Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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I get that bit, but how can the company go from what was stated as, a "transformational year" to a "basket case" within 8 months, if the directors are not responsible.. ??
They have made the right choice,if they had waited for the the auditors to come in they would have been declared insolvent. What price would we have got then.
I agree with you. I bought my first shares around 5 years ago and this happens. Thanks Andy for your reply
I personally think this will be dead without the merger now we are aware of the cash position and I for one dont want to lose my investment in this
Need to resign, it appears the cash position of the company was grossly overstated with the likelihood we will never find out, as our accounts will be muddied into Rockhoppers prior to financial year end. The auditors would also be culpable if proper accounts were published. What will the FCA do to investigate these shenanigans ?? Nothing as usual.. Just another case of an aim board of directors abusing its investors for their own ends. Such a shame as many of us would have held FOGL up as a shining light in an otherwise cesspit of companies and practises, the reality is they are no better than the worst of the worst.. Lets hope this merger gets voted down and the FOGL directors get shown the door. I notice the share price is being walked down so no doubt the BOD will try and convince us this is a good deal if the sp is say 8p when the merger occurs.. At least Dick Turpin wore a mask when he robbed his victims, Bushell no doubt will wear a smug grin, as the salary gravy train continues.
Looks like the directors have secured their jobs but what about the rest of the fogl staff have they too been paid to stay shut???
Forgive the cynical remark, but basically no new news re drill, sp pegged at 10p, merger happens (because that is what has been agreed already), news re upgrade announced wow that much more! And we all lose out. In reality that is what will happen, so transparent.
It either won't go through or terms are then renegotiated hopefully better for FOGL.
While still holding onto the CPR for Zebedee without releasing it to the Shareholders. Seems like the CPRs have been released between the FI Oil Companies and not the Shareholders. Also how can you Merge while drilling Isobel/Elaine etc, when we know that there is a huge find there. We have had the indications by the spill, the RNSs released and also backed up by drill members. This Merger does not add up to me and i'm certainly vetoing it, seems like the BOD have all took a quick exit, while they could. Be interested to see if this goes through, how many of our BOD stay on the larger company BOD..............probably none!!
I'm a real novice, so please excuse my ignorance about all this - RKH has agreed to merge with FOGL valuing FOGL at 10p or so. What happens if the FOGL share price rises above that before the deal is concluded?
Well now its been agreed/announced FOGL actually doesn't need to worry re the end of the accounting year any more as its Auditors are now bullet proofed. This is also dealt with by RKH calling its meeting on 14 Dec 2015 re the authorization of 160 mln new shares. FOGL can if it wishes take its time to see what transpires re Isobel and any other interested party/ies showing up. I hope they do so. Just beginning to wonder if all this is some audit sleight of hand but probably not.
peteb308,... that's pretty much how I look at it,... the RKH Bid values the assets of FOGL at a Market Cap ratio of :- 1 RKH Market Cap = 1.875 X FOGL Market Cap approx.,,,,,which is easier on the eyes, than 1 RKH share = 0.2993 FOGL share. This comment in the RNS also caught my eye,..."A full technical review of FOGL's Southern licences will be completed following the Merger with an expectation that the Southern portfolio will be rationalised. Rockhopper has attributed no value to the Southern licences as part of the Merger". I also agree in principle its a sensible deal for both parties, as eegbvi indicated. BW
Agreed SFB is a dead duck for the foreseeable future but nonetheless I for one would like to know what killed it and how it died. Actually personally I never did like the look of SFB and neither did the late Colin Phipps but of course when he died Desire was in left in the hands of someone who knew very little re oil. However having been scooped up by FOGL I decided to go along with it all on the basis that FOGL BoD seemed to be quite astute. But we now know that a lot of this was a bit of a facade. Re the FOGL assets they simply have no real idea what these actually are except perhaps for Zebedee which presumably does have a detailed CPR somewhere. Therefore the present agreed deal is on flimsy ground and should require full information re at least Isobel 2 prior to any FOGL shareholder vote re this proposed merger etc. We will have to see what happens next.
