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I don't think any assets need to be sold. I expect a deal of some sort to be done between CHL and the big shareholders of VOG
Morning. Hoping that there are options perhaps. Interested that CHL will be at the meeting since they perhaps tipped the balance for VOG to enter administration. Wonder if assets can be wholly or part sold to fund the bulk/all of any debt repayment and if there is a surplus as Kever suggests that VOG take on Matanda with enough cash in hand to do the job. Basically become an explo co. What is Maranda valued at - nothing? something? Hoping that there is some form of positive outcome for the browbeaten shareholders!! GLA.
I got a reply yesterday with an apology for it being late, hoping to at least listen to zoom meeting later in the week, whats everyone preferred outcome?
I would like to see VOG kept going personally, im too far underwater to take a pay off only hope is for some decent future growth, im not up to date on the current management only that FOO messed it all up a long time ago for which we are now paying the price.
All shareholders can join the virtual meeting this friday.
I have been sent the zoom log in details. Every shareholder should have been sent these details
for forwarding PDF and all the updating much appreciated
Great info kever much appreciated, fingers still crossed here, atb.
Gordon Brothers have been tasked by the administrators to value the VOG assets. I rang and spoke to Ian at Gordon Brothers today. He seems to think GAZ DU CAMEROUN has a trade value of about £50-£60 milion based on current gas sales and gas reserves (along with the infrastructure)
So assuming all the VOG debt had to paid today (which it doesn't) then this is £28 million. £28 million is the figure given by babr.co.uk the administrators .65% of the VOG debt remember is long term debt with BGFI etc
.
Assuming all debt paid off here would be £22 million left assuming a GDC sales price of £50 million.
That is equal to 8p a share.
All is not lost here.
I expect a deal to be done with CHL and the big stakeholders that will mean VOG will be out of administration within a few months.
All is not lost.
The new pdf is 32 pages and sets out a lot of info. I am with HL and still nothing to vote on.
@Kever - what is the document? i had a pdf from administrators just stating they were appointed, didnt say anything more really and of course as i said the vote appeared Wednesday
If you are a shareholder the administrators should have been in touch. You should have received a letter this week with log in details to a website so you can download a document.
email them
kristine.lapa@babr.co.uk
My shares are held with IWEB part of Halifax share dealing and I have received no notifications at all and with 700k shares between myself and wife,we hold a significant amount of worthless toilet paper and have received nothing no communications zilch.
imo HL are not a very professional outfit, i use interactive investor which are really good on votes, i think with HL you have signup to receive the vote, this is what other fellow investors have complained about with HL and fact they refuse to transfer equities abroad (POLYMETAL redom) not had any of these problems with ii.
take a look at this if you dont believe me.
https://ibb.co/db279XY
Checked with broker HL. Nothing to vote on they say !
Those 17500 shares cost me £50k :((
Kever - check your broker account, it landed today
as of this morning 19/04/23............
Make your selections below, using the options on the right side of the page.
Shares available:
17,500
Optional: Express vote all proposals as:
Optional: Express vote all proposals as:
For All
Against All
Abstain All
THAT THE ADMINISTRATORS PROPOSALS FOR ACHIEVING THE PURPOSE OF THE ADMINISTRATION, AS SET OUT IN THE ADMINISTRATORS REPORT AND STATEMENT OF PROPOSALS, BE APPROVED (A response to this proposal is mandatory)
Board Recommendation:For
1
THAT THE ADMINISTRATORS PROPOSALS FOR ACHIEVING THE PURPOSE OF THE ADMINISTRATION, AS SET OUT IN THE ADMINISTRATORS REPORT AND STATEMENT OF PROPOSALS, BE APPROVED (A response to this proposal is mandatory)
Board Recommendation:
For
For
Against
Abstain
UNDER RULE 18.16 OF THE INSOLVENCY RULES AND IN THE ABSENCE OF A CREDITORS COMMITTEE, THE REMUNERATION OF THE ADMINISTRATORS BE FIXED AS TIME COSTS AS DETAILED IN THE ADMINISTRATORS REPORT AND PROPOSALS. THE ADMINISTRATORS BE AUTHORISED TO DRAW REMUNERATION ON ACCOUNT OF COSTS INCURRED AS AND WHEN FUNDS PERMIT (A response to this proposal is mandatory)
Board Recommendation:For
2
UNDER RULE 18.16 OF THE INSOLVENCY RULES AND IN THE ABSENCE OF A CREDITORS COMMITTEE, THE REMUNERATION OF THE ADMINISTRATORS BE FIXED AS TIME COSTS AS DETAILED IN THE ADMINISTRATORS REPORT AND PROPOSALS. THE ADMINISTRATORS BE AUTHORISED TO DRAW REMUNERATION ON ACCOUNT OF COSTS INCURRED AS AND WHEN FUNDS PERMIT (A response to this proposal is mandatory)
Board Recommendation:
For
For
Against
Abstain
THE ADMINISTRATORS WILL BE DISCHARGED FROM LIABILITY UNDER PARAGRAPH 98(2)(B) OF SCHEDULE B1 TO THE INSOLVENCY ACT 1986 IMMEDIATELY UPON THEIR APPOINTMENT AS ADMINISTRATORS CEASING TO HAVE EFFECT (A response to this proposal is mandatory)
Board Recommendation:For
3
THE ADMINISTRATORS WILL BE DISCHARGED FROM LIABILITY UNDER PARAGRAPH 98(2)(B) OF SCHEDULE B1 TO THE INSOLVENCY ACT 1986 IMMEDIATELY UPON THEIR APPOINTMENT AS ADMINISTRATORS CEASING TO HAVE EFFECT (A response to this proposal is mandatory)
Board Recommendation:
For
For
Against
Abstain
ISIN: GB00BRWR3752
There is no vote for shareholders
called broker yes i had the admin letter, nothing to get excited about just stating company in charge of admin. There is a vote on my account now thats needs to be entered by 24th April, looks as if its just to give the administrators free rain to execute admin.
Ive just received voting rights in my broker accounts for administration, without having to go through all the paper work how are you guys voting?
2.13 Inviting key stakeholders to attend a virtual meeting in an attempt to ascertain whether there
was common ground between them which may result in a restructuring proposal being put
forward. Whilst not all parties attended, we have since been advised that dialogue is continuing
independently, and good progress is being made.
Anyone who wants a copy of the pdf document just released by the adminstrat0rs drop me an email:
rayfenn68@gmail.com
Thanks Kever, I will do this.
But to be sure, is there any reply required from shareholders on the letter? Do we need to explicitly opt in or out of anything?
if you are a VOG shareholder you should have got a letter even if your shares are held in nominee form.
You need to contact:
kristine.lapa@babr.co.uk
(Who is the administrator)
I didn't get a letter. My shares are held in a Barclays account.
Do we need to take any action at this time or was it just a letter telling us to wait?
Could someone please post here if there is any further news such as a final dividend.
Thanks
Same as 3 card,....I don't see this doing a phoenix, Only option that looks good to me is a dividend to offset our losses.