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Started: Sionica, 13 Apr 2023 17:53
Last post: Sionica, 19 Apr 2023 19:31
Hope they get the auction away, so at least we have a trading facility, might buy more if it is going cheap. Enwell is still tradeable so there is value there, even if it is near historic lows.
Reason i bought was the UNB stake. Thought they would unlock that for multples of the share price. I suppose thats prerty much worthless now its been nationalised for the war effort, but how about when the war ends? Putin appears to be gearing up for an existential fight with the West, so this could grind on indefinitely one way or another.
Russian assets still producing, but will they exit below book value?
Also worrying is if the Russians gain air superiority the war might turn in their favour, and they could hammer infrastructure even more than with just missiles and drones.
Positive is business still trading, we own something and overall they seem to be in reasonable order. Pretty good update, they’ll be a very valuable asset for urkraine and Europe. One reason urkraine wants to claim lower lands to crimea back is the oil and gas, it’s needed for europe if and when a war ends. Top priority
JKX Oil & Gas Ltd. Key metrics for the 6 months ended 30 June 2021
Average production 9,255 boepd
Production costs $4.3 per boe
Profit for the period $9.9m
Cash generated from continuing operations $16.8m
Started: Sionica, 14 Apr 2023 13:09
Last post: Sionica, 14 Apr 2023 13:09
Name
Harris & Trotter LLP
Incorporation
14 January 2003
Incorporated 20 years ago
Size
Medium
Between 50 to 250 employees or between £10 to £50 million turnover
Classification
Accounting, and auditing activities (69201)
https://suite.endole.co.uk/insight/company/OC303687-harris-trotter-llp
Started: Sionica, 13 Apr 2023 21:06
Last post: Sionica, 13 Apr 2023 21:06
From the Chairman's statement...
Following BDO LLP’s resignation as auditor, the Company was rapidly able to appoint a successor auditor Harris & Trotter LLP.
Not found anything for them on investegate apart from an AGM for Aeorema Communications plc (AIM: AEO.L) being held in their offices:
"The AGM will be held at the offices of Harris & Trotter LLP on 14 December 2021 at 11.00 a.m.."
Started: Sionica, 13 Apr 2023 17:45
Last post: Sionica, 13 Apr 2023 17:45
Ad hoc Asset Match Auction closes in 18 days; Lowest Offer 29.00p. No current buy orders.
Auction details
AUCTION FREQUENCY
Ad hoc
NEXT AUCTION DATE
13 Apr 2023 - 02 May 2023
AUCTION CLOSE TIME (LONDON)
04:00 PM
MARKET TYPE
Open
TICK SIZE
0.50
https://assetmatch.com/app/OurCompanies/CompanyProfile?companyId=2536#:~:text=JKX%20Oil%20%26%20Gas%20announces%20that,21st%20April%202023%20at%204pm.
Started: Sionica, 13 Apr 2023 17:40
Last post: Sionica, 13 Apr 2023 17:40
Company News
ANNUAL REPORT & ACCOUNTS 2021
03-Apr-23
https://www.jkx.co.uk/~/media/Files/J/JKX-V2/download-centre/jkx-ara-2021.pdf
Started: Matthew125, 18 Nov 2022 21:56
Last post: Matthew125, 18 Nov 2022 21:58
Letter of resignation from the auditor.
www.shareview.co.uk/clients/misc/jkx_auditor_letter.pdf
Well this doesn't seem like great news. I understand that JKX have Russian assets but it is a Ukrainian company? Makes me wonder how the UK Grovernment would treat FXPO assets if they fell under Russian control. This war and the sanctions need to end soon! The one positive from this letter is the statement 'best interests of all its shareholders'. I just hope that will include the smaller ones based in the UK.
JKX Oil & Gas Ltd
33 Cavendish Square London
W1G 0PW
T: +44 (0)20 7323 4464
www.jkx.co.uk
Dear Shareholder
Resignation of BDO LLP (“BDO”) as Auditor of JKX Oil & Gas Limited (“the Company”)
I am writing to you today to inform you that BDO LLP has resigned as Auditor of the Company. As required by applicable law, and for your information, a copy of BDO’s letter of resignation can be viewed here.
