I previously posted that i thought there was "JUST" a theoretical possibility that SER could be relisted elsewhere than in the UK. This would have necessitated the will and commitment of Team Clem to that course. Large re-financing would have been necessary. Imo its not credible to assume this could be achieved by any borrowing. SER's assets are awful and Kansas is, imo, actually a $500k liability. Therefore a secured loan is impossible. As for an unsecured loan ; who would lend a substantial amount of cash to Team Clem?. The CEO has no oil experience . He is famous for his position at ADVFN but in 17 years profitability there still seems like a distant dream. There has been no sign that any party to Team Clem are prepared to dig into their own pockets to help. The only 'credible' possible way to refinance is to tap the existing shareholders . I doubt many of them are going to be prepared to sink more money into the SER money pit. Many have been there too many times already. The questions i have are ; what on Earth is going on now? Please , please, please do not post along the lines " I know something, but i can't/won't share" It's been over 6 months now of a "forensic audit" and we have had claims of "shocking" misconduct. Talk about shockingly slow; what are the auditors using?; an abacus . If the audit is complete then why not share some information with all shareholders? A poster claimed that SER had recovered a little more cash. Its all very well Team Clem giving a nod and wink to their pet cheerleaders, but, its about time a statement was issued publically to all. That statement should include what is their intent now. Do they intend relisting or simply recover as much cash as possible then liquidate? The silence is a concern. How is the cash being spent. My concern is large sums are being spent on those slow legal and audit teams.
And who are the "consultants" and what are they taking.?
After 6 months any other business would have issued a half yearly report.
Team Clem asked for shareholders support; the least they can do now is communicate publically with ALL and not just their favourites.
Hi Jas, I appreciate Clem responding and really do want to believe that SER will come back in some guise, but its hard to believe when there's no information on how its going to happen. Can you understand people's skepticism?
To paraphrase Jas ,'I know something but I am not sharing it'
Its the same sort of jam tomorrow line that SUPERSHARE filled the thread with. Are you one and the same author?
Its time to put up or shut up.
Last year SER issued lots of new shares at 0.065p per share. There are 4,796,620,000 shares in issue. Are those who acquired those new shares going to get 0.065p per share back? That totals approximately £3.118 million pounds.
Everyone's heard the allegations of misspending in the last few months of several hundred thousand pounds. Even if you got all that back, (impossible imo as some was legitimate),where is the other £2million plus coming from?.
This ignores those earlier share holders who were conned into buying SER shares at much higher prices.
Hi tozerk. Bit disappointed in the reply you got. I was expecting something more concrete like 'expect to re-list soon'.
The only way for Team Clem or anybody else to possibly recover all their cash is for SER to be resurrected and a new credible business listed and trading. I note the heated exchanges regarding the possible costs. I think most will acknowledge that any FCA regulated market is a no go for SER. The authorities do not seem well disposed to Team Clem and London costs are, for SER, prohibitive. Team Clem have already acknowledged as much regarding the AIM listing.
However; London is not the world. Its is JUST conceivably possible that SER could be listed elsewhere. Canadian TSX maybe. This looks a lot cheaper. Significant costs are involved and they would need to be sure that they are listing a company with a credible looking business plan. A must, imo, is to re-name the company. Sefton is a toxic brand and new investors would trawl its depressing history. It must be obvious to even the most optimistic holders that the company will need significant new financing. The costs of the listing will likely all but exhaust existing funds . I am sceptical that Team Clem are going to sink more of their own cash in SER. CO , in particular, has had serious financial losses recently and 'issues' to address.
A newly listed company would have to attract finance one way or another. Very tricky, imo. The new business plan would need to be up to scrutiny and robust. Investors/ lender's would want to see experienced credible oil men in charge. Trouble is; no-one here knows how much money is left to pay for the new listing. How much has been spent on the audit and the legal team?. How much money has been recovered and is hoped recoverable?
For ordinary shareholders a new successful business is the only hope for the recovery of their cash.
Unfortunately, imo,, Team Clem have charge of the cash box and recent unpleasant utterances from Chrisoil are not encouraging. I note a new concerted campaign has started on LEK which involves CO and BMD who spammed Chrisoil's LEK pump all over ADVFN . LEK looks interesting. I hope the shareholders there do not get taken for a reckless ride. I note that Chris , (SUPERSHARE) has posted on LEK but has given up here offering his inside track knowledge of SER events. Perhaps he would like to post again here with one of his insightful assessments. But it appears he's distracted these days.
I expect that there is a 3 stage 'business' plan and you have been reassured that a new listing is in the offing .
I expect it will be away from London and the interference and influence of the FCA.
A facility to trade the shares will return.! Opportunity knocks.
Stages 2 & 3 will follow in due course.
We all make mistakes and I have made plenty Jas.
When honest mistakes becomes foolishness is , imo, when you do not learn from ones mistake and you keep repeating the same one again and again. For example continuing to believe those bloggers, tweeters and BB posters you know have deceived you before with tall stories , reassurances and downright lies.
Perhaps SUPERSHARE will return to the board. The board is not the same without him. Come back Chris. I expect he will be back to help stage 2 of the 'business plan'
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