquid investments that are mostly goodwill and have not lived up to any of the jam tomorrow promises they have made. The only good news in there is that any new investors will doubtless kick out the hopeless management team. On the basis of this why would any new investor want to pay anything over nominal, if indeed enough can be found to pay that much. For continued trading on AIM to have any benefit they will need to suck in a whole load of new mug punter PIs having progressively screwed all the mug punter PIs they currently have managed to suck in. Of course there are a fair few out there who will think averaging down is the way to get their money back, but they would be better off investing that in a decent company that does not just use them as an easy way to fund the lifestyles of a greedy and incompetent board. “The Company's share price has been badly affected by the convertible loans made by Bergen Asset Management, LLC being converted into shares and such shares subsequently being sold on the open market over the last year, most notably in the last two months. This has reduced the share price to below the nominal value and almost doubled the number of shares in issue” Great deal done by the current board which netted only £330k of cash which will largely have gone into their own pockets in fees and related party transactions – I can’t wait to see the annual report to see how much they siphoned off last year – if the annual report ever gets produced that is. I will be voting my shares against all resolutions and everyone else should do the same. They should also complain to AIM regulation that TXO have proposed actions that are specifically and pointlessly against the interests of the majority of their shareholders and made the resolution that does this an ordinary resolution, taking advantage of the lack of a Nomad to stand up for ordinary shareholders' interests. Anyone who lives close enough to Northampton should go along and vote in person telling Tim and his lackies exactly what they think of him. If I did not already have an AGM to go to that day I would make the trip myself.
fishermansfriend: As predicted if this does survive it will be with total wipeout of existing shareholders: Notice of General Meeting TXO, the energy resource and clean technology investment company, announces that it has posted to shareholders a document regarding a Reorganisation of the Company's share capital and a General Meeting to approve the necessary resolutions to allow this to occur, the text of which is below: 1 Introduction The Company presently has a very large number of ordinary shares in issue, each of which has a nominal value of 0.1p. In order to reduce the number of shares in issue, shareholder approval ("Resolutions") is being sought to complete a share capital reorganisation ("Capital Reorganisation"). The Directors are convening a general meeting ("General Meeting") to seek shareholder approval for the Resolutions. 2 Background to and reasons for Share Capital Reorganisation The Company's share price has been badly affected by the convertible loans made by Bergen Asset Management, LLC being converted into shares and such shares subsequently being sold on the open market over the last year, most notably in the last two months. This has reduced the share price to below the nominal value and almost doubled the number of shares in issue to 1,331,677,636. As a consequence of having a very large number of ordinary shares in issue, with a very low share price, small share trades can result in large percentage movements in the share price which results in considerable volatility. The Capital Reorganisation will have the effect of reducing the number of shares in issue. The Directors believe that this will result in a share price that will be at a more appropriate level for the Company as well as a level more likely to attract suitable potential investors. Assuming no further ordinary shares of 0.1p are issued before the General Meeting and that the Resolutions are passed, the Company will have a maximum of 1,331,500 ordinary shares of 10p each in issue after the Capital Reorganisation. 