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Not forgetting that they're seeking redress (I take it's financial redress) from certain unknown parties. How much could that be?
Remember did't the CEO say at the agm that they're owed $140,000 from Mr. Ellerton? There must be a way of getting that money from him?
They have no plans to ask pi's for cash at any point as I understand it.
After speaking to Clem and Dan there is absolutely no indication of new monies going into SER. So please stop fretting.
i will not risk any further investment till some return is made, as st said numerous high worth individuals backing team clem, lets see
How much money is this ????????? They better not ask SER shareholders for more. AEY 3% for these 3 Mr C Chambers: 3,100,000 = 1.678115% Mr C Williams: 1,900,000 = 1.028522% D Levi: 600,000 = 0.324796% Total 5,600,000 = 3.031434%
Instead of Clem, Oil, Bmd puting their money into AEY why did they not use that money in an effort to help SER ?
Totally agree that no-one wants to throw more money away on uncertainty. But for the right deal and if very favourable terms were offered only to current shareholders I may at least like to be offered the option of participating in additional fund-raising. Big institutions make lots of money doing just that but I could just as easily choose not to get involved if the deal looked risky. I'm definitely not suggesting shareholders should be shafted.
Spot on with that. I thought at one time they had powerful backers, where have they gone? Not willing to throw anymore money this way I'm afraid.
With the suggestion that shareholders put more of our hard earned money into this I am now rethinking my opinion. Their is no chance in hell i'm puting more money into this. The new BOD should be able to easily scrape together enough funds between them. If they need funds for option3 then I suggest that they don't ask shareholders. #goingtotheshopforatampon
Yes, I feel if a book on the life of Sefton is ever written the author will be George Orwell!
I tend to agree, let's face it, would you pay for something upfront without knowing what you are actually buying???? Well I for one certainly will not, but I'm sure the singing and shouting crew will be putting their hands in their pockets again...;-))
it was only a matter of time before the suggestion of shareholders putting more hard earned money into this trying to recoup losses.... and putting money in whilst the company isn't even listed! I prefer being taken out for dinner before I get ******... I'm sure as has been stated many times Clem CO and crew are very wealth men with loads of very wealthy contacts so answer this why oh why would they need to ask PI's for more cash????? I'm sure they could locate 1M between themselves in exchange for shares and take all the rewards from their loan once the company is thriving!!
I'm not sure that the British Virgin Islands are particularly hung up on the niceties of declared business areas. Fortunately the Requisitioners have access to the best BVI lawyers (Williams) money can buy so finding a way around it should be a breeze.
I'm still not sure, as when you register your business you have to declare what your business is, I'm not sure about using the name resource opens the door to anything. Re reversing into diamonds, they are having a bad time at the moment as well, crazy world, diamonds down, gold down, oil down, dollar down, what can be a safe haven in these times of money issues.????
When you have cash and no assets, I guess the world is your oyster. If the right oil play came along, we could buy it/invest in it and sit the crude price crash out with minimum expense or diversify into another resource. There are a number of opportunities in this climate, oil isn't going to be the only play imo. The sooner we find something the better but I don't think the pressure is on now we have limited expenditure. Had we remained on AIM, it would be a different story of shareholders this Xmas because with no revenue coming in, a substantial dilution would have been carried out, although I think Raylene was set to clean the company out and announce no assets could be acquired and the company was insolvent. I hope now people can see just why the requisition was done and can understand that without it, they would have lost everything.
So perhaps there is a route to diversify into a different sector, thanks ST. And I'd certainly be interested in putting in a bit more investment for the right opportunity. All we can do for now is patiently watch this space and trust Clem to develop a good plan.
Wassat, the word 'resources' covers most areas, such as oil, gold, coal, diamonds etc. As a private company, we can buy ANY company and diversify. NEW are looking to become a medical co, a far stretch from oil. I believe we will purchase a distressed company, perhaps even a deal by where we get a percentage of that company for our investment and our shares possibly swapped to the new company. There are a lot of options available. What we cannot escape is that Raylene and her board have left us with only a small amount of cash to work with, so Clem will be limited with the options available to us. Based on what we have, what we may be able to recover etc, anything will be better than splitting the cash between 1000 shareholders with billions of shares. What we do have though, is those shareholders. If the deal as right and ache shareholder was offered the opportunity to buy a part of the new company, would they? If only 50% bought a thousand quids worth on average, that's half a million in the coffers. Probably not a sensible percentage, but we all know that the right deal, the right prospects and some would put a lot more in. Interesting times ahead for shareholders however it all pans out!
