The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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No, it wasn't a fraud. If anyone had proof of that, then the moral thing to have done would have been to lay such evidence before the FCA rather than crow and gloat about a prediction. They were also subject to a statutory annual audit. BTW: Look up the definition of to 'own'. Its literal use in the post below implies slavery but I dare say, its a slang pejorative.
In my view, It was a flawed business model, ill-equipped to go through the protracted oil price downturn. They had tried to expand too fast using different forms of funding to do so - Placements, Equity Funding Facility, and Bank Debt. In the end, they were virtually wiped out in the storm. They had no control over any wells that might have had to be shut in by operators in the oil price down-turn. They tried to be a well operator on one or two occasions, even though it went against their mantra relating to risk which ran: "it was better to have a 1% stake in 100 wells than a 100% stake in one well". They were the operator of Roger Swartz, which spud at the end of 2012 for an estimated cost they said of $729k, just sold for $37k. In five and a half years, years, how much revenue did that generate? They exec directors weren't drillers; they were landmen .... mineral rights acquisitions and look at what they did with those: $6m purchases; $4.7m w/o (almost 80%) in impairments arguably because many were uneconomic to develop.
They may get by with more work on behalf of WED; it will take a long time in my view, and I hope they succeed with that if only for the sake of LT investors. At some time in the future, WED will want to see a return on its commercial tie-up with the company.
I'll be following its progress from filings at Companies House - good luck.
But you WERE all warned.
You were warned over and over and over again By R G Fletcher that this was a scam and a f raud .
Over and over and over again he called this out as a f raud and continued to do so since 2013.
He dared the company to sue him but they couldnt as they knew he was right and would win.
You lot all shouted abuse and ridiculed R G Fletcher but he called this out 100% correct all the way to the shed.
You especially on here should all hang your heads in shame with your disgusting pumping of this complete rubbish despite all the warnings you got from R G Fletcher.
You lot conned people into losing money here with your facile and outright cretinous posts.
YOU HAVE NOBODY TO BLAME BUT YOUR OWN STUPIDITY AND GREED.
R G Fletcher OWNED the lot off you.
smidsy - continued...
Investing in small companies is especially risky
The shares of smaller companies are sometimes known as ‘penny shares’.
They don’t meet the requirements for a full listing on the London Stock Exchange (they’re ‘unlisted companies’), so they’re bought and sold on other markets, like the Alternative Investment Market (AIM) and the Plus Quoted Market.
Think carefully before you invest in a small company. Is the investment right for your needs? What are the risks, and what might they mean for you?
smidsy.
It doesn't work like that as I'm sure you know and if you didn't know, then you should have either taken advice beforehand or you should not have been investing in shares in the first place.I am sorry to couch a response such blunt terms but there is no other way as I hope you will see.
The company has not stolen your money. You bought shares in a company from the market and you still own those shares if you haven't sold them on AIM. If you have been a long-term holder, then will have had plenty of opportunity to read the annual and interim accounts and evaluate the company's performance over time, determining whether the risk of holding the investment was increasing or not. If you held the shares throughout, then you accepted the increasing risk. Even as late as last July, that is a year ago, the auditors expressed concern which you either accepted as ever-increasing risk, or you failed to read the audit report in the annual accounts which, I have to say, is your own negligence. The extract below couldn't have been more clear and stark:
"The company's ability to continue as a going concern is dependent on continuing support from its lenders and its ability to raise funds on the open market. These conditions, along with the other matters explained in note 2.3 to the Financial Statements, indicate the existence of a material uncertainty which may cast significant doubt on the Group and Company's ability to continue as a going concern."
It is now a matter for you to determine how you will deal with those shares in the future. The company has until 30th September to file accounts at Companies House. Although I haven't held any shares here for many years, I will be following its progress from it returns there. I learned many years ago from the school of hard knocks about properly evaluating risk and to not ‘fall in love’ with a share – it will all come right in the end. That is hope at best but more like wishful thinking.
For information, the following is typical advice from the internet about investing in shares:
“Buying shares can be risky. The price of a share will go up or down if people change their minds about how well the company is performing, or about the economic condition, it operates in.
If a share price reduces then the value of your investment reduces as well.
However, shares have historically provided better returns over the long run than the other main asset classes: property, cash or bonds.
Holding shares in just one company is very high risk. If that company gets into difficulties then you could lose some or all of your money.
You can spread your risk by diversifying – buying shares in a variety of companies, and investing in other assets or countries – or by putting your money into pooled investments like unit trusts or OEICs.
If you’re well diversified and invest long term (for more than five years) you can keep risk down, and have a chance of good returns.
Investing in small companies is especi
Oasis Management Company Ltd. responds to comments made by Premier Foods Chairman Keith Hamill in an international business newspaper
London, 29 June 2018 – Oasis, the largest independent shareholder in Premier Foods, notes with dismay the comments denigrating the company’s brands made by Premier Foods’ Chairman Keith Hamill in an international business newspaper on 27th June 2018.
The following statements made by a sitting Chairman were of particular interest to Oasis:
1. “If you have domestic brands that the international market isn’t interested in, you have to keep on working for good value — you can’t successfully auction with weak cards,”
2. He challenged Oasis to come up with an alternative strategy for the highly-indebted group, which has been selling brands and trying to trade its way out of its debt mountain, saying: “What would a new CEO do that is different?”
