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IT appears that AAPL's 50 and 200 day moving average have or are about to converge. Not sure what that means, but certainly after 6+ months of flat lining and institutional selling, two extraordinary earnings reports, the price for AAPL stock has consolidated and formed a solid base IMO. With a focus on buybacks, a strengthened APP store through litigation, and huge consumer demand as indicated by developers who made $643 Billion a year off of the APP store, it seems this stock is a badass coiled spring. One more earnings report to confirm this and
we are all systems go.
Volume last couple of days...well over 100,000. Definitely gaining strength.
64 days to go before next (3rd quarter) earnings report estimated to be on August 3, 2021. No anxiety here, LOL.
Another look at Laurentian Research re: AOC:
Guys please note:
With ~US$330 million of free cash flow guided for 2021, AOC could pay off the debt and become debt-free by year-end 2021 barring any acquisitions.
Investor takeaways: If the management uses the FCF to pay off debt first and then buy back shares, ceteris paribus, AOC can be taken private by the end of 2022.
These days, most oil companies are valued only based on their PDP reserves. The market is giving little credit to undeveloped reserves, let alone contingent resources and exploration upside. Therefore, it is understandable that AOC's equity interest in the three portfolio companies (worth >US$117 million) and working interest in the South Lokichar project in Kenya are not being considered by the market in the assessment of its intrinsic value.
However you cut it, the forward FCF yield of 66% and EV/EBITDA of 1.1X, both calculated solely based on the deepwater Nigerian producing assets, suggest that Africa Oil is deeply undervalued. Forthcoming quarterly earnings reports, if as bullish as discussed above, may drive serious re-rating. Additional catalysts can be found in two exploration wells off southwestern Africa and, further down the road, in the Kenyan project.
There are uncertainties associated with deepwater exploration at the portfolio companies and with the negotiations concerning South Lokichar. However, those risk factors appear to have been priced in.
If the management uses the FCF to pay off debt first and then buy back shares, ceteris paribus, AOC can be taken private by the end of 2022.
The management did say it would focus on debt reduction for the rest of 2021. Going into 2022, once debt-free, the management may well launch a share repurchase program, which will likely catalyze a swift reversion of the share price toward the intrinsic value. If that happens, Africa Oil can easily be a 5-10 bagger for investors who have the foresight to make an entry now.
Buy Apple Before The Upcoming Breakout
May 18, 2021 12:42 PM ETApple Inc. (AAPL)135 Comments68 Likes
Josh Arnold profile picture.
Josh Arnold
Marketplace
Long/Short Equity
Contributor Since 2012
I've been covering financial markets for nine years with a bias towards high yield and strong value stocks, and those with short-term catalysts to move higher.
Summary
Apple is consolidating in a bullish pattern.
The weight of the evidence suggests an upside break, as well as rising EPS estimates.
With the valuation at pre-pandemic levels, Apple is priced in the favor of the bulls.
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Apple Holds Product Launch Event At New Campus In Cupertino
Photo by Justin Sullivan/Getty Images News via Getty Images
Technology stocks, and particularly growth-oriented technology stocks, have been pummeled since February. Interest rates have been blamed and while that’s certainly part of it, there were signs of excessive valuations all over the place after a year of almost unbelievable gains. While this period of selling has been painful, it has also created opportunities.
One such opportunity is in OG smartphone legend Apple (AAPL), a stock that has traded sideways since last September. Apple’s world-beating market capitalization means on a percentage basis, its growth must slow down. But I think the stock is underpricing the company’s potential, and that an upside breakout is coming.
Source: StockCharts
We’ll start with the daily chart, and while the picture is somewhat mixed, the most recent period of consolidation has worked off any overbought conditions that may have existed prior, and it certainly looks to me like Apple is ready to break out to the upside.
I’ve drawn an upward-sloping trendline that has provided excellent support for the stock since the relative bottom that occurred in September. This line has been tested a handful of times and has held without fail; the stock just bounced off of it again a few days ago. Until that line fails, you can trade it.
