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And weren't you saying as recently as last Spring how the bondholders were very reassured* with progress? Actually it was December 2015.
In fact your XEL posts go back years and are in the hundreds, you must have lost a packet.
I don't take this personally. You are angry with yourself, I imagine you have lost a lot of money.
Just to add put your pity where you feel the sunshines...up Coles .A TROLL
Ofcourse Cole has no responsibility in this at all...Full Dance card...Rather not use 30m as unwanted dilution Lol he has done well. Go away you silly TROLL
Every single CEO tells every single prospective investor that their young company is going to be the next best thing. Every single CEO is very confident about their asset and their potential funding. Every single CEO looks to personally profit from their position. Are you so nieve as an investor to not understand this? Seriously, have you spent all these years actually thinking that you ought to believe everything company management tells you? Any competent investor is a sceptic. Any competent investor is suspicious of management. Any competent investor looks for a safety margin. Any competent investor bases their judgement on 'what if' worse case scenarios. Any competent investor laughs at cheer leader analyst reports. Any competent investor is humble and takes profit. And all you can do is to respond to me with abuse and insults (as per prediction)? I pity you.
Did Cole do the following: Hide facts with half truths Push through Options for himself & staff Have a secure funding package( RBL & a Letter of comfort from DECC then ,again without consulting Sharehiolders just throw it away Make unsecured loans into secured loans without consulting shareholders Tell all Shareholders the Secured loan would be paid & the FDP would be sorted within the laons timeline Gimpy...Flock OFF
'he should be lynched from the nearest tree' Really? Did Cole force anybody to do the following: 1) Invest in an oil and gas company that did not have strong and reliable cash flows 2) Invest in an oil and gas company with high Net Debt to EBITDA ratios. 3) Invest in an undeveloped oil and gas company requiring a huge capital outlay 4) Invest in an oil and gas company that was not conservative in their forecasts 5) Abuse and shout down anybody who offer reasoned critiscm of their share 6) Buy in a high oil price era, instead of waiting until there was blood on the streets Every investor is responsible for their own losses. One would hope that the destruction of GKP, XEL and Afren shareholder value would start a new era of small investors scepticism, conservatism and objective discussion. It hasn't, same old extremism. One can only hope that some XEL investors can recoup their losses elsewhere in what is currently a very interesting oil and gas situation.
so you keep saying but you've never provided a shred of evidence. As has now been demonstrated all your inside knowledge was baloney. What should they have done instead of get the bonds? What's your wisdom on that? The fact they got stuck with a 15% interest rate on a bond should give some indication that they had little other choice on the financing. And weren't you saying as recently as last Spring how the bondholders were very reassured* with progress? * Whatever happened to the reassured, or was it re-assured Ugiebear?
Not all the blame should go to Cole and his BOD. Don't forget the invisible ****S at DECC, who (six years this spring) forced Xcite to perform the now nail in the coffin EWT. Mind you. Cole was advised by numerous members of the XEL team not to go down the bond route (you are putting the company at risk). So in a way he is still very much to blame.
Forky. I could not agree more. I hope that his llife is a misery and he does not live long enought to enjoy his millions. But rest assured SCUX like him will re-appear somewhere as group CEO of something, or as I suspect he is involved in running this company to the ground knowing that he has a fat brown envelope on its way, along with a secure job etc etc. am aware of his financial loss(shares), but he has been up to no good for years and was untouchable for long perios via NDA(My ass) Cole is a Liar in my book and so he would make a good politician He should be Lynched from the nearest tree As this would seem to be one of the biggest AIM disaster, this company should be fully investigated. If not we are allowing clones of Cole and Co to go do the same to others. Should that be allowed All my opinion
May the rest of your life be one of pain and suffering. I'm sure the majority of us pi's don't have a few million to soften the blow of your failure like you do. I'm also sure most of us were in this to simply 'make a few quid'....That seemed more than achievable based on the sugar coated statements from the company at the time My average is/was 360p. I was hoping for 6-700p at a time when £20 per share was being touted as possible. For now all my remaining money is in a Virgin ISA earning 1.15%......I can't bring myself to risk anymore. Thank you Mr Cole.
Plank.
