George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Again, why grant Dir's options if the company isn't going to be in existence in 3 days/weeks/months time!
Victoria Oil & Gas PLC Result of Annual General Meeting
Source: UK Regulatory (RNS & others)
TIDMVOG
RNS Number : 8677Q
Victoria Oil & Gas PLC
30 June 2022
Victoria Oil & Gas plc
("VOG" or the "Company")
Result of Annual General Meeting ("AGM")
VOG is pleased to announce that, at the AGM of the Company held this morning, all resolutions that were proposed in the Notice of Annual General Meeting were passed on a poll. Resolutions 1 and 2 were passed as ordinary resolutions and resolution 3 was passed as a special resolution.
The number of votes for and against each of the resolutions proposed, and the number of votes withheld were as follows:
Resolutions Votes for % Votes against % Votes withheld
Resolution 1
To re-elect Roger Kennedy
as a Director of the Company. 24,121,394 96.87% 780,021 3.13% 112,329
----------- ------- -------------- ------ ---------------
Resolution 2
To authorise the Directors
to allot equity securities
in accordance with the
limitations set out in
the Notice of Meeting. 22,922,137 91.90% 2,020,394 8.10% 71,213
----------- ------- -------------- ------ ---------------
Resolution 3
To empower the Directors
to allot equity securities
for cash and exclude the
application of pre-emption
rights in accordance with
the limitations set out
in the Notice of Meeting. 22,783,757 91.33% 2,164,224 8.67% 65,763
----------- ------- -------------- ------ ---------------
As at the date of the AGM, the number of issued ordinary shares of the Company was 259,392,519 shares. In accordance with the Company's articles of association, shareholders are entitled to one vote per share held. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes "for" and "against" a resolution. Proxy appointments which gave discretion to the Chairman have been included in the total.
Morning. VOG have very options left. Creating extra shares/placement will achieve nothing from a running the business point of view - and who would buy them. Loans option a dead end too - can't service the interest at present and very little/no security. So we are left with assets which if all sold would I suspect give a nice positive balance. To stay in business as aid I am hoping that Matanda is the key. We have been told a drill rig is I assume now in situ from Chad. If reserves can be proved then RSM may well take a stake in lieu of part/all litigation or could be sold to a JV/Dangote etc. Last chance saloon! IF this does occur VOG could come out of this very well in my opinion - last skeleton put to rest, new reserves in a market desperate for gas/energy and AFEX and RSM in situ to shoulder part of the explo costs and no /less reliance on the current reserves and piped clients and all of the 'will they ever happen and where's the cash to do it' Cam gov energy plans. Happy digging Roy!
Not sure if turnover and debt are the issue
It's about if income can support/finance any debt?
Agree would be interested to see if the debt included the RSM award? Makes a massive difference!. They are still talking so will All have to wait , but it does look like even if vog survive it will be at LTH cost .
But just look at the numbers, it says total rev was about $14+m with total debt about $15.9m,
Now is that without the money they have to find to pay off RSM?
Not looking to good is it.
Can see RSM Taking total control of vog in exchange for the debt they owe them. Looks like game over to me.
Reading this morning's report it sounds like there may be some hope of a revival. Fingers crossed.
The offices are now at Scott House, Suite 1, The Concourse, Waterloo Station, London SE1 7LY, - still advertised at £3250/m on LONG TERM let basis. Hence breakage fees. Strange behaviour for a company with 'issues'. Also Hadron waiving a could have been paid debt payment (VOG should have some cash at bank from drill cost raise) and having exercisable options Strange behaviour for an investor in a company with 'issues'. Hoping tis is pointing to some good drill results and RSM coming on board perhaps at Matanda in lieu of litigation settlement - would you want to be locked out of a gas reserve on your doorstep that could be in competition to your stranded gas asset?. Or ...just idle musings!