Accumulation/distribution is one of my favorite indicators, but alas, it is roughly flat in this case, so it’s neutral.
What is more bullish are the momentum indicators, the PPO, and the 14-day RSI. The PPO has returned to centerline support and – very importantly – has begun bouncing. If a new rally in Apple is to begin, this space on the PPO line is most likely the point where it would originate.
Likewise, the stock has reached ~30 on the 14-day RSI three times since February, and while this most recent bout of selling didn’t quite get there, you can see the stock is bouncing from roughly the same spot again.
All in all, the chart looks like a stock that is ready to bounce and do so as part of a larger upward-sloping move that is consolidating prior gains. To get a better look at that piece of the puzzle, let’s turn our attention to the weekly chart.
Source: StockCharts
The weekly chart has some of the same characteristics as the daily chart – including a flattish accumulation/distribution line – but some important differences as well.
I’ve annotated what I believe is a bullish ascending triangle on the weekly chart, a continuation pattern which generally resolves itself to the upside. The only thing that would break this pattern prematurely is a sustained break of the lower line. Unless that happens, watch for the stock to follow the pattern until it achieves a sustained breakout over the flat line above.
The weekly PPO was showing extreme overbought conditions last September when the first stab at $137 was made by the bulls and has pulled well back very near centerline support. The last time this happened was during the worst of the pandemic-induced selling last year, and I fully expect the stock to turn higher from here, or very close to it.
Finally, the 14-week RSI is showing a return to centerline support as well, an area that has held for a long time, excluding the initial stages of pandemic selling in March of last year.
The point of all of this is to show that Apple – despite its months-long consolidation – is setting up for a renewed rally, and not setting up for a breakdown. From a technical perspective, I am very bullish on Apple, even if it requires some patience for the factors I’ve discussed to play out. Over time, however, this stock is going higher.
Upward revisions drive the share price
One thing I always look for when picking a stock is that earnings and revenue revisions should be upward-sloping. For growth stocks, this is paramount as the moment these revisions turn negative, the share price often follows. Apple is no longer a pure growth stock given its $2+ trillion valuation, but I think there is growth left in the tank, and that the current share price is undervaluing it.
Source: Seeking Alpha
Revenue revisions have been extremely bullish in recent months, with revenue for this year, for instance, rising from $296 billion to $354 billion in the space of a year. The story is the same for the out-years in varying degrees, but the point is that Apple’s revenue continues to move up and to the right, which is unequivocally bullish. It means the company continues to outperform and that the investment community is chasing targets higher. Keep in mind also that for about half of that period, the stock has been treading water, all the while becoming cheaper as estimates rise on a flat share price; more on that in a bit.
Product sales continue to drive the top line higher, and that will almost certainly continue to be the case as the iPhone remains a favorite among the world’s consumers and businesses. But apart from that, the company’s services revenue continues to move significantly higher, and produce outstanding margins too.
Source: Q1 earnings release
We all know about Apple’s products and where its services revenue comes from, so I won’t needlessly explain. However, the point is that the upward revisions we saw in revenue above are being driven by devices that get customers to then use the company’s services, which produces an ever-higher value per customer. And while margins are decent on products – 36% in the most recent quarter – they are tremendous on services, which clocked gross margin of 70% in the same period. This is where profit growth is likely to come from in earnest in the decades to come as Apple continues to enhance its services offerings to the benefit of the bottom line.
Now, let’s take a look at earnings estimates to figure out what we should pay for the stock, and what it may be worth.
Source: Seeking Alpha
EPS is moving significantly higher this year on pent-up demand from the pandemic. The reason the stock has been consolidating for months is because market participants knew some time ago that this year would be gangbusters for Apple, and bid the stock up accordingly. That makes growth in the out-years more challenging as the base has soared, and that’s why current estimates for growth in the next couple of years are hardly befitting one of history’s best growth stories.
However, I think the current level of estimates is too low, not only because analysts have consistently underestimated Apple’s earnings power – as evidenced by the revisions chart above – but because the factors that drive earnings should produce better than ~3% growth, which is a very low bar.