The Company has taken advice from external legal counsel on the matters set out in BDO’s letter of resignation. This advice takes a fundamentally different view on the key legal matters addressed in the letter of resignation and concludes that there is no legal reason why BDO cannot complete the 2021 Audit. This advice has been provided to BDO and the conclusion of that advice has been provided to the ICAEW, the professional body to whom BDO is required to report its resignation.
As a result of BDO’s resignation the Company will not be able to comply with its obligations to provide copies of the audited accounts to shareholders or file audited accounts with Companies House by the applicable deadline (31st December 2022). The Company is liaising directly with Companies House to ensure that they are aware of the situation and its context and is in the process of identifying new auditors as a matter of urgency.
The Company is clear in its condemnation of the illegal invasion of Ukraine by the Russian Federation and remains committed to its previously announced policy of the disposal of all its legacy Russian assets. The Company is actively working to achieve this, although the multiple sanctions regimes and practical matters make it a highly complex task and success in the short term cannot be guaranteed.
In conclusion I would like to reassure you that the Company and its Board remain committed to complying with all applicable laws, including those restrictions introduced as a result of Russia’s illegal invasion of Ukraine, and the Board will continue to manage the Company in the best interests of all its shareholders.
Should you have any questions about this email or BDO’s letter of resignation please do not hesitate to contact the Company by e-mail on ir@jkx.co.uk.
Yours sincerely,
Michael Bakunenko
Chairman of the Board.
Started: unvrkw, 2 Sep 2022 14:03
Last post: unvrkw, 31 Oct 2022 08:45
Still hold the shares but no contact from business. It maybe understandably as you say that no one is available because of the war. We own the shares just a question maybe overtime to find out what this is
I thought this would be riskly to try to carry on holding but the whole Russia/Ukraine thing really threw another serious spanner into the works. @unvrkw Lack of contact maybe an additional side effect of the war. Broker is still showing them in my account so I might ask if they know anything about what is going on. From the offer I remember that is was stated that you would still hold the shares if you didn't accept so if anyone is holding the shares for me it must be my broker.
another disastrous investment by me :-(
i've a strong suspicion weve lost our money and no contact from the business and seems impossible to get in touch!! this might now disapear, be interesting if results gets submitted at companies house when due
Started: Matthew125, 1 Aug 2022 01:17
Last post: unvrkw, 30 Aug 2022 14:54
at the moment you cant buy or sell any shares even on the matching page as this has been suspended by JKX too. if they are in production which i assume they will be as they have never been in the hands of the russians and the gas will be essential to keep everything going. unless theyve been taken over by gov like others they must be making a great deal of money. completely silent. i rang all the numbers on their website and no answer on any, sent a mail too.
How is everyone still here holding these shares now? I am with ii and they still seem to be sitting in my ISA? I thought that they would have been moved out by now. Does anyone currently hold a paper cert and how did you go about getting one?
Started: Sionica, 8 Apr 2022 15:25
Last post: unvrkw, 11 Apr 2022 11:28
i understand that the gas pipe lines through urkraine are still working and havent been touched, everyone knows the power and valve of gas. are their wells in the east, one suggestion was that putin would attempt to get hold of these assets to pull them into russia
“The Company announces that it is postponing the share auction intended to close on 26th April 2022 in view of the current situation in its core focus area. The Company will provide an update on its plan for future auctions in due course.”
Shareholders should contact Asset Match in relation to any queries regarding trading via the secondary market trading facility by emailing dealing@assetmatch.com.
Started: unvrkw, 9 Mar 2022 12:33
Last post: JODO, 6 Apr 2022 12:33
Thanks Hud!
If you are talking about the 42p announced in Nov I think and de listed start of Jan, I received my money less than 2 weeks later. Did you complete a form with your broker to tender your shares. You are best bringing this up with your broker.
Not I!!
(Answering myself).
Has anybody who opted to accept the 42p received payment yet?
