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On 15 October the company indicated that Kononov had been arranging deals around ownership of the Port because under Russian federal law, UEN as a majority owned foreign company could not control the Port, without prior approval of the russian anti-monopoly commission. If, following a new board being installed, Kononov and his associates bought a few more shares, they could make UEN a majority russian owned company. And for a pittance at the moment. They could then reverse the Friedis loan and the distillery/warehouse deal, and be the outright majority owners of the Port without any issues. And the vast majority of the transactions the Board is getting its knickers in a twist over would be extinguished at a very small cost to Kononov.
For the Current BOD, they know their "good time" is approaching its end game so acted desperate lately. Fact the matter is that they can not refuse the upcoming EGM when they will be out !!! SO stay put and buy and see the SP (clearly bottomed out from yesterday ) going north inn new year !!!
All there rns have been with a negative tone destroyed share holder value when we have so much going for us have so much oil and our own refinery could of been 250 a share now not 25p what a joke 3 mill mcap exploration companies with what we got have 75 million meal a ten bag possible here with current board gone loans paid back and successful drill on significant oil find he who dares wins got 5k in isa at 60p and 5k in share account at 25p high risk high reward take over offer was over 250 and got told that was undervalued
What a load of crap no wonder K has run out of patience , where is the equipment to to fix the well or any kind of positive news ? They are gone ASAP please.
With what we have should be ten times this mcap current board destroyed this
It was my 5k buy had to kill or fill several times get rid of the current board and some positive news can see 1 pound a share
I expect Not long after Kononov takes over. This board of directors does not seem able to put put out any form of positive information.
are we getting some more news on south dagi.. or has everything ground to a halt?
Yes, it loked like a great buying opportunity, except it was impossible to buy. It beats me why the Board are still trying to talk this down, as they stand on the brink of expulsion. Not exactly rallying the troops around them, is it? How about a plan on how you're going to move forward positively chaps?
I gave up with UEN for today, no orders got filled at ask, and a 25p buy when ask is 20 is a bit odd.
Sells at 16p Buys at 25p. Shocking.
Its obvious that current BOD is extremely desperate knowing the forthcoming EGM will take them out so using fearmongering tactic to save themself, would not work!!!
I’ve Been trying to buy, can’t get live quotes, have had to set orders up and they are not being filled. The market works so well :(
Confirms what Kononov said. A week ago. Still moaning about a working cap shortfall, which by spooky coincidence exactly matches the so-called unauthorised loans, although almost all of them relate to the Sakhalin Port, which was recently a company strategic priority. And, strangest of all, they seem to have forgotten all about an EGM. Hilarious and pathetic in equal measure. How much are we paying these guys?
@16p blimey. Priced to disappear. The board should just sell the company it's worth a shed load with the reserves and production.
Indeed. I'd like to see the seemingly stupid Articneft loans repaid. If that was done, maybe the EGM requisition would be rescinded, and everyone would be friends again?
I expect the Board's circular pleading for votes to be much more positive than the recent slew of RNSs. An acknowledgement that they overdid it suggesting the company was going down the pan would not go amiss. And I expect Kononov to put his side in further press release/s on the Petrosakh website.
Some positivity from bth camps, plus an acknowledgement that the company is not going to fold, would help repair some of the recent damage.
Still think Kononov will win if it does come to an EGM though. And on that, shouldn't the Board be getting on with announcing it? Or it will be they who are in breach of exchange rules?
And it pays for the boat lol
I’ll take every bit of positive news :)
Another press release on the Petrosakh website today
"Dear UEPCL shareholders,
I, on behalf of JSC Petrosakh as its President, would like to keep you updated on a number of matters raised by the UEPCL Board of Directors (the "Board") in various RNS announcements issued on and after 10 October 2018 concerning JSC Petrosakh and its management.
On 22 November 2018, the Board published the results of Crowe's report (the "Report") and raised an issue with various loans totaling Russian Roubles 12 million (equivalent to approximately US$0.18 million) issued to "the individuals associated with me". In particular, there were two loans to Bondaruk Alla Borisovna which amounted to Russian Roubles 5 million and Russian Roubles 2 million, and a loan to Shvets Roman Viktorovich which amounted to Russian Roubles 5 million (the "Loans"). The interest rate on all the Loans was 7.5%. The Board was reviewing whether an impairment was required.