When looking at EPS growth potential, there are essentially three factors to consider. One way a company can grow EPS is to expand its revenue. A second is to create better margins on its revenue, and the final way is to reduce the float. The combination of these factors is what makes up total EPS growth, and as we’ll see now, I think Apple is being undersold by current estimates.
Revenue is expected to grow at ~4% for the next two years, followed by much better performances in the out-years. That’s after a 29% gain slated for this fiscal year, so we needn’t worry about the company’s ability to generate top line growth, particularly with plenty of disposable income in the hands of consumers.
Second, and the least enticing growth lever in my view, is margins. Below is a look at gross margins and SG&A costs, the combination of which produces operating margins.
Source: TIKR.co Source: TIKR.com
While Apple has seen incremental improvements in margins over the years, I expect EPS expansion from margins to be minimal, and will be dependent upon what share of revenue services takes. My base case is for margin expansion to add about 1% to the EPS growth rate, with a more bullish scenario seeing it add 2%. For now, I’ll assume 1% and add that to the 4% we had from revenue.
The final piece of the EPS puzzle is the share count, which we can see below for the past few years.
Source: TIKR.com
Apple has been spending heavily on share repurchases for years under the guidance of Tim Cook, and it shows. The share count has fallen steadily and will continue to do so, with Apple adding $90 billion to its allotment in the most recent earnings. That’s good for ~4% of the float annually and while Apple issues shares as compensation, we can still very easily expect 3%+ in EPS tailwinds from the buyback alone at this run rate.
In addition, as we can see below, Apple has been spending tens of billions of dollars on repurchases for years, and with its ever-growing free cash flow, there is no reason to think it won’t continue to see higher totals.
Source: TIKR.com
This trailing-twelve-months view gives us an idea of just how consistently (and how much) Apple believes its own stock is worth investing in, and I fully expect Apple to hit $100 billion in annual share repurchases in the not-too-distant future.
How? It has very little capex but very large operating cash flows, which are the components of FCF.
Source: TIKR.com
Capex is less than $9 billion (TTM shown above), while operating cash flow hit $99.6 billion on a TTM basis in the most recent quarter. That gives Apple freedom to do pretty much whatever it wants, and remember that this total is much more likely to grow over time than shrink. The dividend is ~$15 billion annually today, so that still leaves $80+ billion in cash Apple can do as it sees fit with. That creates a long-term tailwind to EPS as the company literally has more cash than it can profitably invest in the business (#firstworldproblems).
And despite this otherworldly spending on buybacks, Apple’s balance sheet is still outstanding.
Source: TIKR.com
Net debt has risen in recent years as the company has returned hundreds of billions of dollars to shareholders and taken on some debt, but on a net basis, debt is still -$70 billion. That means the company can continue to borrow at very low rates if it pleases, and the hurdle rate for the investment of those proceeds is very low. Many companies take on massive amounts of leverage to buy back stock, but Apple has done no such thing, and has a huge runway left on its balance sheet for the years to come.
The net of all of this is that analysts continue to chase Apple’s actual performance higher.
Source: Seeking Alpha
The story here is exactly the same as the revenue conversation so I won’t belabor it, but just have a look at those revisions. Perhaps the only thing more bullish than that chart is the table below.
Source: Seeking Alpha
Analysts have made 31 revisions in the past three months, and 100% of them were bullish. I’ve personally never seen such a one-sided revision cycle, and if you cannot find bullishness in this, you should check your pulse.
Guys. Look at the six month chart..Massive cup and handle. And VOLUME.
Dividends? It depends....
You're welcome douginil. Laurentian Research is something else!
Free cash flow yield of 66%..... Help me piss off the ex wife Lord! LOL
AOIFF: Africa Oil: Too Cheap To Ignore
May 18, 2021 4:15 PM ETAfrica Oil Corp.