No news is good news? Considering the drops in values of Russian companies, this one seems to be holding up pretty well! :D (If checking Asset Match)
My first time holding shares in a private company although this whole Russian thing has throw an extra spanner into the works. Probably also lowers the chance of a relisting anytime soon!
Started: Sionica, 10 Feb 2022 11:47
Last post: unvrkw, 2 Mar 2022 11:48
well the price is going in their favour but nio idea sanctions (at the moment not on energy), locations are creating problems. silence from the company which isnt unusual when private
42p£??
Does anybody know when the £42 offer is actually paid out?
I didn’t keep the shares to sell soon, I’ve gambled on dividend payments based on high gas prices which continue, can’t belong now before an update
>>>Based on the current indicative price of JKX stock on the Asset Match website, it has barely changed from last December, with the market capitalisation of the producer currently estimated at little over £58 million ($79 million).
We have only been on the market since 7th February, so it's too soon see where the share price is likely to settle for the first auction. Not everyone knows about asset match, whether their broker supports it, and how to trade on it.
A good trading update released before the first auction closes will hopefully support the price.
Hopefully by then Russias intentions will also have become clear.
Started: Sionica, 10 Feb 2022 18:55
Last post: Sionica, 10 Feb 2022 18:55
MARKET CAP. £58,073,487
REVENUE £52.57m
PRE-TAX PROFIT £18.77m
EARNINGS PER SHARE 9.18p
P/E RATIO 4.36
SHARES IN ISSUE 145,183,718
Started: unvrkw, 3 Feb 2022 08:25
Last post: unvrkw, 4 Feb 2022 21:14
There’s now 145 million shares in the company so when we get the divi pot it will be interesting. I’d think of the 26 million bought in the tender most where worries retail investors, the big holders held.
Be interesting when we get some insight of results. That’s done commitment over 100,000 shares but might pay off with higher divi payments as it’s got to go somewhere.
Or we’ll get another offer for shares.
Started: unvrkw, 13 Jan 2022 19:51
Last post: unvrkw, 1 Feb 2022 21:30
That’s a holding. Waiting game, I’d expect business update soon, I check their website every now and again because that’s where it will come from
Holding 110000 shares here, any idea what comes next for the little guys? Would they issue a new tender at a higher price to repurchase all the stock?
I’m just watching the web site, they’ll update financial numbers as and when, see if there are divi payments and then hassle your broker about it
Same. The mistake I made though was not repursing outside of the ISA to keep the cash in the ISA. Not a huge issue as I don't use the full 20k allowance every year.
Nice to see that so many others also thought that the 42p offer was subpar! Bit sick see the shares valued at 0, for now.
glad to see that my 12500 shares are not alone. I must admit its a bit of a pain not being able to trade online however this is a financially sound company and I was damned if i was giving up my shares for a measly 42p
Started: unvrkw, 6 Jan 2022 21:59
Last post: unvrkw, 6 Jan 2022 21:59
Says updating website. I expect shares to move to out of isa standard pot, website being updated so need to keep an eye on comms. Interesting if we get a performance update shortly. Must be making a killing.
Started: unvrkw, 24 Dec 2021 14:18
Last post: Matthew125, 1 Jan 2022 15:25
Didn't bother selling any. Let's see how they treat shareholders once they are delisted.
I have a small holding, 9, 560 shares so sold 5560 and kept 4000. Second grade in the business, made £1500 first time so net net not really down that much, I think risk worth taking just whether they go super dodgy and either disappear but hard for them to claim bankruptcy in current position. I think they’ll divi £50 million. Literally think they’ll want to hoover up, divi around the tax everything at the moment as gas price is so high. If they divi £50 million with same number shares it’s just over 25% return, here’s hoping, merry Christmas everyone
For obvious reasons they won’t share any improvements in revenue before they delist. I’d expect something quite quickly in Jan and based on current gas prices it will be very good. I’m going to derisk and sell some but keep hold of a few that if results are great is enough to improve in value and mitigate my small loss. Net net monies got to go somewhere. I think now they either need to disappear through another legal means which is possible or they’ll be happy with their slice and accept our involvement.
I think they’ll offer a second higher price and because they’ve not used takeover rules they won’t legally have to retrospectively give to all others.