3 Proposed Capital Reorganisation It is proposed that the existing 1,331,677,636 ordinary shares of 0.1p each currently in issue (together, "Existing Ordinary Shares") will be sub-divided and consolidated on the basis of, and according to, the steps set out in the Resolutions. It is proposed that every Existing Ordinary Share will be sub-divided and reclassified as one ordinary share of 0.01p ("Sub-divided Share") and one deferred share of 0.09p ("Deferred Share"). It is then proposed that every 500,000 Sub-divided Shares will be consolidated into 1 ordinary share of GBP50. Unless a shareholding equals or exceeds 500,000 Existing Ordinary Share (and therefore 500,000 Sub-divided Shares), shareholders will be left with a fractional entitlement to the resulting ordinary shares if the Resolutions are approved. Any fractions arising as a result of the consolidation will be aggregated and sold in accordance with the relevant provisions of the Company's articles of association as soon as practicable after the Resolutions are passed. The Company is generally required to distribute the proceeds of such sale (after deduction of expenses of the sale) to the relevant shareholders in proportion to their fractional entitlements save that, where the proceeds of such a sale (after the deduction of expenses of the sale) do not exceed GBP5.00 (such threshold being that which is specified in the Listing Rules), the Company may retain such proceeds. Following the sub-division of the Existing Ordinary Shares and subsequent consolidation of the Sub-divided Shares, the nominal value of each Ordinary Share will be GBP50. The Companies Act 2006 provides that a company may only lawfully issue new shares for a subscription price at or above the nominal value of those shares. In order that the Company may issue ordinary shares at a more attractive lower subscription price in the future, the Company proposes that each ordinary share in the issued capital of the Company having a nominal value of GBP50 (following the consolidation) be sub-divided into 500 ordinary shares of 10p each (together, "Resultant Shares"). 4 Deferred Share rights The Deferred Shares shall have the rights and restrictions as set out in the Company's articles of association and shall (save that it has a different nominal value) rank pari passu with the existing deferred shares in the capital of the Company. A deferred share does not entitle the holder thereof to receive notice of or attend and vote at any general meeting of the Company or to receive a dividend or other distribution. A deferred share shall entitle the holder thereof to participate in any return of capital on a winding up but only after the liabilities of the Company have been paid and after the holders of ordinary shares have received the sum of GBP10,000,000 for each ordinary share held by them and the holder of a deferred share shall have no other right to participate in the assets of the Company. A deferred share is liable to be cancelled without payment of any consideration to the holder of the deferred share. 5 General Meeting The General Meeting is to be held at The Silverstone, Victory House, 400 Pavilion Drive, Northampton Business Park, Northampton NN4 7PA on 19(th) March 2015 at 10.00 am, at which the Resolutions described below, all of which are inter-conditional, will be proposed ("GM Notice"). The GM Notice contains both ordinary resolutions (which require the approval of a simple majority of shareholders who vote) and a special resolution (which requires the approval of at least 75% of shareholders who vote). Resolutions 1, 2 and 4 will be proposed as ordinary resolutions and Resolution 3 will be proposed as a special resolution. Resolution 1 This Resolution 1 approves the sub-division and reclassification of the 1,331,677,636 Existing Ordinary Shares of 0.1p each in the capital of the Company into 1,331,677,636 ordinary shares of 0.01p each and 1,331,677,636 deferred shares of 0.09p each in the capital of the Company. Resolution 2 This Resolution 2 is subject to the passing of Resolution 1 and approves the consolidation of every 500,000 ordinary shares of 0.01p each in the issued capital of the Company into 1 ordinary share of GBP50 in the capital of the Company. Resolution 3 This Resolution 3 is subject to the passing of Resolution 2 and approves the sale of fractional share entitlements arising from the consolidation of shares proposed under Resolution 2 by the Company on behalf of each shareholder who holds them, as permitted under article 48 of the Company's articles of association, and to authorise the Company to retain any sale proceeds of less than GBP5.00 otherwise due to such shareholder (after deduction of costs incurred by the Company in respect of such sale). Resolution 4 This Resolution 4 is subject to the passing of Resolution 3 and approves the sub-division of each issued ordinary share of GBP50 in the capital of the Company into 500 ordinary shares of 10p each in the capital of the Company. The proposed Capital Reorganisation will not affect the rights attaching to the ordinary shares of the Company, other than to alter their nominal value. The proposed capital reorganisation will not affect the voting rights of the holders of ordinary shares and will be made by reference to holdings of ordinary shares on the register of members as at the close of business on 17(th) March 2015.
