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trafalgar capital specialized investment fund

  1. 572 Posts.
    There is a plethora of comment on this forum regarding the Trafalgar Capital Specialized Investment Fund deal cut by ADX amid suggestions of a scam by ADX relating to the facility and the effect of WER jumping ship, presumably because they (in my opinion a very dubious mob not far removed from Bernard Lawrence "Bernie" Madoff) could not convince enough suckers into their scheme.

    Most folks would wake up to the fact that an investment in the WER fund for an investment in ADX was not as appealing as direct share ownership in ADX (without the WER overheads/ profits, answering machine in NZ costs, Mumbai style call center ringing Ronsteib at 1AM, and management lifestyle expenses etc. but, there are quite a few gullible prey out there waiting to be conned).

    By the same token, the deal by ADX was obviously appealing at the time and may have been the only deal in town at the depth of the GFC.

    The announcement was impressive and possibly helped ADX in their negotiations with the Tunisian Government ETAP (wink wink...). The ann read:

    "AuDAX to farm out interest in Sicily Channel Permits in the Mediterranean Sea

    AuDAX Resources Ltd (ASX:ADX) is pleased to announce that it has entered into an agreement with World Energy Research, a private investment company to farm out 40% of the Sambuca prospect located within the two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane. G.R15.PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia (see figure below).
    World Energy Research would earn a 40% interest in the Sambuca prospect by paying 100% of the expected drilling cost of 23 Million USD."


    Titillatingly, it was released on April 1, 2009.

    I wonder what Wolfgang will serve up this coming April fools day from his bunker in Austria?...but, I digress - back to the subject.

    Trafalgar Capital Specialized Investment Fund was, is, the backup. And a jolly good one at that it appears; especially for Trafalgar. No need to go to the shareholders for funds; the collateral for the facility is the future issue of shares at a hefty discount, whenever, and however many shares Trafalgar calls for.

    Drill, strike oil, wait for sp to settle and get the discounted shares and get out. Drill a duster, wait for the shares to settle etc...

    Is Trafalgar credible? You bet it is! And they stand to make much more than their requisite Return Expectations of 12-18 % p.a. without, imho, a high risk. They already have a handy $600,000 in their pocket for no real outlay except for their ink on a form sheet; the Bollinger (or whatever the celebratory drink in Vienna) no doubt supplied by Garry Roper at ADX expense.

    Trafalgar is an AA+ fund and the following is copied from the TELOS rating site:

    Product Profile

    Fund Name Trafalgar Capital Specialized Investment Fund FIS
    ISIN LU028528287289, LU028528287529
    Investment universe small and mid cap listed companies
    Benchmark -
    Base Currency EUR (also USD class)
    Earnings accumulation
    Inception date 22.02.2007
    Fund Volume EUR 116 m as 28.02.2009 (all classes)
    Management Fee 2% p.a. + 20 % Performance Fee (without Hurdle Rate)
    TER -
    Fund Manager Andrew Garai, Bob Press
    Company Trafalgar Capital Sarl
    Investor's Profile
    Investment horizon mid- to long-term
    Risk classification high
    Return expectations 12-18 % p.a.
    Loss Tolerance short-term losses are possible

    TELOS comments at:

    are worth checking out for the poster skeptics; I believe they will be convinced that ADX shall be in a position to carry out their commitment for the semi submersible rig to drill the Sambuca prospect in April; with or without an alternative farm-in partner; but, please Wolfgang, do not start on April 1, 2010.

    OK Ronsteib et al, pull me apart and let me know where I am mistaken in my analysis.

    Geez, I got carried away there, hardly got time to get the cleanskin 'Champagne' for celebrations tonight (Tip: I have managed to collect, well, soak off, a few Moet & Chandon labels in better years and collect the corks - a little sleigh of hand and a bit of orange juice and no one can tell the difference - and, only $4 a bottle, a dozen for less than the price of the genuine article with the same alcohol content).

    A Happy and PROSPEROUS New YEAR everyone.
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