The Board failed to disclose the fact from the Report that both Bondaruk Alla Borisovna and Shvets Roman Viktorovich were employees of UEPCL Group since 2016.
Hereby I inform you that the Loans were repaid today, with accrued interest thereupon. Moreover, the loan issued to Shvets Roman Viktorovich with December 2022 maturity was early repaid."
http://www.petrosakh.ru
Battle lines being drawn. But this is good news, although the sums are pretty small, as these were the most worrying loans, whereas the Port spending was clearly aligned with Company strategy.
The 25ps were sells, I didn’t want to but I had to buy a few more GMS when it was at 7p, i will be buying them back soon so the mm are just holding on to them for me. The sell price dropped to 22 after the first one then offered 25 again after the small buy. It’s Just because of low liquidity, Ive had a buy order in at 27.5 for ~15k shares the last few days but They never filled it so I took the chance with GMS on their drop. Overall I’m aiming to increase to around 30k shares here but will see how it works out. High risk high reward etc. Part of me is also expecting the next rns to be again written with a negative tone so I am just trying to hedge a bit and rebuild a few quid. All the latest loans and the boat are for the port are to ensure the port keeps going, Kononov explained it in his statement, $5m invested to secure the export lines of the products for Petrosak aswell as new points of sale is a good investment and should pay off eventually, if the port went in to admin and was shut down even for a few weeks the whole island would stall and then it cash flow would dry up at the refinery, i expect it all to work it in the end. Kononov is thinking big picture.
I appreciate that DrWho. The loans before the port were pretty small, and had, to me anyway, the whiff of backhanders. That's how business gets done in much of the world, and the company probably benefitted. The Port loans were a different irder of magnitude, but again I can see the strategic benefit for the company.
I also agree that the current Board are now destroying shareholder value and need to go. They let this situation evolve, and can't win now.
BTW weird trades today. I'd be tempted to think the trades around 25.40 were sells, but I tried a dummy sell earlier, just to check, and only got offered 22.40. Maybe I've just got a rubbish broker. The differing prices are weird though.
Ohh. come on Urraca: Russian is a different country than UK! We have to give Mr K the benefit of the doubt : to me, current BOD is clearly a lousy group of "friends", promoted my the CEO, Leonid Dyachenko, who is the Son-in-Law of Ex-President Boris Yeltsin who is completely useless , gave the way to Putin, So they got the UEN asset back then! But they are not the man wet their feet and doing physical works on the ground and also extremely arrogant, living a high life here in London for so many years ! Other then taking fat salaries, what have they done ? Making loss ! My guts feeling is that Mr K was somehow forced or tricked to pay 12p (old price) to rescue the CEO for his 45%, eventually Mr K can no longer stand the bully and planned a total taking over: the money loaned to those man (small money anyway) may just be a cleaver way of dealing with local corrupted ports and govt officials for the total control of PORT! Surely his statement was clear, he wants our follow shareholder to see his action , to benefit all of us PIs , mostly for his biggest stake, No point to be dishonest or disgrace himself as painted by the current BOD! I am sure Mr K somehow will make his plan public for all the ground work he did prior to the EGM . I just cant see any point for Mr K to delist the Uen or crash the SP, but to make UEN big and better !! We will see. !
It isn't Jazbo, and if he takes control we won't even knw he's doing it. To be honest, the best thing I think the Board can do now is to try and sell the company, either whole or broken up. With the reserves, production and infrastructure, you'd think they'd be able to get a quid a share without too much problem. I think the 55% non Kononov would vote for that.
Even if the guy had the power to spend the UEN money he has done, why would it be acceptable for him to be dishing out unprotected loans and buying decrepit ships?
I am a large shareholder and have seen it all now , voted with the board against fire east but they have done nothing since except trash the sp. they do not deserve another chance and they know it as we should have a mc of 30m by now GLA.