How can they not be making a more and they had over 51 million net cash last update. They’ll have smashed their current market cap. The risk on AIM is exactly this, either very **** company goes bust or very good company that the directors want for themselves.
Started: TheMadStork, 14 Dec 2021 09:20
Last post: unvrkw, 23 Dec 2021 22:09
I have another share delisted and it sits in my trading account now. I want to see the overall outcome. The company can still track all shares and make off line offers
@unvrkw, Seems like a good plan. I won't need the money so would be happy to just let it sit there and see if some dividends come down the line. Shares are currently in an ISA so I hope my broker will let me keep them by just transfering the delisted shares to my trading account.
Their certainly keen to get shares. Started off by saying limited offer now anyone under 500,000 is guaranteed and they reserve the right to purchase others. They’ll buy everyone offered, it’s easy money.
They’ve used a standard, legal calculated method to demonstrate a sp to tender at and that’s been followed through, cheap overall but they don’t care. I’m selling 2/3s at a small loss and keep 1/3 just for the sake of it to see what happens. I agree they are a very profitable business and they’ll want the cash out, could even re tender a month later
After the shares are redeemed, the company, already in the form of a limited liability company, will pay substantial dividends, since the company does not need such an amount of cash for development.
@Maksym I had a read of your post history and see that you are from the Ukraine (are you living there as well?). You probably have a better insight into this company than most, so what additional risks do you think there will be holding JKX as delisted? Will there be additional risks on top of those for holders who are outside of the Ukraine? I've only got 24k shares so maybe I might be willing to ride the whirlwind for a while! LOL. I think a lot of the risks of the Ukraine are overstated and yes I am in FXPO as well.
Started: Riddle90, 3 Nov 2021 15:05
Last post: Matthew125, 7 Dec 2021 20:38
I suppose he would suggest that the 42p deal doesn't go through, for whatever reason, and the shares drop in value?
Company is still way undervalued. If anything changed with the deal, price would likely be stronger but heyho.
Supposing you outline for me a scenario where that happens?
Supposing you don't get the 42p?
Well, I bought a chunk at 37p+, enuff to cover my loss and make a small overall profit at 42p. Clearly shoulda bought more!
There are companies that will buys at 38p and know that in several weeks be offered 42p ; that's a 9% gain on investment minus cost.
Myself sold out this week , managed a 80% gain but feel robbed but on a P/E of less then 1 the market as always got this right due to risk.
The worst case was being de-listed and end up with paper shares without the offer.
May invade Ukraine according to the US WITH A BUILD UP OF TROOPS OBSERVED
imo people are taking a big chance buying here the market is pointing in the wrong direction,gl anyway
Agree, 42p is the baseline price here. The only risk is that the deal isn't approved (very unlikely but I did vote against it) and the price will find new highs!
Everyone thinks that they can do better in other stocks and good luck to them! If there is more weakness in the price hereI might add a few shares just to get the little uplift to 42p.
I thought this had great prospects averaged at 46p and sold quickly on the news at 37.5p GREAT.I said I moved on the other day,well I bought into TXP at 1.14p and now recovered all my money back in a couple of days now trading at 1.43p with good chance of going a lot higher on fantastic news.This is a disgusting way to treat investors sold because I don't want the worry of sitting on a private co
Having re read the RNS, I cannot see how anyoneon the register on the offer date cannot get thir 42p in the Offer.
So why not buy all you can sub that level? Surely only imoatient PI selling is driving this down.
Started: Itsriskythat, 2 Nov 2021 14:41
Last post: Thordon, 4 Nov 2021 20:20
Hi Riskythat
You have been a long term investor in JKX in chat room here , but the statement you made made me think you had inside information as even through you start positive ends negative a classic insider. More still this is the only share you talk about and since the statement below you said nothing job done.
Thordon says "The real SP value will settle once dividends are restarted."
Dividends are possible but so is a share buyback. The enterprise value of JKX, which is market capitalisation plus provisions for rental fees minus cash, could turn negative before long. If that occurred JKX could buyback all its shares in issue and satisfy future rental fee claims and be cash positive and free of provisions as a private business.
