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So obvious sense of desperation, step-by-step since the whole saga stared, asi sense it by then (my OCT, NOV Posts).. Such a laughable attempt to insult on all our PI's intelligence !!!
Surprised they have not accused k of going to dagi drill site and snapping the drill bit.
never seen so much c--p written who destroyed the share price ( current BOD ) who said that they didn't no were all the money had gone BOD Leonid Y. Dyachenko WAS HE GETING PAID FOR SLEEPING if we stick with current BOD we are not running the company anyway I have said it before Mr K will now own 51% or more and he will decide the direction of the company I will be voting current BOD out
Project Fear reaches UEN. Gotta laugh, its desperate stuff. How hard is it to presuade an AIM NOMAD, given the number of appalling companies they're happy to advise?
First rns I’ve read for a long time with lots of red bold and underlined text
read this lol
“Brexit: £13m contract for emergency ferries handed to firm with no ships” K I’ve got a plan !
So much going on here but if everything got sorted and we get news on significant oil find this should be ten times higher
africanobserver that’s a lot of negativity that your putting into your posts, there can only be a few reasons why you created your lse account to bash UEN and now long term posters, you are starting to sound a bit desperate as the posts go on.
how Kovonov has worked is quite aboveboard compared to a lot of UK plc tactics involved the foreign oil markets.
Wait and see how much is written off against taxable profits for the group over the next few years, it will end up costing the company nothing long term.
He’s got his extra 600k votes don’t worry.
Pmsl. I'd advise that you take a chill pill AO, but you're far too amusing. I'm guessing that you are someone who is going to loose their lucrative and easy life when Kononov boots the current Board and their hangers on out. Tough break, kiddo.
The business practices exhibited in Russia are deplorable! Utterly pathetic, nepotistic, immoral, unfair, unreasonable, nonsensical, and more... You think there is a single Russian businessman who earned or deserved his wealth??? HILARIOUS! None of them do. You praise Kononov? RIDICULOUS! If you got out from behind your little laptop and lived in the real world for a second you'd realise that these Russian lunkheads and their Russian business practices are totally toxic.
You want to say - oh well Kononov has 44% and therefore he wins and so I'll go along with him because I'm an irrelevant loser and I always admire the bully....
Well good for you. Why not just cut off your nuts and post them to Vladimir Putin?
Urraca, the board did NOT say that the company would be going into administration, they only said that the working capital position was tightly constrained and difficult. Which it is!!! Because Ludicrous Kononov wasted 5m that UEN can't afford on his own pathetic attempt to be the big man in a frozen wasteland.
Urraca, are you at least British? Or not? If you are British, then why would you ever support some arrogant, gangsta wannabe Russian dickwit who ignores the established practices followed by AIM-listed companies in Britain? If you think you're tough (hilarious!!!) and you like having dictators spend throw money that's not theirs around willy nillly then go live in Russia and bathe in water from rusty nuclear power stations and dine on fish that glow and vodka that tastes of peasants's feet. If you are British, then show some appreciation for the laws and the best practices that we've developed over hundreds of years and take a dump on those who support Kononov simply because "he appears to have the votes.". The losers who support Kononov are no better than the mindless trolls who support Germany in football because "Germany generally wins". Utterly pathetic losers with no backbone. They'd vote for Stalin if he wasn't dead!
They are relying on banking facilities and credit lines, these are up for annual renewal, and need to be secured to remove any funding doubts for a while, then get them funded via another route / loan / asset sale to solve the problem more long term. That is one of the main doubts here. But Having share available to actually buy would also help.
The share price reflects the current uncertainty, and the fact that the current Board said the Comany would be going into administration (at the end of October - it didn't) would make Kononov resign (he didn't) and that the NOMAD would rule the propsed board changes illegal (they didn't). Whatever you may think of Kononov, the brute fact is that he owns 44.5% of the company, is the President of the operating divisions, is Russian and based in Russia. He effectively already controls the company, as the recent saga has demonstrated unequivocally. The Biard have attempted to wrest control back from him, and in the process they have wrecked the share price without any care or regard for the other shareholders in the company. They have succeeded in destroying confidence and the market cap, which will be very problematic if an issue of equity to raise capital to address the working cap shortfall was considered. But they have utterly failed to take back control from kononov. Therefore, when he replaces the Board, and everyone is clear about who is in control, confidence should return. Not that I'm expecting to see the share price bouncing back to a quid any time in 2019, but there is a very good chance that it will recover, and that's what I'm betting on. No guarantees in this game though.
So itisagame, why is all this value not reflected in the share price? And those $5m in unsecured loans to local dipshiiiiits are worrying because they've had a material negative impact on working capital.
I'm not against UEN at all, I think it has great potential. I think that Kononov is the problem here and whoever is driving the share price seems to agree that his recent actions are undesirable.
$40-50m turnover this year and profitable, 300k barrels sold at arcticneft at avg $71 per barrel this year (when combining and averaging price out the two shipments, if memory serves me right, have my notes back at the office) . Your Worried about $5m in loans? could just fire sell arcticneft and the other businesses on the west side of Russia for $15-25m or list them as a separate stock listing. That could maybe Pay off all loans, debt and financing for UEN and leave Petrosakh profitable and paying dividends. $5m in loans for control of the port, come back in two years and see if they are paid back and the deal is profitable. If the port shut down went in to admin or was taken over by a different party who wanted to control who can use it would make the whole island would suffer, it’s worth it in brownie points with the local government alone. Yes the share price and Mcap is very low, Mr K has lost more money than anyone else, when K has renewed and secured the banking facilities it will improve. If the current board did that over the last few months they may have saved their jobs or atleast got a bit of extra support.
