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I have been sent a proxy voting form for exillon. Has anyone else?
Not overlyshore what I'm voting for?? Is it a vote to get it trading again? Says vote be 16th dec.
Started: dubs, 20 Oct 2020 08:40
Last post: captainbod, 19 Nov 2020 10:49
Does anyone know what shareholders should do now if they want to trade?
Some sort of bargain share dealing being offered through external company. Sounds fishy, as usual. Vote: TO RESOLVE THAT THE LISTING OF ALL AND ANY OF THE ORDINARY SHARES IN THE CAPITAL OF THE COMPANY ON THE PREMIUM SEGMENT OF THE OFFICIAL LIST AND THE ADMISSION TO TRADING OF SUCH ORDINARY SHARES ON THE MAIN MARKET OF THE LONDON STOCK EXCHANGE BE CANCELLED (THE "CANCELLATION") AND THAT THE DIRECTORS OF THE COMPANY BE AUTHORISED TO TAKE ALL STEPS WHICH ARE NECESSARY OR DESIRABLE IN ORDER TO EFFECT THE CANCELLATION AS SOON AS PRACTICABLE FOLLOWING THE PASSING OF THIS SPECIAL RESOLUTION For Against Abstain vote: TO RESOLVE THAT SUBJECT TO THE PASSING OF RESOLUTION 1, NEW ARTICLES OF ASSOCIATION IN THE FORM PRODUCED TO THE MEETING, AND INITIALED BY A DIRECTOR OF THE COMPANY FOR THE PURPOSES OF IDENTIFICATION, BE ADOPTED BY THE COMPANY WITH EFFECT FROM THE DATE OF THE CANCELLATION, IN SUBSTITUTION FOR, AND TO REPLACE, THE COMPANY'S EXISTING ARTICLES OF ASSOCIATION For Against Abstain
Can anyone explain today's news and what the ramifications are for the English shareholders.
On top of this b/s, their affiliates have not paid for oil, thus resulting in a negative CFO. So another US$50 mn left the company
(Increase)/decrease in trade and other receivables (46,955)
This extract from their interim results is hilarious
In 1H 2017, advance payments for property, plant and equipment in the amount of US$224.7 million were made in relation to drilling of wells and construction of infield infrastructure under the Group's investment program for the years 2017-2021, which was approved by the Board of Directors and Extraordinary General Meeting of shareholders. These advance payments formed part of additions to property, plant and equipment and investing cash flows. The advances were made in order to secure the cost of drilling and construction works and services which provides greater confidence over the returns we are targeting from the investment program.
At least they have refinanced the loan from GBP, so no imminent insolvency here
Don't expect the FSA to do anything about it. I have had to email them regarding the companies failure to announce conflicts of interest in relation to Khotin putting Exillon cash in his bank (Bank Jugra). A few days later they make an annoucment. FSA are utterly useless in protecting shareholders (even though it is their job). Forget about the accountancy firms, they don't have access to the dodgy dealings in Russia, they do checks from afar.
The the first half year results are delayed by 2 weeks now, again don't hold your breath.
Guys, Exxillon is a very vivid example of how things are done in this part of the world, you should be aware of such things when you abalyse other companies as well Khotin abd Klyachin are business partners for more than a decade. In total, they acquired 55% stake owning less than 30% each, thus avoiding a mandatory offer. They paid a huge premium for their combined stake, the competition was fierce, but screwed the minorities Since the acquisition, they have been squeezing cash out of the company. In 2017 alone, a shocking $300mn evaporated. They purchased an office building from Khotin for $100 mn and paid the rest to affiliated companies All major assets are now pledged under the loan from GPB. I think they will default and GPB will eventually take the assets for a fraction of their real value. The assets will then be somehow returned to Khotin, perhaps, indirectly This is disgusting
Will have to wait until 2018 mid year update due in the next few days. Bank Yugra has had its latest appeal rejected so now the Russian government can take his assets. He trying to offload Exillon but nobody will touch it.
