We would love to hear your thoughts about our site and services, please take our survey 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.
Caddy, but will we get anywhere near 1.2p per share ?
Looks like none the way this is plummeting. Everyone expects the BOD to do the dirty on shareholders (nothing new there). Just want my 1.2p per share and leave with bad memories of this company.
What safeguards are in place to prevent the BOD stripping out the remaining cash ?
Mr.big shot
Agniessearner....as per email on AMC etc. I could only find this one post here on SCIR....I suspect there were a couple more??
" RE: Malceys comments FWIW22 Dec 2023 09:47
There is a difference between "will" or "may".......personally I think "will not".........the BOD will probably take years to identify a RBO...and still draw salaries to boot!
"At this point, the Board intends to finalise its review of a range of potential alternative options available to it by which it is able to deliver value to Shareholders, which may include the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction."
I lost £90 selling out of here ......but the "turkey" in me has bought back in.....but got an extra 52k shares for the same net investment.........cooking! lol. "
and then made my £78 profit .........my big shot me...lol
I think the 3/4 wait is because the BOD will demand there salary for that period even if they are doing nothing.
The company could still be a rto target as cash at bank more ro come and over £7 million in tax losses.
Shareholders would then have shares in a new company run by a completely new management team.
Probably end up getting more of a return that way.
Imo probably five years before you would get the final installment. Of course this is assuming all of the Ruvuma sale monies are received.
Gas prices are half what they were when the sale was done.
Anything possible here.
I missed out the fact that I haven't managed to buy any yet, keeps going nt 😕
@Updownstream
I don't know about anyone else, however, I've tried to buy some more as in my belief, the Tanzanian asset should be worth a minimum of 5m, possibly up to at least 8m.
I can't remember what our cash balance, or the total receivable amount was for the sold asset.
If there's only say 5m from the gas assets, if you divide this by the total shares (900m), the return should be 0.55 pence per share.
With each extra 1m adding 0.11 pence to the payout.
You have voted to take control of the company and any monies due to it. The management gravy train has ended. Its scandalous how this company has been run. Watch these guys and avoid any future company these are associated with. Did you see how they wanted to pull the wool over your eyes? These guys should be kicked out. Should be another vote to vote out the whole management. Maybe they will resign soon anyway. Damn.
Well done to all shareholders for taking control of your own company. These guys have been appalling and deserve the boot. Obviously they wanted the gravy train to continue. What a disaster of a management. Get you cash out before these guys blow it all on their salaries.
I think the SP shows a fundamental lack of trust in the BOD to deliver a workable MVL without stripping out the cash/assets.
With 80% of the shareholders voting for the MVL, Why will it take 2-3 months to get to another meeting to get shareholders permission on the liquidators.
Judging by the fact the share price has not moved, can it be assumed that the 1.2p is just not going to be a reality?
If there was a real expectation that there was going to be a 1.2p return surely there would be frantic buying and the price would be rising significantly.
Not really sure what to do now? If the return is an eventual 1.2p as the BOD mentioned, then would it not be sensible to buy a shed load now and just wait for your investment to more than treble?
Just wondering what happens about the Ruvuma payments still due to SCR over the coming months and years...?
In what basis? Maybe the opportunity is perceived fairly priced at the moment?
Even with those questions I would have expected to have seen some movement in the SP, probably downwards.
Upstream - what is the value of cash at bank? What are the future cash flows? When will they be received? Time / opportunity cost has a value.
Resolution passed to return money to shareholders. RNS out
Can someone with a greater knowledge explain why there has been no movement in the SP?
Surely based on the results of the votes the shares are either worth a quoted and very optimistic 1.2p or a pesimitic 0p?
Trading in the shares will probably continue until liquidation is approved by shareholders.
Mustn't forget ongoing aim fees and liquidator costs probably in the tens of thousands.
I'm sure the directors are all entitled to six months pay at least.
So at least £500 k gone already from any distribution in the future.
Not holding any shares as already lost tens of thousands so won't even bother trying to claw some back.
Good luck to anyone willing to wait at least another two years for a return here.
Next steps
Following the resolution passing, the directors will clarify the detailed steps required to return the Company's cash to Shareholders and will update the market in due course. As set out in the Circular, this process is highly likely to be implemented via a members' voluntary liquidation ("MVL"), which will involve a further general meeting being called by the Company in 2-3 months' time to seek approval from Shareholders to appoint liquidators. As part of the MVL process, the Company will also be required to seek approval from Shareholders to cancel the Company's admission to trading on AIM ("Cancellation"), which will either be sought at the same time as the MVL approval is sought from Shareholders, or ahead of time in a separate general meeting. Existing and prospective investors are encouraged to read the Circular for more information on the MVL process.
AIM Rule 15 cash shell classification
As the Company no longer has a mandate to pursue its investing policy, the Company is now deemed an AIM Rule 15 cash shell. Pursuant to Rule 40 of the AIM Rules for Companies, the Company's Ordinary Shares will be suspended from trading on AIM if the abovementioned Cancellation has not been concluded within six months of today's date. Should a further six months then elapse without the Cancellation taking effect, pursuant to Rule 41 of the AIM Rules for Companies, the Company's admission to trading on AIM will be cancelled.
Was there any mention of the BOD being restricted in spending the remaining cash while they still have their fingers in the till?
I'm hoping they recognise the gravy train has finally come to a halt.
They should be struck off as Directors as they haven't delivered on any of their promises!
At last....light at the end of the tunnel.
Will they suspend trading now?