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I think the 3/4 wait is because the BOD will demand there salary for that period even if they are doing nothing.
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.
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?
80% in favour of the MVL - the RNS is out.
Are there any shareholders at the meeting?
If so how did the vote go?
AGE
All funds will be held in escrow of course, until outstanding fees are paid or any legal recourse settled. Standard practice.
After mgmt, corporate wind-down, and third party liquidator fees, I would assume 0 will be received by shareholders. It will take a few years for the money shuffling to run its course, however.
Tomorrow is the day.....fingers crossed shareholders prevail. Thanks to BigDouble stopping the BOD issuing more shares to themselves and their mates, we might have a chance.
I thought 1.2p was mentioned but we might have to wait some time for it. However, that is much more than we would get if this bunch of chimps were allowed to invest it.
If all monies go back to the share holder anyone know how much per share we can expect ?