ELE prises kun til EK. Snart kan de være i gang med AMI

DavidM
ELE 30.11.2018 kl 11:11 15828

ELE er på billigsalg rett før ADEX-lisens er ventet.

Selskapet prises kun til egenkapital og ingen assets er tatt høyde for, hverken AMI, Mindoro eller token.

En kan bare tenke seg når AMI kommer i produksjon. Prisene de kan oppnå her ligger rundt USD 350/tonn.
De opererer med prisestimater langt unna dette så her er det stor oppside.

Markedsverdien for hele selskapet er snaue NOK 150 mill.
Bare egenkapitalen viser USD 15 mill pr Q3 2018.
Tar man med verdsettelsen av alle assets, skal ELE høyere.

I forhold til AMI er alt klart for produksjonsstart.
Det gjenstår kun siste formaliteter før ADEX-lisens.

I hope that those who still believe ELE takes finally objective side and evaluates situation again.
Today it is announced that EGM is postponed because they have problems With naming a New auditor.
Thats normally not rocket science. You pay to auditor Company who checks and verifyies Your bookkeeping. If they can't agree With it, then they don't verify it.
And if you have weird sh*t in Your books, they decline to take the Whole job.

It seems that here among the forum Readers and commentators is also lot of ideas what should be done to get the ELE out of swamp.
I must inform you that extraordinary general Meeting is only for 1 thing and that is to vote for proposal given at invitation.
You cant fill the agenda With other proposals. Therefor thought that "someone is positionong him/herself to kick out Board director at EGM" is ludacris.

Some here say that ELE should drop the CMT Project. Unfortunately, that is the only thing what has real value at the moment and they have already borrowed 100 million for it and paid around 40. That is all lost if they pull themselves out now and only thing is left is 50 milions from transje 3.

I dont think that ELE is actually going bankrupt and reason is very simple. They don't have that much creditors or even credit.
To start Production at AMI or Mindoro will need significant capital boost from ELE to operative Companies under ELE. Until that step is taken, there is no real threat that Company will go bankrupt. As long they have money (own or borrowed from ABO) to pay to their employees and consults and pay to all expenses they have, they'll manage. However, there is nothing coming in and that can be significant problem, but if you think short period (less than year) I dont think ELE is going bankrupt as long as they have Tranche loans.

Many here Wonders how ABO makes money if share course is lower than what they have converrted.
I believe that ABO doesnt own those shares very long time. There have been accusations that ABO has sold shares even before converting. I don't know if it's true, but I'm sure that they have atleast agreement With buyer before they convert and then sell the shares.

It is also very tactical geniusity from ABO that they loaned from WNF shares and sold them immediately when taking the tranche loan. So they short With Beitnes's shares and Beitnes can't stop shareloan before 12 months has gone.
So ABO makes money either by short or long.

Another thing is ofcourse taking over the Whole ELE.
If share price is dropping even more, lets say between 0,2 and 0,3 nok by converting transche 2,3 they get so huge majority that technically they own ALL ELE assets. ELE has to take tranche 3 and 4 to manage to pay CMT. After those converts, ABO has tecnicly over 90 % of Company and it can pull it out of OSE.
Then they have got all ELE assets including half paid OMM With price 200 million. Then they can pay the rest of OMM debt and they have CMT, AMI and Mindoro With only price of CMT.

CMT-deal vas valued Worth 50 million euro debt free and was it 25,5 With all the debt? cant remember accurate.
But I Guess you start to seeing point now...

And one more thing… When one shareowner buys itself over 1/3 of votes, it will automatically release obligation to offering from rest of shares.
Rules and regulations say that offer has to be highest amount what the offers giver has self paid in last 6 months period.
That means that if it is ABO who strikes 1/3 limit, it will then be highest converting price in 6 months.
BUT
If they decide to form a New Company( or more likely fund) just to take over ELE, they can do it like this:
ABO converts shares and sells them to New Company by same price what they use on converting, lets say for example 0,5 nok.
this Company then holds the shares, but not in any case go over 30.

If price drops further, they start 2nd Company (or fund) and same process will be done.
If price drops even more and ELE is still taking tranches, then ABO can convert shares again and sell shares to these 2 funds to keep their holding to just under 30%. Next Conversion (if share price is still at low) ABO sells everything to fund 2, what triggers mandatory offering, but that wont be higher than current marketprice or at highest the shareprice ABO sold to fund 2 earlier. Fund 1 Accepts the offer and bang, they have over 90% of Company and they can pull it out from OSE and do whatever they wish with assets. ABO will ofcourse get a nice payment for their services.

