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Hi Newstate, We spent an hour with Ivan yesterday and he had always answered texts promptly and straight. Cairn have bounced my phone calls on a number of occasions so I must disagree about the relative merits of the 2. Given that both sides of a breakup have their own version of events I wouldn't like to say that one side is correct and the other is wrong. I could understand if a NOMAD wanted to focus on larger clients and if Insetco felt they weren't getting the attention they would like, which would lead to issues in the relationship. I don't know the details but this is a possible explanation for what occurred.
That gives some comfort. I'm surprised the there was no one (company secretary?) who would know the procedure. We don't need any more own goals.
Cairn told me that they were happy to wait fir INC to find a new NOMAD that's why they gave them 2 months to do it. But when they failed to tell them about the EGM it was the straw which broke the camels back. Cairn were happy with the contracts which is a positive. They weren't happy with the way they went about things and the EGM circular shows that and what they were up against. I think it's a case of Ivan and Barry are too naive to run a listed company rather than anything dodgy. Time will tell. Miller time, do you get the feeling that the new NOMAD has done due diligence and now INC are stalling because of the cost? Are they talking to other NOMADS? We all appreciate you going to the meeting yesterday. Cheers
Can it be that Cairns objected to the original purpose of the EGM? Is there something hidden in the terms of service? Or was it just the last straw in an already broken relationship?
That's Bulls&;(). I have spoken to cairn on two separate occasions about INC who have been more than helpful and honest unlike Ivan and Barry. Ivan said it was because we were too small, cairn said no it's because they found it very difficult to work with Ivan and Barry because of the way they were doing things. Nomads just don't resign without good reason. It just doesn't add up. What are your thoughts Miller, you seem positive?
Notice was given due to the size of INC apparently, relationship was actually good. Yes the general meeting announcement for today was the one that led to the immediate resignation.
What I don't get is that cairn we not happy with the relationship with Ivan and Barry and gave them more than enough time to get a NOMAD. Then they issued a release without NOMAD looking at it first and therefore enough was enough and resigned ASAP. Was the EGM circular just the general notice circular?
They are in talks but I got the sense that they know the position we are in and are seeing what they can get away with fees wise and there is a bit if a stand off, we have Cairn to thank for this. If they'd given us a gentle hint to find someone new instead of giving notice I am sure we would have had a new nomad by now.
I think I will change the theme here "doomed" doesnt look or sound good, and probably more importantly not true. Thanks to Millertime for attending and posting the update, I'm sure everyone will agree we all very appreciative. Sounds like things should start unravelling shortly, I suspect the 2014 accounts and AGM will be one of the first things on the agenda, hopefully preceded by a new Nomad and a lifting of the suspension. Mr T
'Confident' not co fidget! Lol!
That sounds positive at least. What did he say about the NOMAD? Are they co fidget of a replacement? Cheers
thats good to know.....thanks for letting us know.....any news on a NOMAD
I don't believe so, he was very honest and open about all matters that were thrown at him, albeit there were certain possible developments that he was unable to elaborate on as they could be considered as price sensitive information regardless of the current suspension. Suffice to say that I will not be looking to sell my shares following a relisting, exciting times could be ahead for us in the coming months!
Did anybody go?
...............
Will be fascinated to see what is reported from this.
Great to hear you are going Miller - I can't make it - would be extremely grateful if you could let us know what is going on - let's hope your findings are good and we can get back on track - GL
Ivan will be at the meeting later today so I will go along to see what information I can find. Happy to feedback what I am told you
Yep there will be a huge gap up on reentry if we find a nomad but that's a big if! I guess we could find out more today if miller time would be kind enough to report back? Contact Daniel sweeting email on the general notice circular he will confirm.
Possibly, it also suggested that they thought they might struggle to get approval in the current situation. This would have the effect of focusing them in the task in hand, though.
I have had to move around a few meetings at work but should be able to go. I have texted Ivan to check he is going as I don't want to go out there for nothing but if he confirms he is going then so will I.
That felt a touch of optimism from the RNS. It actually mentioned the possibility of service contracts & a new nomad. Keeping my fingers crossed for all good news at once on readmission & a huge gap up on re entry.
The company emailed me back this afternoon to confirm. I would love to go but can't. Miller time are you definitely going?
Fortunately I have a few more questions than just one about the nomad. Wouldn't be much point going otherwise.
Newstate who told you that Barry and Ivan would still be attending / dialling in?