RE: AGM virtual presence2 Jul 2024 17:22
Thanks Komakino. Did IR advise if they’d share the AGM presentation pack? This would be very useful.
And any comment on whether if given further reflection they’ll post the video or soundtrack of the AGM? I’d guess still it’s a no, but worth asking.
One further point from AGM that I didn’t cover in earlier short comms:
AK mentioned in the AGM presentation the very positive and material news that on the 3 arbitrations, interest was NOT included in the amount of claims, the $ quantum, shared with investors in the Annual Report / RNS.
He didn’t say this but: My view is that this could mean the claim (without costs) would be in region of $1.5b.
My view / from experience, is that given the two largest claims (upstream and totco midstream Chad) have been acknowledged by the Chad Government, the arbitrations should be straightforward, as for the 2 big ones there is no contest on the direct expropriation by the Gov. in my view, it’ll now ‘simply’(!) be a matter of valuation, interest award and cost award. Costs would generally follow the award, and given on 2 the cause / fault has been accepted, this means the ‘only’ (very important) matter to resolve is valuation of the assets or loss to SAVE. This means for 2 claims it should be relatively straightforward and quick for the arbitrators.
On the third claim, Cotco Cameroon midstream, there are complexities to this, but the claim is nonetheless clear, if less material in quantum.
Latter is all my opinion only, DYOR