Does anybody know what is the status of the debt refinance?
So from $160 million of cash surplus to over $100 million debt that has yet to be renegotiated (because there is no way they cannot pay it back in time). This is a very big change from a company that always had strong cash positions. Very suspicious indeed.
We ended the period with US$5.6 million of cash and cash equivalents and outstanding borrowings of US$124.7 million (31 December 2016: US$146.5 million and US$7.7 million, respectively). In March 2017 the loan principal of US$7.7 million has been repaid to Credit Suisse in compliance with the repayment schedule, being the nal instalment under a term loan of US$100.0 million, which we took out in March 2012. In April 2017, we entered into new facility agreements with Gazprombank JSC and received US$125.0 million (Note 25). The difference of US$0.3 million between proceeds from borrowings and the outstanding borrowings relates to unamortized amounts of borrowing costs. As at 31 December 2017, the entire borrowings of US$125.0 million are due for repayment within 12 months after the reporting date. Currently, we are at the nal stage of negotiation process with Gazprombank JSC for the restructuring of our debt. The Directors have a reasonable expectation that the existing loan will be successfully restructured.
Started: Gambier, 26 Apr 2018 23:02
Last post: Gambier, 26 Apr 2018 23:02
From the latest annual report: Litigation matters � The Board noted that the Company�s subsidiaries, Kayumneft JSC and Nem Oil CSJC, are subject to pending litigation proceedings in the Moscow Arbitration Court brought by the Temporary Administrators of Bank Ugra in November and December 2017. The Temporary Administrators of Bank Ugra claim that in 2017 Kayumneft JSC and Nem Oil CJSC entered into a number of alleged debt and guarantee assignment transactions with Bank Ugra and certain other third parties. The Temporary Administrators of Bank Ugra demand to set aside such allged transactions as the part of the bankruptcy case of Bank Ugra, which is a related party of the Company as disclosed in Note 28. The claims amount to $129,776 thousand for Kayumneft JSC and $10,295 thousand for Nem Oil CJSC. The Company�s subsidiaries dispute the existence of the alleged transactions that are the subject of these claims, and have retained external legal counsel and will vigorously defend their position in court. Having carefully considered the nature of the risks arising from pending litigation against the Company�s subsidiaries, and having received advice from external legal counsel, the Board noted that, while it is difficult to predict the ultimate outcome of pending litigation, it estimates that the risk of a material financial outflow arising from pending litigation against the Company�s subsidiaries is less than probable.
Started: Gambier, 25 Apr 2018 16:15
Last post: Gambier, 25 Apr 2018 16:15
So more evidence of a shockingly corrupt company. This weeks production report shows a collapse in production that now relies on output from very old wells on natural declines. Where has the $300 million dollar 2017 investment gone? When will Khotin be arrested? When will the Russian state take all of Exillon Energy reserves on the basis of corrupt practices?
From the Russian media this: The largest borrower of Yugra with a debt of 7.1 billion rubles in the court materials on challenging the entry of the interim administration is OOO Stroybiznesgrupp. It was not possible to find its operating telephones for Vedomosti, but not only for them: because of the inability to locate the company's location in October 2017, two enforcement proceedings against it were completed for 60,126 rubles. This is how this company owes Ugra. July 11, 2016. Stroybusinessgroup received a loan in Ugra at $ 56.6 million and repaid its debt to Yugra of Cyprus Jarmbent Holdings for $ 59.6 million. Jarmbent Holdings loans were issued in 2014-2015 and were secured by shares of the oil company Exillon Energy Plc. The company's capitalization on Friday at the London Stock Exchange was 114.3 million pounds ($ 161 million), its largest beneficiary (almost 30%) - Alexey Khotin. But in March 2016, the pledge agreements were terminated: the encumbrance was lifted from 12.3 million (7.6%) shares of Exillon Energy (on Friday they cost more than 9 million pounds). The interim administration filed an action to recognize the Jarmbent Holdings refinancing deal as invalid, asking as an interim measure to arrest Jarmbent's 11% Exillon Energy. The court refused: these shares are on the depo account in Ugra. Jarmbent Holdings, according to the Cyprus registry, belongs to Anatoly Neklyudov from Voskresensk. He did not respond to the request.
