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Urraca thks for the confirmation appreciated ! so when it went up to 1.20 we were at 6p in old money fire east whatever there name was put on the table 12.5p back then n/w 2.40, you would take that now big time !
You're rght, but we are more around the 1.4p mark than 3p. 3p then would equal 60p niw, and I'd be very happy to see it.
The spike in may 17 from 6p ish to 120p was due to consolidation 200/1 i think and someone clarify that ??? So from that are we below the 6p mark and are around the 3p mark in comparison ???
Anyone confirm please or am i talking crap many thanks
I agree about Petrosakh. And I kind of wonder if this boardroom fight is about control of Petrosakh because they have a very good idea about the South Dagi drill, even though they have come up with a range of excuses for not doing, or announcing, full test results. 9 object layers discovered. Shame its 400km from the refinery and its production has to be moved by road.
For what its worth, I think the new board will want to retain AIM listing. Must provide some protection from being plundered by the state.
Also Probably have more chance of arcticneft being sold off before it got to that point anyway. Im guessing Petrosakh will probably be the main focus going forward.
Would be a very expensive Gamble to write of your $12m investment for the 44% in the hope of getting it back of the administrators as well as lose all the Directorships.
Don't think the new BOD would come along for that ride as to experienced.
Therefore new BOD would want to make a success of this with share incentives probably on offer.
The listing should be safe as 75% need to vote in favour of delisting.
My only fear is that once in control Adler treat their 44% as a right off, instruct the people to not pay the loans back, deliberately delay renewal of bank facilities, force the company in to admin and buy it out of admin with the money they have banked from the loans. Stranger things have happened. Other then that I think having >50% shares in the hands of directors should put some confidence in to the market listing if they commit to it, and with a few good bits of news in well written upbeat RNS’ could easily turn Adlers current <£2m on paper back to £10m+. This financial year should have the highest turn over for a long time due to the higher average oil prices even with slight decline in production and hopefully they can do something with the loans to offset some tax. The existing directors will probably have a few more badly worded negative rns coming out because they have 99% now lost their jobs. They had their chance to improve the sp (or buy more shares), hopefully this works out, not much we can do but wait and see. One good long term loan is all UEN need.
Urraca, to answer your question from earlier. Alexsi Maximov was formally the CEO and was kicked out after the merger fiasco. I think it was assumed he had connection with Barsky.
To be fair since the merger crap they have took the company forward and got things done hence the price rise at one time and more interest here but their antics of recent times have took it back to square one. Much of their in house fighting has done serious damage without doubt and they were told on several occasions in meetings about their very poor rns that were always down beat even on good news. Their "we see no reason" rns was a real shocker that crashed the share and infuriated investors. A golden opportunity missed to send the share higher with all the good stuff coming out. So yes of late their stewardship has been poor.
To be fair the current bod need to be booted out they are the reason for the share drop
Thanks Chavi. I assume Maxim Barski is no relation to Aleksi Maximov.
To update you guys as best I can now remember. Maxim Barski a bit of a rogue we found out tried to take control of UEN, but not buy it out, so he could merge his crap company. His company, he had land near ours that had not been drill or producing and needed a lot of investment to do just that. His plan was to take a stake in UEN, take control of it and then use our money and assets to developers it. Of course we all tumbled to it and saw he would screw us all and never see a return on the merger. When he failed to oust the directors and take control he and others sold their shares to Adler. It was never his intention to buy out the whole of UEN. Hope that helps knowing what went down and how we got Adler/Kononov.
My apologise guys. It was Fire East Corporation that tried to take control not Far East.
Could it be that kovonov cant raise the funds to pay back the loans because the shares in UEN he would use as security are currently worth peanuts? With Higher share price maybe there is A higher chance of him adding some kind of security or reassurances to the outstanding loans?
Remember where did they ordered the new rig, Chinese . They should know them very well by now. Funding was never a problem, the current BOD is THE problem ! Check my previous post which I predicted back then ! This takeover will make Mr K and us all shareholder very happen ! But in order to allow this Takeover, get rid of current BOD is the the key as the 1st Step !
Yes, they are HK people , also chinese I think. Whatever, the current price is a total joke for what UEN's asset !
No not the Chinese dispite the Co name.
We don't need a takeover just directors on the job doing the job and capable of putting out illuminated, concise, fully informative upbeat rns instead of the short, vague downbeat stuff each time even when is very good info.
I feel a one off loan of about 10-15m is needed to let us get the show on the road quickly delivering new wells and oil.
The loan would in my view be paid off quickly and be very manageable.
I remember that bid , these are the chinese. Very well will bid again , or may already dealt with the bid price so Mr K delivers since he is the key person makes sell vote at an agreed price....With Russian and Chinese are treading with its own currency, by pass Dollar, you never know ! ! Buying big time is a no-brainer !
The takeover attempt was by a bunch of chancers called Far East Corparation about 5 yrs ago. Shareholders through out that attempt mainly because they saw them for what they were, bent. An alleged offer was made of 12.5p. Which would now convert to 250p. The then board said the company was worth much more. Our prospects did become better when the dust settled with new management but in recent years that management has become lax and given out very poor and vague rns and failed miserably to put over good points to send the share price on. To the contrary, they destroyed share price with one rns as said earlier.
Thanks for clarifying Chavi.
My money is on the new BOD as they are most likely all on the ground and have been or can do the job much better than those enjoying London life and provide lip and paper services only for so many years ....!
Itsagame, firstly UEN is Cyprus registered and those rules dont apply and second it wasn't Kononov who tried to take over, he took his shares from those that failed in the attempt.
I know, itsagame. Plus the Company is registered in Cyprus, and applies Cyprus Stock Exchange rules. I've had a browse through them. They're a lot woolier than AIM code.
Anyway, someone's buying in. Kononov's chums, going for an extra 6%?
There are exemptions to the 30% rule, seen it before when they agree to not actively acquire more shares, don’t forget they did actually make an offer for the company years ago ! It was rejected
I agree. Its duplicitous of the Board to suggest the proposals for the new management team mght not meet AIM rules. Has it escaped their attention that it is also a breach of AIM rules for a single shareholder to hold over 30% of a company without having to make a full takeover bid? given the current Board's scorched earth policy, any change it bound to be met with relief. Although a prospectus and intended strategy would really help to allay concerns.