cheshire2: RNS Number : 5917T TXO PLC 07 October 2014 TXO PLC ("TXO" or the "Company") Issue of new convertible loan note Re-Financing of existing convertible loans Notice of General Meeting TXO, the AIM-quoted energy resource and clean technology investment company, announces that it has secured additional funding of up to GBP1 million via a new zero coupon Convertible Loan Note. It has also reached agreement to restructure its remaining outstanding Convertible Loan Notes and is calling a General Meeting to consider the Resolutions detailed below. The new monies raised will be used to make a partial repayment of the 2014 Convertible Loan Notes, which were issued in September to November of 2011, September to November of 2012, and November of 2013. A repayment schedule has been agreed in respect of the balance. The new monies raised are also intended to make a partial repayment of the Bergen Asset Management LLC ("Bergen") convertible securities facility announced on 11(th) February 2014. Any unutilised balance will be available to increase the Company's working capital. The Company has also agreed variations with Bergen in order to accommodate the zero coupon Convertible Loan Note. New Convertible Loan Note The Company has secured up to GBP1 million of new money through a zero coupon Convertible Loan Note ("Loan Note") from an investor in the Bahamas ("the Lender"). An initial GBP50,000 has already been drawn. The next drawdown of up to GBP400,000 is available from 31 October 2014 to 31 December 2014 ("First Drawdown"). The balance of the Loan Note may be drawn down in whole or in part between 30 November 2014 and 31 December 2014. The Loan Note is repayable on or before 31 October 2016, and may be converted at the Lender's discretion into new ordinary shares in TXO at any time following the date 14 days from the First Drawdown at the lower of 0.16p per share or a 20% discount to the average mid-market closing price for the 28 days preceding the date of any conversion notice, providing such conversion shall not take the interest of the Lender (and any persons acting in concert with the Lender) to more than 29.9% of the enlarged equity of TXO. It is anticipated that the Company will give a charge over 254 ordinary shares of $1 each in the capital of the Grand Bahama Group Limited ("GBG"), representing 20% of GBG's issued share capital, in consideration for full drawdown of the Loan Note. The investment funds have been introduced by directors of GBG and, in recognition, GBG is to be issued 15m new ordinary shares in TXO as a fee for doing so. Extension and variation of 2014 Convertible Loan Notes The holders of a further GBP63,167 of 2014 Convertible Loan Notes ("CLN") have agreed an extension of the term from October 2014 to October 2015. Holders of CLNs amounting to an aggregate of GBP284,357 have now agreed to extend the term from October 2014 to October 2015 ("the GBP284,357 October 2015 CLNs"). The Company has also agreed to reduce the conversion price on the GBP284,357 October 2015 CLNs from 0.4p to 0.2p, conditional on the lenders giving waivers on certain warranties given to it by TXO. Of the GBP504,486 of the CLNs which are due for repayment on 31 October 2014, the Company has agreed a variation of the terms in respect of GBP300,000 held by one party. Under the terms of the variation, GBP100,000 of the outstanding amount is to be repaid on or before 31 October 2014 and the balance of GBP200,000 is to be repaid on or before 31 October 2015. The GBP300,000 will no longer be convertible into ordinary shares of TXO. The interest rate on the above-mentioned GBP200,000 loan note is to be increased from 10% to 15% per annum with effect from 1 November 2014. In addition, a redemption premium will be payable in shares at the prevailing mid-market share price on the repayment of the balance of the CLNs calculated as the value of the amount repaid multiplied by the percentage increase in the share price at repayment over the average market share price for the 5 days preceding this announcement. GBP204,486 of the CLNs remains repayable by 31 October 2014 (the "Residual 2014 CLNs"). Variation of Bergen facility On February 11, 2014, the Company announced a Convertible Securities Deed in relation to a phased investment issue of convertible securities of up to GBP1,745,000 by Bergen Global Opportunity Fund, LP ("Bergen") (the "Agreement"). On February 18, 2014, the Company issued a convertible security with a face value of GBP425,000 and, on May 27, 2014, the Company issued a convertible security with a face value of GBP185,000, under the Agreement. The nominal value of the convertible securities issued to Bergen currently stands at GBP453,500. By mutual consent of Bergen and the Company, (a) no further advances will be made under the Agreement until mutually agreed, (b) GBP150,000 of the monies advanced under the Agreement will be repaid by the Company in cash on an agreed schedule, and (c) subject to the Company meeting such schedule, no further conversion will be made by Bergen for the remainder of this calendar year. For clarity, Bergen has met all of its obligations to the Company under