The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
This bod have it seems used corporate paid lawyers to concoct an action plan to secure themselves against their fiduciary duties and the best interests of the company and it's shareholders. Jmo. Everything leading up to this should be divulged.
Your logic is weak LEGENDS. I had shares (well still do, if you count the 1 I retained for the potential EGM), but I didn't put all my investment money into Xcite. As I have said here many times, I sold most of my remaining shares once it was clear the bonds were not getting repaid on time, and I sold a lot around a year ago now when the company refused to stand by the statement Rupert Cole made at the 2015 about no circumstances the bonds wouldn't be repaid. It's obviously gutting for anyone to to lose a large amount of money on a failed investment. I merely expressed my incredulity that anyone could put so much (or all) of their savings into one share. Rule 1 of investing is never put all your eggs in one basket. It doesn't matter what a CEO might say or how sure you might be of a deal, you never know what might happen. Remember how Nick Leeson managed to destroy Barings Bank? The fatal trade was putting a large trade overnight on what was considered to be a very stable index, the Nikkei. Unfortunately the Kobe earthquake put paid to that. the fact is that nothing is a sure bet (other than the usual - death and taxes). I have previously explained in detail my rationale for taking a more critical view of the company on this board, which no-one commented on at the time. Briefly, as a shareholder I wondered what people would make of me if I took a critical stance of the company rather than slavishly agreeing with everything positive. I've been accused of all sorts of things as a result. I was always curious about how other critical posters were viewed and wondered if they could all really be in the pay of hedge fund managers, boiler room operatives or other nefarious types. 2 years or so here has taught me that people will attack anyone who doesn't conform to the group think, and it's deeply unwise to assume that someone has an ulterior motive just because they have a differing opinion. That said, I couldn't care less whether you think I'm a shareholder or not.
Good post but imo for shareholders that have been seriously burned by the bs that this bod and management of xel/r, and still have any money left to contribute to a group action best imo appoint legal council familiar with corporate law re fiduciary duties and bvi law, find some way to stymie or stall the asset sale or at least get it made open market, and/or an egm called to vote out this bod.
The thing is that people on this BB have spoken to and met the cat either at AGM's or meet up's. I'm not sure that anyone has met Legends And btw that bit about SK was utter piffle.
My,my Legit ,that is a very weak & worn out straw you're clutching there, careful it does not snap & leave with the small credibility you have dunk to zero
Leg I think you will find the cat was a holder and one of the most knowledgeable posters and if I remember rightly one of the few to actually attend an AGM But anyway what does it matter whether he is holder or not I would suggest that any hostile fire perhaps would be better aimed at the people who created this debacle I doubt there will be another AGM
Roof pussy. You post- Unfortunately too many got into the mindset that every time the price fell it was a golden buying opportunity, and I am, quite frankly, absolutely gobsmacked at the huge amounts of money PIs put into this share. I take it from that statement you are finally admitting you are not a PI. I take it you couldn't vote to oust the BOD at any AGM due to you not actually holding any shares. I think it's time you came clean to your band of deluded followers. You appeared here not long after the now infamous bond agreement. Who are you really, and who do you represent? After all, your last post proves you are not a shareholder, and have never been.
This is a very good summary of things. At last. Caveat Emptor as they used to say.
Lets be honest here, we all should have sold have sold & then stood back when the directors sold...but with the videos & the ramping troup here we didn't, greed to hold, plain & simple.
I doubt there's enough time left to call an EGM. For all intents and purposes this is over. The time for action has long since come and gone. Shareholders have grumbled about management for years but did nothing about them, waving them through at every AGM. Unfortunately too many got into the mindset that every time the price fell it was a golden buying opportunity, and I am, quite frankly, absolutely gobsmacked at the huge amounts of money PIs put into this share. No matter what the company said, did people take leave of their senses? Never put all your money into one investment and have a stop loss. Absolutely crazy if you held from the start all the way up to 4quid and back down again. Did no one ever question why the price didn't soar after the EWT, or why the company had so few Institutional Investors? "If it sounds too good to be true it probably is". The company was sunk through a combination of an extremely difficult oil market, something I still don't think a lot of people really understand, and an incompetent management team who always put a positive spin on everything they told shareholders until they could do so no more.
Not sure what any EGM will achieve ? The company is insolvent and as such liquidation is inevitable, in addition we have no Nomad so the company will delist. In the event there is no liquidator appointed then the BH's will undoubtedly appoint a receiver to recover the debt owed by forcing the sale of the assets.
