BB, read with interest and maybe JF and Bod, should consider .TKI what is current position, and what is owed in oil payments this year still. TKI interests in some revolving door trust require lawyers who understadn what GKPI have or tried to do. TKI interest under trust would come under Dodd Frank 1504
Also Iraq which inculdes Kurdistan is part of Extractive Industries Transparency Initiative (EITI)-compliant country since 2012
The requirements of the EU Directives are implemented through the enacting legislation of each EU Member State. The deadlines for implementing the EU Accounting Directive and the EU Transparency Directive are July 20, 2015 and November 26, 2015 respectively. In general, non-EU EEA countries enact implementing legislation after an EU Directive is adopted into the EEA by Joint Committee decision. The EEA Joint Committee adopted the Accounting Directive on October 30, 2015 and the Transparency Directive is awaiting decision (as of November , 2015). As of November , 2015, Austria, Croatia, the Czech Republic, Denmark, Germany, Hungary, Italy, Lithuania, Portugal, Slovakia, Spain, and the United Kingdom have filed notifications of full transposition of the Accounting Directive with the European Commission. Norway, a nonEU member of the EEA, has adopted legislation that complies with both the Accounting and Transparency Directives, effective for fiscal years beginning on or after January 1, 2014.
Each oil company is required to disclose exact amounts of oil produced, exact amount per barrel received .
SOMO is required to do so, so its hardly any wonder DANA had a field day with THE KDP MNR OF Kurdistan.
I note posters say write to the IMF, but would investors consider laying out complaints in detail, to include qestions onaccounting for oil since production, TKI interest, TKI loans, GKPI loans to TK or TKI, placings, failure to apply for arbitration, failed to obtain capital owed by accepting $100 million for an additional 5% of Shaikan, which destroyed the balance sheet further, bondholders called in when the BOD failed to act in shareholders interests by talking to bond holders, when they accepted the above $100 million. Send the complaints to the SFO, FCA, Foriegn Office. U.S. Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 USA TKI are a US Registered company, shareholders should be able to retrieve 5% TKI holds, as the current board are negligent
Johnbuys - the problem for the ord equity buyers is that in order to qualify for the open offer you will need to be on the shareholder register at the record date. This is why the stock price has been relatively elevated the last wk - peeps know that the recapitalisation is artificially low in order to appease the bond holders (seniors). The only 2 ways to get the real cheapie stock at @0.8p is to own the ords or the convertibles. So, if you bought 9 shares now at 5p say and you take up your open offer at 0.8p for 20 new shares then your average price is thus 2.1p. This gives an indication of what the post recap price is likely to be incidentally imo. The alternate is to buy the CB's where you get @ 2.8m for every $200k nom which currently trade around 20c and so your equity IN price is @ 1.1p.
Anybody with pocket depth able to buy the CB's is frankly acting illogically and against their own commercial interests in buying the Ords and not the CB's if they see renewed value in GKP.
Well now that we have been mugged ...I guess that the IMF IRAQ Corporate Governance team would like to hear what's happening to companies like GKP.. This will help the KRG pledge for more funds and gain international recognition quicker and increase its capacity building by attracting more oil companies to come and also invest in infrastructure to help support its population...what goes round comes round ...I personally would no longer be reading the future sections on GKP Corporate Governance Report : the current one on Page 55 reads : One of the Board's primary responsibilities is to ensure that the Group is run in the long -term interests of our shareholders and wider stakeholders...what a waste of salaries being paid each month ...I hope shareholders are taking time to write to authorities ..thanks every body for sharing their knowledge ....This is the link to IMF IRAQ....I hope the corporate governance team of GKP write to them too....every little help counts!
If the proposed restructuring gets the go-ahead in Genf, non-bondholders may hold as little as 5% or as much as 14% of the issued shares.
In a worse case situation they will essentially have no voice in monitoring the affairs of the company and no say in disagreeing with decisions made (for myself I do not consider Capital as the effective conscience or voice of the smaller shareholders).
It's also to be expected that the new majority holders (as yet unknown) will purge the BOD and have their own people put in place - both main board directors, Chairman and as non-execs too.
In the interests of fairness, and in view of the proposed tremendous dilution of shareholder "voice" staring us in the face, it therefore seems to me that some form of Shareholders Agreement be agreed ASAP in order to protect minority shareholders from future abuse by a self-interested majority. There is still time for a motivated CEO and his legal team to get this done, if not before the SGM then certainly before the AGM.
Considering the massive dilution and loss of voice I'm surprised that JF has not already proposed such a course of action.
I'm and engineer not a lawyer, and I do understand these agreements are generally more common and suited to smaller shareholders groupings and private companies, but I urge you to consider the idea and, if you consider it worthwhile, act on it in the way you best see fit.
For myself, I've written to several heavyweight newspapers about this.
Google "Minority Shareholdings and Shareholder Agreements" for a flavour of what's possible.
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