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EXCLUSIVE: David Lenigas answers investor questions in a detailed interview about UKOG, Doriemus, LGC Capital, AfriAg and Angus Energy.


Member Info for MrMagic


Send a private message to MrMagic

Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 10,506
Number of Share Chat Posts (last 30 days): 37

Last Posted: Today 15:54


Post Distribution over the last 30 days




Today 15:54

Same old nonsense from the same old pump merchants. They've ramped this over and over whilst the company contiinually spews out the confetti and sees the SP decimated. Can't argue with the dilutive MO here:

01 Sep 2016 : 3466 million shares issued bringing total to 13.5 billion
28 Oct 2016 : 7246 million shares issued bringing total to 21.1 billion
30 Mar 2017 : 12000 million shares issued bringing total to 33.1 billion

27 Apr 2017 : massive 400 to 1 consolidation. New total 82.8m

27 Jun 2017 : 256m shares issued bringing total to 338m (quadruplied !!)
08 Aug 2017 : 265m shares issued bringing total to 604m (almost doubled again!)
17 Aug 2017 : 23m shares issued bringing total to 628m
06 Sep 2017 : 23m shares issued bringing total to 650m

The "multibag multibag" nonsense on the boards is so lame.

The recent interims highlighted the financial situation for 6 months:

Revenue $53,000
Cost Of Sales ($87,000)
Gross Profit ($34,000)

Other Admin Expenses ($701,000)
Equiv to $1,402,000 per annum

Nuff said imo.
Today 14:13

No it isn't mumbles old son. It's not even a tenth of a penny share ! The nominal share value is a tiny 0.01p same as RRR.
Sun 12:22

Don't bite people
Fri 16:56

TrickyDicky "That's Bell�s salary and expenses taken care of for at least another 12 months."

Yup. Stripping assets for (in part) working capital ! Wherein is the value for shareholders??? Absolutely none that I can see. Same old same old.

You can only strip assets once. Then what? . . . . I guess more confetti
15 Oct '17

Okenia : "the most grinding bear market in living memory"

That did make me chuckle, thanks for that !

Of course it will cut no ice with those that witnessed how the company operated over the past 5 years or so.
Trying to blame the catastropohic losses seen here on the bear markets is really somewhat facile.

At the height of the markets the Jupiter shares held here were worth over �25m, probably more yet the chairman in his infinite wisdom chose NOT to sell all those shares to realise that valuable profit and sat by whilst their value tanked to almost nothing. Just dwell on that, �25 million and yet here we are today with a pathetic MCAP. The shares were imo grossly mismanaged and instead of having a cash rich company, Bell then set about diluting shareholders to oblivion to raise cash, hooking up with the likes of Yorkville, Cornhill and Magna.

Throughout the years 2013, 2014 and 2015 Bell raised over �9 million via various share issues. Again think that through, �9 million, yet again the MCAP today is abysmal. I ask, as I have ask many countless times before with no satisfactory answer from the company apologists . . . where did all that �9 million disappear to?
What value did it bring to shareholders?

I'm sorry but you simply can not assign the disasters here to a global bear market. AB has had a ton of money to wield and has squandered it on frivolous projects and ventures until it disappears. The cycle repeats with monotonous regularity imo.
13 Oct '17

I don't think he sounds nervous at all mumbles. He's just stating the obvious imo. Only the inexperienced would think otherwise.

From last AGM resolutions:

"the directors of the company be . . . unconditionally authorised . . . to allot equity securities . . . up to a maximum nominal amount of �60,000"

Nominal share value is 0.01p so that means authority to issue up to 600,000,000 more shares.

I would typically expect AB to slip out at least one "update" RNS before any placing bombshell RNS drops.

Tick tock.
13 Oct '17

The sudden appearance of company apologists is imo a forewarning of what is likely to be coming.

Harhoo "very healthy here now imo and lots of news to come"

The last posted figures (the Interims) didn't paint a "very healthy" picture for me personally

It stated Revenue as a paltry �98k which came from manegement services and sale of tenements. One has to ask, where is the "bread and butter" solid income for this company?

