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It's possible, but they haven't collected many. Volumes have been small since the panic sell off the Board precipitated last October. There aren't that many shares to start with. Take out Kononov's holding, and its much less. And it looks like most holders are now sitting tight.
377k shares were traded on 10 October when people were selling out on the first bad RNS from the Board. Imagine what would happen if we get that volume of trades with people buying back in.
I wonder if the mm have had a Boldric moment. Knock it down and get shares in hand ready for the new board going in place and then send it right up, especially if as you say they re enstate some or all of the divi.
Delisting is a possibility, but I think very very unlikely. For one, the criteria to be an AIM director are not onerous. For two, Allenby are sitting on the fence. Whoever is in charge after the EGM will get their support.
Having said that, I would hope the new Board change nomads pretty quickly. Allenby have signed off on all these desperate RNSs from the current board, and I think that's a bit despicable.
I'm wondering if the new Board announce that the divdend is being reinstated. That would be a good news story to get things going again.
De listing is not the end of the world as it can be relisted else where, nomads come and go, it would just be inconvenient for UK based share holders.
as its not going bust or in to admin the shares will always exist, this is the same equity that Kononov owns, no preference shares, no bond holders he will not let anyone take these shares or a controlling interest from him (unless they pay him off big time), worse case AN asset can be sold (or farmed in to) and all debt can be cleared with the remaining cash being used to progress the remaining assets / dividends / new asset or whatever.
how much do you think a 1kbpd asset like Arcticneft would sell for?
if it did delist i bet you get bombarded with phone calls offering to buy your delisted shares in the now private company on Kononovs behalf.
Nevertheless Chavi, he is warning shareholders that the shares will be suspended and then delisted if he loses the vite at the EGM. He must, as a rational ecnomic agent, realise that henis going to lose at the EGM. Therefore the rational decision is to take the hit, and realise as much capital as he can while he is still able.
If he truly believes what he says, he should be selling out. I am surprised we have not seen a 'director's dealing' rns to this effect. It kind of undermines his position.
I dont think it would be to Shragers financial advantage to crash the share. At the present price I very much doubt he would get his invested money back? It needs to be said he is the only one of the present directors that has actually bought shares with his own money.
I see someone has been drip feeding fairly large sells into the market over the last week. Shrager selling out perhaps? Would be logical if he believes the scare stories he's trying to sell, as he must be aware he's going to lose at the EGM.
Only 12 trading days to go until Shrager and his continuous attempts to crash the share price is removed.
I see someone has been drip feeding fairly large sells into the market over the last week. Shrager selling out perhaps? Would be logical if he believes the scare stories he's trying to sell, as he must be aware he's going to lose at the EGM.
Only 12 trading days to go until Shrager and his continuous attempts to crash the share price is removed.
The more it goes up the harder my other shares will have to work :)
Itisagame, I reckon now would be as gooder time as any to get in with these sells just coming in if you are happy with a smaller stake rather than 1%. You know best of course.
For sure the mm action yesterday has back fired.
Hope you manage to get in itsagame. Still lots of risk, but this could be a great trade, particularly at these prices, a good bit below my average. I'm nit sure you'll be able to buy 1% of the shares though, they seem to be in oretty short supply. Hence the pretty volatile price. It will be good for the rerate though.
"The Board also notes last week's publication by the Central Bank of the Russian Federation regarding the revocation of the banking license of joint-stock company Kamchatsky Commercial Agroprombank ("Kamchatka Bank") and the appointment of a provisional administration to Kamchatka Bank for the period until the appointment of a receiver. "
Kononov i smell an opportunity, wait a while and then offer the administrators peanuts to clear the UEN debt, say $500k to start with.
( Or do a Branson / Mike Ashley and buy the bank out of admin for peanuts, secured using its own funds or with a government grant. Then UEN can run everything : Oil, Gas, Heating fuels, Drilling rigs, Fracking fleets, Shipping Ports with ferries, Distilleries and the Banks! we can rule it all! mwahahaha... )
There is no working capital deficit if you carry on pumping oil as you are at the moment, just do that for 12 months with no expansion (no fracking fleet) or other unexpected purchases and the debt will clear itself, or get to work and sort out financing and actually fix the cash flow once and for all.