Laurentian Research profile picture.
https://seekingalpha.com/author/laurentian-research/research
Deep Value, Growth At A Reasonable Price, Natural Resources
Contributor Since 2015
As a natural resources industry expert with years of successful investing experience, I conduct in-depth research to generate alpha-rich, low-risk ideas for the member of The Natural Resources Hub (TNRH). I focus on identifying high-quality deep values in the natural resources sector and undervalued wide-moat businesses, an investment approach that has proven to be extremely rewarding over the years.
Some abridged samples of my writings are published here, while 4X as many unabridged articles are posted without delay at TNRH, a popular Seeking Alpha Marketplace service, where you also find:
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Summary
Africa Oil Corp. released extremely encouraging quarterly earnings, but the market was blasé.
Even only considering the deepwater Nigerian assets, Africa Oil is deeply undervalued.
The downside risk appears to have been priced in, while the next quarter will likely be even better.
The risk-reward profile seems asymmetrical and advantageous to patient investors.
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On May 13, 2021, Africa Oil Corp. (AOI) (OTCPK:AOIFF) released its financial and operating results for 1Q2021.
Below, let's review the results and update the investment thesis of this under-the-radar, low-cost oil producer.
Operations
Africa Oil, hereafter AOC, owns three groups of assets, including (1) a 50% interest in Prime Oil & Gas Coöperatief U.A., or Prime hereafter, (2) equity interest in three exploration-stage companies, and (3) a 25% working interest in the South Lokichar project in Kenya.
Deepwater Nigeria
Through Prime, AOC owns the following assets in deepwater Nigeria:
an indirect 8% interest in deepwater Oil Mining Lease 127, operated by Chevron and containing the producing Agbami field;
an indirect 16% interest in deepwater OML 130, operated by TOTAL S.A. and containing the producing Akpo and Egina fields and the undeveloped Preowei field.
In the 1Q2021, the gross production net to Africa Oil working interest averaged 27,700 boe/d; economic entitlement production was 30,300 boe/d.
Note that working interest is calculated based on production volumes multiplied by AOC’s working interest, while the economic entitlement considers cost recovery oil, tax oil, and profit oil.
Since 2Q2020, the OPEC+ quotas have had constrained Nigerian production, resulting in around 6,000 bo/d negative impacts on Africa Oil output. E.g., Egina was limited to 152,000 bo/d, which is expected to exceed 165,000 bo/d in the 2Q2021 with quotas easing (Fig. 1). Going forward, I anticipate AOC working interest production to recover to the 33,500 boe/d level.
The unit operating cost has fluctuated around US$6.0/boe. In the 1Q2021, the OpEx was at US$6.4/boe and on the high side, which AOC explained to be caused by non-recurring production well intervention at Akpo and Egina.
Equity portfolio companies
Africa Oil has a 30.8% (20% direct and 10.8% though Impact Oil & Gas) equity interest in Africa Energy Corp. (OTCPK:HPMCF), a 30.9% equity interest in Impact Oil & Gas, and an 18.8% equity interest in Eco (Atlantic) Oil & Gas Ltd. (OTC:ECAOF). As of May 2021, the equity interest in these three companies is estimated to be worth at least US$117 million.
Total (TOT), the operator of Block 11B/12B off South Africa, has discovered two large fields, Brulpadda and Luiperd, which are believed to hold >1 Bboe of gas. The partners are currently conducting development studies and engaging with authorities on gas commercialization. Africa Energy has an option to increase its stake in Block 11B/12B from 4.9% to 10%.
The Venus-1 well in deepwater Block 2913B in the Orange Basin off Namibia, operated by Total, targets a large basin floor fan system with significant (2 Bboe) undiscovered petroleum initially in place that has been identified using 3D seismic data. This well may turn out to be a play opener and a giant discovery. It is scheduled for spudding by the end of 2021. Impact Oil & Gas has a 20% stake in the block.
