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.
Look, we can all fester in our disgust as to what happened here. In reality we cant do anything about it and we certainly wont get a refund. Lets move on now and hope for a better future. Its a risky game and you win some and lose some. Now stop bleating on, either get out of this before you have a complete meltdown or look forward to a new beginning.
TD has no f##cking clue what's going on. The creditors are known for shorting the stock and you can't negotiate with them without hurting the share price and that what's happening right now.
Wow, Tony Durrant what a **** you are.
jeez someone just bought 150k shares at 12.99p.
NO chance, angus shareholders are trying for a year with no result...
City of London is a fraud castle. Well protected as gov thinks they are essential to economy, true is they are cancer.
No win no fee probabley the best way; should also give you a clue if the solicitor really thinks there is a case.
Rgds Sft
And yes I know 20m isn’t going to change much but that whole thing does not sit right with me. Find the 82m shares on the open market to close your short and see what happens to the share price.
At the minimum we should get the value of the 82m shares equity ARCM took.
Can they issue extra shares to those long time Shareholders that supported the company for for years and lost Thousands £££ because of it?
What a mess this is. PMO long term and loyal shareholders have been left naked and defenceless. The principle of matter should count for something. Who will be next?
Biggest short in UK history.
Life's too short, get over it and move on. Remember life's unfair but just by being born in the developed world you've won the lottery of life.
Cleatclinger,
The whole thing stinks but proving a claim will be difficult. Did your solicitor explain where your claim might lie?
I'd recommend setting up some funding page for all of us to chip in a few quid to pay for a decent opinion from a Silk.
It would probably be about £3k max
Tex
I can only think it was Arcm’s game plan all along and possibly approached companies looking to buy assets on the cheap. It all comes down to proving it though.
Arcm definitely seem to have been working against the best interests of PMO and given the total capitulation by the BOD suggests something strange is or has gone on.
I’m amazed that Pmo haven’t even bothered to explain themselves as to how we got to this position/mess. They owe shareholders an explanation and although we may not like it, they should give us one non the less. It’s their duty!
IMHO
cleatclinger If i had still been in this stock i would support that action. It looks like fraud to me.
If anyone else is keen to pursue legal action then I am following up with a solicitor over this who initially thinks there is a reasonably good prospect of a claim and speaking to counsel. Note PMO themselves reached a settlement out of court with ARCM over this.
my contact details
mattjh078
at gmail
They clearly breached SSR, don't know they could have got off without a fine!
The face one of their main lenders was shorting their shares at the same time is major news i think and hopefully others will join me in pursuing a claim.
Mrd5432,
They could have got off scott free. ARCM did make two good counter arguments. A derivative is different to a short and the market was informed of the total stock on loan which at one point was 30% odd if I remember rightly.
Does anyone have the detailed of the verdict? I guess the ARCM were represented by a legal team?!
I would think the detailed information should be in public domain and should be of interest to shareholders.
Anyone?
Mrd - fine is a laugh. A drop in the ocean of the profit they made.
You can imagine their BOD messaging their PR dept - "can you just put a message out to the press that we take the UK regulator seriously, something nice, we are too busy drinking champagne to do it ourselves".
880k fine laughable. In usa it would of been 3-400 million
ARCM failed to make 155 notifications. How is that unintentional?
The Financial Conduct Authority (FCA) today announced it had fined ACRM £873,118 over failing to publicly disclose its net short position in Premier Oil built between February 2017 and July 2019.
Slap on the Wrists.....Long holding shareowners that lost Thousand need to be compensateed!
exactly. FCA is another pussy agency supporting the rich monies and pretending is doing its job...
It should have been a large percentage of profits they made rather than the token fine. Hardly likely to discourage anyone else from doing the same.