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Alexey Khotin, who owns Gorbushkin Dvor shopping center among other assets, was revealed as a shareholder of Jugra Bank with a 0.48% stake, according to the bank's latest list of affiliates published on Tuesday. The list also includes a Swiss company Radamant Financial that owns 52.4%. As Kommersant daily reported earlier, Alexey Khotin is one of Radamant's beneficiaries. The information was confirmed by RBC's source in Jugra. According to that source, Alexey and Yury Khotin have been controlling Jugra for a while now despite not being included in the list of shareholders. "The only complaint of the regulators was that official documents didn't show beneficiaries, and the bank needed some time to address this issue," the source said. The bank was seeking state aid through OFZ bonds in 2015, but it has not received it yet. According to the source in Jugra, the issue of capital top-up will be resolved by April 1, 2016.This information was confirmed by a source at the Deposit Insurance Agency (DIA). Initially, the Bank of Russia (CBR) was waiting for the information on the bank's beneficiaries, says the source in the bank. On December 25, the CBR registered a report on additional share issue worth RUB 6.8bn (approx. USD 89.25m). Swiss company Radamant Financial thus became a majority owner of the bank with a 52.4% stake. According to RBC's source, Alexey and Yury Khotin are beneficiaries of Radamant Financial.
Its surprising that they are still listed isn't it? Surprising the share price has any value at all? I'm trying to do my own re-search, to find some positives, but i'm tempted to cut and run. Would mean a 5k loss, but better that than a total loss i suppose.
Textbook fraud. One investor is not only in absolute control of the entire company but is also using entire cash reserves of the company to fund and support his other businesses. No doubt Bank Ugra will go under and the cash will totally disappear. I wonder how the other company assets are being stripped.
The general consensus then, is that you would have to be nuts to invest into exi...
Follow on from original Moscow Post article: Moreover, there is information according to which lawyers in "for the purpose of legalization of money of shareholders," "Ugra" of the bank (as stated in the document), developed a scheme for "laundering" through transactions between offshore companies means, then who went to the increase of the "Ugra" authorized capital . Managers Hawtin launder money on the sunny Cyprus.
So the whole $126 million cash of Exillon Energy is held in the deposit account of Bank Urga, a bank controlled by Khotin. A bank that is suggested to be a complete scam in which deposits cannot be paid back and the money disappearing into the pockets of you know who. This man controls the company, what else has he done to company assets?Has the reduction in oil production rates been due to natural decline or are they going 'missing'? How on earth have the acccounts been allowed to be signed off? How on earth does the FSA/LSE allow this to be a premium listing ?
From company documents published in the interim results 2016: 21. TRANSACTIONS WITH RELATED PARTIES In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form. The Group's outstanding balances with related parties attributable to cash and cash equivalents balances: Bank Ugra became a related party to the Company on 25 December 2015, when Mr. Khotin (having a significant influence over Exillon as an ultimate controlling party of Seneal International Agency Ltd, which held a 29.99% interest in the company's share capital), obtained control over the bank. As of 30 June 2016, cash and cash equivalents amounted to $126,563 thousand were held in one financial institution; with the interest receivable of $201 thousand (Note 13) attributable to the deposits at the same financial institution (31 December 2015: cash and cash equivalents of $64,493 thousand and the interest receivable of $45 thousand).