Point is, rules states that offer have to be highest amount in 6 month period what THE SHAREOWNER WHO IS OBLIGATED TO OFFER has paid for shares. Not the highest amount what someone else has paid in last 6 months.
Aldara
11.12.2018 kl 19:18 2326

JD what is the highest converting price abo has had the latest 6 mths...??

I'll answer you if you explain me what "kroken på døra" means. I assume it is somekind of metafore for bankrupcy, but where does that Expression come from? Does it have somekind of history back of it?
I havent ever heard it elsewhere than Norway.

ABO top 5 convertions last 6 months :
3,8 nok 12.6.2018
2,9 nok 26.6.2018
2,8 nok 2.7.2018
2.8 nok 11.7.2018
2,0 nok 5.8.2018
Redigert 11.12.2018 kl 21:34 Du må logge inn for å svare
asulg
11.12.2018 kl 20:47 2227

What is possibilities to get Beitnes out?

Someone who Controls over 5% of votes either by owning them or by Proxy from other shareowner sends letter to Board and asks for extra ordinary general Meeting to make changes at Board and demands that director of Board will be replaced. It is recommended that on that letter has a New names for Director of Board. Then it is up to EGM (shareowners)to vote for it.
Another possibility is send proposal to nomination comittee and nominate candidates for Annual general Meeting.


asulg
11.12.2018 kl 21:17 2154

Rikard is only opportunity.
Tresvika
11.12.2018 kl 21:46 2070

Kroken på døra means bankrupcy.
You litteraly put a permanent bolt on the door, thus it cant be opened again. Common expression regarding things going down the toliet, much like Element. I assume it historically comes from bank foreclosures when they locked the doors and kicked people out.
Speaking of locking people out, this case might(should?)result in people getting locked up, or in ;-)
Its ridicolous to watch show this stock gets hammered. Something is bound to happen soon, this cant go on.
asulg
11.12.2018 kl 22:01 2033

Timeline for send Beitnes out is 31 January 2019?
nopetter
11.12.2018 kl 22:01 2032

det er bare han thailand karen som får til at de kan gå konkurs, når de ikke har gjeld. en annen sak er hvor mye de har å rutte med om 2 mnd

Revisor problematikken er kommet pga funn av grove uregelmessigheter. Den eneste måten å få en ny revisor til å påta seg oppdraget er å rette opp i forholdene - dette for at ikke uregelmessighetene skal fortsette.

Og blir ikke det gjort så vil selskapet bli tvangsoppløst uavhengig av hva han derre øretraderen måtte mene og uavhengig om selskapet har gjeld eller ikke....:)

https://www.revregn.no/asset/pdf/2010/4-51-4.pdf
Redigert 11.12.2018 kl 22:29 Du må logge inn for å svare
11.12.2018 kl 22:30 1956

Grue sier i børsmelding at det ikke er pga uregelmessigheter i regnskap. Så hvordan kan du påstå noe annet. Og ja jeg ser at du driver å klipper å limer masse linker her og der.

Det er vel snart bare du igjen som tror på noe av det selskapet melder - og lykke til med det..

Men så er det nå slik at når man ikke gidder å ta seg bryet med å lese disse klipp og liminnleggene så vil man heller ikke skjønne hvorfor man plutselig har tapt alt på børs. For det er nemmelig slik at et revisjonsselskap ikke kan fratre før en annen er på plass under normale omstendigheter - mao, dette er da ikke normale omstendigheter noe som igjen betyr at det er gjort graverende funn som fritar revisjonsselskapet revisjonsplikten.

Videre så har det avgåtte revisjonsselskapet en plikt til å informere potensielle nye slik at man sikrer at det ikke kommer inn noen som vil fortsette med uregelmessighetene.

Av samme grunn ville ikke det nye revisjonsselskapet overta.

Nå fikk du mye gatis info og trenger ikke å ta deg bryet med å lese klipp og lim linken - jeg krever heller ingen takk - takken får jeg kanskje i himmelen...:)
Redigert 11.12.2018 kl 22:38 Du må logge inn for å svare
nopetter
11.12.2018 kl 22:33 1937

Har du snakket med Grue siden du plutselig vet grunnen til revisor problematikken

De som har lest seg opp på fakta om og rundt revisjonsplikt trenger ikke å spørre om noe som helst i denne sammenheng da alt står her og det svart på hvitt:

LES:

I forarbeidene til revisorloven heter det at
dersom revisors plikt til å fratre er utløst,
og klienten fortsatt ikke retter opp forhol-
dene, bør det normale være at ingen ny
revisor påtar seg oppdraget (NOU 1997:9
s. 193). Uttalelsen understreker betydnin-
gen av at revisorene ivaretar sin rolle som
allmennhetens tillitsperson, både som
«forrige» og «ny» revisor. Dersom en ny
revisor aksepterer et oppdrag hvor de for-
hold som medførte at forrige revisor trakk
seg ikke er rettet opp, vil formålet med
reglene om fratreden – å hindre at useriøse
foretak kan drive virksomhet over tid –
vanskelig kunne oppfylles

Aksjeselskap som ikke har god-
kjent revisor, vil bli tvangsoppløst etter
aksjeloven, forutsatt at generalforsamlin-
gen ikke har besluttet oppløsning
(§ 16–15).

https://www.revregn.no/asset/pdf/2010/4-51-4.pdf

* Mao, drømmen om gamechangeren kan være over før den ble begynt og hvis så vil aksjene være NULL-0 verdt i det en slik melding foreligger - noe å tenke på....
Redigert 11.12.2018 kl 22:47 Du må logge inn for å svare

Not really.
5% of votes can demand extraordinar general Meeting as soon as it is possible (atleast 14 days from invitation sent to shareholders).
I googled one article about this Rikhard Storvestre and he wasnt too happy about situation and was considering to nominate himself as Board chairman.
So if you own shares, send Message to him that you will vote for him if he Calls EGM for Board change.

There is no really timelimit.

I dont think ELE has released Financial calender for 2019, but 2018 Annual General Meeting was very late. it was at end of june.
And when you get Your invitation to it, if there still is LArs Beitnes nominated for Board Chairman or director, then you (and most likely many many others) vote "against".

Very often funds dont use their votes, but in this case it is not quite clear what kind of relationship mr. Beitnes has with ABO so hard to Guess are they gonna use their votes or not.

I just noticed that this Storvestre guy has increased his position litle bit. He now Controls 8,95% of ELE shares and is very close to be top shareowner.
His private ownership is at the moment 6,51 and he is 2nd at the list. Only one above him is Blue Ocean Advisors with 7,73% share.

Edit: Correction: He actually already is biggest shareowner at the moment because he Controls also the Company Nobelsystems Scandinavia

What is Worth of noticing here that EHGO (European High Growth Opportunities) fund what is controlled by ABO has disappeared from top 20 list.
They sold them under 5% limit 17.10.2018 and after that they havent been obligated to flagging.
So it seems that they have dumped all or atleast most of shares. Number 20 at top 20 list is Paschi with 0,88% of shares.
Redigert 11.12.2018 kl 23:19 Du må logge inn for å svare
asulg
12.12.2018 kl 07:09 1672

After 31st of January comes Tranche 3 and BO have more votes.
nopetter
12.12.2018 kl 07:28 1634

BO has sold out most of there shares from tranche 2, rest of these shares are out in the end og this week. why have BO not sold out this shares before and why do they sell them now with a bigg loss!!?? they may have crossed rest of the 10 mill shares to the nomura account this week and sell them from there and into the markedet!

and we have to see if mr beitnes survive as chairman something I doubt he does when ms grue call for a new egf. this auditor's arrangement is just a game for the gallery. it is a power struggle that takes place behind the scenes. beitnes has lost all confidence in the market and shareholders because of all his financial crunches in other companies. he has numerous of things under investigation around in Europe

Nomura holds only 1,72% of shares.
I dont think ABO has converted that much yet from tranche 2. I can check accurate numbers later today, but I had a thought in my mind that there's still plenty to convert. I believe that ABO also sees which way this is going and reducing risks. They most likely sell quickly out what they convert.
It also is possible that they sell heavily to press share Down if they have an agenda to take over ELE assets. They can make a small losses with their sale, cause they have this share borrow agreement what lasts 12 months with white november fund. I think share price back then was almost 6 nok. They also will get this 25 mill fee from ELE.
I can go details later, but i gotta go now.

Beitnes går.

Og BO har konvertert hele andre transje. Les børsmeldingene til selskapet.
nopetter
12.12.2018 kl 08:34 1487

yes NOM holds that amount right now but they use to cross over the stockexchange to that account from the BO account, they still have hole of tranche 3 to convert and we have sto see what comes out of the new egf and what happends next, and were the "last" tranche price will end
nopetter
12.12.2018 kl 08:36 1477

opps det så jeg ikke før nå. akkurat som jeg tenkte meg ville skje. da tipper jeg storvestre er den nye styrelederen

You guys are right. I have completely missed that ABO converted 22,5 million 9.11.2018 at 1,4.
So They coverted total 36 million to 25,7 million shares in period 30.10-9.11.2018. So they have been busy selling shares november and early december.

