IOG.L Share Chat (IOG)

no, not with this ****e, though i guess it contributes to the uk co2 reduction target since iog produced the square root of fa

Could the assets of IOG be a good candidate for GB Energy Labours initiative. Whether that would be a buyout or just take the assets.

Another example of the non-existent oversight by this (and globally, these types) of exchanges. Making unsubstantiated statements while generating shareholder/bondholder funds is a criminal act, but just who will prosecute. Directors took money and lied - been doing it for decades now and continue to do so. It is a casino, and the house always wins.

Judging by the administrators progress report, this company is as crooked as they come. Talk about financial corruption, it wouldn’t surprise me if administrators are crooked also. We are slowly becoming a third world country. In my honest opinion. I could be wrong.

https://find-and-update.company-information.service.gov.uk/company/07434350/filing-history

Does anyone know what tax year this gets written off as a loss in? 23-24 or is it still outstanding for 24-25?

What has happened with the case??

Apparently it can take up to 12 months...

Surely, we should of got an update by now?

What the fook is happening, does anyone know?

Long story short. He didn’t say who he was exactly, I’m guessing he was a shareholder with extensive knowledge of the North Sea oil and gas. He was adamant, he was right and he really did have good knowledge of the North Sea infrastructure.

However, I can’t really judge as I have limited knowledge. And from all I know he’s full of sheet. Let’s wait and see. We should be due an update soon.

Hi. Could you elaborate a bit more on that. Why does this person think a good chance?

I just spoke to a fella, who says "there is a good chance the company will come out of administration intact, a Company Voluntary Arrangement most likely will be agreed". Fook knows what he means by that or if he is genuine. It could be wishful thinking or desperation but that's what he said.

Bongo, legal challenges in these situation are very challenging. I hope they are having some success.

Is the legal challenge still ongoing or is it dried off

What happened to the legal challenge.

does anyone know anything.

Surely something must of happened by now. Update would be nice!

I don't think we share holders will get anything,

I've lost £1506.00

from my previous experience it's dead and buried.

lost money on DEB/CHL/NYO/KOOb so this is it.

We are given no up to date information regarding what is happening with the company (valuation of assets, etc), neither from the bod or the administration team. We should have a right to know, what is happening, after all we are shareholders.

Out of all the companies on AIM I’ve invested in, this companies bod is the most corrupt. They need to be investigated.

It would be interesting to know what has happened to BOD shares looking at the ceo's purchases Rupert newal through the past year or 2 it equates to over £100k in purchases at discounted offer prices.

Has he been selling down or a transfer of ownership maybe?

Is this still in progress or a dead duck?

Not enquired yet.. Was waiting on the interest to see if worthwhile..

I wouldn't worry about it to much now. RIP.

The horrible thing is the Board are still in Place taking their huge salaries while shareholders and creditors lose fortunes for their failure and incompetence

RLL93

Debtors owe the business money. You pay CREDITORS with the sale from liquidation. Your ignorance doesn’t help people losing money here.

Mate you won't get anything because she share went down before you sold, that's how it goes sometimes. Neither will anyone get anything their gone, any value will be distributed / sold to pay debters and the average gut is left holding the bad. Had this done twice to me before, but luckily I seen the writing on the proverbial wall via countless RNSs .

Oh dear.... I thought this was such a good share once and traded it a few times. Lucikly I didnt get back into this trainwreck of a share. My deepest consolations....

All assets will be undervalued and sold, shareholders have no rights. FSA are useless. Administrator’s are just as useless.

When will I get my share of any money left? Or won’t I?

The Company has no current intention of appointing a replacement Nominated Adviser."

"As a result of the Administration, Cavendish Capital Markets Limited and Peel Hunt LLP have informed the Company of their resignations from their roles as Nominated Adviser and broker respectively, with immediate effect. The Company's shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser."

Has a replacement Nominated Adviser been appointed?

It's going to be a month real soon!

That would be better for IOG holders if they did something similar

Is there no scenario where the company is able to exit administration after eight weeks as a going concern? the extra revenues would suggest that a (restructured) bond could be serviced while other assets are brought on board. Surely that would be a better outcome for bondholders compared to a firesale of assets?

Gas prices have doubled from the time of the bond waiver RNS on the 3rd of August! Who is this extra money going to. I hope the legal team looks into this, by my calculations IOG are making 4 million pounds extra a month now!