As I own a company myself within the O&G industry I do have some knowledge in that area. My reasoning for stating that was, a few years ago I tried to diversify by adding a different section to my company and my request was turned down. When I asked why, the response was quite simple:- "Your company is not registered to act in that area". So, if SER are going to diversify they will have to make changes in their registration, and or, the name of the company, but that could be messy at the moment, for reasons that most are aware of. Hopefully that answers your question, and thanks for appreciating sensible questions and answers without all the rubbish.
I've enjoyed the posts between Wassatt and ST this evening, both giving very open and honest opinions. One thing I wonder though Wassatt is whether they will necessarily need an expert in the O&G industry. That would assume they decide to develop O&G assets again, whereas I think it's possible they could consider other options this time around. SER is now a private company and the slate has effectively been wiped clean. The remaining cash can theoretically be used in whatever way the new BOD thinks best to develop a successful company.
I hope you are right, but one thing is for sure, they will need an expert in the O&G industry to help them fill their dreams, and ours. The worry I have is that as it stands there's not a lot to work with, in terms of assets and cash, I know you've said £300K, but in today's money, that's not very much. Soneone asked how I voted, well I voted for most of the resolutions, but not all, I don't really mind how the results went, but I voted with how I felt was best for the company. I think all we can do ow is sit back and wait, I did suggest some time ago that I could throw my ideas in the pot, but things have changed for me, so wouldn't be able to add much now, time wise. Let's hope 2016 is healthy and prosperous for everyone, even the posts I don't really see eye to eye with.
You have to guage the likelyhood of people like Clem Chambers and Mike Hodges perpetrating a fraud on shareholders. Neither are in that class, both have reputations to protect. There are other reputable and respected people who have assisted with this requisition and offered their support to the present management. I don't think anyone involved now would do any deals with third parties like Raylene did with Rob Shepherd and none of those now involved are as gullible, naive or as inexperienced in business as she was. People took advantage of that and as the end approached, she realised it and took what she could as well. We presently have almost £300k. It's not a lot, it will take some effort by people with the right business acimen now to salvage the company and make it viable. I believe we will end up buying something that can be developed over a period of time and brought back to the market. We are lucky in the fact we have a few interested parties involved that have substantial investments in Sefton, contacts they can call on and potentially alternative ways to raise cash. The options are somewhat different now we are a private company, although I see a share sale in a new venture being offered as one way ahead. One thing is for sure, expenditure is that low, we have enough cash to last a few years as things stand, so unlike becoming insolvent within the month under the previous management, we can look for the right opportunity and hopefully get a second bite of the cherry!
Thank you for your open response. Once again you've answered a difficult question (IMO). Now can I ask you one more thing, how can you be so sure that this new team won't do the same again.... (Please ignore all the troll posts, they don't really add anything to the discussion)
I and many supported the original board, Dan. Clem etc and I followed that support on to Raylene. I knew her personally and I believed she would continue and complete the work started by Dan and Clem. I had concerns when the CEO to be failed to come on board and I certainly never supported the £200k deal with Rob Shepherd. From very early on as Raylene failed to bring assets on that I was aware were there to be signed, I realised there was a problem and questioned each and every action made by her. Jossy came on board to oversee the Indonesian deal and the failure to do this raised warning signals for me. The concentrated attacks and smear campaign that I was a recipient of was all a plan to foil the requisition and certain shareholders who posted here were in communication with the board who released personal information to them. The whole thing is scandalous and there will be further repercussions for those involved. I don't quite know why Raylene took the route she did, probably a lack of experience coupled with naivety. From Rob Shepherd to Jossy, Raylene to the company secretary, every person involved cleaned up nicely at shareholders expense. Raylene became quite spiteful, ensuring her loss of position resulte in losses to all those involved in ousting her, down to waltzing off to Italy when she should have been doing the handover. She and her associates have a lot to answer for but as usual, they will get away with most of it!