Against that tiny revenue the report stated Admin and Finance costs for the 6 months as �287,359 which equates to the tidy sum of �574,718 for a year !

How anyone could keep a straight face and call that a "healthy picture" is beyond me.

Funny how the company apologists consistently neglect to highlight those kind of basic numbers and instead just take lame pops at other posters making realistic observations.

There remains here the balance of the original $1m CLN with YA to be paid down and there remains the fact that the company has already secured authority to issue up to 600m more shares here. They may not use that allocation but the authority to issue is there nevertheless and it expires at the next AGM (usually December).

I have an old pair of underpants standing ready in a drawer in my bedroom. If AB chooses NOT to once again request authority to issue a shed load of shares at the next AGM I shall gladly eat those underpants !
12 Oct '17

Porride : "Anyone know why we've heard nothing?"

Suggest you learn to wait and believe only the actual results rather than the spoken hype. You'll save a lot of money that way.

They hoped/expected/anticipated that Ashmont would buy El Limon . . . didn't happen

They hoped/expected/anticipated that a mystery oligarch would buy Greenland . . . didn't happened

They hoped/expected/anticipated that Cloud Computing would take off . . . didn't happen

They hoped/expected/anticipated that Candy Sweets would take off . . . didn;t happen

I could go on . . .

Kenya, DBar oil, Shoats Creek, Elephant OIl . . .

The Tshipi/Jupiter rampathon died a death here as soon as AB announced that he had used the Jupiter shares as security against the whopping $4.4m loan with YA. Unlucky for all those that bought into all that hype imo.
12 Oct '17

Can't help but laugh at MrKnowall's comments TBH. Clearly doesn't appreciate or take account of the history. In effect he is doing the equivalent of bigging up a hopelessly addicted gambler and saying "look at how much money he won on that spin of the roulette wheel!!" and neglecting to highlight the many millions that have been lost on all the previous spins. It's a poor ramp by any standard. Equally a poor rebuff at the realists here calling them bitter negative people. He can be assured that I for one do contribute to my society with voluntary work every week, cooking healthy meals for the homeless and vulnerable, street drinkers and those stuck with substance abuse issues.

MrKnowall highlights this particular success where AB has raised good money via the UKOG shares. He neglects to mention (or is simply ignorant of the fact) that AB failed to use that money to pay off the $1m CLN with YA and instead only paid off a small amount of it. The amount left, were it to be paid off early, I believe would still now be more than the original $900,000 (net) loan ! (but as always check those numbers yourselves). This is the kind of thing that imo, puts investors off. Paying the loan off imo, would have been in the best interests of shareholders.

There also remains the fact that AB requested authority to issue up to 600m more shares here at the last AGM and that authority will expire at the next AGM (usually December). It will be interesting to see how much of that allocation will be used between now and then if any. It's a similar situation over at RRR but the allocation there was 500m shares.
9 Oct '17

The 5+ year chart doesn't lie Okenia. You can pull the wool over the eyes of naive mugpunters but anyone who has been around here for a while knows the RRR MO well enough. Your "drop in the ocean" cherry picked success isn't even a blip on the 5 year chart as well you know.

http://www.iii.co.uk/investment/detail?type=chart&display=chart&code=cotn%3ARRR.L&it=le&timeframe=5y&index=&versus=&linetype=line&Go=Plot+&overlay=&overlay2=&overlay3=&overlay4=&indicator=&indicator2=&indicator3=&indicator4=&chartwidth=500&buylines=on&triggers=on

Your comments are akin to a hopelessly addicted gambler sayong "look look ! My roulette number 24 came up!" and conveniently ignoring the hundreds of other spins where the number didn't come up and you lost �millions.

AB has been surviving imo by stripping the assets, and imo that's because the dilution game became untennable. He sold the SRT asset (shares) to generate cash, sold El Limon (actually pretty much gave it away!), and has been selling the Jupiter shareholding. Thing is, you can only sell assets once. When they are gone, they are gone. What then?!

Still waiting for you and the other company apologists to tell us where Mr Bell is going to magic up $500k each month to pay down this huge $4.4m loan with YA, let alone pay the monthly admin and other expense costs !
I think we can all guess . . . . Tick tock.


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