I don’t know name ? But just average your price paid and put the totals etc in 👍🏻

I tried to sign up. Not sure if I managed to do that or not. Although signup only asked for one transaction I had many and quite a bit invested here. The directors should be barred from ever running another company. Their ineptitude is monumental

Https://shoutout.wix.com/so/d2OjrRPKQ?languageTag=en…

IOG shareholder campaign.

News Update 28-10-23

INDEPENDENT OIL AND GAS PLC NOW IN ADMINISTRATION

The IOG shareholder campaign has started.

Are you onboard?

It may depend n where your shares are held, in a trading/share accountor SIPP they should remain there until whatever happens, happens, If your shares are in a ISA they cannot be held there following suspension, and should be moved to a trading? share account

Just had the email.

It says..

What has happened?

The board of IOG Plc has announced that the company has been placed into administration with effect from 28 September 2023.

What will happen to my shareholding?

The shares will remain on your account until the administration has been completed. Once formal notification has been received from the administrators that the process is complete, and the shares have been cancelled they will be removed from your account.

I have had no such message, i'm with HL also?

Just had a message from HL to say once the administration process is complete, my shares will be removed from my account. So looks like its all over.

IOG Shareholders announcement.

We have secured expert legal representation and ​a pledge of funds to challenge what is happening & we need your help.

​IOG shareholders are now being legally represented and have a team working to correct this wrong.

Sign up to this group to join the growing number of IOG shareholdsers.

As individuals we now have a joint voice

JOIN HERE

https://lifephotographic.wixsite.com/iogaction

Thank You Bebeto.

Poorinvestor, that would be down to administrators and creditors to decide.

I've no idea how these assets are performing and they will need money spent on them.

The best out come for IOG shareholders now is to receive shares in the new company if there is one.

Never know SoCal might fancy taking over as operator and buying assets.

Gas price is around 145p per therm and it's looking to get a lot higher than that in the next few weeks. My question for you Bebeto is, If gas is over 200p per therm this time next month, with IOG making loads of money and the prospect of gas getting a lot higher, Will the suspension not get lifted? and business as normal?

Traders were banking on a Friday sell off but it was never going to open as they'd already pulled the interims release date, from their website, a couple of weeks beforehand.

Do you think if I'd had put it in a bigger letter format someone at the time would have taken any more notice???

Rampers were using a lot of distraction techniques, like getting people to focus on the winter gas prices and potential revenues, instead of focusing on what was happening right in front of them.

Administration was odds on by then but they chose to ignore it.

Friday22 Sep 2023 08:46

Odds on its going into administration but we'll have to wait and see.

How did you know there was only 9 .30 hours left before trading stopped on these shares ??

I second that.

Ut has become legal as we have all sort of scams going on on Aim.You have directors selling just before a bad update, a bad update followed by upbeat forecast, an assuring update followed by placing and not to mention countless "Pump and dumps".I said good luck as I am all for investors standing up to dodgy managements

Shaml89

I agree but unless fraud has become legal under duplicitous accounting, which if so let's all give up on AIM. I'm hopeful (maybe) someone calls it for what it is.

Not so long ago investors lost blillions in Finablr and Dubai based healthcare company and we are talking about billions of pounds and noone was touched or charged. It is really hard to prove financial fraud in these sort of circumstances and even harder to convict someone.Halt of Aim managements would be in jail

Pacman, completely agree. Something doesn’t add up here.

Shares won't be cancelled, the listing/admission will. You will still own shares of a private Co.

Ive seen people talking about restruction etc but it's in administration as a result of defaulting on their debts. All assets will be sold to recover as much money as possible. Manage your expectations people.

The RNS clearly stats the following:

"As a result of the Administration, Cavendish Capital Markets Limited and Peel Hunt LLP have informed the Company of their resignations from their roles as Nominated Adviser and broker respectively, with immediate effect. The Company's shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser."

To reiterate, they do not have a nominated advisor nor do they have a current intention to get one therefore the shares WILL be cancelled in less than 1 month.

What case

You need to post the email with the time stamp and the wording please. We can use it against them in the case

What's the FCF at 140p a therm?

Hopefully Smith Square and partners will be saying oh look how much these assets are producing at 128p a therm. Both fields highly profitable at these levels. Lets get the debt restructured and recover the market cap. Doesn't look like the Directors want to save it tho.... does it.

The company brought in Smith Square Partners to advise them on the situation, if the professionals can't come up with a solution, what chance has anyone else.

