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Sorry its all over imo.
All the talk of legal action, I cant see happening.
Its time to write off the stock and move on.
I only had 100000 shares, and I know a lot of you had a lot more, but lets be honest this is AIM, and you come to expect this situation.
You play with fire, eventually you get your fingers burnt.
A WhatsApp group or telegram initially might be better.
I do understand time is of the essence and with a precedent in the case of Hurricane we can at least get a 'stay' before court approves?
Sign me up, I think it is appalling what IOG are trying to pull.
Can i just clarify: are there any shareholders here who are classified as retail clients under the FCA's regime? This is a critical point for me i.e. when you bought shares have you all bought them in your own right trading on your own account?
I'd be happy to work as a team on a solution.
There has to be a strong deterrent for AIM directors to stop doing this
Taking good assets and leaving behind the shareholders with 0
Touche. I'm not worried about fees at first instance what I need to know with immediate effect is how many of you want to do something, and what appetite you may have?
Yep... you aren't wrong, but I am telling you now that even if I were to offer assistance - this sight is not appropriate for that, if you all argue it will not work. You would be amazed what you can achieve in numbers and I work hand in glove with an Insolvency Practitioner just one for good reason. He is open minded and is able to work with the unusual person that is me. And we do it well. If you guys can get your heads around working together, you potentially have a remedy though I warn you: this is a dirty business and rules often get broken, and people hurt and disappointed.
Https://www.kirkland.com/publications/kirkland-alert/2021/06/hurricane-energy-restructuring-plan
Hello janes,
We would appreciate your cooperation in terms of legal action and we will pay for your work of course.
My point is- IOG's liabilities are less than their assets value and they have cash flow which is going to be more than double in a few weeks or months.
Okay for obvious reasons I am repeating that I got stung by seeking the truth at my own cost pertaining to the legal case. However, where there's a will there's a way and it MAY be that you could pool your collective weight (in value not numbers) to make a move. However, that is caveated by the premise that you would need to work together to pool your collective numbers and resources and I'm not sensing that you would all be amenable to doing so. Am I wrong?
Hi Jane
Thank you for your post
As a 1st and urgent step I'd like to block the application for appointing Administrators.
All avenues haven't been explored in my opinion, a sale of some/all of assets, etc to repay bondholders and shareholders.
I'm sure a number of people who have held through the whole disgraceful period over the last 12 months or so would be supportive of any actions that you can recommend especially as you are specifically experienced in this area
In the case of Hurricane Energy I understand that shareholders blocked the administration and replaced the board eventually getting a profitable buyout for the company
Look forward to hearing your thoughts
Not if the bondholders seek to appoint pursuant to a breach of their terms. And I can already see that getting you all to work together would be impossible. If they get their own IP in, then control goes to that IP and you effectively get shut out entirely
Hi Jane,
Any help and or advice would be most appreciated.
That is a welcome post Jane.
I will let Coldspy reply to you, he knows the story of IOG inside out.
Thanks
I've sat watching this for the last 18 months religiously. I'm a specialist lawyer, I deal with insolvency and financial regulation in the UK and, to a lesser extent, other jurisdictions. I also intermediate multi million pound financial disputes.
I have received my only real bad press from a 16 year career having been 'affiliated' with both sides of the case involving one of IOG's funders. So you know I had a potential conflict. One which the press made a meal of, and brought a world of threats to my door.
I've watched the shares move from their 44p height to suspension and watched the despair that has accompanied it, whether you are trading the shares, shorting or otherwise. Mindful of the therm prices, the need for the bond to be repaid or renegotiated, and hitting water, I was curious about the action that the shareholders mentioned, and what action you all think you could take. Obviously, I have my own arguments and one in particular, but I'm curious to hear the basis upon which you are considering an action.
If the reception to my post is well met, I'll continue. Any nonsense, threats and/or anything else in poor taste, no matter how heightened people are, and I'm out. Best to all, Jane
Herehoping is looking to blame others for his loss, there never was any takeover negotiations it's just BS posted for underwater shareholders to sell out to unsuspecting investors.. Shame on you!!!
People like you finally get their comeuppance which isn't a bad thing.
There’s no investment in the SNS , dumb f**k
Yep Coldspy it all seems slightly fishy to me, and I'm not talking about the ones swimming in the North sea 🌊🐟🌊
£200m plus tax losses
£150m of infrastructure in north sea where huge investment is about to come in
Wakeyinvestor, I know where you are coming from. The RNs is worded in a way that says this could only be a temporary suspension? I’m Not 100% sure what’s going off here with also using the terminology of splitting and having assets. Hopefully this is a short term thing and it is unsuspended? But always bad news here and I’m not optimistic. I’v lost a lot but will carry on with the day job. Just under 1m shades suspended 🤷🏼♂️. Surely cash is coming in. Not sure why we couldn’t pay the interest
What they are trying to do is keep all the hardware and operating subsiduries as a going concern and have a name change to shaft us all by the looks of it. Crafty bstrds.
I think We have been through this before but let me tell you this again. Due to rising price of oil Hurricane was generating enough cash to pay off bonds. Bondholders tried to impose D4E knowing fully well that company was in a position to pay off bonds. You can't compare Hurricane with this one as this company did not even pay coupons.
You should get the legals to look at people who were suggesting a takeover etc
Spreading falsehoods
Can we not block the intention to appoint Administrators for IOG?