The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Makes them sound rather angry, thinking they know full well they're going to lose the first so are bent on making trouble.
See how it plays out but can't see many of their fellow investors being happy with them messing with their investment like this for long.
THE BA - - - - DS !
The proposals in their second requisition are very interesting. As has been said here it smacks of spite that they know that they are going to be defeated in their attempt at seizing control of the company via an executive takeover.
It also shows how little they care about anything but getting control of the company as an audit of that scale conducted by one of the big four accountancy firms will probably cost about £500,000. This is shareholders money and they have no right to demand that it is spent how they want. But it gives a good idea of how free and easy they would be with our money if they managed to get their fangs into Block. I imagine the advisory fees being a lot more than £1.5 million over three years here.
Again, we should reject every proposal that GP Jersey make - not because there are not some legitimate concerns in there but because it is clearly still part of their tactic of taking over the company on the cheap.
I am sorry but I have to disagree holy, I would say the second requisition provides some direction as to what is on the way and there are clearly some Governance issues at BLOE, the question now is to what extent. 2 NEDS have resigned, a huge red flag at any company.
What do you make of the reference to the GSA holy & the fact it was renegotiated and shareholders not told for 11 months? Anther huge red flag for me I'm afraid along with the fact that was then technically a closed period where the BOD had inside information for 11 months .
If I had as much invested as the big players, looked at the current SP + the flow rate debacle + the GSA debacle etc, I would be unhappy as well.
The second req suggests there is a lot more wrong here than I can see. Maybe the honourable thing to do would be to step down rather than put us all through this during the drill!
Not pro anyone, glad you think the BOD have done such a great job here and not lied at all, well done on your one eye point of view.
voting for the board might keep the sp in this position who knows . We ve had plenty of decent rns but the sp is still floundering
I tend not to post much but do enjoy reading the various comments and opinions on these boards. Some excellent technical information posted. I will be voting against the proposals. I should say for what it is worth I am supporting the people I dislike the least as if the current BOD performance had been anything even approaching average we would not be in this situation. I do think BLOE has a very profitable future ahead but the current BOD need to appreciate they have played their part in getting themselves and the genuine shareholders into this mess. I think they will survive but let’s hope they have learnt very quickly as if they have not I don’t think they will get the benefit of doubt a second time. GL all genuine holders.
I disagree and say go with the jocks and get rid of the current rubbish that have taken the sp from 17 pence to 2 pence, but none of its their fault of course. Time for change.
Hi AJW I can only go by what I have read in the RNS, they say the price was negotiated in May2020 but did not inform shareholders till April 2021. So either they knew and did not tell us or were incompetent and had no idea that the gas price had been renegotiated, I guess the second is not as bad as the first but even still, good grief.
During 1Q 2021, the Company achieved its first gas sales. For the period from 15 February 2021 to 31 March 2021, it sold 38.4 MMcf of gas for $125k, resulting in a weighted average price of $3.26/Mcf. The price of the gas sold is at a fixed discount to the price of the last tender completed by the Georgian Oil and Gas Corporation ("GOGC")9 for the sale of its gas, as provided in a revised Gas Sales Agreement signed with the buyer of the gas, Bago LLC, in May 2020.
https://www.lse.co.uk/rns/BLOE/q1-operational-update-1qlgsrsqsqxifsb.html
As for the continued nonsense about SCIR buying up block assets, it's complete fantasy imo, not that I believe the BOD there would even know what to do with them if they were given them based on their passed performance.
And yes I am invested because I think the share here is very undervalued when I look at the asset base AJW and the same reason why I hold SCIR, certainly not because of either BOD as it happens.
how many shares are you voting with BB, IIRC a while back you had 270k, but averaged down, where are you at now
Bigboffer I respect your opinion and being totally honest if it was not for some of the reading I have done about them and my fear for debt, fees etc. I would have voted for the proposals. For me with both groups it’s who I dislike or maybe who I am least fearful of being in charge. I’m surprised they have not promoted their cause more in the public domain, countered some of the things that have been written about them. Because they have not countered them I think the people who are not sure, probably me included, are assuming what has been written is true. However you can’t hide from the dreadful performance of the BOD and people who do need their bumps feeling. GL all.....
AJW : I am completely in awe of the detailed informative information that you regularly post here .
Your powers of research and knowledge about this business are unparalleled .
Now ~~~
Just think what impact your research and info would have had on sentiment and support for the business if it had been collated and officially published by the Company , and often presented in RNS format ~~~~
+1 V111JAS
AJW for RNS writer, we would all know where we stand!
V111JAS Thank you and lets hope this is defeated, the BOD have learnt by their various mistakes and recognise they are now most definitely in last chance saloon. GL to you and all genuine holders.
Anybody sent the proxy form? Not sure how this works. Do you add total of your shares for/against? Do you just appoint chair of meeting and do they just need your name on it?
My thoughts too. It’s woefully unclear isn’t it? I’ve emailed Block for clarification.
Thanking you. Let me know what they say. I can only assume they validate name against number of shares but that seems ropey at best.
Had an email back from bloe. Its just an "x" in the against box. No mention was made of putting the amount of shares held on the form so presume they don't need that just the accompanying letter to your broker advising how many shares are held and stating how you want them voted as advised on here earlier.
As to the proxy you can either write "chairman" or leave blank.
Okay, let's save PD. Need some help! Ive downloaded the proxy from Block. Obviously name first, next line of? Does that mean address, do I need to appoint a proxy or can I just then vote? Email form to voting@shaferegistrars.uk.com
Let it go... gotta keep the Brexit lie going... this is an investment forum not a political drum beating contest.
Why have the board not just issued a statement to confirm that they are and have been fully compliant with the AIM rules and MAR over the last 3 years?
Because it wouldn't make any difference. They'd still have to have the 2nd gm to fulfil their obligations re aim regs.
They're not trying to convince the market of anything imho they're just getting hassled by the 5% crew.
Maybe pawnface but it glaringly missing in their RNS response and unlike it seems most here, I have not made my mind up yet which way to vote and this would at least be a simple and strong rebuttal, the fact the board have not done so just makes me more suspicious of what is really going on and leans me the other way.
Well I'm sorry gherkin but not everything's about you.
Wow ok, you clearly can't take the debate or feel threatened by the discussion
Never mind