will do nothing and benefit nobody - if you want to make your feelings felt put in a vote of no confidence in the BOD at the EGM. Makes me laugh diddnt see many of the current posters turning up at the last meeting to vote down the BOD. This is all Huff and Puff about legal moves and voting No if you want to do something there has to be a company in place with an asset to fight in the first place otherwise a liquidation with lots of moaning will achieve nothing - FACT !!
talking shop the pbb needs to show the strength of rejection on this from pi's, plus some form of legal action plan, possibly along the lines of attacking the bod's competence and conflict of interest, fiduciary duties and the like. Also they do need to canvass the likes of socius and cavendish to determine their views.
Trouble is, highlandsbull, none of that will benifit XEL holders now. They may end up with a few Statoil shares and be able to sell for a drink . Long term , Statoil could be the big winner IF the very heavy oil is ever pumped.
I suspect Statoil are comfortable waiting and letting XEL fall into their lap. Malcy pointed out there used to be TWO players big enough and interested in making huge heavy oil projects work; Statoil and SHELL. Shell have walked away leaving Statoil as the only possible game in town; holding all the ACES. I suspect that after a "yes" vote things could move relatively fast. Talks with Statoil and an agreed price requiring a haircut from the BH's who practically own all of XEL.
We know from the companies rns that, after expert advice, its "unlikely" shareholders would get anything if enforcement action is taken. Rough calculations means they would expect 0.5p maximum per diluted share.
I suspect Statoil will want to pay less than that.
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