The Gazania-1 well in deepwater Block 2B offshore South Africa targets two prospects in a relatively low-risk rift basin oil play up-dip from the 1988 light sweet oil discovery of A-J1. The well is expected to spud in the 3Q2021, with a rig currently being procured. Africa Energy has a 27.5% participating interest with carried well in the block, which is operated by Azinam Limited, which is backed by Robert Friedland.
Kenya
In Kenya, following the approval of the 2021 work program and budget by the Ministry of Mines and Petroleum, the Block 10BB/13T JV partners - including Tullow Oil (OTCPK:TUWLF), 50% operating, Total 25%, and AOC 25% - have received extensions to the exploration licenses to the end of 2021, so that they can continue to negotiate with the government concerning the land and water agreements, to gain approval of the Environmental and Social Impact Assessments, and to finalize the commercial framework for the project. A Field Development Plan that is robust at low oil prices is anticipated to be submitted to the government by the end of 2021.
The operator Tullow Oil had tried in 2020 to farm down its stake from 50% to 30% to no avail. It seems new efforts are underway to bring in a financially and technically capable partner to move the project into development. AOC emphasized "minimizing expenditures in the short term".
Financial results
Prime generated US$143.1 million of adjusted EBITDA, net to AOC’s 50% shareholding. The adjusted EBITDA has been in steady improvement since the 3Q2020 (Fig. 3).
Fig. 3. The quarterly adjusted EBITDA generated by Prime net to Africa Oil's 50% shareholding and net income of Africa Oil, source: Laurentian Research for The Natural Resources Hub based on data released by Africa Oil. Note in 1Q2020, Africa Oil recorded a $215.6 million non-cash impairment of intangible exploration assets in Kenya.
Considering the OPEC+ quotas easing beginning in the second quarter and in view of sustained higher oil prices, I expect AOC financial results to further improve in the 2Q2021 and throughout the rest of 2021 (Table 1).
Table 1. Africa Oil 2021 guidance, from here.
Africa Oil has been using dividend payments from Prime to reduce debt, which stood at US$141 million as of the end of 1Q2021, down from the original term loan facility of US$250 million that was raised to pay for the 50% interest in Prime (Fig. 4). The total debt of US$141 million - due to mature in January 2022 - became current in 1Q2021, offset by US$29.4 million of cash.
Fig. 4. Quarterly total debt of Africa Oil, source: Laurentian Research for The Natural Resources Hub based on data released by Africa Oil.
Africa Oil refinanced the term loan. The corporate facility is for US$150 million, out of which US$130 million is committed at signing, with an uncommitted accordion option for an additional US$20 million. The interest rate is LIBOR plus 6.5% in the first year, 7.0% in the second year, and 7.5% in the third year.
With ~US$330 million of free cash flow guided for 2021, AOC could pay off the debt and become debt-free by year-end 2021 barring any acquisitions.
Investor takeaways
These days, most oil companies are valued only based on their PDP reserves. The market is giving little credit to undeveloped reserves, let alone contingent resources and exploration upside. Therefore, it is understandable that AOC's equity interest in the three portfolio companies (worth >US$117 million) and working interest in the South Lokichar project in Kenya are not being considered by the market in the assessment of its intrinsic value.
However you cut it, the forward FCF yield of 66% and EV/EBITDA of 1.1X, both calculated solely based on the deepwater Nigerian producing assets, suggest that Africa Oil is deeply undervalued. Forthcoming quarterly earnings reports, if as bullish as discussed above, may drive serious re-rating. Additional catalysts can be found in two exploration wells off southwestern Africa and, further down the road, in the Kenyan project.
There are uncertainties associated with deepwater exploration at the portfolio companies and with the negotiations concerning South Lokichar. However, those risk factors appear to have been priced in.
If the management uses the FCF to pay off debt first and then buy back shares, ceteris paribus, AOC can be taken private by the end of 2022. The management did say it would focus on debt reduction for the rest of 2021. Going into 2022, once debt-free, the management may well launch a share repurchase program, which will likely catalyze a swift reversion of the share price toward the intrinsic value. If that happens, Africa Oil can easily be a 5-10 bagger for investors who have the foresight to make an entry now.