3. Mr Hamill said the issue of Mr Darby’s pay was a “sideshow”
4. “My advice to Oasis and to other shareholders is that it’s a very well-run business and that it’s
not sensible to go through disruption and change,”
Oasis respond to each of these statements:
1. “If you have domestic brands that the international market isn’t interested in, you have to keep on working for good value — you can’t successfully auction with weak cards,”
Oasis notes that it does not consider Batchelors Soup, a 123 year old brand growing at 11% per year with broker estimated revenues of £80-90 million pounds per year, to be a weak card. Indeed, Oasis finds it extraordinary and unprecedented for the Chairman of a Company to describe the Company’s assets as weak. For the record, Oasis considers the brands within Premier Foods to be exceedingly high quality and very valuable. Rather more ‘gems’ than ‘weak cards’, but gems that seem to be being mis-managed.
2. He challenged Oasis to come up with an alternative strategy for the highly-indebted group, which has been selling brands and trying to trade its way out of its debt moun- tain, saying: “What would a new CEO do that is different?”
It appears to Oasis that the Board has simply given up. Shareholders pay management and the Board to come up with a strategy to deliver value to shareholders. Shareholders expect capital appreciation, dividends and share buybacks from well-run company, none of which are in evidence at Premier Foods. Shareholders have had to suffer persistent shareholder value destruction, poor financial performance, consistent missed targets under Gavin Darby’s leadership.
3. Mr Hamill said the issue of Mr Darby’s pay was a “sideshow”
Taking £8m of pay over his five years as CEO, whilst overseeing a huge destruction of shareholder value is NOT a sideshow. It might be to Mr Hamill and the rest of the Board, but it isn’t to Oasis and is presumably not to other shareholders. Under Gavin Darby’s leadership, Premier Foods’ share price is down 53% from the March 2014 blended rights issue price, 39% down from the £537m 65p per share Marc
Why are we sending out a mayday.
Several years ago I bought shares in MAGP and kept hold of these shares. I own a smalll fraction of MAGP.
A few weeks ago we were informed that MAGP was to delist from AIM.
As I see it MAGP has not gone into liquidation or bancruptcy but is still collecting revenues from sales of oil and other assets. The bank , as far as we know it will be paid off and the company will carry on trading.
I WANT MY MONEY BACK. This company is in effect stealing my and your money because of some devious means,
They were very glad of our money in the past seven years and have now told us to F off and we are not going to get a penny of it.
There must be a way of stopping this before all assests are sold and the money pocketed by the BOD.
bod
That’s all folks - so long and god bless -
2 mins left to get my bargain top up
May as well hang on now like a barnacle lol
This ship is sinking - life rafts are still available at 0.26 per share - last call to abandon ship !
There’s a few - but why not ? It’s defo worth a bottom draw punt at these prices. Anyone wanting to sell they offering 0.26 currently - NT to buy any amount wouldnt surprise me if this spikes to at least 0.50 to sell in final hour - mms played this to death only them the winners and punters ripped to pieces as normal
Check out the 'buys' since two o'clock. What is going on?
Now mines been removed - yours returned ! Offering 0.25 to buy now - if anyone wants to sell please ?
That’s interesting smidsy why’s your post that I’ve just replied been removed ?
Anything could happen - but cannot get any worse than it is now with current mkt cap 100k for interest in 70 wells ? Hoping my buy order at 0.20 gets filled but not looking likely - so if this is to be last wishing everybody farewell and best wishes
What are the chances that Maggie will register with 'Crest' and carry out trading with them.?
Thats the best you have got is it ?
Commiserations to your wife.
Sorry for your loss.
Not.
Depending on your broker this could be the last day to sell and for the deal to settle before the delisting date. But with a bid price of 0.1 what is the point?
Good luck to anyone left in this rancid share. Munters is right, those left (including myself) did not listen, or got caught in the hype generated by chrisatron (who also punted the defunct NCT) and Baron (who also punted the equally defunct HAWK). A sobering lesson. Hopefully time will allow for other investments to make up for losses here.
I suppose some are buying in order to average down, so if this so called 'company' (id call it something else) decided to re-list then investors would be in at a much lower price.
Wouldn't it be good of management to sell off all its assets and give back to us long suffering holders the returns we so deserve.
So, folks looks like with hit the end of the road here?????
If in a couple of days our shares become worthless why are people still buying???
.... To De-Listing
But why did this puny US company, managed by US-domiciled citizens who weren't drillers but who invested in wells in the US mainland limiting their control, register the company in the UK and list on the UK market in the first place? Despite boasting that in certain circumstances. they could take one dollar and turn it into four, despite tapping the market for several million pounds of working capital, and other forms of funding, six years later all they can show is fewer wells than they started with, massive accumulated losses, shareholders wiped out, no dividend ever paid and still a need for working capital.
Despite all this, they still have their mission flashing up on their website: 'Building A Significant US Onshore Focused Oil and Gas Production Company'. Note they determined 'significant' by well-count (a percent here, a percent or two there) not by production volume.
Does anyone remember this interview given by RW 6 years ago?
https://www.youtube.com/watch?v=r7hY3OSchrA
I very much doubt if AIM Regulation or FCA will investigate this. I've had this situation before with other companies. I wrote to AIM and FCA with full explanation of what I believed was illegal action, but they weren't interested. It seems that these organisations believe that shareholders take the risk, like gamblers, so they should just put up with the consequences when it goes wrong.
the Mcap is currently £0.14m
I suspect some peoples investments into this sham probably neared or exceeded this...
I put the gap as I think this will block it if I don’t put the gap