The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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It is obvious the Slovenian authorities have no time for Ascent for whatever reason, everything the Co has tried has been obstructed and met with overwhelmingly unfair decisions, further to that these decisions have taken an age to me made which has resulted in significant shareholder value destruction. The company has pumped in circa £45m into this project, the current market value of Ascent is £3m
The company should have instigated legal action and compensation claims 12 months ago, the BOD are limp and weak - my understanding is once legal action commences operations in Slovenia would halt. So what, the revenues coming from the wells are meaningless now.
As I have pointed out in earlier posts my view remains the only plan is to ensure there is enough money in the pot to pay salaries, when a newly appointed director suggests during a conference call that the AIM listing has value that tells you all you need to know.
The new BOD knew they did not have to face shareholders for nearly 1 year after their appointment, basically they can get away with what they like until June, the time of the next AGM, the question is will JB and LC still be around by then or will they resign?
With this in mind I wonder if we'll get updated by our bod with regards next steps because time is running out... 15 plus months ago we talked about litigation in the eu courts? Well what are we doing... gla
I’m genuinely shocked it can take 6 months to hear back on an appeal in any jurisdiction. Especially if no hearings in front of a judge are required? Have the papers even been filed?
Destitute,
You will be if you invest heavily here!
"Colin was imo tasking by clive (Henderson’s man) with getting their cash back at any cost, mainly ripping off investors."
You may be right Ray1234.
But who can blame Henderson for wanting their money back. That is what many posters on here would like, too. You should not forget that Henderson's funding bailed AST out when they were in real danger of collapse, without their funding AST would have closed shop years ago.
In 1 day there was 1 billion shares traded well over 30% of share allocation. I just wonder why this happened and what was leaked there would of been reasons... gla
Yes but is it breaking the rules if they dont declare?
No idea about the large volume but it is beholden on the entity acquiring to declare, not ascent.
Does anyone have an idea on the large transaction of 225 mill shares which by all accounts should of been a holding rns is this another rule breaking episode... gla
Historically if you look at the vast majority of AIM companies the trend is distinctly downwards. That is factual.
I do post positively and must be a ramper then . Such a classification leads to the conclusion that most people can be categorised either as a ramper or deramper which can be applied to this and any other board. The real problem is when you get the pump and dump brigade which has not happened on this board thankfully!
Anyway, I remain positive. JB would not want to tarnish his reputation. I am also a big fan of alliances for small companies which I would hope JB will explore as one of many options. Personally I do not expect any news in the coming month and that is not to say I am deramping but just my opinion.
"we have regretfully reached the end of the line in waiting patiently for the Slovenian authorities to do the right thing.
It is clear to the Board that any legal action in Slovenia would be waste of shareholders money. Your board has therefore resolved to explore commencing proceedings against the Environment Agency ("ARSO"), the Environmental Minister and the state of Slovenia directly in the EU courts."
That quote comes from an RNS dated 30th Oct 2018.
A later RNS's states that AST are meeting with legal advisors, while another says that they have appointed legal advisors. Yet, nearly 15 months later no legal action has been started, and AST are meekly waiting for the usual delayed judgement of a Slovenian Court, which AST have previously declared no faith in. PATHETIC.
WARNING
This is not an investment opportunity as some new rampers are suggesting. It is a very risky bet suitable for gamblers, and day traders only.
That's the whole point jester, the Slovenian govenment will just simply wait it out until the concession ends knowing full well AST has no funds to take them to court.
This BOD have no interest in doing anything, another nothing week passes, they simply sit it out hoping for a positive outcome to the appeal and take salaries, btw how much are those salaries?
They have no economic interest in AST beyond those salaries, they collectively own no shares and are not aligned to shareholders, Castro said at the shareholder event last February he would buy shares, he has not.
I am all for giving management time to deliver but the fact is nearly 12 months have passed since the investor presentation where JB was hauled out for the first time and he sung the praises of Ascent to those present, so many ideas back then.
If you go back and look at his commentary in the early days of his appointment you can clearly see how, over time, his enthusiasm and positivity has waned, during the CC he tried to retract, albeit in a limited way, his concise suggestion that Ascent had one of the best O&G projects on AIM. In a nutshell I think he has no clue what to do in the situation he finds himself.
Well, in summery, we can all look forward to another week of nothing from Ascent management next week, I suppose the best we can hope for is a holding statement from Riverfort, that is how bad things are these days.
Administrative Court Appeal in Slovenia
The partners are still waiting for a ruling on the appeal against the decision of the Slovenian Environment Ministry to force the joint venture partners to carry out an unnecessary environmental impact assessment for well stimulation work at its Petišovci project in Slovenia.
This work is essential in order to address natural gas production decline, with operations of this nature having been carried out in Slovenia more than a hundred times since the 1950's.
The appeal was submitted in July 2019 but there is no certainty over when the Administrative Court will reach its decision.
This bod should be pressing them hard not just twiddling thumbs waiting. If this is successful then we move forward if it isnt then the authorities of Slovenia need dragging through the eu court because there is definitely ulterior motives within the establishment. Gla 6 months has well gone