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I’ve never thought of option c, that could help, could be a good idea. - Even as shareholders of the port my only concern with being made their key fuel supplier is the potential of giving the port a credit account. I don’t mind if they pay upfront for the fuel (best option) or if the port stops dealing in fuel completely and petrosakh sets up a new subsidiary at the port selling all their products and wares direct to the end user (but that could open up another door to skim from. )
I think quicker than that, if:
A) Kononv resigns
B) Kononov stays but repays
C) Kononov stays but is demoted to a position where he does not have authority to issue loans willy-nilly under Russian law.
Any of those options sorts the underlying issues.
Being made fuel supplier to the Sakhalin Port would help, as would a five year loan, at a reasonable interest rate.
Who ever was hard up and sold ~£700 worth on rns day at 16.4 / 16.55p would have doubled their money if they held 2 weeks. My bet is still on UEN being back to £1.00-£1.20 when the next tanker is ready (if we don’t get a dagi update beforehand that changes the fundamentals significantly)
a few buys and the price has gone up 20% in the last 2 days . any type of good news and we will only go north from here
I was wondering, if the Board, Kononov and directors don't get their bonuses (which clearly they do not deserve, given the mismanagement), how many years of that would it take to plug the $5m shortfall? Not many, I bet.
been trying to buy a small amount but mm,s keep looking to much when ask was 30 they were looking 33.8 now they are looking 35 they can put them were the sun doesn't shine
Anther nice buy there. £250 worth. Enough to tick the price up.
To be honest, if they can't remove or control Kononv they should put the rest of the Company up for sale. Someone like Abramovich could buy it with loose change. And control Kononov.
mm.s no stock to sell . so would take from that that there is a big buy order in the back ground and we might here something today
Can't have covered the cost of the trade, selling 7 shares. Maybe an MM balancing their book. I'd prefer to think the big buy is from someone who knows something.
l.o.l maybe the 7 was an mm signal of some kind?
I wonder if someone knows something?
Surprised it didn't mve the price given how its been fluctuating on tiny trades. Maybe the 7 shares sold helped hold it down.
giving Kononov a few ideas on how to spend our cash.
Have you found God, Jack? Are you a shareholder here? Or just trawling bombed out stocks with your message of hope?
Greed is one of the seven deadly sins. Hopefully all lost significant amounts of money. Zero sympathy.
You raise a good point Professor, Insofar that Mr big Kon's daughter may now own more than 44% of the company!
The only way i can think the share transfer wouldn't need to be TR1 notified is if the entire Adler Impex S.A. company has been put in to his daughters trust.
ProfessorZ, The 56% are the shares that are being traded on the AIM market. they are what shareholders own, mostly PI's from the UK
Can't help but think his "daughter's" interest might not actually be the 46% in trust that they already own, but more the 56% they don't. Could be wrong but the whole story stinks.
$58 / barrel. Bloody good job we shipped it when we did would have lost another $1m this week
Who has been auditing the accounts recently - perhaps they should have spotted something unless it was to recent
Been reading up and looks like if they impare the loans they can be deducted against profits, Given that this will be the most profitable year with the highest average oil prices for a long time its probably the best time to get these loans sorted out and will be interesting to see how much they can recoup against their end of year tax bill. Obviously I would still prefer it if Kovonov agreed to pay back or take on responsibility for some or all of the loans, or surrender his shares as compensation for unpaid loans, but I think either is very unlikely if what he did was technically not illegal under Russian buisiness rules. I think we can safely right off the possibility of a div now and probably for the next few years.
I presume the Board want their salaries, status and comfortable lives to continue.
They must have known about the previous loans by Kononov. There is a whiff of kickback/baksheesh there, and who knows what intangible benefits they may have produced? But the spending around the Sakhalin Port was significantly bigger, over a short period of time, and they must have got alarmed enough to call Kononov out about it in public. And rightly so.
It does seem to me that this could be a much more profitable business if it was run a little better though. And maybe this is the wake up call.
Urraca: You are abs right about how to turn the company around for its huge assets long long time ago !.. But if BOD has only 3-4% of company, what they care ? ! This is my reason to assume this drama may very well be the opportunity for, or even planned move by, the 44% owner of the individual who is the one actually doing the hard work of running this cash machine and not get rewarded , mostly likely got ignored by BOD. Just a logical thinking and I added yesterday !
They may not get the capital back from the Freidis loan, but they can get the equity.
The discount to the distillery warehouse is probablu lost, but the outstanding loan may not be.
The loans to the Port will probably need to be converted to a lnger term basis, but now the company controls it, they should get a grip on the management of it, and make it profitable.
The Maxitrans/Kontinent/ProArts loans probaboy need to be written off.
The loans to Bndaruk and Shvets (doesn't he own Adler?) should be pursued vigorously.
For the impairments to the balance sheet, the Company could/shoukd get a long term loan, say five years, then pay it down by foregoing the dividend. Given the absurdly high interest rates it pays it would be sensible for the board to secure a proper long term financing facility at a decent rate, secured on its very large assets.
The truth seems to be that this is a decent company being run with all the efficiency one associates with socialist paradises. Its way past time for the Board to step up and start earning their salaries.
But given how slack the management is,there are abundant low hanging fruit they can pluck to turn this around.