Well done Mr Cole. Looks like the rumoured Chinese led consortium is getting Bentley for back pocket change. Why did you think that the rumoured $1 billion offer made by Statoil back in 2013 wasn't good enough? What was the real reason behind TOTAL walking away from a deal also in late summer 2013? Oh that's right, you're an accountant not an oil man. GREED GREED GREED........ Nine years of my life and a six figure sum down the swanny. Let us hope our (the PI's) paths do not cros. All the best in the future to all those who have contributed here over the years.
Four bidders, likely a collusion the end result perhaps with STO throwing in a share of Bressay as a sweetener to bring the others on board. Very remote chance alternative may be alert for one to up their offer as the Liquidators have disclosed the state of play, and indicated bids can still be tabled. Jmo. How on earth did they think this tainted management was the way to produce anything positive for both Bondholders who are stuck with substantial shareholding loss and of course pi's.
Cole the brilliant negotiator to the end. What a class act XEL had as a ceo.
http://www.offshoreenergytoday.com/xcite-shareholders-have-nothing-to-be-excited-about/
thanks for the tip bob, I'll check them out.
Replying to the boiler room thread.. I'm sorry the xel story has finished this way.. I wasn't part of anything apart from believing this was a good investment...I never made any money here, I sold on the way down at roughly breakeven if I remember... Put all into gkp and lost a big packet there.. whether it was the oil price drop or the Isis beheadings , I couldnt predict these sort of happenings, I only occasionally look in out of interest, learnt my lesson after losing 50% of my divorce settlement. I'll never invest again.. regarding institution investors. I phoned up about this time maybe 3 or 4 years ago to find they had all sold, but xel didn't rns the info!! Not my fault, but it's totally rigged against pi's, but then we all knew that... Nobody can force you to buy or sell, I should have sold at 420p , didn't, my fault.. nobody made anyone stay here until the death... If oil prices had gone to ,$140 this would still be a going concern.. anyway, best wishes to all..
All the best found your posts always informative and appreciated detailed technical input you provided Toxic your dry humour has raised many a grin I wish you both well Cat if you are bored one evening you might like to cast your eye over anglesey mining - this is not a recommendation or a ramp but I think looking at their position is something that might appeal to your investigatory interests All the best every one and perhaps we will meet again on other boards HBl
At least Marthasson was independently wealthy. I'm sure he's been enjoying his time on the golf course. L.O.L :) yes sounds like the end of the road. I wonder how things would have turned out if oil had remained over $100, or if it hadn't precipitously dropped at the end of 2015/early 2016. We'll probably never know the facts, but I suspect that this was yet another company where the directors wanted 100% ownership and were unwilling to give up control to take it forward. Rather 40% of something than 100% of nothing? I think they *were* trying their hardest to get a deal for shareholders, but they were minnows in an ocean of sharks and once they'd done that deal all those years ago with the first set of shysters yorkville, no one credible would touch them with a bargepole. Whether the 5ml of Bentley crude I have sitting on my desk was worth the money it cost me, but it'll always be a reminder. As an aside, last spring I put what remained of Xcite into Premier, Serica, Hurricane and Ithaca energy and I've already recovered a lot of my Xcite losses. I have been really surprised that so many others seemingly did little else but sat open mouthed waiting for the end watching their XEL shares become worthless. Having said, I was sorely tempted to buy 10Ks worth of shares back at the end, the very day I decided to do it they delisted. I'm sure there are lots of lessons for PIs to learn from this in future, but I wish you all well for the future and hope you're able to recover something from this. If it sounds too go to be true it probably is. I remember asking myself (and convincing myself it wasn't an issue) when I first looked at Xcite as to why, if it was such an amazing investment, it has almost no institutional investors. Rarely are PI's ahead of the game. Cheers all, it's been an interesting journey.
Always 4 steps behind & eat everything he was fed ...;-) Pity his mate Marthasson scarpered as he was a bonds expert if I recall Lol what a bunch eh carla ,Martha, 13, Byron (look at me) George, Skier(Im a nice guy)Paul & the prize plum Legends all in the same boiler room...must have stank to high heaven! Oh well its definitely over now guys , wish you , CC & others all well in the future
http://www.statoil.com/en/NewsAndMedia/News/2016/Pages/19sep-aberdeen.aspx Many of her voters, supporters and fellow nationals could well have been truly ripped off by this foreign company in our waters, do you think she'll do anything about it?
Hey Toxic - the only thing Legends was good for apart from NOTHING was his ability to peer through the windows of the old offices - Sad Sad individual !!
No surprises (none expected) Now FCUK *** Rupert.