Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Any chance of a statement from the either or the two largest II’s?
G.P. Jersey may be 5% but the "Shareholder Group" is 17%, see below:
"The resolutions have been proposed by G.P. (Jersey) Limited, one of a group of Shareholders who have
been in regular contact with the Board over an extended period of time.. We believe this shareholder group
(the “Shareholder Group”) holds a combined minority interest of approximately 17% of the Company’s
shares (as at 16 July 2021)."
If Andrew Finch is willing to personally pay for the audit and for the boards time dealing with the distraction of two GM's in quick succession I have less trouble with it but somehow can't see that happening.
Morning all, I only occasionally look in on Block, so not up to date.
What's the problem with this shareholder asking for this audit - surely if everything is above board it's not a problem, however, if there is an issue isn't it in shareholders best interests to know the truth?
The timing of this request mid drill is very strange but as a 5% share they have the legal right to ask.
I will be supporting the company on both resolutions and i cannot see the resolutions getting passed.
I'll assume i can vote online through ii but I'll be contacting them today to check.
MP
They're not politicians they're managers of a gas co. who are being hassles by a 5% holder.
Isn't their a rule about bringing gm's for spurious reasons? Pretty sure that'll end up being the best defense against this Andrew Finch person.
Why didn’t they just welcome an independent review by a regulatory body to focus on legality and ensure inside information isn’t leaked to somebody’s advantage. They could then add that the timing of the request is not great.
The response is not how a politician would have handled it and leaves a gap of doubt as to what a review could find.
You really do have to question the timing of this.
Request a shareholder vote to remove chairman.
Accusations of impropriety to steer shareholders to vote against.
It’s politics, it’s dirty, the timing stinks. And it isn’t in anybody’s interest except the Scottish mob trying to get their hands on a debt free company.
Looks less rosy now that there is a proposal to examine the activities of the company, i.e someone smells a rat and wants a report on its whereabout.
Thank you AJ, so by September we should know if WR-B1 is a technical success and maybe even have the initial flow rates.
RUS-BA is scheduled for Q4 and estimated to cost $3.5m, even with good flow rates from WR-B1 and WR-BB we probably still need either a partner to share the costs or a small raise.
From the presentation ref RUS-BA;
• Targeting Middle Eocene gas, tied into the Bago gas processing facility.
• RUS-BA will be drilled up-dip from the RUS-02 that produced significant
gas volumes. A 500 m long inclined hole section will be drilled &
completed with a slotted liner.
• RUS-02 was killed with 10000 m3 water as a result of unrest in the early
1990s. A workover by Slb was unsuccessful in de-liquifying the well.
• RUS-BA is located in a relatively fault-free area of coherent continuous
seismic reflectivity.
• Initial production rate: 4.4 mmscf/d
• Plateau: 6 months, decline rate @ 10%/year
Oil is now over $74.
MP
AJ, once the drilling is complete, my guess is late August, do you not think the company will release initial flow rates in September for WR-B1? They have done previously. What is the time-line you're working to?
Thanks
MP
ALL PR originates at Board level , it drives sentiment , investor approbation , attention and confidence .
That is / should be , part of the job description for all Board members , it is in part what they get paid to do .
One of the issues here is that they have simply not been paying attention to that aspect of their responsibilities .
The consequences are obvious , a 15M mkt cap , and all the dangers now apparent .
Latterly it would seem that they have woken up to the problem with their ` Twitter Storm`.
I`m not suggesting excessive expenditure on PR generated by external agents , but I am criticising the lack of sensible information flow ever since PH made a fool of himself some eighteen months ago with his 1000 b / Georgia`s greatest ever discovery nonsense .
His contrition seems to have been a strategy of `Say Nothing` , then nobody can criticise me .
At senior Board Level , I am not at all enthusiastic about the practice of `Learning on the Job` .
Post that ` Unfortunate ` event and until recently It seems it was left up to Philip Dimmock to front up the business .