http://www.moscow-post.com/economics/krysinye_bega_xotinyx22641/ Businessmen Yuri and Alexei Hawtin fleeing from Russia because of allegations of corruption? Hawtin declared wanted in connection with the situation in the "Ugra" bank. The bank "Yugra", owned by billionaire Hawtin, in the first quarter of 2016 ranked first among Russian banks in terms of losses. Since January 1, 2013, to January 1, 2016, the assets of "Ugra" of the bank increased by 38 times. On May 1, 2016 Russian bank deposits reached 162 billion rubles. This outflow, according to some experts, due to the fact that the "Ugra" gave out loans one-day firms, affiliated with the owners. Officially, the main cause of loss "was doformirovanie reserves for possible losses on loans and similar debts as a result of reduction in the composition of collateral for the Bank's existing credit notes" (from the bank statement for the I quarter of the 16th). The scheme is simple which has been turned. In March 2013 the bank "Yugra" acquired the owners of the Moscow market "crust" father and son Hawtin. Immediately thereafter, the bank "Yugra" suddenly increased the authorized capital from 170 million to 6.17 billion rubles and held a rebranding. In November 2013, the bank made the decision about the new increase of the authorized capital by additional issue of shares - now with the 6.17 billion to 20.17 billion rubles! Public history of transformation of the bank "Yugra" began with the fact that this little-known bank with the 22-year history of working for the benefit of the oil and gas sector, "Ugra" started to actively attract new customers. Since 2014 the structure of Yuri and Alexei Hawtin have been actively credited in the "Ugra" the bank! Lending to related companies - one of the main claims of the Central Bank to the bank. In addition, the bank's loan portfolio decreased by 23 billion rubles. Perhaps the money ended up in the pockets of Hawtin. The fact that "Yugra" there are financial difficulties, it was clear as early as May 2015, when the bank sharply lowered the rates on deposits. .. The greatest decrease - by 4 pp - occurred on ruble deposits "Piggy + ': Now open the contribution for the year can be under 8%. The bank has contributed more profitable with similar conditions -.. "70 Years of Victory" at 11.8% per annum, the rate on it is reduced by 3.6 pp Experts put forward the theory that the "Ugra" may simply not enough money to pay their depositors. Meanwhile, in 2014 - 2015 years Hawtin through loans bought Four Seasons hotel room in the restored building of the famous hotel "Moscow". Under the same scheme Hawtin controlled retail and office space in the "Moscow" by LLC "shopping gallery", owned by the Cyprus Iolernico Investments. After it became known that Hawtin bought all the
He can't do anything about the two major shareholders who have complete control over the company running production in the ground. Since they took over daily production has fallen by a third and within 6 months it may have halved.
I thought trump getting in would be good for exi?...apparent Russian sympathiser and all that...
Interesting.
Nope, but somebody is auto trading hundreds of thousands of shares and chasing the SP up in the process.
Anyone heard any?
Yes, solid movement upwards, but minus the cash in the bank you are looking at a SP of around 70.
little glimmer of light...
Depressing H1 results. None of the claimed 30 or so wells have come to fruition, just the one producer. None of the wells from last year have been fracked either. Running production down every month, should be looking at 11k to 12k bpd by end of year. No information about strategy, just another Khotin hatchet job.
Another signifcant fall, getting close to 14,000 bpd.
Production dropped again in April, so either last years wells have not been fracked and no new wells have been started this year or they are all dry wells.
£4.6 million trade today must surely involve an RNS next week
Rising 3% - 5% everyday on very large volumes and very tight spreads. No RNS regarding changes to existing major holdings, so one must assume this is being traded up by independents via the free float.
Currently EXI has a $180 million market capitalisation. It will, by the end of June (H1), have a $100 million net cash position. So even with the latest 25% increase in SP, the current valuation of EXI assets is $80 million or 35p share price. That is approximately $0.16 per 2P barrel reserves (500 million barrels 2P). Recent sales in Russia have been $2 to $3 per 2P barrel reserves. So the valuations of comparable Russian oil companies is 15 times higher than EXI. This is made even more irrational by the fact that the average net back per barrel in Russia is currently below $10 , whilst for EXI nearly all of its production is at $22 per barrel - double. So EXI is twice as profitable per barrel than average but each of these barrels is being valued at 1/15th of that average barrel. Institutional investors must truly believe this company to have serious flaw in its corporate governance for them to not invest.
Interesting to see which new racketeer has bought into EXI over the last few weeks
still looking pretty good.
movement atm
Another 2 million shares traded in one day, nobody is declaring a fall or gain in holdings, maybe it is a new oligarch tp further reduce the free float and so force a delist.