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Hope they get the auction away, so at least we have a trading facility, might buy more if it is going cheap. Enwell is still tradeable so there is value there, even if it is near historic lows.
Reason i bought was the UNB stake. Thought they would unlock that for multples of the share price. I suppose thats prerty much worthless now its been nationalised for the war effort, but how about when the war ends? Putin appears to be gearing up for an existential fight with the West, so this could grind on indefinitely one way or another.
Russian assets still producing, but will they exit below book value?
Also worrying is if the Russians gain air superiority the war might turn in their favour, and they could hammer infrastructure even more than with just missiles and drones.
Positive is business still trading, we own something and overall they seem to be in reasonable order. Pretty good update, they’ll be a very valuable asset for urkraine and Europe. One reason urkraine wants to claim lower lands to crimea back is the oil and gas, it’s needed for europe if and when a war ends. Top priority
Name
Harris & Trotter LLP
Incorporation
14 January 2003
Incorporated 20 years ago
Size
Medium
Between 50 to 250 employees or between £10 to £50 million turnover
Classification
Accounting, and auditing activities (69201)
https://suite.endole.co.uk/insight/company/OC303687-harris-trotter-llp
From the Chairman's statement...
Following BDO LLP’s resignation as auditor, the Company was rapidly able to appoint a successor auditor Harris & Trotter LLP.
Not found anything for them on investegate apart from an AGM for Aeorema Communications plc (AIM: AEO.L) being held in their offices:
"The AGM will be held at the offices of Harris & Trotter LLP on 14 December 2021 at 11.00 a.m.."
JKX Oil & Gas Ltd. Key metrics for the 6 months ended 30 June 2021
Average production 9,255 boepd
Production costs $4.3 per boe
Profit for the period $9.9m
Cash generated from continuing operations $16.8m
Ad hoc Asset Match Auction closes in 18 days; Lowest Offer 29.00p. No current buy orders.
Auction details
AUCTION FREQUENCY
Ad hoc
NEXT AUCTION DATE
13 Apr 2023 - 02 May 2023
AUCTION CLOSE TIME (LONDON)
04:00 PM
MARKET TYPE
Open
TICK SIZE
0.50
https://assetmatch.com/app/OurCompanies/CompanyProfile?companyId=2536#:~:text=JKX%20Oil%20%26%20Gas%20announces%20that,21st%20April%202023%20at%204pm.
Company News
ANNUAL REPORT & ACCOUNTS 2021
03-Apr-23
https://www.jkx.co.uk/~/media/Files/J/JKX-V2/download-centre/jkx-ara-2021.pdf
Letter of resignation from the auditor.
www.shareview.co.uk/clients/misc/jkx_auditor_letter.pdf
Well this doesn't seem like great news. I understand that JKX have Russian assets but it is a Ukrainian company? Makes me wonder how the UK Grovernment would treat FXPO assets if they fell under Russian control. This war and the sanctions need to end soon! The one positive from this letter is the statement 'best interests of all its shareholders'. I just hope that will include the smaller ones based in the UK.
JKX Oil & Gas Ltd
33 Cavendish Square London
W1G 0PW
T: +44 (0)20 7323 4464
www.jkx.co.uk
Dear Shareholder
Resignation of BDO LLP (“BDO”) as Auditor of JKX Oil & Gas Limited (“the Company”)
I am writing to you today to inform you that BDO LLP has resigned as Auditor of the Company. As required by applicable law, and for your information, a copy of BDO’s letter of resignation can be viewed here.
The Company has taken advice from external legal counsel on the matters set out in BDO’s letter of resignation. This advice takes a fundamentally different view on the key legal matters addressed in the letter of resignation and concludes that there is no legal reason why BDO cannot complete the 2021 Audit. This advice has been provided to BDO and the conclusion of that advice has been provided to the ICAEW, the professional body to whom BDO is required to report its resignation.
As a result of BDO’s resignation the Company will not be able to comply with its obligations to provide copies of the audited accounts to shareholders or file audited accounts with Companies House by the applicable deadline (31st December 2022). The Company is liaising directly with Companies House to ensure that they are aware of the situation and its context and is in the process of identifying new auditors as a matter of urgency.
The Company is clear in its condemnation of the illegal invasion of Ukraine by the Russian Federation and remains committed to its previously announced policy of the disposal of all its legacy Russian assets. The Company is actively working to achieve this, although the multiple sanctions regimes and practical matters make it a highly complex task and success in the short term cannot be guaranteed.
In conclusion I would like to reassure you that the Company and its Board remain committed to complying with all applicable laws, including those restrictions introduced as a result of Russia’s illegal invasion of Ukraine, and the Board will continue to manage the Company in the best interests of all its shareholders.
Should you have any questions about this email or BDO’s letter of resignation please do not hesitate to contact the Company by e-mail on ir@jkx.co.uk.
Yours sincerely,
Michael Bakunenko
Chairman of the Board.
Still hold the shares but no contact from business. It maybe understandably as you say that no one is available because of the war. We own the shares just a question maybe overtime to find out what this is
I thought this would be riskly to try to carry on holding but the whole Russia/Ukraine thing really threw another serious spanner into the works. @unvrkw Lack of contact maybe an additional side effect of the war. Broker is still showing them in my account so I might ask if they know anything about what is going on. From the offer I remember that is was stated that you would still hold the shares if you didn't accept so if anyone is holding the shares for me it must be my broker.
another disastrous investment by me :-(
i've a strong suspicion weve lost our money and no contact from the business and seems impossible to get in touch!! this might now disapear, be interesting if results gets submitted at companies house when due
at the moment you cant buy or sell any shares even on the matching page as this has been suspended by JKX too. if they are in production which i assume they will be as they have never been in the hands of the russians and the gas will be essential to keep everything going. unless theyve been taken over by gov like others they must be making a great deal of money. completely silent. i rang all the numbers on their website and no answer on any, sent a mail too.
How is everyone still here holding these shares now? I am with ii and they still seem to be sitting in my ISA? I thought that they would have been moved out by now. Does anyone currently hold a paper cert and how did you go about getting one?
i understand that the gas pipe lines through urkraine are still working and havent been touched, everyone knows the power and valve of gas. are their wells in the east, one suggestion was that putin would attempt to get hold of these assets to pull them into russia
“The Company announces that it is postponing the share auction intended to close on 26th April 2022 in view of the current situation in its core focus area. The Company will provide an update on its plan for future auctions in due course.”
Shareholders should contact Asset Match in relation to any queries regarding trading via the secondary market trading facility by emailing dealing@assetmatch.com.
Thanks Hud!
If you are talking about the 42p announced in Nov I think and de listed start of Jan, I received my money less than 2 weeks later. Did you complete a form with your broker to tender your shares. You are best bringing this up with your broker.
Not I!!
(Answering myself).
Has anybody who opted to accept the 42p received payment yet?
No news is good news? Considering the drops in values of Russian companies, this one seems to be holding up pretty well! :D (If checking Asset Match)
My first time holding shares in a private company although this whole Russian thing has throw an extra spanner into the works. Probably also lowers the chance of a relisting anytime soon!
well based in urkraine and russia you would of thought theyd have updated shareholders by now however thats the beauty of being a non listed business. technically they dont need to release anything bar results which is annual. be interesting whether its all kept going or not
well the price is going in their favour but nio idea sanctions (at the moment not on energy), locations are creating problems. silence from the company which isnt unusual when private
42p£??