Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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er, evidently it wasn't worth the gamble SBB1, the SP has cratered massively since you started your pumping campaign here and with no end in sight.
The oil in the ground may be worth what you say but in light of recent events you must surely ask yourself who will end up profiting from it. This is an AIM company operating in Russia. Queensbury Rules seldom apply - especially as we already know at least one pair of hands has raided the till. Totally uninvestable.
Good luck to you.
"The board will shortly appoint an independent firm of accountants to perform a short-term working capital review and a review of any transactions by its 98.56% owned subsidiary, JSC Petrosakh, since 30 June 2018 that are outside of the ordinary course of business (the "Accountants' Review"). "
Well they have certainly embraced Halloween with this recent horror show!
I agree with Krull. THe Current Board was deeded as incompetent , but just charge a lot of management fee but doing nothing (check the history ), two previous major shareholders attempted to force BOD out back in 2014-2015ish if I recall correctly but failed, so they sold to the Mr Mr Kononov, who happens also a banker ! So he is the one planing a total control of UEN, easily done with 44% now! This is well planned move with controlling the cash generator (the field) , and the port , then build to 51% in next few days, then openly challenge the BOD to step done , a new management team was ready back in 2015-2016! I put my money where I mouth is by adding more. GL All. PS: All can be checked as facts and no advice intended but a personal position.
The oil in the ground valuation is 400m pounds. It was Worth The gamble.
Are cash dollars exchanged quite commonly in Russia?
The assets/oil sales should be making good money, However the accounts don't seem to reflect this!
Shipments only account for half the production, the rest goes through the refinery and is sold locally, where is the profit from refined diesel/fuel sales?
You have to wonder about the consistent drilling delays resembling farcical incompetence
My guess is: Adler want full control of UEN, but only want to pay peanuts for it.
You would think that public companies would have better control over their bank accounts. If Luke Johnson can lose tens of millions at Patisserie Valerie, it's not surprising so much can go missing at UEN.
Please explain why this will suspend and close. The person who has caused the drop will lose a lot of money if they do. It's in his interest to get this resolved ASAP.
Comical.
BS1. You are well past the point of looking just a little bit silly.
I did give a fair warning, looks like you didn't listen.
Darwinian
Yep, the MM's are not helping the situation, Very Greedy. A spread that wide is unnecessary and should not be allowed
Is huge. Buy at 27p sell at 21p. So straight away 600 down on 10000 share buy.
Company is finished m, will suspend soon and all your money will be gone unfortunately !
now.
Has to be worth a punt at these levels. Buy when people are selling is my mantra
The ball is firmly in their court. Its up to them how this unfolds now. Interesting, although nerve-wracking, to see.
Am I the only one that thinks that the share price has finished were it started or is lse confusing me , a lot of people got caught up today and I still believe that this will be sorted in the next few days, hopefully I will be right and not just kidding my self
because " it is secured by way of a pledge by Urals Energy over the shares that Urals Energy holds in JSC Articneft.".
and they probably only set the loans up as and when UEN has >$5m of oil in the storage tanks, and were expecting the next one to be set up in May 2019.
Tanks will be empty for a few months but thats not to say they cant loan new cash monthly as they fill up the storage tanks. But there are other options for financing,
Petracco are our biggest customer and also a shareholder so why would they not defer re payment of the pre shipment loan for 3 months to allow time to sort this out makes no sense imo
At the current share price Adler could buy enough shares to take it over the 50% threshold for £215,171. It could then call an EGM, vote out the Board, and end this farce. Cheaper than stumping up the $1.5m the Board are lobbying for.
Their claims in the RNS today don't really add up, given their intention only a month ago to pay a divi. They are destroying value. Schvets must be around £2.5m (sterling) this month alone, and down over £5m since Feb. It must stir him into action soon.
Kind of glad I was offline today, what a disappointing share price to come home to. UEN have always been tight on cash, that’s one reason why they use the $5m loan between shipments. Look at the half year results “ Negative net working capital position on 30 June 2018 of US$3.5 million (2017: negative US$1.8 million)” So it might even currently be lower then reported back then. The 56% of UEN that Adler don’t own is currently valued at ~£2.1m. UEN have $1.5m in the port as working capital. UEN have the loans Kononv made of $1.5m and $300k. $3.3m / £2.5m of UENs cash is basically in Adlers hands which could fund its own takeover. They are auditing all the accounts to prove their current cash and asset position which will be required to get a loan from anywhere and rightly so. The dividend last year was only to please Adler and it was questionable paying it back then paying down debt would always have been the better option, it’s the same for this year. Who knows this could be Adler trying to force a dividend payment out the company when in reality it shouldn’t pay one. A $3m deficit when UEN have had a year of high expenditure including paying $1.9m for the port, Paying $1.5m in a cash advance to the port (that’s money is still there) plus the $1.5m and $300k loans plus all the extra expenditures in the same year, drilling producing etc etc. Is not that surprising, It’s not the end of the world just needs financing. The RNS are always worded strongly and It was the last sentence that is the problem, playing hard ball and deliberately killing the share price to kick Adler in to touch or Adler pushing the buttons who knows. From £1.20 to 30p - so Adler are down £5m in 6 months, no one is winning at the moment. On the bright side ~$12.5m worth of oil is being collected next week and that does make a profit, so that proves the assets on the west side of Russia are worth a few quid. It’s Just cash flow and there will be somewhere that will give out $3-5m at 10% for a short term loan, just hope they don’t have bergen or YAs telephone number.
Kononov represents Adler Impex who own 44%, so could Adler now try and buy rest of the Company?
market cap today $3.98m. tanker loading in next 2 weeks with aprox $8-9m profit ,were do you think this is all going to go . company assets worth between $ 60m and $ 80m and the board and its largest share holder fighting over aprox $ 2m every one should sit tight and not run each other down
The key positive point in the rns is that they are talking to each other through his legal advisers..this can get resolved amicably if there is a will..
Wouldn’t go far as a miracle. It’s easily solved, just need Konenev to play ball...and everything solved.
either way we would have a working capital defecit of 1.5m if the total defecit is 3m after losing track of the 'loan'. need a miracle here
Im still optimistic that kononev will play ball or if it comes down to it, Adler to bail us out. Fingers crossed and good luck to all the brave remainers.
From 15th Oct rns.....”The Board believes that the making of the Loan, and the amounts outstanding from the purchase and subsequent disposal of the Additional Shares (on the deferred payment terms) has led to a combined current working capital deficit of approximately US$1.6 million. In addition, the Group has made working capital advances to the Kholmsk Port totalling approximately 100 million Russian Roubles (approximately US$ 1.5 million at current exchange rates)”. They have already made $1.6m advance working capital payment to kholmsk port so I guess they need more (working) capital for south dagi and ongoing day to day business at Pet and Art.