Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Article 190 of the 8 March 2024 Articles of Association seems to indemnify the Directors against any loss they may suffer for whatever reason in carrying out their duties as Directors, so I dare say their rather blasé attitude towards timely observance of the terms of the Companies Act re AGM’s may reflect this. Shareholders would have to cover the cost of any legal case, I should imagine.
The rules are calling an AGM are not an an AIM bylaw, they are contained in the Companies Act:
From https://www.legislation.gov.uk/ukpga/2006/46/section/336
"Every public company must hold a general meeting as its annual general meeting in each period of 6 months beginning with the day following its accounting reference date (in addition to any other meetings held during that period)."
"If a company fails to comply with subsection (1) an offence is committed by every officer of the company who is in default."
The accounting reference date was Sept 30th 2023, so it should of be held by end of March.
Under AIM rules, the requirement is to release the annual report within 6 months of the end of the financial period.
Given that notice then has to be given of the AGM, it is not under AIM rules that the AGM is required to be held within 6 months of the end of the financial period.
What if he's actually Sandercon and thinks that posting here is his actual job?
It would become hard to then argue against his xmas bonus......
;)
Ocelot probably works for UKOG, he may be the only person who actually does anything as the BoD certainly do not!
I wouldn't say it about many people but i really hope the fool has lost his shirt on this for the bile he's spat
Yes but Ocelot has posted one way uber rampathon drivel for years and only ever blocked those dissenting voices no matter how well though out and reasoned. It's glaringly suspicious that he may well be a ukog paid ramper.
It might be possible by flipping it.
But the amount you'd need to stake now would be too much for the risk/return involved.
Used to be possible for much lower stakes, which made it a much more reasonable risk to take.
Those days are long gone.
If there was a possibility they might return that won't happen now, while Sandercon's still on the scene.
He is marked of the Black Spot.
I seem to recall Ocelot many months ago lecturing us that if we knew what we were doing , as apparently did he, then you can make money out of this share despite which way it was going . Indeed he/she was doing so ! Would love market Ocelet's system . We could really make a fortune out of this and stockbrokers and share holders across the world world would snap it up .Come on lets get published on Amazon for a quicker return
"I reckon UKOG are stringing out the AGM so they can use the outstanding number of shares they can issue to pay off YA"
----------------------
Don't think so: it is the authorised number of shares that require the approval of shareholders at AGMs, not the issued number.
20,000,000 shares are only worth £6k so that's not a very hight threshold.
From my reading of the situation RF/YA never want to hold more than 3% each in order to avoid having to notify their positions and 6% of 3,660,957,892 shares outstanding is 219,657,473.52, hence them requesting 200,000,000 shares.
Deltavegatheta
I'm not sure if we can attribute all these to YA but I suspect most 20k and above are. Theses are for April so far.
30,000,000
30,000,000
25,000,000
20,000,000
41,901,696
10,000,000
20,000,000
20,368,491
25,000,000
48,098,304
61,094,509
25,000,000
25,000,000
30,000,000
30,000,000
28,870,773
15,000,000
"I reckon UKOG are stringing out the AGM so they can use the outstanding number of shares they can issue to pay off YA"
RF/YA seem to be able to sell around 200,000,000 shares a month, worth around £60k. So it will take about nine months to recover the remaining £545k.
UKOG directors are already breaking the law by not holding the AGM within 6 months of year end.
No one seems to police the Companies Act, but I doubt they can get away with the AGM being 10 months late.
I reckon UKOG are stringing out the AGM so they can use the outstanding number of shares they can issue to pay off YA as they will certainly have to go cap in hand at the AGM to go for another similar amount to keep the lights on.
As for Portland they are still awaiting the results of the Incinerator appeal that was carried out last December.
There are still Planning applications outstanding at Loxley.
No works have been carried out at HH.
If YA were not dumping shares there would hardly be any trades per day and buying has just about hit 0.
Really does sound like a good company to invest in doesn't it ocelot.
Shame.
