We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Andalas Energy & Power PLC on Tuesday said Leslie Peterkin and Mark Rollins will replace outgoing Chief Executive Simon Gorringe and Chair Robert Arnott, respectively, with immediate effect.
In addition, the oil and gas exploration and production company said it has raised GBP525,000 through a subscription of 350.0 million shares at a price of 0.15 pence each. The issue price represents a 20% premium to the last closing mid-market price of Andalas shares on AIM of 0.125p.
Andalas shares were trading 34% higher in London on Tuesday at 0.17p each, giving it a market capitalisation of GBP2.0 million.
The net proceeds of the subscription will be used to review new opportunities and for general working capital, the company noted.
Andalas said Noiva International SA, a company owned by Peterkin and Rollins, has subscribed for 133.3 million shares at the issue price, representing 8.5% of Andalas's enlarged share capital.
"Leslie and I are delighted to join the board of Andalas and concurrently we, along with John Battrick, have invested GBP500,000 as part of the subscription, to demonstrate our commitment to the company," said Rollins.
Turning back to board changes, Andalas said Anthony Battrick was appointed as technical manager and subscribed for 66.6 million shares. Battrick is a geoscientist and has worked in the exploration and production sector for five decades for a number of international oil companies, Andalas said.
Meanwhile, Rollins was until recently chair & CEO of Ukrnafta, a Ukranian oil production firm. Between 2008 and 2015, he was a senior executive at BG Group PLC.
Peterkin has previously served as Woodside's director Browse Liquefied Natural Gas Development and MOL's senior vice president of Operations & Development.
In conjunction with these board changes, Andalas said it has awarded a total of 137.5 million options over shares to its executive directors and senior management. Such options will represent 8.8% of the company's issued share capital following the subscription, it said.
The options are all exercisable at 0.30p per share, Andalas said, representing a premium of 100% over the subscription price.
Rollins and Peterkin were granted 25.0 million options each, while Battrick has secured 12.5 million options. Legal & Commercial Director Ross Warner was granted 6.3 million options.
Looking ahead, Rolling added: "As a first order of business we will be conducting a review of the company's strategy to ensure we can realise this growth potential as soon as possible by introducing new opportunities to the board and widening the existing asset base."
A bit of a rollercoaster for the couple of days
But I would take 40% rise tomorrow and Friday thank you
Ha and I’m £5 up now decision time ..................
Hi Guys,
Doubleup Exciting Times Ahead Here ;)
Or even Advanced Energy :-)
Now with these new appointments and committing their own personal cash via share purchases, this could now get back to somewhere near it’s 1p yearly high! Regards and welcome on board! The future is bright for Andalas energy!
Keez up 78% now..mau even get my money back soon at this rate
and top of the leaderboard.
Well all. Have been tracking this stock for years and this is the first time I am truly optimistic. Not sure what the new team have in mind but it should be exciting. Putting their hands into their pockets makes me a buyer as well. Good luck to all. FB
to buy now.
Adl looking good now this new board means business
Got rid of the old hasbeens
Double, I had another read at the RNS. Time will tell, but, also bearing in mind their CV, I think that the new core incoming board members have transactions in mind well above the £500,000 put in by them as they say: 'The net proceeds of the Subscription will be used "to review" new opportunities in accordance with its stated strategy of broadening its asset base and for general working capital.'
Wont be jumping in again. More wiser now . its all about track records good judgements and risk. Good luck with it all https://beta.companieshouse.gov.uk/officers/AIno7yjkdSJ1nhfA5aUIiWulkic/appointments
Sons. That was 6 yrs ago. Man you have to leave that behind and look to the future FB
Good ridden’s to that shower.
Lets hope you can all can send your kids to Eton . Dave Whitby promised us so much in this Podcast https://audioboom.com/posts/3722023-329-ceb-resources-ceo-dave-whitby A toxic share wash rinse and repeat
Would they have spent 500k on the listing if they hadn't already got or have lined up??
6 month lock in so nothing holding them back from announcing an early deal they may already have.
Locked in for 6 months and only get paid stock quarterly
BOD will not be flipping the new stock so there may be light at the end of the tunnel here, they seem committed and motivated so they must have something up their sleeve ready to go.
I agree although would hope what they have just put in with what ever is left from the old BOD should be enough to secure their first asset.
The higher the SP here the better for the BOD, for Simon the SP made no difference as he held hardly any shares
I don’t like people who say that a stock is a no brainer, but I have added another 9mio shs based
On the concept that with these changes the upside potential vs market cap is significant even if they dilute to bring finally some significant deals to fruition. Enough from me, time to enjoy and see where this goes medium term.
Took another 2 mill
Ha, not quick in grasping anything, my issue has always been with the BOD and the way they run the business, now they are gone this has potential, also given the amount the new guys have put in goes a long way imo. With Simon at the helm they were always screwing people over to line their own pockets and that's why they had next to no shares in their own company.
I would prefer this as a clean shell with new directors but any new asset they can bring in without further dilution should see this do well imo
Time will tell but this is a new beast and with the new board with their skin in the game, CVs, connections and no doubt financial backing this has the potential to move from a £2.5mio mcap to a medium size player. Let’s sit back and finally enjoy. Please that also double has been quick in grasping the potential of this RNS.
CFEP now bidding for stock and want 10 mill