its Agreement, and has been a flexible and accommodating funding partner to the Company. General Meeting In order for the Company to achieve the financing objectives above, the Directors consider it necessary to seek approval to increase the share authorities as set out in the Resolutions described in the Notice of Meeting being sent to shareholders. The Board believes that the financial restructuring is in the best interests of shareholders and also gives greater long term stability to TXO. In addition, the Board is seeking authorisation, as required under the Company's Articles of Association, to cap the remuneration payable to Non-Executive Directors (at GBP40,000 per Director) to facilitate a proposed bonus scheme for Directors and employees of the Company. It is anticipated that participants in the bonus scheme, which it is intended will be adopted following the General Meeting and conditional upon the passing of the Resolutions, would be entitled to an annual bonus calculated by reference to the increase in audited profits and investment value of the Company. Further details of the proposed bonus scheme will be announced in due course. The General Meeting is to be held at Cassiobury Suite, 54 Clarendon Road, Watford, Hertfordshire, WD17 1DU on 23(rd) October 2014 at 2.00 pm. Cash Balance and Outstanding Commitments - post restructuring Following the execution of the above agreements, and assuming full draw down of the Loan Note and repayment of the Residual 2014 CLNs, the Company would have a net cash inflow of approximately GBP545,000 and will have the following outstanding loan note commitments following 31 October 2014: -- GBP284,357 October 2015 CLNs; -- GBP200,000 loan note due 31 October 2015; -- GBP303,500 zero coupon convertible due May 2016 under the Bergen facility; and -- GBP1m Loan Note due 31 October 2016. Tim Baldwin, Chairman and CEO of TXO, commented: "This refinancing strengthens the balance sheet with parties that understand the business and our objectives in the Bahamas, where they have strong connections. It addresses the Company's short term funding issues and reduces the prospect of further share dilution other than as a consequence of the financing plans above. As a result, the plc is under no financial pressure and can allow its investments to develop accordingly." 7 October 2014
rmart: 15th Jan. We met up the other day with Tim Baldwin, the executive chairman of AIM listed TXO (TXO) to seek an explanation of the goals of the company Q. Tim your company has some interest in a US Court case underway? What is the background to this case, how much could you lose and how much could you win? A. Tasmanian Oil and Gas (TOG), in which TXO have an investment, has a 50% beneficial share to any success in a $3bn counterclaim suit filed by Empire Energy Corporation Inc. against Smartwin in the US. This is nearing a conclusive phase but the exact timing to any conclusion or the outcome is speculative at this stage. We nonetheless believe it is going in the right direction for us at the moment. If the case is lost then the relatively small monies invested by TOG in the case so far are lost and there are no further liabilities. If the case is won then the damages could be substantial and we would have the rights to part of this. TXO currently have a 25% holding in TOG. Q. Should I view this legal matter as a core part of your business or merely a potential bonus if you are lucky? A. It is not part of our core business but something we have got an interest in as part of our investment in the Tasmanian onshore exploration play. There is no downside at this stage other than TOG writing off a relatively small amount of money invested. It's a big bonus if it comes in. Q. In December you raised £500,000 at just 0.1p in a placing when the shares were 0.18p not long before the fund raise. I know that many private investors were cheesed off by this. As a shareholder how do you feel about it and why the urgency of the fund raise and discount? A. As a shareholder I also don't like the share price going down and there are many factors for this outside of our control. Unfortunately we don't determine the share price and the price dropped immediately before the placing to a level just above the placing price. We are guided by our brokers as to what funds they can raise for us and at what price and we were offered cash at this price which we required. The Board could have chosen not to accept the funds offered at the recent placing price but if we had turned the offer down we would have prejudiced the Company and its activities, even if the price was disagreeable at the time. Q. Do you feel future fund raises are likely? A. Over the last two and half years we have been building the Company from the starting point of an empty shell. Inevitably we have had to issue shares to raise cash to acquire and develop assets. To justify being a public company, with the inherent costs associated, the Company needs to have some scale. We cannot rule, in or out, raising further capital or issuing shares to acquire assets to develop the Company. However, we are mindful of seeing progress from our