The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hey MattyBoy , I'm in exactly the same position
Well at least the consolidation has been cancelled, so I now have 1,000,000 worthless shares as opposed to only 25,000 worthless shares?!
Every cloud.... and all that (LOL!)
It's not over till the fat lady sings, although she is warming up her voice, lol.
Finely you’ve smelt the coffee
At this stage the prospect of a return is looking increasingly remote me thinks. Cash in bank means their out of options to relist unless they raise in the next few weeks. Cant see another emergency rights issue being funded so unless they can conclude a deal and relist quickly its times up
Correction - Please note that our previous messaged incorrectly stated that the proposed name change had also been cancelled. You can find below a corrected notice of results. Please accept our sincere apologies for this mistake.
What has happened?
In December 2022, we wrote to all holders of Nu-Oil and Gas plc shares, letting them know that the company had announced its intention to consolidate its share capital. Under the terms of the Consolidation, every 40 shares held were to be consolidated into 1 new share. Further to this, Nu-Oil and Gas plc was to be renamed as Guardian Global Security Plc.
The proposed name change has completed, and your portfolio has been updated to reflect this change.
However, following a number of extensions to the effective date, the company has now elected to cancel the consolidation.
If Nu-Oil and Gas plc decides to resume the consolidation
Most definitely 100% finished, kerput, over, dead in the water.
Consolidations are always an emotive rhing. Far more so than splits, even though both are - of themselves - value neutral.
If they can somehow get a deal which involves an O and G asset incoming then there is potential value in the tax losses.
Each depends on it's own facts of course. They gave to be "the same business" which is somewhat subject.
It it unlikely a producing field would qualify (though not impossible). If it were that simple it would very likely have already happened.
If it were a development field then there is a good chance.
There were also changes to carry back/forward a couple of years back which make allocating prior losses against future profits more restrictive and subject to limits.
There is potentially 11.245 m in offsetable tax.
Hi YingTong
Nope, maybe they can't cancel the name as it is registered at company house. That as you say can be changed with a GM, but it looks as if the 40:1 consolidation has been cancelled. If and when another so-called deal comes along, they will have to consolidate again, and maybe not so harshly next time. We can only live in hope something comes along. Maybe with the oil price so high we will stick our toes in those murky waters.
It can't cancel the name change. It has already done it ! No marks to HL there.
They could of course have another GM and change it back.
So I still have my 22mil worthless shares then if the "Further to our previous communication on 1st March 2022 we have received notification that the Consolidation and New Listing on LSE will not be going ahead.” consolidation has been basically cancelled.
I’m confused, is this returning to a shell company and have the chance of another go, or has the fact guardian failed caused the final blow?
That's it then!
Last one to leave turn out the lights please!
What a joke!?! LOL!
interesting, Halifax issued the below message:
GUARDIAN GLOBAL PLC - Important Information
Proposed Consolidation Update.
1 New Ordinary share for every 40 Existing Ordinary shares held
and
Proposed New Listing on the Main Market of the London Stock Exchange (LSE).
Important Information & Other Key Dates:
Further to our previous communication on 1st March 2022 we have received notification that the Consolidation and New Listing on LSE will not be going ahead.
Should you retain your holding of Guardian Global plc, we will notify you on receipt of any further information from the Company.
Should you wish to find more information about the cancellation, please visit the Company website www.nu-oilandgas.com/
December 2022 ?
Just in case anyone not seen, HL just sent this info out.
“In December 2022, we wrote to all holders of Nu-Oil and Gas plc shares, letting them know that the company had announced its intention to consolidate its share capital. Under the terms of the Consolidation every 40 shares held were to be consolidated into 1 new share. Further to this, Nu-Oil and Gas plc was to be renamed as Guardian Global Security Plc.
However, following a number of extensions to the effective date, the company has now elected to cancel the consolidation and name change.