Today it finally came news that beitnes will go.
If they now get auditor quickly, that ”proves” that it Was
Beitnes who Was cause that auditors said no.
That can mean many things, but my guess is that he has So many roles all over the place that there has been big intress conflict.

I’m still not convinced that we have seen all, because after he resigns from innsider position, he can more freely do fishy business with ABO or other funds.
It might even be better for he’s point of view to jump out now
and leave the mess behind.

Ele still has long way to go for regain the trust with shareowners, but this was inevitable.

The damage what has been done is still very big,
and new Board has hard work ahead.
Beitnes didnt have any trust left, but problems are still way to big that I could at this point invest to ELE.

They dont have income, they have agreed and paid for rights to CMT and AMI IPO is far at the future.

I can only see one good way to buy more time and that is
Private placement. If this Storvestre is willing to shoot money in to ELE, he should do so, buy that has to be so big number, that it will be very difficult to find investors
to Invest ELE with that track record what they have.

Funny detail…
Beitnes quits as Chairman, but continues as a consult to ELE :)
Jesus christ this guy has balls.

…. that soon may be squeezed….)
nopetter
12.12.2018 kl 22:09 1220

Greed does funny things with the brain of some people. Hope the new chairman kick these to guys out of the boardroom as soon as possible

Nå må det bare påses at den nye styreformannen ikke har og aldri har hatt den minste link til Beitnesen....
Smitty
12.12.2018 kl 23:17 1167

okei, nå må vi ikke svartmale fyren helt, da han er grunnen til at Element er som fønix opp av asken...
SR99
12.12.2018 kl 23:44 1143

Honoraret er vel kun en deal som går kontrakten ut for at alle skal komme greit ut av det, såkalt fallskjerm. Hvis selskapet er seriøst vel og merke. Dersom Beitnes faktisk bistår selskapet og evnt får forlenget kontrakten er dette kun bedrag og en ypperlig måte å sitte hands on. Det er enklere å være skurk når man har nøkkelen til pengeskapet.

Do you remember who is sitting in ELE's nomination committee?
It is them who will nominate candidate to EGF to approve.

Me and you, rischioso, share a similar thoughts about Company, but lets turn the discussions direction litle bit.
I always look possibilities in Nordic stock markets and I sometimes invest to small Companies if I see risk-reward ratio is good enough.
Lets try to analyze as objective as possible HOW Ele could turn the table and WHAT needs to be done before ELE could be even considered as a Investment.

We both share a thought that at the moment it is not Worth of investing, but I like how you Write and use time to find details.

What say you?
Little evening Project when there's not better Things to do?
Regards, Johnny
Møre75
14.12.2018 kl 07:47 888

Hvor lang tid burde de bruke å få inn en ny styreleder da , burde vel være en smal sak de hvis storevestre er klar

Hadde jeg hatt andeler i element, hadde de vært solgt ved første anledning så en berget restene. Denne skal nok langt under 50-øringen ja :(

Det er vel ikke gitt at Storvestre ønsker denne stillingen.

Tipper det er god møtevirksomhet mellom de store for å prøve å lokke riktig mann inn i fella:-)

møre

han har gått ut i media å sagt han han er interessert i styreleder jobben, og det gjør han sikkert ikke på skøy

Han har vel sagt at han kan gå inn i rollen, eller finne noen.

Det skal vel uansett stemmes over.
SR99
14.12.2018 kl 10:58 716

Hvordan skal en risikovillig investor som har fått penger mellom hendene være det ideelle for ELE?
Bør vel få inn en som har solid erfaring som kan få tillitten til selskapet tilbake. Det virker som flere mener Storvestre er redningen, han er kun en investor og har vel ikke bevist noe annet enn risikovilje på børs?

Hmm ... hadde tatt seg ut med Ivar Sund Fossum og Odd Ivar Lindland i styret.

hvis han har støtte fra de øvrige aksjonærene så får han stillingen hvis han vil ha den. og hva vet du hvilke kvaliteter han besitter utover det å være en investor?

Om noen kjenner nominasjonskomiteen, så er det bare å foreslå disse for dem :)
SR99
14.12.2018 kl 11:32 641

Jeg kjenner ikke til storvestres cv, men stilte kun spørsmålet om dette er rett mann.
Han er mer kjent som risikoinvestor enn langsiktig entreprenør.