existing assets and we believe we have now established the platform of assets to justify being a public company. We now intend to back these assets to maturity or in some cases to find an exit. Q. You announced the other day that you had increased your stake in ORS to 25.1%. What does that operation do and why increase your stake? A. The business has proprietary know how in cleaning waste or contaminated oils. Whilst developing the Bahamas business and seeking the best commercial solution we came across this technology and decided that in our view this was the best solution for the Bahamas, but in addition the technology could also be used to enhance the tar sands project we have bought into and oil recovery on mature wells, such as the ones we have in Kentucky. In addition ORS have a pipeline of opportunities in their own right that augments the developments in the Bahamas. ORS also gives TXO its own in-house technical competence to deal with difficult oils and in turn ORS has projects in sister companies that can flagship their technology and assist in giving public credibility to their operations and access to capital markets. Q. How close is it to generating cash? What do you see it doing in two years' time and will further cash be needed from TXO to facilitate that? A. Both ORS and GBG are revenue generating assets and poised for significant growth over the next two years. TXO has shareholder agreements in respect of its associates and subsidiaries on the distribution of profits back to TXO. The timing of these cash flows will be dependent on the rate of growth of each business and what the Board see's to be in the best interests of the shareholders. Q. Your key asset appears to be a 30% stake in your Bahamas operation. You have stated that it is now cashflow positive. Can you explain what exactly it does and what its potential is in terms of cashflow generation? A. GBG is a business that collects and cleans waste oil from ships. We are paid to collect and once separated, the oil can be re-used and sold and the water is purified. It also distributes BP Castrol oil products. Q. Again, will TXO have to invest more cash to deliver that goal? A. Phase 1 is already underway and the business is operational and revenue generating. TXO may well increase its holding, as previously announced. Q. What are PLC costs now and at what stage do you expect them to be covered by operational cashflows? i.e for TXO to be self-financing? A. The fixed PLC overhead costs are relatively low compared with a lot PLC's. The dividend flows expected from the operating subsidiaries should be sufficient to more than cover the PLC overheads in the next calendar year on current expectations. The more ownership we have of those companies the greater the dividends we will get and the stronger those businesses potentially are. Q. Part of the problem that some investors might have with TXO is that it is a small company seemingly pursuing diverse schemes. Can you describe for us your investments in Athabasca and Tasmania. How will they deliver value for investors? A.TXO is an investing company so the concept of it having multiple interests is entirely consistent with its mandate from shareholders. However, apart from the assets in Tasmania there is synergy between the businesses and the future of TXO is likely to remain in the areas it is now involved in. Athabasca has the rights to tar sand leases in Canada, whilst as we said earlier TOG is the vehicle in which the Tasmanian interests are held. It is expected that Athabasca will list in due course and in due course an exit in TOG is also expected. As such we are looking at both of these investments as capital realisation. Q. At 0.12p your market cap is just £2.5 million. Do you regard that as fair? A. I'm in close period and not allowed to guide on views on share price. We are not in control of this and our focus is on delivering the business plan which we hope and expect to reflect in the share price in the medium term. What I can say is that TXO's enterprise value has not really moved at all within the last two years and yet the Company has far more assets than ever, those assets give a greater spread of risk than at any time and prospectively they have greater reward potential than they have ever done. As we have said two of the investments are revenue generating and expected to deliver significant profits in the future. Tim, many thanks and good luck.