Let's consider the current market cap for a second. Kononov owns, what, 45%? Which is worth c£1.4m.
The loans he gave out in Sakhalin were more than double that amount. Who knows what commisions or shares or incentives he received? We have no idea. It wouldn't take a very large shareholding in the port to be worth more than £1.4m...
Pots and kettles DRWHO. It seems that the Russian trolls have even reached these humble bulletin boards...
Adfricaanoyherserver: You sounded such a hypocrite , Maybe even likely the fake PI trying to defend the incompetent, maybe even corrupted BOD who has been ruining the company for years. I also doubt you own any share of UEN at all as otherwise your argument makes no sense whatsoever !! Why on earth an 45% stakeholder want to "profit from few million loans" when his entire holding can be 10 times more than what's worth now ???? Personally, I don't care how MR K played on these "loans" as long as its on the records, and making strategic sense for realising the true value of the UEN!!!
Fair points africanobserver, and its always good to get views from all sides.
For me, I am going to take Kononov's side at the EGM mainly because voting to retain the current Board will do precisely nothing to resolve the current stand-off. Kononov will still be President, able to do as he pleases. They can't sack or control him. So its better to be open about the reality of the situation, and make him responsible.
Most of the loans have been about securing control of the Port, and attempting to secure the Port's future. That was a strategic aim of the company just a few months ago. As for the way business is being conducted? It's in Russia. If you don't like the way they do things there, no one is makng you invest in a Russian company. But, eyes wide open, they still have incredible resources, and have been to top producer of oil in the world recently, although USA fracking has recently overtaken them I think. They need at least a semblance of good business practice to keep the oil flowing.
Why would anyone take the side of Kononov in this situation? The guy gave out unsecured loans to individuals and to struggling local businesses on a frozen island in the middle of nowhere. Perhaps he had "permission" to do so under Russian law, but those laws are obviously ridiculous, outdated, nepotistic and should be utterly irrelevant when it comes to running a public company. Screw Russian law, UEN is clearly an AIM-listed company with a board of directors and it is they who should make decisions regarding material expenditures, not some Russian cowboy who thinks he knows best simply because his arrogant nuts have frozen off while languishing in Sakhalin.
So two people have already repaid a pittance? Great, well done. Fantastic. Apparently the two people who repaid their loans are (or were) employees of UEN and Kononov thinks that makes his unauthorised, unsecured loans to them okay? Since when did it become acceptable practice for public companies to provide personal loans to employees, current or otherwise? Since never.
Some people here paint Kononov as some sort of strategic genius because he bought a rusting boat and gave out loans willy nilly to (possibly) secure the future of a near-bankrupt port. But that's ridiculous.
Kononov gave $1.5m in loans to a private individual called Friedis - who was, again, just an employee.
He gave loans to a "distillery" that turns out to be nothing more than a warehouse.
And he gave $1.5m in loans directly to the port itself, even though the port is on the verge of bankruptcy and the amounts loaned by Kononov do NOT cover it's oustanding debts and liabilities.
This is not a strategy, this is utterly irresponsible lunacy.
Kononov has drained funds from UEN to issue unsecured loans to a bunch of unworthy recipients. He's not doing anything positive for UEN, he's just trying to support his dipstick buddies on Sakhalin and play local hero.
Some of you may not like the current board, but at least they apply reasonable business practices appropriate to companies listed on a UK stock exchange. They are not gangsta wannabes playing monopoly in a frozen wasteland.
The Board announced that they had received a letter demanding an EGM on 11 December, so they will have received it before that. Who knows how much before, when it takes them almost a week to confirm info posted on their own (Petrosakh) website? Unbelievably, in that RNS they said they were seeking advice on timescales, and appropriate next steps under Cyprus law. One would have imagined that they would know this stuff already, without havung to pay someone to tell them.
Anyway, a poster on anther board thought that they'd have to call it within 30 days, and give 7 days notice, so that people could get to it, cast votes, etc. I haven't check the Cyprus stock exchange code myself - its christmas after all - but they won't be able to ignore it indefinitely. So my best guess is that it will be called first week of Jan, and held in the second week.
When is egm?
nice to see a few more posting again ' I still be leave that this was all set up nicely to help the company .Mr K is not an fool the board saying that all these loans authorised by him that they were not aware off c,,, some of these are going back a few years . were did they think the money was as Urraca an others are saying we need to get the EGM out of the way . well results .more info on port . Don't forget we are still producing oil .I be leave all the things he is doing ( including buying boat ) will soon become apparent . yesterdays price drop was ridiculous as usual . the mms would take your shares for 16p but would not let you buy
Agree 100% with you Urraca: Notice all these so-called "Unauthorised Loads" business were taking place during later part of 2018 before the Port Takeover, this is precisely for the sake of "Russian Foreign Investment Rules" for controlling a major local infrastructures SO make 100% sense using Local shareholder with company's "loan" ! ! As to the Passenger Ship deal, also make sense if UEN controls the Port to maintain or even expand its core business for additional cash flow to keep port running more efficiently, along benefit the local employment, WHY NOT! I am sure this move was encouraged by local Govt too!!!