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

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?

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the road, but did not ask one single question about the $100 million bond instrument from which the company said it had withdrawn $20 million to date.

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.

That’s insider trading and probably a criminal offence.

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?

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.

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.
.