IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.
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Ah, I think that's a non-issue. They just messed up the timing.
Customarily dour AGM statement.
Here's the first issue raised page 11 of the 2023 Annual Report.
Proposed Companies Act Ratification
The Board has become aware of an issue concerning technical compliance with the Companies Act 2006 (the “Act”).
The Act provides that a public company may, amongst other things, pay a dividend or purchase its own shares out of its distributable profits as shown in either the last accounts circulated to members or, if interim accounts are used for these purposes, interim accounts that have been filed at Companies House, which enable a reasonable judgment to be made of the profits, losses, assets, liabilities, share capital and revenues. Such interim accounts must have been filed at Companies House even if the company in question has sufficient distributable profits at the relevant time.
This issue arose because, whilst the Company had sufficient distributable profits at all relevant times, interim accounts had not been filed at Companies House prior to the declaration of the final dividend in respect of the year ended 31 December 2022 or the interim dividend in respect of the year ended 31 December 2023, together with the series of shares bought back from August 2023 to date following the announcement of the Share Buyback programme,notwithstanding that the shares bought back remained in Treasury and not cancelled. It is intended that this technical issue be ratified by a shareholder resolution, as is customary in these circumstances. Accordingly, the relevant resolution, together with explanations, will be put to shareholders at a general meeting of the Company.
If the shareholder resolution is passed, this will give the Board the necessary authorities to enter into the required waivers which will put all potentially affected recipient shareholders and the Company in the position in which they were always intended to be had the relevant actions been made in accordance with the Act, insofar as practically possible.
Neither the technical issue nor the proposed ratification has any impact on the Company's financial position.
Accounts for which company? ANGLO-EASTERN PLANTATIONS PLC accounts are on there.
Yes, I think the 100K limit applies to AEP.
Stated cash is $153M, but net current assets are $228M + $10M of long-term investments so real cash total is $238M.
Having the cash in Rupiah is a risk. Indonesia has long been a fiscally responsible country, and is a democracy with a broad economic base. Would I prefer having it in $/£? Yes. Do I think there's a risk of a big deval? No, but if China devals then I'd expect asian currencies to fall.
The Naira's valuation was fake. People couldn't actually exchange meaningful amounts at the official prices. The Rupiah's valuation is real in that you can actually exchange at those prices.
The Rupiah has been weakning recently due to general dollar strength and concerns about somewhat higher government borrowing to fund a school lunch program.
Why were the interim 2022 and 2023 account's not filed at companies house? Also the Indonesian law limiting company's not listed in Indonesia or that are not majority owned locally to a national total of 100k hectares does this limit apply to AEP, and finally are there any concerns in regards to the FY23 stated cash position of 152m as for example PZ Cussons FY23 had approx 250m cash balance of which 200m held in Nigeria which it could not repatriate, the recent floating of NGN significantly devalued 200m cash pile, repat still an issue 50m realizable at best.
Can't do much wrong with this at these prices!
Just bought some shares Oangolin looks like a good company
This is still a no-brainer.
CPO price up over 20% in the last 6 months but the share price here hasn't moved. Results later this month
There’s a lot of interest income here on the cash pile.
Agree
Visitor, good to see you are on board here and ofcourse I am happy for you to quote me.
I always believed the difference in the valuation of MPE and AEP was just because of AEP's reluctance to distribute any cash to shareholders. I have been following this for over a year and Madam S K Lim's passing away has opened the door for a change in stance from the BOD. The director biy last month was a major hint. Also worth noting, all the directors earn c£2m at MPE compared to $194k at AEP in 2022.
I know where I would rather invest my money in.
Very strong results. For a £345m market cap, AEP have a Net Cash position of $277m and in addition to this they have a large Tax Receivables owed to them from past overpayment. When comparing Tax Receivables minus Tax Liabilities, there is some $30m Net due back to AEP.
"The tax receivables represent the corporate income tax ("CIT") and value added tax ("VAT") that have yet to be refunded by the Indonesia tax authority. The tax receivables relating to CIT arose due to over payment of tax. The tax receivables relating to VAT arose because the majority of the Groups' CPO was sold to bonded zones which do not attract output VAT and thus the input VAT incurred is claimable. Upon submission of a tax return (for CIT) or a request letter (for VAT refund), a tax audit will be conducted by the tax authority and whilst every effort is made to resolve this quickly, the process can sometimes take more than 12 months."
Affan does very good of summarizing the situation and AEP under-valuation by comparing to MPE (hope he doesn't mind me quoting him):
"Talking of the comparison between #AEP and #MPE again
#AEP -Mkt Cap £342m, Net Cash $277m, Planted area 68,000 hectare
#MPE Mkt Cap - £465m, Net Cash $35m, Planted area 41,000 hectare
Only difference was #MPE was paying a divi and buying shares back.
No difference now?"
https://twitter.com/feynzz
870p at 9:40, 2.5% dividend and small buyback should help set a new level for the share price. I can not see a better public company in Palm Oil to invest in.
AEP is finally listening to the market, increasing dividend from 5c to 25c and launching buyback program. This should move the stock.
Growth of the Lim family fortune. Certainly not dividends or share price....
Growth of what?
Surely the massive buys this week should indicate positive growth potential.
for keeping banging on about unrealistic prices but if you are selling single figure shares the price is going to be below the norm. As of 1130 today for a 1000 parcel I can sell at just under 760 and buy a similar amount for 766, so 744 is not a realistic mid price.
at 736 made at an unrepresentative pricing,
As of 0900 this morning I can sell at 770 and to buy its 792.
No. It's because this thing is illiquid as hell, volume was the highest since May and the management refuse to do the obvious thing to benefit shareholders. Looking at fundamentals is a waste of time until that changes. Market cap now just 66% of MP evans.
Growing tensions between Asian palm oil producers and the European Union - https://www.reuters.com/markets/commodities/growing-tensions-between-asian-palm-oil-producers-european-union-2023-01-13/
Indonesia palm oil export curbs, biodiesel plans to hit world vegoil supplies - https://www.reuters.com/markets/commodities/indonesia-palm-oil-export-curbs-biodiesel-plans-hit-world-vegoil-supplies-2023-01-13/
However, LSE showing 784 as a midpoint in the current pricing is a bit of a joke as the spread is 817 to 790.
34. Nothing changes here. In a year or so the cash balance will exceed the market cap.
I think Madam Kim must have had a ghost writer because I sense that - despite her death - the same hand is behind these management descriptions.
That trading update couldn’t have been worded more negatively. Decreasing output, increasing costs, weak prices, late milestones, etc yet still up 4%. Any other company would have taken a hammering. Just goes to show the current value here