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I *saw* that.
Interesting that AIM law requires the EGM to be called within 21 days of requisition being received, which UEN complied with, and held within 28 days of being called, which they did not comply with. I'm guessing that they chose Cyprus law instead, but it makes something of a mockery of their arm waving about the NOMAD and strict adherence to AIM rules. Having cake and eating it springs to mind. Especially eating the cake for as long as they possibly can.
The NOMAD courteously did not bother responding to my e-mail asking them about their independence from the current Board. But...they haven't resigned yet, I see.
I daw that. Don't know enough about Angus to comment on the rights and wrongs, but the requisitioners have a much smaller shareholding there than Kononov has here, so the Angus board have a fighting chance of fending them off.
Requisition for egm by a former director who was booted out previously asking to boot out the existing bod and replace it with his choice. Some interesting technical points in their RNS (Eg timescales for EGM) Be interesting to see how that plays out for Angus, just shows there can be trouble in paradise where ever you are based.
big loss if they bought around £1. no point me selling, may as well see it out, would only lose a further £200-300
Only two sells, but yes, pretty chunky. Gven that the Russian holiday is only over tomorrow, its someone bottling it before. Kononv makes his pitch. Very interested to see that, myself.
A fair it of off loading today but the sp has stood up well and a fair price given for them.
I still think there is a buyer for them. We shall see eventually.
Excellent to see that they are very keen to keep us on side. Don’t think I have ever seen such a prompt and welcome response to small shareholders initiative. GLA as I think the tide has turned.
Very Nice to see the rise but I’m A bit sad that my idea to buy 1% at ~20-25p has been stumped before it started.
Just waiting for it to break back through into the 30s. The Board are suffering diminishing returns from their endeavours to punish Kononov by trashing the share price. Perhaps they need to mention Brexit in their next RNS?
This Press Release is excellent sign and very technically correct: My reading is that our PIs letters and reasonable requests for Mr K to stick with what he said on 21 Dec may just be precisely what Mr K need to by-pass the BOD/Nomad's communicational dominance , open a warning shot for any reckless action BOD may be contemplating, prevent Nomad of any wrong doing. Response from its Corporate website may also be a good tactic of not to potentially breaking AIM rules as BOD may accuse Mr K of.... Finally, whatever PI write to Mr K, my advise is to address ONLY these fundamental aspects, namely Keep AIM listing, Alternative Nomad, basic financing plan to move forward. Any attempt to question Mr K on details and reasons for these so called "unauthorised loans " issues are irrelevant for now, as these were clarified by Mr K on his Statement of 21th DEC anyway. So keep fingers crossed and be positive . GLA.
Look at the spread, mm definitly want your shares.
Looks like Mr. Kononov isn't opposed to communicating with shareholders. I presume that a circular will also be sent after the 9th Jan - so expect some communication starting end of next week :)
http://www.petrosakh.ru/
Petrosakh press release
03 January 2019
Dear Shareholders of UEN.
Thank you for your emails. We will review them in due course and try to answer each one of them to the extend permitted by AIM Rules and applicable law. Please take into account Russian public holidays till 9 January 2019. In order to process all emails efficiently we set up a separate email address for UEPCL shareholders: shareholders@uralsenergy.ru Please use this email address for further enquiries.
Meanwhile we wish you all the best in 2019. Seasonal greetings!
Sincerely yours, JSC Petrosakh team
It's felt like that for the last few trading says hasn't it. Certainly hope so.
The share price is going up on nowt. I reckon there is a sizeable buy order in. Maybe the proposed directors buying in or even Mr Kononov.
On Petrosakh website:
03 January 2019
Dear Shareholders of UEN.
Thank you for your emails. We will review them in due course and try to answer each one of them to the extend permitted by AIM Rules and applicable law. Please take into account Russian public holidays till 9 January 2019. In order to process all emails efficiently we set up a separate email address for UEPCL shareholders: shareholders@uralsenergy.ru Please use this email address for further enquiries.
Meanwhile we wish you all the best in 2019. Seasonal greetings!
Sincerely yours, JSC Petrosakh team
At least they are responsive. Guess that's a hnt that they won't be setting out their stall before the 9th
I too have just sent an email to the address given.
Carling is right. Their e-mail is sakhalin@petrosakh.ru.
I have contacted them along the lines Carling suggests, and would encourage everyone who has an interest here to do the same. I would also encourage you to cntact Allenby Capital, our current nomad, to voice concerns about the way they are being used in this boardroom battle.
