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mike they could have called a GM. To have created a PRIVATE Company which implicitly involves Cluff Natural Resources, and not advise SH un til 6 months later is deplorable and urgent answer are needed. It stinks frankly
FD I have no idea other than they need an AGM to change the name
mike setting up a dormant co, is ok but why not do the name change for Cluff last autumn?
Send me an email on harrymasters2@aol.com
Incidentally a1m1 has picked up my research and used on ADVFN, I have no problem with that if he does some research which is factual.
Or maybe they set up a dormant company because they didn’t want anyone else to use their name?
Am sure there will be plenty of people ready to do plenty of digging pretty damn soon
Where is old A1m investor look forward to his take on this?
Understand your angst Mike. Not sure the regulator will act until some detailed information is discovered. I sense there is much more to be found. Think of this would you invest millions in a company which over a period of months became worth much less than half of your investment? Unless of course you are aware of a Plan!
It needs a Forensic reporter who can dig and dig and then expose what is/has gone on.
It seems unlikely we (PI's) will have an opportunity to ask questions at the AGM, as that could be a platform to bring out PI's concerns
I am going to write to the regulators and have this investigated It has worried me for months and I think I deserve an explanation into what exactly is going on because in my opinion it feels wrong
mike it needs someone to read Deltic's Articles of Association. It is quite a lengthy document. I have rarely seen such a long document when the intention we are told is to change the name o Cluff. Scooby thought Cluff had a bad name in the Market and that maybe this is the reason. If that is the reason, it does not explain why the BOD did not give some indication of the intention to change to Deltic.
Remember GS and co are putting the name change proposal down for SH agreement, in the AGM agenda. Are we being deceived, it is all very irregular.
No reason has been given to change the Company name which is odd.
But why is CLNR plc name tangled in with Deltic Ltd?
I don’t understand that bit?
The Remunerations Chairman should explain the methodology used to calculate bonuses and wages generally.
The company has 4 Executives and 3 admin staff. We are hearing nothing about Business Rates and or Rent Holidays. maybe Deltic are functioning?
This could be the softening up period......get the SP low, PI's get disillusioned and then come in with an offer above current SP
BINGO
Cluff Energy Africa was what aim1m said looks to have been changed to Deltic now?
What were you saying about bonus awards?
It is certain this was planned before registration of the new Company (Deltic) in September.
The express Book=build in June which allowed MS and other Institutions to take up the offer which ultimately made PI's minority holders, is too convenient to believe a plan has been hatched sometime ago.
Hope I am wrong but when researched it does not look good
It looks like they are going to take the company private imo at a dirt cheap price and that is the reason for the massive placing it was the plan all along and this name change for moving to a more operational phase us likely to be BS
A1m looks like you are on the money again
I don’t understand the articles of association but the new company has the same address as cluff?
It looks like something had been happening here for months it might explain why huge fundraising was done effectively giving control to the major shareholders
It might explain why Algy left and sold his options and why MS paid a premium for them and it might explain why the shares are constantly under pressure and headed lower and lower
I think it is time for some answers
Mike you are right, changing a company's name does not require the creation of a new Company. It leaves a nasty taste.
Unless someone can show otherwise why were SH not informed some months ago
I suggest Deltic's articles of association are read as it mentions Cluff Natural Resources
Can’t they simply change a companies name without creating a brand new company?
I don’t understand what is going on here but it feels wrong?
Mike whether it is right or not, the fact remains PI's were not informed until 2 weeks ago.
How can PI's have faith in Directors who act in such a Cavalier manner
What else is being kept secret that PI's should know about?
Mike I do not know, but finding a company has been created some months ago and we ( mushrooms) are only told Cluff is changing it's name only a few days ago. My gut feeling is not good.
It would be good to get others opinions. Suggest the Articles of Association( Deltic Energy) are read.
What’s going on here FD?
Company created on27/09/2019 by Graham Swindells and Andrew Nunn
Company number 12232160
Read the articles of Association which are very extensive.
DYOR
And bonuses to boot at a completely inappropriate time and when all that has been achieved is 2 farm outs with no drilling decisions and definitely no gas filling the coffers
All I can hope is they know things are a whole lot better than what the market currently thinks
That is my only hope
Selene is a drill or drop
Pensacola I think they have to drill it
The directors are paying themselves more than the prime minister
Mike payment by results is fine. For a company, any company, not producing profits there has to be a more satisfactory method in rewarding Directors etc. The Chairman of the Remunerations Committee should specify the rationale behind reviewing pay. The remunerations committee met 4 times last year, which seems a disproportionate number of meetings. Why?
Relinquishing 2248 cost the company £800K. The people in control of CLNR are Accountants!!!
Maybe a better way to reward personell ( Directors) would be a % of Stock-market valuation calculated as the average SP over an agreed period.
Mike not sure what obligations Shell have in respect of Pensacola.
I have no problem with rewards but come on this is completely inappropriate at this time
The problem I have FD is I read all the positive statements they put out then look at my pension and see a very different picture
This is what the directors need to realise when paying themselves so handsomely