Its really not hard your at $62 brent / $53 WTI (minus ~20% export duty).
Your pumping over 2kbpd.
Your total outstanding debt is around 10% of this years turnover.
Go to any bank and ask for $10m with these figures
show them the >$60 (averaged) you have received for Arcticneft the past 2 shipments
show them the asset book.
show them how much money you have spent over the last 10 years on financing,
show them your repayment history
they will throw money at you knowing they will make a killing from UEN.
Its a $100m+ enterprise with $5m debt for god sake.
im still trying to earn money from other shares to eventually buy 1% here and still dont currently have any actual position here, i know that the time window is narrowing for me infact i thought i missed it up to today.
---
and just for fun here are a few translated tweets i kept note of the last few weeks, not from Urals the company (refers to the area), i know different parts of Russia but gives an idea on oil price UEN are getting.
"The average price of Urals oil for the monitoring period from December 15, 2018 to January 14, 2019 was $ 55.94531 per barrel, or $ 408.4 per ton. The export duty on oil in the Russian Federation from February 1, 2019 will be $ 80.7 per ton." -- thats where i got the 20% DUTY from
"MINFIN OF RUSSIA - The average price for Urals oil in January 2019 was $ 59.85 per barrel, which is 0.9 times lower than in January 2018 ($ 68.46 per barrel)."
Previously, JSC Petrosakh would produce a steady revenue stream. However, due to mismanagement, legacy issues and a lack of attention from the Board of UEPCL, JSC Petrosakh has been besieged by underperformance, constant drilling problems, lack of strict financial controls and absence of a strategic vision for its future development. Since 2017, my team and I have spent substantial time and effort to cleanse JSC Petrosakh from past legacies and maladministration, by replacing key personnel, strengthening financial and daily reporting control, and attracting new professionals. We also are in the process of finalizing a long-term strategy for JSC Petrosakh, which among other things, includes strengthening its position on the island by taking control over certain elements of the supply chain, specifically – delivery of value-added products to customers on the island, as well as mainland.
Since my appointment as General Director of Urals Energy LLC, and subsequently as President of JSC Petrosakh, I have spent considerable time on Sakhalin, establishing direct contact with local authorities and business leaders, seeking new assets and ensuring changes in the company. As a result, JSC Petrosakh has acquired the South Dagi deposit, which increases its reserve base and fits into its long-term strategy. Unfortunately, none of the present members of the Board of UEPCL have participated in any of these efforts, preferring instead to stay in London to “strategize”.
I also structured a deal with the Kholmsk Seaport – one of the largest ports on Sakhalin – with all year direct route to mainland Russia ("Port"). Initially, the Board supported making investments in the Port to ensure additional cashflows to JSC Petrosakh (UEPCL RNS 8504W of 6 August, 2018), however, subsequently my assertive stance in ensuring JSC Petrosakh’s influence over the Port’s board of directors was met with unwarranted and startling resistance from the Board of UEPCL.
Since a bankruptcy application was filed in relation to the Port by its creditor and there were several other ongoing legal proceedings initiated by the Port's creditors, our first effort was to have these actions ceased and operations restored, with the aim of allowing the Port to return to normal operations. JSC Petrosakh also had to ensure that our 23% shareholding gave us meaningful influence over the Port's management and that our strategy for the Port received support from the majority of shareholders of the Port. Finally, considering other hostile stakeholders in the Port our actions had to be swift if we were to secure our investment in the Port. The Port's financial situation is publicly available information and UEPCL individual Directors were informed about it and never objected prior to 10 October 2018. Therefore, the Board’s about-face regarding the issue of active participation in the Port's affairs is illogical and unjustified.
I would also like to address the bizarre statements made by the
Petrosakh press release
03 January 2019
Dear Shareholders of UEN.
Thank you for your emails. We will review them in due course and try to answer each one of them to the extend permitted by AIM Rules and applicable law. Please take into account Russian public holidays till 9 January 2019. In order to process all emails efficiently we set up a separate email address for UEPCL shareholders: shareholders@uralsenergy.ru Please use this email address for further enquiries.