If Nu-Oil and Gas plc decides to resume one or both elements of the action in future, we shall write out to you to make you aware”.
For some there may be mileage in kaking a negligible value claim to HMRC for CGT.
If they were held outside an ISA then the acquisition cost will be the original purchase price. Care must be taken over timing because of the time limits on claiming the loss against other crystallised profits.
If they were held inside an ISA it doesn't help :-( This is because the acquisition cost will be the value when they were booted out of the ISA. I think the same will be true with a sipp.
So with the release of the latest Corporate Action (the main thrust you'll see in YingTong's post of 09:47) these are no longer even viable as bottom drawer holds; termites have eaten the cabinet and there's not even sawdust left?
Kmack,
Received by somebody:
Further to our previous communication on 1st March 2022 we have received notification that the Consolidation and New Listing on LSE will not be going ahead.
Should you retain your holding of Guardian Global plc, we will notify you on receipt of any further information from the Company
------
Curious. The resolution was unconditional (doesn't really make any difference either way but not implementing a resolution is probably an offence under the companies act).
MORWENA,
They, whilst a PLC, are unlisted. They cannot issue an RNS for anything (it's for regulated news by listed companies).
They can issue a reach, anybody can access this service. It is for unregulated news. They have done this but are in no obligation to do so.
As far as I am aware the only thing they are obliged to do is notify shareholders of a general meeting. (*)
Even if something as dramatic as insolvency were to occur the company has no obligation (not saying it is or will happen just exemplifying). In this case though the administrator has various duties which involve communication with shareholders.
(*) It gets murkier. Strictly you are not likely to be a shareholder. You are only a shareholder if your name is recorded on the register. Most are held by nominees (generally pooled, but sometimes individual). You are simply the beneficial owner. With listed companies the nominees have some obligations to disseminate the information (not the company).
With unlisted companies there are none that I am aware of.
Bottom line, there is very likely an information vacuum in terms of what they release and how it gets to holders.
As a large shareholder, I'm surprised that I have not received an RNS about changes. Has everyone else received one??
Can’t be bothered to say I told you so.. it was so damn obvious.. glad it failed, dilution made it pointless and would of come back at far below a penny anyway. Not worth it, fake people running a lame directionless company ( self proven by failed fund raise ) No wonder NUOG considered them :) it’s a looser train. As for mr doozy.. well, all credibility lost there. Not that he had much anyway.This nuog crew really is a lesson in how not to do anything that involves actually making money by not stealing it! 3rd time lucky, let’s hope so, but think a baby monkey has more chance of making a success here. What a bunch of failures.
Hi Ying Tong
Thanks for that, and I think we can all see how Taxi like most of us long term sufferers are feeling. Thanks for the input on those cryptos I did some digging and bought some XLP and XRP. It's a bit of a gamble, but worth a punt. I've made a wopping £70 so far lol buying through Revolut and Binance. Seems like XRP is banned from trading in the states.
Taxi, of all the posters on this board that I’ve read over the years (and I’ve been here since ENEG were 18p), IMO YingTong is one of the most impartial, and I think his posts are informative and, from what I can tell, seem to be factually correct. If he’s not saying much positive about this dog of a company, that’s probably because there’s not much positive to say!
Anyone still invested (and for the record I have 5M and am £30K down) should have written this off. Hoping or expecting Guardian, or anyone else, to salvage this and return anything to us, while saying “the BoD have our best interests at heart,” is sadly living in cuckoo land – I’d be delighted if that were the case, but it’s not going to happen, and I’d be surprised if they have anyone’s interest at heart except their own.
This is not directed at you and I see it on every board, but I can’t understand how defensive people get to a negative post, and the blinkered approach they have to their investments that they’re under water in (in our case, chained to the bottom of the pool!) Sure, nobody wants to hear bad news, but surely it’s better to hear the truth and act accordingly, rather than blindly carry on as if everything’s going swimmingly…?
3rd time lucky then