Started: Gambier, 5 Apr 2018 13:27
Last post: Gambier, 5 Apr 2018 13:27
Another month of falling production. No sign of drilling results from the $300 million upfront investment made last year. I wonder how that money his been spent. According to Russia media Khotin is hiding in Cyprus.
Khotin lost his appeal this week, he can only stall for a few more months. Oil production has not been ramped up as promised in the latest investment circular. Low 60s is the next stop here. Pricing must be taking into account the likely seizure of oil assets by Putin.
Booking being cleared at mid 70s. Next stop 65p. Final appeal will be heard for Bank Yugra in 2 weeks time. The inevitable rejection of the appeal will allow the arrest and prosecution of management and of course the main beneficiary of the fraud - Alexei Khotin. All his assets will be taken according to Russian media sources. His attempt to involve the Saudi Royal family in Exillon Energy in order to protect his share holding has been rebuffed and they will not be investing anything.
Started: Gambier, 27 Feb 2018 23:16
Last post: Gambier, 27 Feb 2018 23:16
A further fall in production in January. This is becoming a very small scale oil company. Next stop AIM?
Dropping 5% each week with a solid trend downwards. Next stop 70s.
Started: Gambier, 17 Jan 2018 12:29
Last post: Gambier, 17 Jan 2018 12:29
Production levels continue to drop, now below 10,000bpd. Four years of falling oil production from 20,00bpd as management allow old wells to deplete. Bank Ugra appeals have been rejected, Moscow Post claim the final investigation will reveal Khotin bought nearly 60% of EXI share issue using money lent to himself from his fraudulent bank and Kylachin as a cover partner. They also claim Putin et al want oil assets as compensation. Goodbye Mr Khotin.
Started: CHESTERDRAWERS, 1 Jan 2018 22:47
Last post: CHESTERDRAWERS, 1 Jan 2018 22:47
Fundamentals for Exillon Energy @ http://shares.telegraph.co.uk/fundamentals/?epic=exi
Started: CHESTERDRAWERS, 13 Sep 2017 17:06
Last post: CHESTERDRAWERS, 13 Sep 2017 17:06
Started: Hazman, 7 Sep 2017 18:10
Last post: Hazman, 7 Sep 2017 22:00
Right I see where you are coming from. Thanks for clarifying.
Because the 'debt' is front loaded. They have used their cash reserves and debt facility to pay for the majority of next drilling campaign with an upfront payment. So in the years that follow they will have minimal capital expenditure on the books. The net cash position was around $170 million before they made this upfront payment. Current market cap is $168 million.
Hi Gambier, Can you elaborate how the company is worth below cash? Interim on 1st Sep states cash balance of $45.1m vs debt of $124.6m. So net debt position is $79.5m... Thanks
Last post: commercia, 7 Sep 2017 15:34
wow i made some here a few years back and then moved on. thanks for the informed posts. too risky to buy back in here
No worth well below cash. Crazy stuff.
Minus cash EXI now valued at $50 million (£39 million). This values each 2P barrel of reserves at 10 cents and gives an P/E of less than one. Looks like this is going to be valued at cash very soon.
Last post: bangrak, 4 Sep 2017 13:47
Khotin could move the money out with a click of a button. The issue is where the money is going. There isn't any proper governance in this company, the CEO and Chairman are literal servants of Khotin. A few Russian media sources are claiming that this has allowed him to steal oil from Exillon , and through bribes at Transneft and sell the oil through the national pipeline for personal profit. One particular site claims it is on the verge of publishing an article explaining how he was able to steal these 'extra barrels'. I don't believe any of the drilling results or production figures over the last four years and if they were independently audited you might well see this scam. The FSA are not willing to act on this premium listed company so you can't expect them to expose him. Putin has had enough of him, he has closed his bank and now he wants his assets. Looks like the next oligarch who goes to prison and loses his wealth. He is on borrowed time.