A lot of small cap companys listed are starting to come unstuck regarding their share prices.i picked up on this the other month, the silly money that was sloshing around in the last few years is drying up and the market now will only react to actual profit a company is making.gone are the days when a silly rumour or a bit of ramping will drive a companys share price up.what we have now is a situation that oil in the ground has no value and that is reflected in fogl share price.i still do not think this is a good deal for either companys as i do not think rkh are in any position to monitise the nfb with pmo.as for rkh's other assets they are producing very low cash revenue.if oil stays low i can see rkh with fogl incorperated needing more cash in the future.also us fogl shareholders should be very unhappy how the fogl bod have been very very economical with any information regarding the drilled wells.we can only assume due to humpback costs that fogl have financial cramp.but this all leaves a funny taste in the mouth as fogl stated they were fully funded.as for the takeover ive crunched the numbers and if fogl finances are on life support then us fogl shareholders will have no choice but to accept as pmo apart no one else will be looking to buy in in my opinion
don't envy arg bor looking dead in the water?
I see the Stock Exchange calls the potential deal a takeover by RKH and RKH has an EGM on 14 December to authorize the issue of 160mln new RKH shares so they want to perhaps be in a position to move pre Isobel results. Nothing from FOGL so far & indeed FOGL being an FI registration will take a bit longer to obtain legal approval. I hope they drag it out a bit personally. While I think in principle its a sensible deal for both parties nonetheless I am somewhat at a loss to see just how they have come up with the numbers just after spudding Isobel. That actually makes me think that they have simply used Isobel 1 numbers only and as supplied by PMO as honest broker so to speak. Whereas should Isobel 2 be a success then the numbers will be quite different, and perhaps in FOGL's favour. As to the cash situation I am somewhat surprised at the numbers now shown as they are completely different to the FOGL previous statements which purported to give the impression that FOGL is ok re cash whereas we are now told this is really not the case at all. With that in mind I am quite in agreement with peteb308 that such a cash situation over 31 Dec 2015 would have taxed the imagination of any auditor to explain away. From this it really does seem that the existing BoD were simply out of their depth re Humpback or there is/was a 3D problem in which case there may be a drill problem or interpretation problem or questionable 3D mapping. This is something that also needs clarification re Humpback plus of course disclosure of the full costing of it and exactly who was responsible for the huge cost overruns. Sadly everyone will almost certainly avoid answering the last question.
Chrisoil. What a titanic twat. Needs sectioning. Not the full shilling is he? Just thinks garbage, spouts it, then adds "I think". Thanks for the laugh.
agreed rhys91. btw - I think we know where that poxy little fish got to now.....
I know you're not a shorter - me along with many others on here are very appreciative of yours and also eegbvis posts
This has been on the cards for month's back room dealing get the sp low as possible then announce an offer also get a job on the board keep a few bob coming in crooked pure and simple but that's investing in the Aim market DYOR might as well stick a pin the ft investment columns . FOGL's chief executive and chairman joining the Rockhopper board as non-executive directors.
Have more time to fully assess the Humpback results, and given encouragement, plan further exploration and appraisal wells · Can potentially take advantage of lower future drilling costs · Will be able to complete the technical assessment of the Scharnhorst and Starfish prospects and determine whether they are suitable future drilling targets in light of the Humpback results. · Additionally, it will also result in FOGL being in a stronger financial position at the end of the current drilling programme.
Would they suppress the information?
Yeah i think its probably best to disregard what I said earlier - reread presentation. So whoever posted this over on iii is probably trying to fuel a no vote/shorter Apologies
Sanguine about this as it was inevitable imo. It's in our interests long term I believe BUT only if the result of Izzy2, Zeb CPR and outstanding cash payments are factored in before any deal is finalised. Otherwise as eegbvi has constantly said....how can a valuation be put on the deal??????????? The bod don't look too good in this and striking the deal at this price so soon after their reaction on frantic friday looks suss. It does smack of them looking after their own interests first and their shareholders last. What happened to duty of care?!? Let's hope Izzy2 gushes and forces the terms of the deal to be revisited. GLA.