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Request from GDC
(Business in Cameroon) - The Cameroonian government is continuing its process to extend the special tax on petroleum products to natural gas, despite a request from Gaz du Cameroun (GDC), a subsidiary of the British Victoria Oil & Gas (VOG), to stop it.
Per this process, industries powering their plants with natural gas will pay CFA70 per cubic meter consumed. In a note sent on January 4, 2023, to its customers, GDC announced it has engaged in discussions with the government to suspend the measure but the Minister of Finance, Louis Paul Motazé (pictured), issued a statement on January 11 saying the government has denied the request.
"(...) I hereby inform you that the TSPP (the above-mentioned tax, ed) is not a new tax. As the legislation stands, this tax already applies to petroleum products, in particular to super and diesel fuel. Natural gas, which is also a petroleum product, had not yet been included for the simple reason that it was developed only recently. The provision contained in the Finance Act 2023 is therefore for reasons of fairness and broadening the tax base, to extend the application of the TSPP to this product," says Minister Motazé.
“Moreover, this tax is an indirect levy on the final consumer and is not borne by the holders of oil contracts, who are only legal debtors. It cannot, therefore, call into question the stability clauses of oil contracts,” he added, reminding GDC that the extension of the TSPP to industrial gas is not a burden for this company, which will just collect it for the State, and that it is rather an additional burden for industrials.
Let’s note that in addition to the TSPP that they are now obliged to pay, depending on their consumption, companies, which see natural gas as an alternative fuel in the face of recurrent power cuts in the country, will also have to face an increase in electricity rates of 30% from the current year 2023. The increase was decided by the Agency for Regulation of the Electricity Sector (****l). This, coupled with the extension of the TSPP to natural gas, will result in additional production costs for companies, which could be passed on to consumers in final prices, thereby aggravating inflation.
https://www.businessincameroon.com/energy/2701-12947-cameroon-the-special-tax-on-petroleum-products-will-soon-be-extended-to-natural-gas-despite-gdc-s-request
Afternoon. Believe that since VOG is still trading albeit effectively privately that there is no loss to claim.
Shares were suspended back in early April last year. Not too far off a year ago. What have VOG been living on - cash?scrapping by and assume close to profit/in profit ?Cut overheads? Delisting has stopped any cash raise by share issue and borrowing too. RSM assume not applying any pressure as yet. Just wonder what the state of play is!!
My trading account shows that I have zero value and zero number of VOG shares, but a cost of £10K. Can I now realise this loss against gains in the current tax year 22/23? Or do we have to wait for an event or confirmation from the company?
@Garonne - i sent them a message to get conformation of certificates or will VOG stay on the account, here the answer
Thank you for your Secure Message.
If no share certificates are issued, the stock will remain on your account as an unlisted security. If this company relists, we will attempt to move the stock to a tradable exchange.
I've had my fair share of disasters too New with VOG just the latest. I've lost £3.5k so small in comparison to you but it still hurts. I thought Roy Kelly was going to sort this but it looks like Foo had done too much damage during his tenure. Another expensive lesson learned, hopefully! If we get anything back I'll take you up on the drinks offer 3card. Lol
i have same but my problem is i was buying VOG back in 2009, ive been through multiple brokers inc HL, etrade, TW WAterhouse and now ii, lost £50K here, infact all the oiles and miners i bought back then on AIM all rinsed to the max, i have no idea how many dilutions and consolidations etc ive been through will be proper mess for me to even write this off.
One of my biggest losses this one, that and Yell, not to bothered as freshman back then, a wee bit more wiley these days, surprised none opf yopu boys are over on polymetal?
If we get anything at all back from this mess the drinks are on me. And I'm not normally known for my generosity in a bar.
This is just the latest phase on the way to oblivion. Take the company private and you can basically do want you want without having to keep pesky PIs informed.
Thanks Newdealz. I got a reply from iii. My VOG shares were moved into my trading account as apparently they can't be kept in the ISA when delisted. It just shows the price paid with the current zero value assigned to it but doesn't show the number of shares. I guess we need a miracle to get any money back now although that said, the operation and infrastructure must be worth a considerable amount so if it goes into administration we might get something back!
@Garonne - got a corporate action as follows
Effective date: 16th December 2022
Market affected: Alternative Investment Market (AIM)
Victoria Oil & Gas plc shares have been cancelled from trading on AIM with effect from 16th December 2022 at 7:00am. As the shares will no longer be trading on a supported stock exchange, if certificates representing these shares are issued by the company in the future, we will endeavour to re-register the shares into your own name and provide you with a share certificate in relation to your holding.
Looks like its a write-off
same here im with ii, not had any notification to get cert though, ive had a few delist in past and i think they just stay on your account with ii
Yes 3card, I'm with Interactive Investor. I haven't been informed by them as to what's going on but your explanation sounds logical. I'll message them to find out. Hopefully the shares will be worth something again one day!
Many thanks for your help.
Garonne
Are you in an online share portfolio?
I am with HSBC InvestDirect and was recently advised that following recent VOG de-listing, they can no longer hold the shares in my ISA and will shortly be sending me a manual share certificate.
Same thing happened with BMR Mining a few years back although when they recently relisted as KEN, I was allowed to bring them back into my online portfolio.
I notice that my VOG shares have disappeared completely from my portfolio. They were there until recently showing zero value. Wonder if that has any significance?
Having experienced Polo Resources being delisted and then disappearing from any scrutiny I have decided to form a Facebook group for shareholders of VOG to discuss what’s going on and keep up to date. If you have Facebook search for VOG Investors and quote LSE Brightonscot to join the group. It would be good to get others opinions and insights.
Home page of VOGs website - glad to see !
VOG (or “the Company”) has been cancelled and delisted from the AIM stock exchange effective 16 December 2022 as a result of its failure to reach a settlement agreement in an acceptable timeframe with RSM Production Corporation (“RSM”). The Company will maintain its website and will use this medium to keep stakeholders informed in due course. We would encourage you to sign up to email alerts
Thanks maisy. Still hoping for a miracle here.
If the company is unable to meet the listing requirements an exchange is likely to begin delisting procedures, often giving the company a limited time to regain compliance. A delisting does not directly affect shareholders' rights or claims on the delisted company.
Will we get anymore on this board
RE. RNS ??
No expert in this, but todays RNS is not by VOG but AIM cancellation VOGs admission to AIM due to lengthy suspension. If VOG had ceased trading then assume shareholders would be informed, and yes, VOG can reapply for a listing when capable. Bigger question is perhaps is the delay good or bad? Means I assume VOG and RSM and any other parties still in dialogue but also that VOG have I assume no means to raise money in any shape or form.
I hope you're right Maisy but it would be have been good to told what's going on. I mean have they wound up the business or are they still selling gas? If they are can they relist at point?
Totally agree with you!!
They should have at least given us share holders
Detailed explanation of the current situation!!!
Absolutely disgusting!!
Believe this is AIM protocol and does not mean VOG have ceased trading. Effectively VOG is now a privately owned company ...by us the shareholders.
And no explanation from the BOD. An absolute disgrace!
Anyone knows/heard anything?
Does anyone know when vog will be trading again or not at all?