Doesn't it looks strange - EXI had almost all cash (146 m USD) in Ugra as at Apr 27,2017. And it reported that "that its financial exposure to Bank Ugra is immaterial.". I don't believe they got it out between Apr 27 and Jul 10 when bank was taken over by authorities
RNS statement published by Exillon on 19 July deals with this by stating "that its financial exposure to Bank Ugra is immaterial."
Noticed Bank Ugra (Khotin controlled bank) is even more trouble with Russian banking authorities. Losing a credit licence because of undisclosed irregularities. Stories across the Russian media that the bank is a total (Khotin Led) fraud. It is a shame that Khotin has put the whole EXI cash reserves into his own dodgy bank. Looks like another Ferrexpo situation where the company loses all its cash reserves in a dissolved bank owned by the major shareholder. Appalling failure in corporate governece and further evidence of a toothless FSA.
Started: Gambier, 15 Aug 2017 14:43
Last post: Gambier, 15 Aug 2017 14:43
From EGM document it looks like Net Profit peaks at around $100 million for 2020 with $500 million in bank. The document is quite confusing, would be interesting to see it reviewed by an expert O and G analyst as think there are many assumptions to be made and these figures might include double counting.
Putin and Sechin are reported to want Kohtins oil assets and intend to take them as 'compensation'. Exillon Energy is a listed company on LSE and so I imagine that is why the Saudi Prince is interested in this asset. Khotin knows that Exillon is worthless as long as he is associated with it, I wouldn't be surprised if he sold the lot. However, this might all be a diversion to buy himself time.
Deprivation of the bank "Yugra" license forced its owner Alexei Khotin to seek additional funds for his projects. He wants to attract an investor from Saudi Arabia to the oil company Exillon, and, according to Kommersant's information, suggests that the Saudis think about investing in Russian Oil of their partner Sergei Podlisetskiy. The owner of the bank Yugra, Alexei Khotin, discussed with Saturday's Saudi Prince Al-Walid ibn Talal the attraction of investments into Russian projects of a businessman, businessmen said yesterday. It was, in particular, about investments in the lost license bank Yugra, in the oil company Exillon Energy and the Four Seasons Moscow Hotel in Okhotny Ryad. Also yesterday, Exillon suddenly announced the holding of an EGM on August 30, which is likely to be the subject of an investor attraction. The Exillon reports for 2016 indicate that in the second half of the year the company attracted consultants "in connection with the potential M & A transaction", spending $ 5.5 million for this purpose. The interlocutor of Kommersant asserts that negotiations with the Saudis are being conducted actively, the scheme of a possible deal will be ready for the shareholders' meeting. However, he assures, Mr. Khotin does not intend to go out entirely from Exillon's capital, but wants to raise funds for his projects after the license was withdrawn from Yugra Bank at the end of July. In addition, the emergence of an Saudi prince as an investor could protect a businessman from possible attacks by creditors.
Last post: SaltBeef, 15 Aug 2017 10:26
A circular has been published for approval at EGM, which contains 5 year investment program and cashflow forcast that shows Exillon Energy plc with almost $600 million cash by end of 2021. http://exillonenergy.com/uploads/eeplccirculardated14august2017.pdf
Started: Gambier, 16 Jul 2017 16:58
Last post: Gambier, 16 Jul 2017 16:58
Minus cash market cap stands at £45 million and falling.
Minus cash this company is currently worth about £54 million. So a P/E of 1 and 2P reserves valuation $ 0.14 per barrel. Current Russian Oil company average is P/E of 9 and $2 to $5 per barrel.
Started: dubs, 2 Jun 2017 09:12
Last post: dubs, 2 Jun 2017 09:12