I did try to suggest he look into buying and flipping BP instead but he became quite churlish about it.
Ah well, benefit of hindsight.
:)
Ocelot,
Pinarova was a way of stringing out the gamblers until the next news. Just like the PPP farm in, Loxley farm out and HH-2z conversion.
Once the Supreme Court judgement is handed down - not next week? - then it will be the application for a government hand out later this year, though when will the successful applicants be announced- so fitting for a company that has been loss making every year since the Gatwick Gusher / Kimmeridge fairytale.
This in the Annual Report:-
'Our loyal shareholders will hopefully be rewarded as soon as the Portland Port development consent application has been submitted in due course.'
So much for the O&G business, but it would be helpful if UKOG was going to become a gas storage company, a venture all the money raised appears to be spent on, if UKOG could present a business plan to investors with timelines lass vague than 'meeting Southern UK's predicted storage needs in 2050 and beyond'. Apart from a P&D to help out with hyped up news whoever thay've taken cash from (though perhaps that is, and has always been the business plan) what and when will be the long term investment justification?
Https://twitter.com/davethedrill1/status/1782344761564696616
Kept very quiet about selling at a loss.
In fact they have all kept quiet about HH appeal this week. Have they been blinded by the light?
But can he pull a rabbit out of the hat here ? As he needs to.
------------------
Needs to create some credible hope.
In retrospect, one can see it was the hope of Pinarova-1 which enabled the placing of 12/01 to be done at 0.20p (in new money).
3 1/2 months later, with the failure of Pinarova-1, the share price has collapsed by 0.1675p or 84%.
Https://www.londonstockexchange.com/news-article/market-news/aim-notice-26-04-2024/16442426
LSE need to update.
About 0.5bn shares sold by YA recently. Will they wait till they have sold them all before next RNS?
cyan
They call them bunnies on Portland. *abbit is an unlucky word on the island.
Looks like UKOG must have had to stop all 'investing activities' with the exception of Portland planning.
Raising further cash is going to be 'challenging'
The only rabbit that can save extreme pain / likely death ; would be completing a Loxley farmout.
UKOG wants a free carry. No surprise there as the drill cost is £7m.
UKOG can not afford to contribute anything. If Loxley is farmed out , imo, it would excite enough to get another confetti shower away even if UKOG were only left with a 10% interest.
Been on the market a long time has Loxley and I just don't think its going to happen.
Cyan2 ,thanks for that reply and you do make a point, The delayed AGM is annoying, we all want to see were this going . Many want Sanderson to go . But can he pull a rabit out of the hat here ? As he needs to.
Cyan2 ,thanks for that reply and you do make a point, The delayed AGM is annoying, we all want to see were this going . Many want Sanderson to go . But can he pull a rabit out of the hat here ? As he needs to.
There is also the £675k repayment from HH, which is really just moving money within the company, but might give the top-level company a couple of extra months.
UKOG's actual non-investing cash burn is shown in "Net cash outflow from operating activities" in the cash flow statement, as £2,936,000 which does include revenue and cost of revenue and was fairly stable between year halves. That's a cash burn of £245k pm giving an end of April figure of £905k with the cash running out in August.
However there is also £1,673,000 annual cash flow on investing activities, which is an additional £140k pm. If you include that end of April cash is -£70k.
So in summary UKOG are likely to run out of cash sometime between now and August.
After all production costs UKOG made £275k profit on ALL the oil they produced in the WHOLE year; basically insignificant.
6 months on (actually nearer 7 now) maybe half that 275k to puff out the cash position. But its swings and roundabouts ;factor in nearer 7 months admin costs and oil profit boost has gone .
The clue that they are in a desperately poor cash state is in that January £0.75m placing was needed to fund basically just paper submissions in regard to the Portland ambitions and WORKING CAPITAL.
The other clue to UKOG struggling is the lack of any news as regards to remedial actions at HH aimed at improving production.
They can not afford to do anything; even paper planning seems a challenge now.