jojo_jo: I have a large number of holdings, most of which I actively support and most of which have performed very well. Your (yarsan) de-ramps are typical of a short-seller, but your comments are tantamount to slander. Accusing me of being wildly wrong or stating falsehoods is personal and out of order. I don't just pick stuff out of thin air like you. For example... TXO is up from where it was on Dec.13 and is in the process of re-tracing to 0.15p and (much) higher over the coming months impo. And... there was an order for the plaintiffs to produce witnesses by the 17th December, failing which there could be favourable decision in favour of TXO: " The Directors of TXO plc, the AIM-listed oil and gas investment company, have been informed by legal counsel that following Wednesday's hearing of the Empire Energy Corporation International ("Empire") court case in New York, the Judge has now ordered that two witnesses be produced on or before the 17(th) December, 2013 and that in respect of Mr Fred Kwok the plaintiff shall produce an affidavit stating that Mr Kwok is not under the plaintiff's control and has not been since prior to the service of the notice of deposition on or before 17(th) December, 2013. " Tim Baldwin, Chief Executive, TXO commented: "Legal counsel has informed us that he views this order as favourable and feels that the case is drawing to a conclusion." The chairman's following comment signals an income stream via ORS in the near future, ie, within the first quarter, and before the important April 30th date... "We are delighted to announce TXO's investment in ORS. It's a very exciting business and is at a stage where strong growth is predicted in the very near future." My price targets are intact, and I am up in TXO (having bought in at the very bottom). They are not 7 day targets - they are 3 - 9 month targets. ORS are in the process of negotiating a remediation contract with Istanbul, a very large city (perhaps you've heard of it?) This could, of course be huge, and would explain TXO's eagerness to invest in ORS early and relatively cheaply. Whilst up until now the contracts have been with related companies, future contracts will not be - unless you class Istanbul as a subsidiary, lol. You should read RNSs (and posts) properly before quoting them in public. I do NOT expect ORS to achieve a £10m+ valuation by late April (as I clearly state). However, for TXO to consider paying £2.5m at the end of April, to increase their stake to 50%, ORS would have to worth £10m+. I say again, I don't think this is likely, but clearly ORS/TXO think it is a distinct possibility, else why such a price for the last 25% tranche. Reading between the lines, I'd say they know just how huge the Istanbul contract could be. Only that would prompt such a valuation come April. For clarity I am very happy to repeat what you have pasted from my earlier post today (9th): JoJo_Jo - 09 Jan 2014 - 10:38:51 - 5268 ORS needs to grow very quickly to achieve a £10m+ valuation by May 2014. This would be ideal and make TXO's existing stake worth something over £2.5m. However it is not very likely impo, so will probably be re-negotiated at a lower figure or subsequent date. This amount can be paid in TXO shares at the prevailing TXO share price, so no discounted dilution... It could also be viewed as 'almost' an RTO of ORS, which would, if valued at £10m on April 30, be bigger than TXO. In that scenario TXO's investment in ORS would be worth £5m... double TXO's current m/cap. Taking into account the increase in the value of TXO's existing 25%, I estimate we should then be worth £8m - £10m ------------------------------------------ Short-sellers only motive is to get holders to sell. I guess the clever ones have already bought/closed or are trying to unwind their short positions as I speak. It is nonsense impo to short a stock with such a tiny m/cap, and has already been pushed to its absolute lows on the back of placings. The only remaining investment which has been mentioned is the possible final 25% holding in ORS at the end of April. That in any event will be in TXO shares at the prevailing price (usually 'locked in'), so not damagingly discounted. For that to happen ORS has to be worth £10m+ (see above), which in turn will be reflected in TXOs share price. Looking great for 2014 impo. Happy to be holding. IMPO/DYOR/NAI Jo
yarsan: Jojo, is there a single stock you DON'T think is an amazing undiscovered opportunity? lol I see a lot of baseless assumption (some might say mindless ramping, but I'm a charitable guy) in your post. Many of your points look wildly wrong, such as the obvious falsehood that "an important legal decision" was due on Dec. 17th, or foreseeing the "emergence of an income stream" in the first quarter. Where did you derive THAT from? Can you explain the analysis supporting these claims? They seem to get more bizarre as time passes and TXO fails to meet your previous price targets. Where on earth do you get a £10m valuation for ORS from? Can you name ONE contract they've signed that wasn't with another TB controlled company? With all your research and analysis, do you even know who the controlling shareholders of ORS are? ------------------------- JoJo_Jo - 13 Dec 2013 - 20:35:58 - 868 There's a good chance of a re-trace back to medium term support, ie. 0.15p JoJo_Jo - 14 Dec 2013 - 17:29:32 - 886 The 'options-at-a-premium' grant ...