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The Bod and Opus who never once tried to attain sanction waivers always said from the very beginning that the share holders and especially the non institutional investors would get sweet FA. I guess Strukov, Prosperity and (was it Eck) got settlements as they have shown no appetite to challenge OPUS and the sale . The truth was we the ordinary share holde5r was robbed by Opus, the BoD and our UK government.
To me that seems positive. If the bond holders are getting 100% I’d like to think there might be a little bit left over for sure holders. Maybe just wishful thinking.
This is the last update I had from Opus……
The situation is unchanged from when we published the FAQs and our Proposals on 8th September. The sale to UMMC has completed and we’re now working our way through the tricky task of identifying creditors (including the bondholders) and confirming their claims and checking their sanctions status before we can make any payments to them. It remains the case that the Administrators believe that there will be no funds available for shareholders.
excuse my ignorance here - these convertible bonds being paid in full...does that sound spositive in respect to shareholders getting anything back? someone please educate me :)
Thanks!
I looked on London Stock Exchange site but couldn’t find it. Might be me. Could you post a link here?
RNS number 0858F on London stock exchange.
you won't see it here because of listing cancellation, it's not updated anymore.
Hello Lawrence. I’ve seen you post here for a long time. I’ve lost plenty and feel your pain. I understand what you’re saying about no small shareholder wanting to spend more money here. What you say about the other insolvency practitioner does make sense. When you look at a small firm like Opus with little or no international experience, it does seem odd that they were chosen for the job. Even if you think POG is worthless now, this was an X billion dollar business.
Not good news I'm afraid. Any share holder action will need money thrown at it that nearly all ordinary shareholders do not have, so based on that, legal recourse is a dead duck. Another avenue opened up when I I was contacted by email by another insolvency/administration specialist who told us that the Opus sale was so wrong in in many ways. |He said hat Opus in no way were equipped or had the expertise to deal with and value goldmines in Russia . We set up a 'team' meeting with another Pog share holder who had lost their whole savings and were told that in the case of insolvency with Pog there was no *burning deck' (his terminology) That it was all rushed through by Opus under instruction from the BoD . In fact neither Opus or the the BoD ever applied for sanction relief and the only time they did was to approach OFSI about the sale of the company not to save it. I then was able to contact a prominent member of the previous Pog BoD to attend another Team meeting with this person.. We were told that Prosperity (8%) and Strukov were very aggrieved by their losses- I have to say in the case of Strukov I was very surprised to hear that.
Today's RNS ? What are you talking about?
Today's RNS says as far as I understand what convertible bondholders are expected (by administrators) to be paid in full.
CINE did well today
To be clear.
No shop has sailed. It was a ship.
I wouldn’t worry too much about where your “shares” are sitting.
POG has already been sold to UMMC, that shop has sailed, and they are now working through paying off creditors and bond holders, depending by whether they can due to sanctions etc.
There is nothing left for shareholders and personally can’t see any “legal claims” coming to fruition.
Following the Cancellation of Listing from the London Stock Exchange (LSE) on the 20th July 2022, Petropavlovsk shares are now no longer listed on a Recognised Exchange. Subsequently, they no longer qualify to be held within an ISA product. Should you hold these shares within an ISA, we will shortly transfer your Petropavlovsk shares to your Share Dealing Account. If you do not have a Share Dealing Account, we will arrange to open one for you.
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I`m not sure I understand which corporate action you're referring to. Is it Lawrences group? If so, I'd like to know more about it.. and how to join it.
Are you sure this is for POG and not Poly?
but aren't they worthless now? Not worth the paper they may be written on so to speak?
Transfer to where and why ?
Why not just take delivery of the physical shares?
I've had a CA to transfer my POG shares. Is this a P-take?
Someone at the time pointed it out; I think it was Retired Banker - whatever happened to him?
Still went to 41p though which is a whole lot better than zero. By the way, how do you know Hambro loaned out stock for shorting?
Steered?
I think you give too much agency to the influence of management on the share price.
If the present socio-economic dynamics (notably Covid and Ukraine) have demonstrated that the interplay of numerous contingencies determine a company' share price.
And Hambro also lent out the stock so it could be sold short.
RedInjun. I was only 'doom and gloom' because it was doom and gloom. When Hambro and Pavel took back over again in 2019 I was then very optimistic, and rightfully so as they steered the price to 41p
CWWX<< 'Enlighten me with Ferrexpo'
Ferrexpo is different company and different situation, however you can see from the semantics of the situation that a sale dating back to 2002 under questionable means has succeeded in terms of a legal challenge. Ferrexpo situation was not even half as dodgy as POG's acquisition, so it really depends upon whether we have someone to put in a strong legal challenge. I am petitioning for a judicial review but that is more about claiming compensation that refuting the sale.