This is my first post but definitely not my last as we all attempt to bring these crooks and fraudsters to justice. So, I've over 150,000 shares in Xcite and have often read these posts over the years but chose to stay in the background as others grunted and groaned their way to where we unfortunately find ourselves now. As the situation with Xcite deteriorated over the last six months I've made contact and had some success with journals, the BBC and even Parliament departments in trying to get them to publish the truth about the BoD shenanigans and the awful way we the PI's have been treated throughout this debacle. In short, I have found that the only way we can get justice is to collectively stand together and not just post frivolous threats on this and other websites. This starts with individually doing something, if you really want justice! and this starts here ... - Use the format of the letter posted here on Wednesday at 19.54 hrs, add some more words of your own and write to your MP. If you don't know who that is then look them up here ... http://www.parliament.uk/mps-lords-and-offices/mps/ After you've done that call their constituency offices and make an appointment to see them. The more PI's that do this then the more likely one(or two) of them might just take this on. - Contact the Serious Fraud Office and fill in their online form. Get a reference after submitting it and then all them up a week later to find out what they're doing about it. (I've done this already and will be calling them tomorrow). The form is here ... https://www.sfo.gov.uk/contact-us/reporting-serious-fraud-bribery-corruption/ - Contact the FCA who are ultimately responsible for AIM, despite what some posts here have said and report the goings on. Dropping emails to the AIM regulator at aimregulation@lseg.com are useless because they don't have a mandate to act and will just be deaf to your pleas. FCA abuse ontact form is here ... https://www.fca.org.uk/markets/market-abuse As I've mentioned above, if we all do this then the collective will take shape and a class action will form where legal support will be easier to solicit. Now, let's get to work!
Excellent article "Angry shareholders not Xcited about bondholder wipe out" https://www.energyvoice.com/oilandgas/north-sea/122268/angry-shareholders-not-xcited-bondholder-wipe/ Does anyone know if there will be proxy voting arrangements for key meetings or voting will only be by attendance at the event? Maybe the Articles enable major decisions without full democratic involvement of all shareholders?
You just can't help some people, you'll probably buy into the next AIM scam to try and get your money back. Your money, your choice.
I woud also petition the OGA and government to put forward a rescue package. Do a deal with the BH's and put a package together with gov't bonds and rbl to progress to an EPS a cheaper solution than the full FDP. This would be a positive sign for the NS and would encourage Statoil to get involved.
Whoops,!!! that was probably the worst post ever,..... as i was saying a very sensible post from feverking,... i dont post much but have been with this share almost from day one, even have the car reg F1 XEL, I wont mention my holdings except to say it is very substantial,!!!!.... seems to me the clock is ticking and if there is any way of salvaging any thing from any means then the brains that be and that are in the know ought to get together and do SOMETHING!!!, instead of posting drivel!!! wheres PETE THE POET when you need him, lol! tick tock !!
You've been 'had off' by a bunch of cowboys. Forget it, learn & move on. The time to act was years ago.
You want to waste more time & money on lawyers???
Thats probably the most sensible post ive seen on this board since
In honest and above board financial arrangements and management one would expect bondholders to be paid back in full before any payments are made to shareholders. This could result in the case of Xcite ordinary shareholders receiving nothing or very little in relation to what they have paid for their shares. Some posters have suggested making contributions to a fund to engage lawyers but unless a "no win - no fee" lawyer will act on behalf of ordinary shareholders this could be a lost cause as many small shareholders will not have surplus funds to pay lawyers. I am sure the lawyers we need are looking at the situation and if there is any chance of them winning compensation they will try to contact ordinary shareholders. We can start the ball rolling by writing to our Members of Parliament and you may like to use and modify the letter we sent to our MP posted Wednesday at 19.54 hrs. It's a shame that the posts on this forum are not more focussed on helping those suffering losses to present their case to the appropriate organisations and getting legal input whether paid for or free.
Its a cosy arrgt including them, paid for by xel funded lawyers. Jmo.
Dont expect anything positive from this bod, they need to be expunged from the point of view of shareholders with expecting them to be any use..
looks from petitions etc as if PIs may well hold majority stake don t undertand the technicalities but wonder what would happen if directors instructed to table EGM for immediate liquidation of XEl - selling XER to highest bidder that might scupper the cosy arrangement they seem to have
He was one of the 'something's happening' gang, but won't admit it. Collectively, he and his type, probably encouraged undecided investors to buy into this shambles. I believe that he and the 'knowledgeable oilfield investor' shared a sleeping bag.
Relies on luck & karma (TAP). If karma really existed, he/she wouldn't be here.