Let`s hope this `Twitter Activity` generates the interest that to date has been sadly lacking .
~~~ Quickly .
VJAS, PR comes at a cost. It’s also sugar coating. Money in the bank from the next four quarters based on the next three drills repotted in RNS x5 production updates is going to make you much richer than millions spent on PR. Twitter is our impatient friend. This is regardless who the CEO is.
What is good that we have a balanced group chat here , some really good dialog.
Suspect when the vote will be near will see a few names bouncing back trying to persuade against re-election.
Also believe that good news awaits near the vote , as with the directors resigning it would appear that a deal was done in this past to let these director in and with the knife out from the concerted party was a shock to the BoD.
The share holders of solo completely emptied of cash for consultant work and setting up debt for a company with no cash flow over £10 Million disappeared witch includes debt.
The more i think about it well done Block energy fighting against this using all the tactics they could muster.
In General we are in a better place , more assets , first spud this year , near break even , cash positive whats there to crumble about
Good Luck and vote with the heart what you believe is best.
Scooby ; Agree on both of your points .
Re news : if they don`t push the PR machine really hard on a successful drill with a determination to get the ridiculous sp UP ,
then it would confirm my worst fears about PH . I`ve always had my suspicions about that `Woodshed` and PI`s can never see what`s really going on in there , so if they don`t up their game on PR , Communications to improve sentiment and get the damn share price UP ~~~~~~~ It`s good night from me .
do you really think they will not publish ANY results for the new drill for 4-5 months !! That hasnt held most oilers back before. Sure EWT's are great, but initial measurements should also be released.
AJW : ~~~~~Sentiment , PR , and Communication !
If they just start to get a better grip on that , I think the sp will rise .
If they don`t , the sp is likely to drift or at least remain static , which would give ;
`The Bad , The very Bad and the Ugly` another show down at the` Not OK Corral` !
imo.
SAVE PHILIP DIMMOCK !
GLA .
07.08 : Good post AJW . Your comment re financing is most interesting , revealing and probably very close to the truth .
I suspect the BoD are waiting `till the last minute for the announcement , the meeting and the vote count in the hope positive news from the drill could be released .
There`s a lot at stake here , a good result and the (temporary?) dismissal of the concert party and this could absolutely soar , failure , and it might be a serious negative outcome . I thought that `Concert Parties` were forbidden under stock exchange rules , but in this case they seem to be ahead of the game because proving that these people are all acting in concert would probably be dificult to prove , they just have simillar views about the Company , perhaps I`m wrong .
I am a critic ; Salaries for shares , communications , previous fails , etc ...but , I`m very positive about the potential and future prospects on a good drill result .
I will probably dump the stock if the Cowboys move into town .
I don`t think the vote is a given , so every vote will count . II`s should remember that Proxy votes take time and a bit more effort but will also be most important in the final count .
SAVE PHILIP DIMMOCK .
(....and save your investment! )
VGLA
Not a big holder here but will still take the time to vote for the incumbents.
If they'd had a requisition to state the shares for salary should stop going forwards I'd vote for that but as a relative newbie here that's about all.
I cannot see the vote going against Phillip so long as the "withheld" votes don't turn against him. Everybody should vote whatever your decision is.
MP
Thank you for that info, I am hoping we’ve seen the bottom of the SP. If we get the EGM out of the way and we can keep the current Board , followed by a successful spud then we could see a double digit SP fairly quickly.
Agreed I was over zealous - this could all be just the start of Block's great rise but I would take 5p today if offered.
Has not been announced yet. The last RNS said an announcement had to be made within 21 days of requisition (2nd July) so I reckon we could have an RNS on Monday morning.
When is the EGM ?
I still can't see how they are going to win on a 2nd vote. I think given covid the board have extremely well to survive and infact come out with a plan and in a good position. Could easily have been a different story.
Now we have some white collar thieves looking to capitalize.
Can't wait to get this vote done and dusted and we can see fantastic drill results and onwards we go.