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I was just looking at that and the total % is obviously over 10% which would be on 27 Feb 3,253,992,610.4 whereas the total EBT shares will be 3,255,000,000 - over 1 million too many - insignificant maybe but an unneccesary mistake, and possibly demonstrates the contempt the BoD have for 'rules'.
Maybe one of the BoD will buy over ten million options to make it right - though they are all over 1 penny so an expensive fix - over £100,000. Or maybe they will vote the options cheaper?
P*ss up in a brewery comes to mind.
Some lucky employee will of be awarded 250,000 shares since Sept, they don’t have to disclose each individual awards.
And those 250,000 shares are now worth £18.75. What a lucky employee.
When those shares were transferred to the EBT in 2014 they were worth £38,750.
A true testament to the shareholder value created under SS’s leadership.
The EBT is permitted to hold a max of 10% of the share capital (RNS 29 sep 2014)
there were 250,000 shares in EBT previously (latest annual report). Plus 3,005,000,000 RNSd yesterday = 3,255,000,000.
total shares per RnS yesterday after this issue = 32,539,926,104.
3,255,000,000/ 32,539,926,104 = just over 10%. (But still above the max allowed. )
so
- too many shares have been issued to the EBT
- or the number of shares disclosed is wrong
- or there have been other movements on EBT shares not disclosed
(or I have my maths wrong, always a possibility)
SRBS
What planet are you on? The shares are held in trust for employees. They make up the number of shares in issue and are not for sale. You really have wasted the money you paid to be a "Premium member".
SRBS,
Don't think those 3 billion shares are going anywhere except to align with the BoD recommendations at the next GM. It will also allow the 50% of new share authorisation to be a bit higher.
As I posted last night unlikely there's a benign reason to suddenly remember a 2014 scheme that allows an issue of 3 billion shares above a previous authorisation at zero cost.
HSBC said other banks etc might still be trading if they still hold shares but they will not
start trading again until consolidation finished.
What’s amazing is that people are still buying these shares even when I displayed the RNS yesterday evening, as soon as I received to warn people as to what’s happening. This shre should have been suspended immediately after the last failed EGM , until everything gets sorted. Now we know that it’s going down soon after 3 billion shares are dropped in the market for sale, why buy now!😇Zzzz😱
Well BARC are still trading it!
GL SR
Trish
And stay there!
And go up again just have to let digest all this nonsense😱
Just spoken with HSBC who have suspended trading this share whilst a consolidation is in progress.
And stay there!
Lol
They are crooked…
Well this the first time i've read talk of a bid on the UKOG board. very exciting. the last major move was to over 1p+.
Adrian,
I suppose the Lenigas will be using all that money from his Texas oil fields to buy out UKOG... why bother with farming in if he can buy the hole company on the cheap and throw a few quid to SS whilst he is at it?
You must be really looking forward to that PPP update due in the beginning of January.
Have you read the RNS ocelot? UKOG is lending them the money to subscribe for the shares... they are paying zilch at the moment:
'The Company has entered into a loan agreement with the Trustees to fund the subscription of the EBT Shares by the Trustees.'
If it was anyone other than UKOG buying it's own shares at a 30% premium agreed that would be bullish.
However this is a desperate scheme by UKOG to try to secure 3,005,000,000 votes at the GM, after failing to get the resolutions passed by normal means.
Shares issued into these schemes are always at par value, look at the earlier RNS when they did the same thing. They paid par even though the SP was many times higher at the time.
Have you read the RNS, bumdebum?
The Trustees are SUBSCRIBING to the new shares at their nominal value, a 30% premium to the closing price.
If UKOG can lend money to the Trustees, why can't the Trustees step into the market and buy the shares at the market price?
Figures taken from RNS today.
Sell price - £0.0000775
Share issue price- £0.0001
= around 29% premium then.
Interesting and factual
"The Company has entered into a loan agreement with the Trustees to fund the subscription of the EBT Shares by the Trustees."
What does that mean? Is UKOG lending money to the EBT to buy the shares at an inflated price?
If so, where is UKOG borrowing the money from?
UKOG have been looking behind the sofa but unfortunately they didn't find any cash.
So they fired up the confetti printing machine and printed 3 billion new share certificates.
Steve Sanderson will try to squeeze every last drop from what is left of the UKOG carcass.
This may delay the inevitable for a while but unfortunately the outcome here is terminal.
So sorry for the long term investors who have been robbed by one of Aim's worst.
Murray Auchincloss could be looking at buying the HH asset from UKOG...
3 005 000 000 thanks huge
"deramping Greenies" - once again proving that mince really is thick. Demonstrating a complete lack of understanding of why this company is in the mess it's in, whilst cuddling up to SS = Stockholm syndrome.