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Even if the current Board survived the EGM, Kononov would still be President of Petrosakh, they still couldn't sack him or control him. So voting fir the current Board would be voting to prolong this ridiculous situation. Bth sides are spinning BS in their statements, and who knows how it might pan out under the new Board? There would certainly still be potential risk. But at list there would be stability within the Company, and a clear sense of direction. And Kononov has definately got skin in the game (with the bonus that equity dilution would hurt him much more than me). The Board need to accept the inevitable, and get it over with. That is what is in shareholders interests. Stringing it out only allows them to draw their salaries as long as possible. I can't see any other benefit.
That’s his response to the previous rns’ we have had the last two months, he should be able to put his own plans for the company in the circular as it should be balanced.
To be fair even a circular is a waste of money, he only needs 684k shares to vote with him, if Petraco vote with him with their 437k shares he only needs 245k share to vote with him, probably get close to that between us on this bb if you include the ones who read but don’t post (hello) ;)
will Kononov get to publish his own statement for his vision in the said circular? Or will it be one sided and shareholders will be kept in the dark? “Further information regarding why the Board believes that shareholders should vote against these resolutions will be set out in the circular proposed to be sent to shareholders in respect of this extraordinary general meeting.”
Total non-sense of delisting possibility given the fact that the total reserve of latest CPR is much bigger while Mr K has largest Stake ! With AIM fund raising mechanism , the SP could be much bigger and JV partners for Komi etc.... Make every sense to get rid of current BOD, put the path forward with a new BOD with Shareholder's interests at top priority , esp for Mr K!!!
Get them out now trying to delist are holding and trashed the sp as low as possible to nothing
Thanks, I have one more top up I’m willing to make, but I’m stuck between choosing here and PMO both I consider very low priced, with HUR in 3rd place because the fspo I’ve been waiting for is so close now.
one at 29 rest at 30
What’s the order book looking like? What’s currently available to buy at what price?
Today's RNS pretty much concludes the biggest shareholder wins the game and BOD are corned to admit the defeat and out ! Its good news for SP I hope !
They started out suggestng they'd be putting the Company into administration at the end of October, moved on to suggesting a new Board would mean delisting from AIM, and now it looks as if they only clocked the statement on the Petrosakh website from browsing the BBs, where it was spotted much earlier. Beyond pathetic for guys trying to cling on to their jobs.
They have trashed the company to £3m mc and they now want us to vote for them... can’t release any good news to restore confidence as this would make Kononov richer , not interested in any other shareholder.
P,S we here nothing for ages then all of a sudden they have woken up
I don't think there will be a problem getting over the 50% they require to replace the BOD . they will already have it
The BOD are clearly freaking out, knowing they will be fired !!! Wonder what they will put on Circulation to trick the shareholder to vote down the 45% major stakeholder ?
This BOD are useless
Well, I very much welcome a 7am RNS rather than dropping them at random times during the day when I'm working, but having said that, fer christs sake guys, when you're in a hole, don't keep digging. Each one gets more pathetic and whiny. They've lost all dignity. And, lets face it, they're going to lose the EGM. Either way, we need this spat over and done with for some stability and positive forward planning to resume.
Kononov says "I believe this report can hardly be considered as a complete and unbiased undertaking due to work on it being suspended by the Board.". So I guess the Board halted the audit before it could get round to it. Very rum, maybe they started to sniff out some Board transactions?
Anyway, looks like Kononov's going to win this fight. Wonder if he'll then refinance and reinstate the divi?
"This information became known to the Board on 14 December 2018 after it was disclosed via public state records in Russia on 13 December 2018. "
How come the Auditors did not find this?
Again terribly written, a better way would have been to open with something like “Urals Energy the hydrocarbon explorator and producer with interests in the strategic sea port of shakalan is pleased to announce that it has purchased a passenger ship for use at the port of shakalan, the estimated cost of the ship including necessary upgrades is expected to be around $210,000 which represents a significant discount to the market price. It is expected that the ship will increase passenger capacity at the port from Q2 2019. The board is also delighted to confirm that Mr Sergey Kononov, has decided to stay on in his position as president of Petrosakh. We thank Mr Kononov for his continued support and wish him and his team a happy Christmas and a prosperous new year”
Seems now that the NOMAD won't have any problem with the new Board, and so there's no possibility of delisting just cos the current Board don't like em, lol. Walking through town today, there were quite a few people out with their begging bowls. When I read this RNS it put me in mind of them somehow. So it looks like the current Board have completely lost control of Petrosakh. Why keep paying them then?
I was interested to see that this new ship is in South Korea. When i was researching the Sakhaln Port, I read somewhere that North Korea are shipping stuff over to Sakhalin, to get rebsdged and shipped on, sanctions busting. Guess it might be lucrative ;-)
Well at least its news. lol A couple of oars, bit of food in the galley and they're all set to offer arctic cruises.
Lol the current boards crying about a $160k purchase of a passenger boat for the port that needs a new engine. No mention of kovs response.
Great post on the other BB with Kovs response.
Every 20 old shares became 1 new share (not 200 to 1) but otherwise yes. Don't think anyone would put £2.40 on the table now. Maybe £1.