Sherlock
23 Feb 2015
Note: OTR have received an offer of 300,000 Euros for a stake of just 3% of OTR, and I have assumed in my last post that TXO could sell 5% of OTR (from the 30% they now hold) for the same 300k Euro price.
Sherlock
23 Feb 2015
Looking now at Assets (gross assets to be more precise), I have attributed the following fairly modest approximate values, based on TXO accounts, RNS statements and the more recent GBG charge secured on around 13% of GBG. I arrive at a 'gross' asset value total of £3.8m by adding the GBG stake (35.7%) worth c.£1.5m, to the ORS stake (25%) worth c. £0.3m, to the OTR stake (30%) worth £1.45m, to the TOG stake (19%) worth a nominal £0.1m, to ATHABASCA stake (19%) worth an estimated £0.3m. The total comes to £3.7m, which ties in fairly closely with the £3.4m figure shown in the last accounts. The positive thing which emerges is the substantially better NAV created as a result of the reduction in the CLN debt which now stands at just £509k. These CLNs are due for repayment in October 2015. As a result, I estimate the NAV at £3.2m which is far higher than the closing market cap. at suspension. Accordingly I don't expect them to have any problem raising £0.5m cash for working capital in a reconstruction. This combined with any cash received from selling the ORS stake and a bit of OTR would give them around £1m to return to market with and barely dilute shareholders at all.
Sherlock
23 Feb 2015
Looking at the 21/01 Financing Update RNS the total o/s unsecured CLNs as of today appear to total a fairly modest £509k. I have not counted the Oct.2016 CLN = £500k as this is fully secured by a charge on GBG shares equivalent to 13% of GBG. It is inconceivable that the holder of this £500k note would swap the note for TXO shares anytime soon. If I held the note I would never convert, preferring instead to sell the GBG state to recover the 'loan'. Accordingly it won't become an issue or debt for TXO for a long time if ever. It is, however, unacceptable that TXO shareholders have not been given a corresponding Note or similar by GBG verifying the debt owed to TXO for the issue of the Oct.2016 Loan Note. It is a strange 3 Way deal, but as it stands GBG owe TXO £500k in respect of the money they drew down directly from the CLN Facility.
Sherlock
23 Feb 2015
First let it be clear: nothing said on these boards really matters now the company is suspended. However, despite everyone slamming Baldwin as a liar and rogue it should be noted that if discovered to be it would mark the end as his career of a Company Director. Accordingly it would be a very dangerous career move to fabricate the contents of RNSs which are run past and checked by a Nomad for accuracy. The Nomad would want to see verification of all statements made. Accordingly it is very likely true that all these Investee Companies exist and suggesting they don't is utter nonsense. They have probably had $400k offered for their ORS stake and if still on the table will now have to accept it. Similarly, based on an offer OTR have received for 3% of the company, TXO may be able to sell up to a third of their 30% stake in OTR for circa £600k. That would go a long way to resolving their immediate funding issues, and securing the proceeds has been interrupted in untimely fashion by the resignation of the Nomad. This has obviously prompted them to consider their position more generally hence the reconstruction proposition. CLN holders will not be happy to hold notes in an unlisted entity and will want some acceptable resolution within the next month. I can't imagine them having a big problem finding a new Nomad although four weeks due diligence is required, making the 1 months notice given by Northland an impossible time frame. There had apparently been ongoing issues between Northland and TXO which culminated (presumably) in the RNSs of 21/01 being the final straw. A couple of fairly minor issues was enough, it seems, to enrage Northland enough to resign prior to the issue of corrections on 23/01. Obviously TXO did not fully appreciate the critical importance of the Nomad and paid the ultimate price for their arrogance in this respect. That said TXO could be a very lucrative contract, fees wise, for a new Nomad, especially when one considers the prospect of Athabasca being brought to IPO later this year.
millwall6
23 Feb 2015
I think? Its game over, put up a sell rec even though you can not sell now due to suspension and I doubt very much if this will ever trade on AIM again.All the signs were there what a shambles.M6
Mayflower27
17 Feb 2015
Re: TXO PLC If they get a new Nomad this week/ early next and Bergen gone then I might buy more. Ticked the buy box for balance and currently have no view await news.
millwall6
12 Feb 2015
Sell Zero value At this rate the company will be at zero value by close of play by Friday.The BOD have done a sterling job with our hard cash what a complete shamblesps TXO is an investment company for who's gains though?????
millwall6
12 Feb 2015
All time low I wonder why??Put up a sell rec but to be honest it does not mean a lot because the shares are more or less worthless.However do not buy into this Co, it has all the signs of going under, yep they call them selves an investment company well certainly they have not performed other than making the sp fall year in year out.My 6 grand invested a couple of years ago is on todays market worth £105 pounds, well done TXO just out of pocket by £5,895.00 pounds reads well does it not!!!!.What makes it worse the share was consolidated the other year only to decline to this paltry level.Remember they have no broker at present time iffy very iffy.M6
millwall6
03 Feb 2015
just another dive in the sp Its not looking at all well here? wonder how long TXO will trade for !!!
millwall6
03 Feb 2015
charts TXO is an investment company buying stakes into other companies......Their doing a good job to prove that they are not very good at what they do.....look at the sp then look at the 3 year and 5 year graph whoops its all down hill yep this company has failed to give any returns of value to us pi's I think the BOD are just happy with diluting the company to pay for their own wages at our expense.Ho of course loads of RNS to say they are aiming to come profitable in the future... future....future...next year.. no i mean the year later.com.Yep we had a share consolidation the other year...whoops we below the pre consolidation price now.Funds in the bank a few pounds left... not to worry though lets do some more dilution plenty of mugs out their to bail us out again and again...The thing is the mugs are wising up and can see right through the BOD. In my opinion this is heading one way and that's like a burst balloon.Rant over M6
millwall6
30 Jan 2015
share option What a joke offering PI's a 1:2 share option at 0.1p who in the right mind would take up this offer? this share has been diluted to death the bod carried out a consolidation of the shares and will are below the pre consolidation price now and they think us pis are daft enough to stump up more money to support what has been a ever declining sp with all the raz of the company will soon be making profit.Basically a few years ago my intiall investment in Txo of 6 grand is now has a market value of 250 pounds well done to the BOD.Please do not take up the offer let the company fail because that is in my view what they deserve.Rant over M6
SalopTractor
20 Nov 2014
cannot sell or buy any
SalopTractor
19 Nov 2014
nice tick up - loads of 1 and 2 trades - news imminent?
SalopTractor
18 Nov 2014
more movement at TXO by the looks PRO
SalopTractor
18 Nov 2014