Looks like our abusive friend has been erased , don't mess with the Russians ha ha.
I agree must be concise and undemanding. Contact email is easy to find even in Russian. 1. Commitment to maintain listing 2. Alternative nomad arranged just in case 3. Plan to increase shareholder value If we all voice the same concerns Mr K should listen.
I agree Dr Who and Chavi. But apart from the postings which are in English, the petrosakh website is in russian, and my russian is not up to navigating it, and finding the contact link.
If someone can manage to do it, I would only suggest not over-egging the requests. A commitment to maintain AIM listing; speedy action to secure an alternative nomad, just in case; a solid plan to put the company finances on a more secure footing; and some long overdue speed on the south dagi drill would do it for me.
Urraca, as I posted yesterday, I agree with you. It's a forgone conclusion he has enough votes to remove the present board. I also think Drwho idea of contact with Mr K and asking for declared promise along the lines he mentioned is not a bad idea.
How many shares are available under 30p? I’ve still not sorted out my level account and every time I try to buy its NT for me.
Urrace and Dear Fellow UEN shareholders : Its clear by now that the fight btw BOD and Mr K is obviously personal and BOD is prepared to destroy the UEN to survive with its last leverage : right to communicate with Nomad and control of the official communication channel with public. I think our best bet will be urging Mr K to act since he had opened its own media channel on the website (http://www.petrosakh.ru). So for us PIs, instead of passively wait-and-see, maybe we should be more proactive by issuing a "PI statement Letter " to Mr K via its website email address by saying: Provided following condition is promised, we PIs are prepared to pledge our votes for Mr K : 1) promise not to delist Uen, 2) Declare new BOD members are qualified against AIM rules, 3) Prepare an alternative Nomad to prevent from BOD's potential fatal strike to make Allenby Capital (Nomad) to resign and force a delist (I still can't see such a reckless action is permissible by AIM regulation) , 4) announce a sensible financing plan for going forward. I think we can put Mr K to a high moral ground as he stated in his statement of 14 Dec
"I believe that the financial health of JSC Petrosakh has been negatively dramatized by the Board for reasons unknown to me. I firmly believe that if well managed, Urals Energy Group can and should be profitable, and we are committed to maximizing shareholder value for UEPCL.
The Board makes lots of promises. I ask you to judge our actions."
I would assume such a letter should attract enough Votes ( 683,083 shares, I will certainly pledge my shares under these condition ) to secure an early win so that BOD will not have enough time to do further damage to the SP while getting paid by UEN.
Just my thoughts and any comments are welcome .
Regards
Dr WHO
.
Full doc available on the london stock exchange website. This seems to be the relevant bit:
"ADVISE THE AIM COMPANY ON ANY CHANGES TO THE BOARD OF DIRECTORS
OR4 – The nominated adviser should advise the AIM company on any changes to the board of directors the AIM company proposes to make, including (i) investigating and considering the suitability of proposed new directors and (ii) considering the effect any changes have on the efficacy of the board as a whole for the company’s needs, in each case having in mind that the company is admitted to trading on a UK public market
In satisfying this, the Exchange would expect the nominated adviser to usually:
? be satisfied that the AIM company knows to liaise with the nominated adviser at the earliest
opportunity about proposed changes to the board, in order to allow the nominated adviser
appropriate time to comply with OR4
? in relation to new directors, consider the requirements of AR2 (and where relevant the
guidance to admission responsibilities) and take the appropriate actions including issuing and
reviewing director’s questionnaires, reviewing the director’s CV and testing such information
? consider whether such proposed directors are suitable to be a director of a UK public
company and consider the effect of the appointment on the efficacy of the board as a whole for
the company’s needs
? in relation to the removal of directors, consider how this affects the efficacy of the board as a
whole for the company’s needs, make any recommendations it thinks fit to the AIM company and considering whether this in turn affects the AIM company’s appropriateness for AIM"
I'd have to question the nomad's independence in the event that they quit claiming doubts raised when doing this without the fullest disclosure.
I imagine K already has sufficient votes in the bag. I'm not sure whether, under Cyprus law, they can speed up the agm. Amargosa over on a d v f n has raised the possibility of a class action against the current board and nomad if they force a delisting before the egm. Such thought were passing through my mind when I contacted Allenby, and reminded them that they would not be acting in the interests f shareholders if they did follow that path.