Africa Oil is just one of the many hidden-gem ideas uncovered by Laurentian Research. Benefit from his industry experience by joining The Natural Resources Hub, a Marketplace service that consistently delivers high rates of return at low risk.
Volume!
Everything looks real good. Only two bummers. 1) Possibly no dividends this year unless debt servicing accelerates, and oil price and BOEPD increase, and (2) Kenya possible first oil in 3 years. Still. Good banking conditions with banks competing for AOC business and good refinancing terms Libor (0.5785 + 6.5%. RBL cannot be extended past Nigerian licensing. Aggressive debt payment by AOC. Possibly debt free in 2024. Low carbon footprints in Kenya due to geothermal, wind and solar systems for future pumping systems. KH wants a company with serious cash flows for investors. This is both a value and growth play. Extended investment horizon justified. KH estimates price of oil to increase. Value drivers for Nigeria are longevity of numerous wells already proven and drilled with low lifting costs. New management of Tullow seems to be in strong support of AOC. Discoveries could be marketable and balance sheet could expand with either bond issues or trading oil futures (forward sales). Prime is sitting on $330,000,000 a portion of that belongs to AOC. Target is to become net cash neutral (debt = cash on hand).
Heavy accents on some speakers difficult to understand. Keith does not want to hedge any more than they need to. AOC very prudent and conservative management.
I don't understand Keith. Agina well to produce 200,000 BOEPD. Good Grief!!!KH says we are very undervalued. No kidding! They want to drill 2-4 wells every 12 to 18 months.
Looks really good guys! GLTA
Douginil, any idea what the future hedges might look like, if any?
Absolutely awesome! $0.08 per share. Cost to lift up to $6.40 per barrel. I'm not very sure of this but it appears we have a profit margin of 81%. HUGE. Looks like the ball is rolling now. But no guaranteed dividend yet as focus is on reducing debt. /WOOOHooo!
Must respectfully disagree with Dr. Ter Shure. Low 100's say $110 is close to a PE of 20. Not going to happen. A value stock like AAPL will be picked off by most investors including AAPL itself. IMO.
Absolutely agree, Pack10.. Go Green (Apples) Bay.
My concern, is that the dividend yield of 0.7%+- is less than inflation. Unless we have a serious increase in the dividend,the share price of aapl will be at the mercy of alternative investments and bonds yields. Not to mention the absurd cap gains tax proposed by this administration. We have 80 days before the next ER. We are vulnerable. Painful to hold during this flatline, but hold I will.
Thanks again douginil. So glad AOC has moved on to other opportunities rather than wait and see what Kenya does.
Hi DG. Reason I brought that up is that others have remarked that Buffet said selling AAPL was a big mistake. I agree with Buffet. Now for some of us it's only a matter of time and hanging on long enough for the payoff.
Did Cathie Wood make a mistake?
Clearly the Bankers and market makers are tooling with this stock. How? Setting up stop profits and stop losses at certain prices with those market makers who rely on the big lenders for a commission type of living. At least that's how I'm thinking. Nothing else makes sense. Opinion: Hold until relieved.
Stunning, ain't it?
According to SEEKING ALPHA; The buyback programe will begin to slow down as AAPL stock price reaches new highs. Less bang for the buck. Original amount of shares after split was 25Billion. They've paid it down to 16.8 Billion. As the sp rises there will be less incentive to continue the buyback. The means either acquisitions or dividends and of course executive bonuses. Or combo of all three. Me? I would like to see a divi increase. That would tend to push the price up. Maybe that's why Tim is so reluctant to really boost the divi. I'd accept a special dividend if that's the case. ALL IMO.
AAPL Net Cash: $200Billion. For simplicity sake, say net cash flow is $80 Billion. 16 Billion shares. $5.00 in cash for each share. Now Tim could easily increase the dividend by $0.20 per share per annum based on cash flow alone. Why Not? Are they saving for a rainy day and buyout of Microsoft? no. Oh I get it. Bonus money for the executives.
