Gasol’s chief operating officer bought 275,000 shares in the company last month
Going through Gasol’s stock-exchange-mandated reporting last night, I specifically looked for the information on recent share activity by directors and executives (involved parties).
I had the strangest conviction that, despite the risks, one or more of those involved parties would have been unable to resist buying up a whole bunch of shares in anticipation of what is beginning to look like a done deal with the Maltese government.
There it was, right there (and still is): Gasol’s chief operating officer, Alan Buxton, made a significant purchase last month.
This morning, I discovered through further searches that the investor information site, Proactive Investors, had considered the transaction worthy of note and had reported on it on 9 September:
9th Sep 2013, 10:27 am
Gasol chief operating officer buys almost £50,000 worth of shares
The chief operating officer of West African energy group Gasol (LON:GAS) has bought nearly £50,000 worth of shares in the company.
Alan Buxton, on September 5, purchased 275,000 shares at 18 pence each for £49,500.
He now has a beneficial interest in 700,000 shares, or 2.1% of the company’s capital, it said in a brief statement.
Reporting full year results last month, the firm said it was now positioned to step up from a development firm to a revenue generating operator.
It aims to supply gas to West African markets which are gas constrained, in order to displace more expensive liquid fuels such as diesels and light crude currently used in power generation and for industry.
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http://www.proactiveinvestors.com/companies/news/47824/gasol-chief-operating-officer-buys-almost-50000-worth-of-shares-47824.html
That’s insider trading and probably a criminal offence.
What is strange also is that we have never seen neither any pictures of any projects in Benin (or the region), nor any pictures of the signing of agreements between Gasol and other parties.
We know that there are no projects to date in Benin, or elsewhere, because the annual report of the company shows that there are no assets.
Here is a copy of the 2012 Annual Report.
http://www.gasolplc.com/media/15843/gasol_r_a_final.pdf
There are very few pictures in that report, and most probably, none of them relate to Gasol. The picture showing an LNG carrier next to a pipeline is an internet picture which refers to the Bontang LNG liquefaction terminal in East Kalimantan, Indonesia. See source here:
http://geology.com/articles/lng-liquefied-natural-gas/
I am starting to have the feeling that Gasol’s operations in West Africa contain more fiction than facts. At least from what can be seen to date.
I also find strange that the interviewer was interested in a $1 million dollar convertible loan from Azerbaijan, and its use and how far it will take Gasol down the road, but did not ask one single question about the $100 million bond instrument from which the company said it had withdrawn $20 million to date.
Here’s a link to Gasol plc’s details on the London Stock Exchange. This is the Alternative Investment Market, for companies WITHOUT A TRACK RECORD.
http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB00B826T938GBGBXAIM
The fundamentals of the company say a lot.
Damn, I have no background whatsoever in economics and I’m getting quite lost in all these links which look very interesting but I can’t seem to understand.
What am I supposed to spot in that link, ciccio? Any hints would be much appreciated.
Natalie, click on the link, and then on the “fundamentals” tab in the middle of the page, at the bottom of your screen.
There you have a 5-year ‘history in numbers’ of the company.
Revenues: zero in all years.
Profits: negative numbers in all years – meaning losses. The losses in 5 years add up to over £20 million. With a rate of return “in excess of 11%,” they will more than recover those losses from their Malta project.
Total assets: £3 million up to last year, £10 million in 2013, and this is due to a $20 million draw down on a $100 million bond security in early March 2013, from unnamed sources.
Borrowings: £12 million in 2013.
Shareholders funds: A hole of £2 million in 2013. This means that the company is owed £2 million from its shareholders. If the shareholders do not trust the company with their capital by leaving the company nicely capitalised, why should we trust this company?
Hopefully one of our fellow commenters can investigate share option allocations and purchases in Gasol and their date of issue/closure plus the names.
There is too much here that seems to be leading to the proverbial `smoking gun`.
Joseph and The Forty Thieves, assorted dinosaurs and their coterie of `pimps, thieves and scoundrels` are, to quote Ali Baba’s wife, “really making the most of these five years”.
In the words of Winston Churchill: ` One day there will be a reckoning`
A big spike in share prices leading up to the election, the capital costs of the energy project match that as estimated by the Labour Party, COO increases shareholding a month before the contract winner is announced.
Coincidence or insider trading?
“the firm said it was now positioned to step up from a development firm to a revenue generating operator.”
That’s a reference to the guaranteed income that Malta will provide for 18 years at our personal expense. It was announced a full month BEFORE Electrogas was announced as the preferred bidder.
Doubters should read this, published two days ago:
http://www.equitydevelopment.co.uk/doc/1130.pdf
14 October 2013
Gasol’s West African ambitions remain very promising, but Malta looks a more immediate route to the generation of revenues and positive cash flow until the West African Gas Pipeline (‘WAGP’) begins to fill its capacity.
Expected revenues from Malta alone are, we believe, sufficient to justify a substantially higher share price.
.
http://www.naturalgaseurope.com/enemalta-lng-project
Equally significant would be the purchase of shares by someone associated with the Energy Ministry or with the Fenech/Gasan/Apap Bologna company.
Check out February 2013 for Gasol shares.
6 Feb – Volume of shares traded 0 – opening price 13.62 – closing price 13.62
7 Feb – Volume of shares traded 91,300 – opening price 15.00 – closing price 14.75
8 Feb – Volume of shares traded 9,300 – opening price 14.45 – closing price 14.75
11 Feb – Volume of shares traded 108,000 – opening price 15.23 – closing price 14.75
12 Feb – Volume of shares traded 0 – opening price 14.75 – closing price 14.75
13 Feb – Volume of shares traded 343,500 – opening price 15.20 – closing price 15.50
14 Feb – Volume of shares traded 299,500 – opening price 16.00 – closing price 17.12
15 Feb – Volume of shares traded 398,300 – opening price 17.12 – closing price 17.75
18 Feb – Volume of shares traded 203,200 – opening price 18.20 – closing price 19.38
19 Feb – Volume of shares traded 431,500 – opening price 19.40 – closing price 21.62
20 Feb – Volume of shares traded 132,900 – opening price 21.51 – closing price 21.25
21 Feb – Volume of shares traded 77,300 – opening price 21.51 – closing price 21.25
22 Feb – Volume of shares traded 58,700 – opening price 22.00 – closing price 21.38
What happened around 13 Feb to cause so much activity and make the share price jump in value.
Clearly someone (or something) thought the shares were worth having in what is just a tiny company.
Malta was a more attractive base for the objectives of any processing and export activity into the European feeder because Gonzi had just successfully negotiated and secured the 1.2 billion budget for Malta?
Maybe, but that happened on 8 Feb this year …
http://www.timesofmalta.com/articles/view/20130208/local/Malta-to-get-billion-in-EU-funds.456749#.UmLi_fmnp8g