You don't have to believe that the current gas price in Ukraine of $935 / Mcm is sustainable for this to happen, only that the gas prices being paid by Moldova and Bulgaria on new contracts signed with Gazprom are setting a new baseline for the future gas prices this winter season. The Gazprom prices agreed are $535 / Mcm and $450 / Mcm. These compare to a gas price $431 / Mcm realised by JKX in Q3. In effect the latest Q3 price is going to be the baseline this winter.
Calculation of JKX baseline cashflows in Q4 and Q1 says that sometime in the New Year the enterprise value of JKX will turn negative unless the share price appreciates substantially.
That’s an interesting thought, although I’ve no idea how likely it could be. So, assuming all shares could be bought back in and cancelled, who would be left owning the business? Wouldn’t a 20% shareholder be just as cancelled as a 0.001% one?
Thordon says "The real SP value will settle once dividends are restarted."
Dividends are possible but so is a share buyback. The enterprise value of JKX, which is market capitalisation plus provisions for rental fees minus cash, could turn negative before long. If that occurred JKX could buyback all its shares in issue and satisfy future rental fee claims and be cash positive and free of provisions as a private business.
You don't have to believe that the current gas price in Ukraine of $935 / Mcm is sustainable for this to happen, only that the gas prices being paid by Moldova and Bulgaria on new contracts signed with Gazprom are setting a new baseline for the future gas prices this winter season. The Gazprom prices agreed are $535 / Mcm and $450 / Mcm. These compare to a gas price $431 / Mcm realised by JKX in Q3. In effect the latest Q3 price is going to be the baseline this winter.
Calculation of JKX baseline cashflows in Q4 and Q1 says that sometime in the New Year the enterprise value of JKX will turn negative unless the share price appreciates substantially.
Started: Swatton, 4 Nov 2021 08:35
Last post: AngelsOneFive, 4 Nov 2021 11:53
Holding mine in an ii SIPP. For previous corporate events in other stocks eg. rights issues, I’ve had to choose from the different options, so I’m expecting something similar to happen in this case.
I know this is a (tender) offer I CAN refuse, but it doesn’t really feel like that this morning. Private Ukrainian companies aren’t my usual stomping ground. atb
Swatton
id go straight to HL and ask them, rather than ask on here to be honest
I guess my question really is will I personally get a vote and will I be eligible for the 42p offer. If all our shares are bundled together then they will clearly exceed the 500,000 limit. If I am eligible then I will probably wait to see how it unfolds but if I'm not eligible then I would not want to hold shares in a private Ukraine company and will need to sell before hand.
I guess my question really is will I personally get a vote and will I be eligible for the 42p offer. If all our shares are bundled together then they will clearly exceed the 500,000 limit. If I am eligible then I will probably wait to see how it unfolds but if I'm not eligible then I would not want to hold shares in a private Ukraine company and will need to sell before hand.
I don't think our votes will have much effect as it looks like they've got the majority wrapped up. However I guess HL have to take this up like you say.
Started: unvrkw, 4 Nov 2021 07:19
Last post: jt321, 4 Nov 2021 09:28
If you look at the other holders they're a bunch of offshore companies. It seems unlikely that they're not known at the very least to the eclaire group and links might be much closer still.
Their saying the total to be bought is more than the total free float so in essence all small pi shareholders can be grabbed in this event.
Are the other just short of 76% happy with the deal and rolling over into the private company? I’d find it very strange if they where, it’s unusual this type of % would unless in on, or they come back and ask for a bigger deal. It’s a delist not a buyout so the rules around who is offered the 42p change, let’s see what the GM brings and next few months.
It’s clear in this high gas price environment they could have raised more money and either buying assets or divi would have been expected soon. They’ll argue fair value based on previous sp however as with most occasions that won’t take into account the future potential.
They’ll go private, divi the hell out of it. I have traded twice, 1st time realised about 1.2k this time would be down 1k, I waiting and little bit of me tempted to keep shares, take risk of loosing and potential next steps. If they really want the shares they’ll offer again