Thanks douginil. Government of Kenya: Credibility anyone?
Could not AGREE with you more. Add to that opinion: Gross profit margin 48%!
Boy are we lucky. Can you imagine what would have happened if AAPL had... met only consensus earnings?
I have no idea what you are talking about. Social justice initiatives?
What does that have to do with AAPL Financials?
With such great numbers, I'm so glad Cook decides to reward shareholders with a huge dividend increase. (sarcasm) A divi increase of 1 effing cent per quarter. Please don't strain your finances Tim.
Douginil. That is awesome. Dividends and a possible lump sum distribution this year. WOW!
AAPL dominates! How do you compete with that?
Thanks DG. Very nice. My estimate per share for the quarter, using your info: Gross revenue est. $77B x net margin .2081 = Net revenue of $16B, or .95 cents EPS. IS that reasonable?
AAPL March 8, 2020: $116.40
AAPL April 7, 2020: $127.90
Up $11.50 in 30 days.
Volatility is here again.
Laissez Les bon temps rouler.
Let the good times roll!
Thanks for sharing the Seeking Alpha information. Getting exciting. Come on Kenya, jump on board.
Thanks douginil. I just don't understand the need for additional shares. The incentive would be for the executives to use their own money, (just like us) to buy their own shares. In fact, I wish AOC would buy back shares along with a small dividend in the near future.
News Release Issued: Mar 30, 2021 (5:30pm EDT)
Africa Oil Annual General and Special Meeting to be Held on April 20, 2021
VANCOUVER, BC, March 30, 2021 /CNW/ - (TSX: AOI) (Nasdaq Stockholm: AOI) Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") announces that its Annual General and Special Meeting of Shareholders will be held on Tuesday, April 20, 2021 at 9:00 am (Pacific Time) at Suite 2000, 885 West Georgia Street Vancouver, BC, V6C 3E8. View PDF version.
In response to the public health impact of the COVID-19 pandemic and to mitigate risks to the health and safety of the Company's shareholders, employees, and local communities, the Company requests that shareholders not attend the meeting in-person. Shareholders are instead encouraged to exercise their right to vote by proxy or voting instruction form in advance of the meeting.
The purpose of the meeting is as follows:
To receive the consolidated audited financial statements and accompanying management discussion and analysis of the Company for the year ended December 31, 2020, together with the report of the auditors;
To appoint PricewaterhouseCoopers LLP as auditors of the Company to hold office until the next annual general meeting, at a remuneration to be fixed by the directors of the Company;
To consider and, if deemed advisable, to approve an advisory resolution to accept the Company's approach to executive compensation; and
To elect directors to hold office for the ensuing year.
The record date for the Annual General and Special Meeting of Shareholders was March 16, 2021. The Notice of Meeting, Management Information Circular, and related meeting materials are now available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.africaoilcorp.com.
Shareholders wishing to attend the meeting in person should contact Rashida McLean at aoi@namdo.com and the Company will make arrangements that comply with all recommendations, regulations and orders related to the COVID-19 pandemic. The Company may take additional precautionary measures in relation to the Meeting as necessary in response to further developments related to the COVID-19 pandemic and shall comply with all applicable recommendations, regulations and orders.
Thanks DG. Excellent article, and timely. This is a monster trying to break free.
I like your optimism. Perhaps I'm too pessimistic at 2Cents P/S per quarter. Wouldn't it be great.
Very interesting. We are almost exactly midway between the 50 day and 200 day moving average. Support at 200 ($121) and 50 day ($129.) I'm not buying $115 as the 200 day. That represent support. I believe that $120 /$121 is the new support level and $129 is resistance. We blow thru that and Katie bar the door.
DG: Too right. Very concerning that AAPL will accommodate the ChiComs to keep things going. Can't relocate to India soon enough. Our congress, nearly all of, it has bled our country for their personal gain. Both sides. Sorry for going political, but there it is. The world, however, runs a deep connection to AAPL and the world is not going to be concerned about moral/ethical issues. Until push comes to shove.