Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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its over here another scam
"the board estimates that even after the net cash inflow from the coming tanker shipment the Group will continue to face a working capital deficit of approximately US$3 million"
One shipment alone is treble the mkt cap and double the net proceeds. Beyond belief how the temporary loss of $1.5m could have such a big detrimental impact. Infact if yoh take out the proposed divi paymnet then only lookinv at $0.8m. Something really wrong here.
Another scam to get a company's assets for nowt. Joins a long list .
Placing. Rights issue. Loan. Or take over. Take your pick.
Sounds like playing hardball to me. I wonder if they are trying to force Schvets to buy the company. He's got more UEN shares than me. A lot more.
As Petrosakh was where the problems occurred, and where Kononov rules, that might be the bit they might try and force to the wall.
Not in the interests of any shareholders, this is a boardroom battle. If Schvets calls for a board takeover I think I'd throw my lot in with him.
why did i bother terrible update administration on the cards
The share seems up on nowt which may suggest they have orders in and not enough in hand to fill them.
Or possibly news has leaked it's all sorted and divi is reinstated.
Shocking sp down here took advantage and put 5k in
if you sit back and read through the last 4 or 5 r n,s you can see that the company has had quite a good year .
it received as people have pointed out aprox $ 8.5 m from the first tanker . it should receive aprox the same from the next shipment .the only reason that the accounts don.t read that well is that in the rns on 28 sept the first tanker shipment had not been included in the first 6 months trading report . what we will find in this next rns is what the money from both shipments will be . hopefully they will give us some sort of indication what money we have , what they intend to do with it ,and tell us more about the what they have spent on the port , im still confident that all will be fine and that all the money we have will be accounted for
Good point itsagame. Net proceeds from the last tanker were around $8.6m, after taxes duties and sundry other costs. So repaying the loan to pay the taxes does not come out of the $8.6m. Oil price futures has gone up a bit since then too, although of course the price is only set after its been loaded.
Morning other board. the need to prepay taxes on exports does explain why they are tight with cash at the moment, soon adds up when you think they have made the $1.5m loan / $1.5m advance to the port / $300k loan in the last quarter, maybe prepaying the tax was what was overlooked by Kononv “darren81: i wouldn't call them "payday loans" gaffer, due to tax system in Russia they have to pay tax on the oil extracted before they get paid for the exports so not exactly surprising they need a loan to pay for this - otherwise they'd need to have almost as much money sitting in the bank ahead of shipments than the current MCap!!! Hopefully we see some positive news this week”
I made a point on the Angus board the other day that I have overlooked for a while - the price of oil when you price it in GBP is close to it’s all time high, it was only about 8% shy at $86 / $1.3=£1 a few weeks ago from its historic highs (compared to $140 / $2=£1 in 2008 pre crash) I know here it’s usd and roubles but still its been a period of almost historic top of the market prices for the products and it’s not priced in to many GBP listed stocks. It’s only got to get to ~$95 at ~$1.3/£ and the real price everyones paying in GBP will be higher than ever. Pros and cons to that but it should be a great time to be a producer.
Iranian oil sanctions come into full force on 4 November. If Trump takes measures against Saudi over the Kashoggi murder they may retaliate by choking off oil supplies briefly. We may just hit a spike in the oil price when we load the tanker in a couple of weeks time. But even if not, UEN will be getting a big cheque through the door. I expect an RNS next week, possibly the week after, putting this spat to bed ahead of that. They need to issue a notice of the AGM, and will need to update on this situation in that.
I'm of the opinion a placing would have been do years ago if there was to be one.
Done at a time when it was deemed necessary to buy licenses and carry out the drill programs. It just isn't necessary now Imo.
They certainly don't NEED to do a placing. It's all posturing, and pretty childish posturing if you ask me. But the market has reacted as if they think a placing is coming. Although some sanity seemed to be returning today. Its all a storm in a teacup if you ask me. They let Adler take 44% and put their man in control of PetroSakh, this is much too little too late to turn back that tide.
Steps to protect creditors would be cancel div. Placing idea Is just noise, on the back of negative sentiment to fill orders, If they needed to do a placing they would have outright cancelled the $780k dividend (plus disbursement costs). The outstanding loan is only $1.5 and the $700k difference if the div was cancelled wouldn’t justify a placing, as it’s covered with the uptick in oil price since the last tanker. That said I’m not completely against the idea of a placing (at around £1.5-£2) to clear some debt, and aslong as the offer was done in a way that excludes mr 44% so it dilutes his ownership and control.
Yes, a good day. I am expecting a fairly vague RNS because the Board have a whole heap of face saving to do here.
Their demand in their last RNS that "An agreement should be reached between the Group and the Kholmsk Port to secure JSC Petrosakh as a direct supplier of fuel oil to the Kholmsk Port, as originally intended." was overegging it, imo. The first three demands were reasonable, but this one will take a little longer, and they control the Port Board for gods sake. And thanks to Kononov's manouvering too.
But and having said that, I'm expecting a positive outcome, not 'protecting creditors' measures, whatever they might be, maybe a placing, calling in the aministrators as someone on adv fn suggested would be a wild over reaction I'd have thought. The tanker will get loaded and shipped, so a large cheque will arrive within the next month at the outside.
I hope Schvets/Adler shake up the main board after this is over. The incompetence is deeply embarrasing.
Not a bad day. Just needs a few good buys tomorrow and good new early next week to push it back up. Lets hope if it is good news it isn't their usual short and vague stuff. A clear and concise in depth statement needs to be made together with any updates would help.
Do you mean 4kandles is still buying SBB? He might be, but if so I'm surprised he hasn't popped up to remind us all how clever he is. He's a great man. I know. He told me so himself. Lol.
Mr negative is still buying. Don't be taken in by that clown.
I got my top up, ignore the 300 trade at 46.5p that was me was testing the water earlier, tried playing them at their own game but I couldn’t tempt the mm to fill my order at 50p and didn’t want to wait any longer. looks like they are running on fresh air.
I want to top up but they can bugger off with that spread 46.5p - 52.5p. That’s more then the dividend will be the greedy toerags.
Currently valued at 3.5p per barrel, with everything else thrown in for free. Can 2P reserves be brought more cheaply anywhere else?
Currently valued at 3.5p per barrel, with everything else thrown in for free. Can 2P reserves be brought more cheaply anywhere else?