The Bondholders are bondholders essentially for a return on their investment, they never intended to own a piece of the Company.

It's down to the administrator now to either restructure or asset sale.

The talks with bondholders and the company are on going, the company has said its not found a viable solution that provide a return for shareholders.

I doubt anyone can and certainly not a random poster on a share BB.

We agree on the rampers whatever you think of me I like to see the glass half full side of things and hurricane was a good example of turning things around which you just rubbished

Einstein

Stay way from negative people

They have a problem for every solution

Any ideas bambino to give here to create a hurricane type solution? Or ideas to buy time?

I don't think so

2phevs, I certainly don't think you could make a career on stage as a mind reader perhaps just stick to being a clown.

I do however detest rampers who feed off innocent investors encouraging them to buy into the dross of AIM shares, whilst they muti-bag leaving others to hold the baby.

There's nothing I've said here to encourage people to buy but somehow, you think I should be investigated and I'm reveling in other people's misery.

Get a life

Seems like you revel in others misfortune then probably some sick backlash from a misfortune you've had bambino

"One thing is absolutely certain here, me and bebeto are going to make loads of money with the cheap shares we have bought"

"We are not in administration yet, I’m expecting IOG to come out of suspension soon."

Absolutely shameless.

Group now approaching 100 people.

Strong revenues from gas will be filling the account with cash. All stolen away from shareholders

When will administration start?

Gas prices should go very high soon, with this unfortunate crisis happening in the Middle East, I won’t be surprised if gas is over 300p per therm by the end of the month.

Https://www.moneysavingexpert.com/reclaim/company-administration-help/

*Couldn't

(I wonder why LSE has changed al capitals to lows)

misleading rnss my ****! you had several posters countering the ludicrous statements made by the pumpers. the company was in great danger due to southwark disaster, after that and the decline of the nbp, it could pay its debt. simply as that.

Hi mate yes expect will need to pay some at some point. Happy to do that.

Nobody will be forced into anything we decide if we want to take part

Hi coldspy, in my experience these sort of groups, the lawyers want money, they might start off free but they eventually want paying.

Don't get me wrong, if they are claiming off the bod or company, let me know and I will join but I will not join a group where the lawyers are trying to do a uk version of class action lawsuit. These are normally a waste of money and time.

has administration started?

When admin starts, I might start a social media campaign against the bod for giving misleading RNS's.

If you join the group you will know exactly what is happening. If Administration has started or hasn't started. Every step of the way.

FCA do nothing and thus behavior is going on for year. Event when you make a complaint there is no acknowledgement yo tell you they like to record your file and just forget ut How does it work nobody know but CEO can public any kind of RNSs as they see it fit for their aganda then they disappear as nothing at all.

JH77, has administration started?

66 people so far. Justice must be served in the UK no matter who they are.

Https://lifephotographic.wixsite.com/iogaction

Save the number in your phone

0 7 9 7 9 4 1 7 2 7 6

Go to WhatsApp and say

Hi, I'd like to join the IOG group please

And you'll be added. Group is growing every day.

At moment 60 people who are holding a significant % of IOG

Many thank ill give that a go

Disgusting behaviour really... They must have morals of sewer rats!

I think they did a couple of waivers and people mistakenly thought they'd do another.

It was all just a delay tactic to coincide with interims suspension.

Save the number in your phone

0 7 9 7 9 4 1 7 2 7 6

Go to WhatsApp and say

Hi its Sunbeam off lse. I'd like to join the IOG group please

And you'll be added. Group is growing every day

Very weird there's still people on here more or less saying I told you so. Congratulations from me, an eegit. Have you really nothing better to do with your time? I'm just interested in the pychology of you that's why I comment.

[LINK REMOVED]

“the huge debt burden coupled with poor quality assets was a toxic combo,” he said, alongside poor management

aye that just about sums this one up. whatever made them eejits keep buying this ****e has cost them all their money!?!?!

Ashley Kelty, analyst at investment bank Panmure Gordon said the move had been “a long time coming”.

“The huge debt burden coupled with poor quality assets was a toxic combo,” he said, alongside poor management.

He added that he expects smaller independent players may look to pick up production and development assets from the process.

They never produced anywhere near enough for a long enough period. Gas prices also duped the market. Some really thought they were buying a bargain sub 1p when they were just buying the embers.

Weirdly today I found myself looking up the gas price.....more than once!!!