Meanwhile we wish you all the best in 2019. Seasonal greetings!
Sincerely yours, JSC Petrosakh team
21 December 2018
To the shareholders of Urals Energy Public Company Limited:
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.
Sergey Kononov
President of JSC Petrosakh
14 December 2018
To the shareholders of Urals Energy Public Company Limited:
Dear UEPCL shareholders,
I, on behalf of JSC Petrosakh as its President, would like to address a number of misleading accusations made 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.
First of all, I would like to remind you that in 2017, JSC Petrosakh replaced Urals Energy LLC (UEPCL RNS ?1319D of 24 April 2017) as the Russia-incorporated management company for all of the Group's operations, as a result of which daily operations were streamlined, adherence to relevant Russian legislation was fulfilled and certain tax advantages were achieved.
I, as the General Director of Urals Energy LLC, became the President of JSC Petrosakh with all the responsibilities and duties permitted and prescribed by the existing legislation of the Russian Federation and Articles of Association of JSC Petrosakh.
As you kno
the way I see it we have a couple of weeks of c--p to put up with .we are still producing oil . we are still generating money . we are still bringing dept. down . it can only prove to be better than what it is at the moment
It's hilarious though. Allenby tell the current board that they'll take a decision whether to resign after the EGM. Talk about playing both sides. After its done, I'm sure they'll put a manly hand on Schrager's shoulder as he's escorted out, maybe say, 'Better luck next time, old chap". Possibly suggest he starts lobbying for a People's Vote, that sort of thing. And Shrager seems to have convinced himself they're on his side. Truely he's deep in the bunker now, like the last days of the Reich.
·    On 31 January 2018 Petrosakh entered into a twelve month revolving credit facility with the Sakhalin branch of PJSC Sberbank of Russia ("Sberbank") for a total amount of 300 million Russian Roubles (representing approximately US$5.2 million at prevailing exchange rates) available to Petrosakh for working capital financing. This loan replaced a previous loan which was settled in 2018
we are obviously a lot more financially stable than the board would let us be leave the next thing we
will here is that the new 12 month rolling contract has been agreed and we are on target to deliver
another tanker in june
This BOD having managed to destroy most share holders asset by 70% now think they can scare people into voting for them by trying to get them worried about their remains 30%, their incompetence and arragance knows no bounds I think most share holders will be willing to take that risk and vote them out
The current bod surely knows how to drop the sp. why do they keep repeating themselves is beyond me and the mm’s are the only ones capitalising on the rns’s which in my opinion is a good one. 4.6m paid and we’r suppose to be in financial difficulties, yea rite, pull the other one. Shame the egm is on 22nd and not any earlier. The sooner the current bod is out the better!!
AIM rules for companies (including directors) and for nomads are set out on the LSE. So long as the proposed directors aren't bankrupt or barred from being directors, the hurdles are honestly not that high. And let's be honest, look at the directors of other, much worse, AIM companies.
If allenby attempt to set conditions above and beyond those set down, I imagine they would be open to legal challenge. I'd very much like to see them, to check for myself. But I imagine the current board don't want to do that because it would expose their scaremongering as the joke it is.
Really, this is a gift. EGM in under 3 weeks, allenby confirmed, or a new nomad appointed, the sp will double. And still be way too low.
It still Only needs a £10m long term loan or financing and the books and debt will be all squared up and working capital sorted, nothings changed. The board have had months to sort this out, it turns over tens of millions and they have not sorted anything out, just blamed their shareholders again and again and again.
I'm assuming once the new board are in, the loans made by Kononov will miraculously be paid back I bet
More crap from the BOD, I would not think the "Conditions" are that difficult to achieve this being AIM !
So, what are the nomad 'conditions'? Will you still pay us? Lol.
I'd been expecting a further round of project fear from the board. I was waiting for it. So I took the opportunity to buy 4k more. I'm just trading this 4k. Buy on a doomsday RNS, sell a couple of days later. Gradually bringing my average down fractionally.
sorry, just re-read the part about loans a few times