[has] the technical effect of lifting the baseline to 0.14p. Interestingly the staff granted themselves the options a week before an important legal decision...I see this recovering quickly to 0.15p (or higher), with a lot more upside potential from the 17th December through 2014/Q1. They should now have enough working capital to see them through until the end of Q1, at which point they have already flagged the likely emergence of an income stream. JoJo_Jo - 03 Jan 2014 - 01:42:37 - 1086 Friday could be the last day at this low price... Overhang gone it seems JoJo_Jo - 02 Jan 2014 - 21:34:51 - 1084 This is clearly at/near bottom and the chance of a short squeeze is very high... the target has been acquired JoJo_Jo - 02 Jan 2014 - 16:12:22 - 1083 ORS ... is worth perhaps £1.5m at the moment. It was clearly an alternative way of generating income from GBG, deemed preferable to increasing the stake in it (GBG) directly... The potential value of ORS could be huge, as it signs contracts with major port authorities. Istanbul could be a very large contract, paving the way for even larger ones. ORS could quickly become the world leader in this field. I imagine it will be spun off (floated) at some point in the future, by which time it could be a £50m+ company. JoJo_Jo - 09 Jan 2014 - 10:38:51 - 5268 ORS needs to grow very quickly to achieve a £10m+ valuation by May 2014. This would be ideal and make TXO's existing stake worth something over £2.5m. However it is not very likely impo, so will probably be re-negotiated at a lower figure or subsequent date. This amount can be paid in TXO shares at the prevailing TXO share price, so no discounted dilution... It could also be viewed as 'almost' an RTO of ORS, which would, if valued at £10m on April 30, be bigger than TXO. In that scenario TXO's investment in ORS would be worth £5m... double TXO's current m/cap. Taking into account the increase in the value of TXO's existing 25%, I estimate we should then be worth £8m - £10m
jojo_jo: ORS may well be the main value driver here, viz... " TXO has been granted an option to subscribe GBP200,000 in cash for a further 10 per cent. interest in ORS by 30th December 2013 (the "First Option"). Subject to the exercise of the First Option, TXO has a second option to subscribe up to GBP2,480,000 for a further 24.8 per cent. interest in ORS. (the "Second Option"). In exercising the Second Option, TXO has the discretion to pay in cash or in TXO Ordinary Shares at the then market value. The Second Option expires on 1st May 2014 and if exercised implies a GBP10m valuation of ORS. ORS has entered into a "Lock-in Agreement" with TXO under which it has agreed not to sell any of the Consideration Shares for at least 6 months, and with orderly market restrictions for the succeeding 12 months. " Obviously ORS needs to grow very quickly to achieve a £10m+ valuation by May 2014. This would be ideal and make TXO's existing stake worth something over £2.5m. However it is not very likely impo, so will probably be re-negotiated at a lower figure or subsequent date. This amount can be paid in TXO shares at the prevailing TXO share price, so no discounted dilution. It could also be viewed as 'almost' an RTO of ORS, which would, if valued at £10m on April 30, be bigger than TXO. In that scenario TXO's investment in ORS would be worth £5m... double TXO's current m/cap. Taking into account the increase in the value of TXO's existing 25%, I estimate we should then be worth £8m - £10m (...possibly much, much more). Accordingly, I reckon the 3 - 6 month view is very compelling. IMPO/DYOR/NAI Jo PS. Then of course there's everything else, which all have upside potential vs. little or no downside risk, impo.
ih_212666: Yarsan re. your 5071 It certainly is looking like the GBG story has about run out of steam and it's time for a new one. Off with the old and on with the new so to speak (kind of like changing an old vest for a new one) with ORS being the newly nominated winner. Tim has certainly got his timing down pat in starting off the new year on an upbeat note (although the "delighted" is starting to wear a bit thin now) as though you can all forget the past because it's the glorious future that counts which is going to be so very different this time. The post by JOJO_Jo on the One True Thread was a pleasant change from the usual fare there in its showing more acuity than is the norm although it placed a lot of trust in Tim's somewhat vague assurances that have never been rewarded in the past. I would agree with him that talk of dividend income to TXO is far too premature but if ORS should ever float at a fancy market capitalisation then the TXO share price should appreciate in sympathy. But obviously a great deal more needs to be known about ORS (including its undisclosed beneficiaries) for that to be taken too seriously.
ih_318421: Ok here are another few for you TXO gets zero revenue from any "investment" for the whole of 2014. Given that they burn about £600k per year - a large chunk of which is fees into TB's pocket plus they have significant liabilities due then here is another prediction: the equivalent of 4Bn (I say equivalent as they will probably do a consolidation at some point) in issue by the end of the year or in administration / liquidation. This time next year TXO share price equivalent of 0.05p or less, if not suspended. Yes given there is a 50% chance of TXO being but by end of 2014 I do need to cover both possibility with regard to shares in issue and share price.
TXO Plc share price data is direct from the London Stock Exchange
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