Not sure if it's a question of the license being suspended, that could have all sorts of ramifications re it's re-instatement to xer.
More a point hopefully this weekend of the company and the bondholders getting together and revise the stock offer to a more reasonable level after review of the clamour that has resulted from their last 'negotiations' to stiff existing shareholders. Better still an outside party express interest..
Well let's hope it goes all the way mate, including a proper FCA (yeah I know ...) investigation into the trading of it including the rise to £4 and the infamous "53p shake day with invisible 38p trades" back in 2012 and on and on ...
When xer obtained the lease extension it had to be on the basis of provision of some believable data to oga.
Bondholders as proposed new owners on fallback, and with respect to funding and guarantees, have imo to maintain integrity of xer as the leaseholder, plus have some of the existing management gang still fronting up for this, and attempt to show all in the garden rosy.
If this goes to a bunfight with xel shareholders, despite this mgt giving away the asset as collateral, it's very late in the day re the lease term, despite all their legal eagles lined up, to press their claim on the basis of vocal dissent that is there to their derisory offer.
"Very rarely post here, but I think it prudent to inform all holders of some action that has been going on elsewhere today.
There have been numerous emails to Andy Samuel at the OGA (Andy.Samuel@oga.gsi.gov.uk) asking for the Bentley Licence to be (temporarily) suspended.
The temporary suspension of the licence would make our investment (temporarily) worthless.
The reason for this action is that we, the PI's, and they, the OGA, need to know that the proposed owners of Xcite (with 98.5% of the Company, let's be clear) the Bondholders are fit and proper people to hold the Licence - both technically and financially.
We will be asked to pass 98.5% of the Company to whom?
Is the action of the Bondholders stripping long term investors in the OGA's strategic asset just and equitable?
Does the OGA and the Government want to be complicit in the (possibly pre-planned) destruction of individuals wealth, pensions etc?
Individuals who invested in this strategic asset and the oft trumpeted involvement of the OGA, which brought a fair degree of comfort to the investor.
A government that has fought against the crime of being mis-sold PPI; cracking down on the inequity of pay day loans; dragged Philip Green to Westminster to answer for his actions with the BHS Pensions?
Inaction, in our view, will put them in the same boat.
Suspend the Licence. Give us the time to review who we are dealing with. Give the Government time to assess if this public asset is being used in the right manner, where investors in the infrastructure of our public services and future (taxable) wealth and employment are rewarded, but certainly not financially punished by dubious bodies and cartels who refuse to identify themselves.
Theresa May delayed/ suspended a decision on Hinkley Point.
The OGA should do the same here.
I urge all of you to keep the pressure on the OGA by emailing Andy Samuel requesting a suspension, like the dozens of others who have done so today.
I also hope that you pressurise the AIM regulator, again as several others are doing, to suspend share trading in Xcite - firstname.lastname@example.org
Other actions are ongoing in an attempt to fight the PI's corner, but the most important action at the moment is to prevent, if possible, the Bondholders getting a free run at the Licence.
The gist is that the the share be suspended pending the OGA establishing the identity of the bondholders so that they and we, who will have to vote on the proposal, can establish whether they are fit and proper people to hold a UK gov. oil licence. A foi request has gone to the OGA to this effect. The OGA may have to act here in view of the wide retail share ownership and the politics involved. I bet they hadn't planned on this being their maiden test as regulator.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.