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board trying to scare investors again into voting against the resolutions. also the part at the bottom about the loan repayments:
The Group does not have any significant cash deposits held with Kamchatka Bank. The Group has a total of Russian Roubles 125 million (equivalent to approximately US$1.9 million) in borrowings from Kamchatka Bank which are not due for repayment until September 2019 and January 2020.
At the end of January 2019, the Group completed the repayment, in a series of tranches, of a loan from Sberbank of Russian Roubles 300 million (equivalent to approximately US$4.6 million). The Group has outstanding loans from Sberbank of Russian Roubles 278 million (equivalent to approximately US$4.2 million).
Notwithstanding this repayment, the Board believes that the Group continues to face a substantial working capital deficit in the coming months, as outlined in its previous announcements.
Is this indicating this is what the money was used for??
Thanks for that. A guy on the other board said it once cost him 30 quid to reg his vote. Sod that.
I will wait and see if it comes up a few weeks before hand as you suggest.
Chavi. I'm with Barclays. Again, nothing showed in corporate actions, so I contacted them direct using their webchat service. They offered to register my vote, so I gave my instructions on the spot.
They did say it usually shows up a fortnight beforehand, so maybe by Friday. Otherwise, contact Halifax.
Urraca, you said you voted, how? I'm with Halifax on line, I looked in notifications and there is nothing there.
So how do you get to vote?
I too voted for the resolutions today. I wanted to see what the prospective board had to say first, but the deliberately destructive RNS last week was the final straw for me with the current Board. It contained nothing new, and was designed solely to punish the share price. As far as Allenby go, I think they will stay silent, and on the fence, until after the EGM voting is concluded and the outcome known. I would be very surprised if they then decided to support some yesterday's men who will have already left the company.
I think EGM is now more of a formality and removal of the current BoD is almost given. Adler has ~45% shares, I am sure they have bought some more. I have invested here a little bit and have sent my proxy in favor of the resolutions... plus I know some other PIs who collectively have quite decent holdings and are proxy voting in favor of the resolutions as well.
I hope Mr. Kononov is listening and will make some sensible plans and announcements to sort out the mess. The company has strong fundamentals. And there are many factual reasons based on which this should do well. I dont say that it will be 10 times over or 5 times, but definitely much better than the current sorry levels! I wish every one all the best and I am sure that the patience and perseverance of long investors will pay off soon.
Is this Allenby filling their boots before saying they've done dd and all is good?
On DD, the last RNS said: "The Board has been informed that the Company's nominated adviser's due diligence process and suitability considerations in respect of the Company, the Proposed Directors and Board independence should the resolutions at the EGM be passed, is ongoing."
I've been reading the AIM rules for companies and Nomads. If Allenby think the Company isn't suitable, they should already have resigned. On proposed directors, I've already noted that 3 out of 4 seem fine. And on Board independence? There is nothing in the rules about this. Independent of who? Shareholders? That's ridiculous.
Yes it was very noticeable when they took it down heavy that there was no sells as such, only buys.
YET one guy did a dummy sell and he could sell 62k at over the odds price. Which says to me they still want your shares. Its possible the mm's are out of pocket with that frighteners move, they had to sell shares to the buyers for less than they paid to the earlier sellers. If that is so I think they will have to take it back up to balance the book by Friday.
Yes, bit embarrasing for the Board really. Spells out that they've got about as much credibility as Thetesa May now, and even less authority than her. Tried buying some this morning. Very difficult to get a quote, then they wacked the offer up.
Looks like the mm dived the bid without any sells but it had no effect Alla tree shake ? Offer still 40p as everyone knows the true value and the MM won’t sell the shares as even they don’t believe anything this BOD says imo
at present I can only find that he owns 123275 shares after consolidation
worth today £ 40 000 I'm sure there are private investors with more
06/07/16
BUY
Andrew Shrager
CH
200,000 @ 1.85p
£3,700
01/07/16
BUY
Andrew Shrager
CH
100,000 @ 1.75p
£1,750
01/07/16
BUY
Andrew Shrager
CH
150,000 @ 2.00p
£3,000
04/12/15
BUY
Andrew Shrager
CH
350,000 @ 2.80p
£9,800
30/11/15
BUY
Andrew Shrager
CH
150,000 @ 2.50p
£3,750
20/11/15
BUY
Andrew Shrager
CH
500,000 @ 2.70p
£13,500
24/06/15
BUY
Andrew Shrager
CH
200,500 @ 3.50p
£7,018
22/06/15
BUY
Andrew Shrager
CH
365,000 @ 3.78p
£13,782
24/01/13
BUY
Andrew Shrager
CH
450,000 @ 6.50p
£29,250
Yes Chavi, its just plain barmy otherwise. How can they possibly think behaving like that would rally support to their cause. Especially today's rns, nothing new, just a further attempt to crash the price. It's pretty unprofessional. Don't they have a fiducary responsibility to shareholders? Surprised Allenby signed off on it to be honest.
Urraca, that has crossed my mind too about your cahoots comment.
ffs, im sorry i opened my mouth and jinxed it. they didn't even try to put any positive in the RNS, well if they had any chance of surviving the vote that has now gone, Kovonov is 100% in now.
I am a LTH since 2010. Trust me, i would not even dream of selling at this price or anywhere near it. The company is worth multiple of £’s if not £10+. There may be some s********* but its true. Assets, SD, own refinery, current Output and the list goes on.... Sooner or later when the new bod are in place and settled, it won’t surprise me in the least if they came out with similar discrepancies to what Kononov has been accused off carried out by the current bod. I sincerely hope that is the case considering the current bods lack of positive spin on the company. Seriously, how can a company turning over £20m+ be valued at ONLY £3m. A Joke, although im not laughing.
There was nothing new in it, except a vindictive and malicious attempt to drive the SP down. Almost wonder if they're in cahoots with Kononov to let him buy the company on the super cheap.
Really pissed at the current BOD. When the share price nose dives, they never come out and say that there is nothing material that is driving this share decline or that such and such plan is in place to address the issue, if any to give some confidence to the investors.
But when it starts to creep back up, they come out to kill it. Well, hopefully its only a few days left till they are kicked out. Cant wait that to happen..... Once they are gone, hoping some sense will prevail and there will be more meaningful news.
Bit surprised Shrager hasn't dumped all his UEN shares if he's so convinced the company is going to collapse. Doesn't make sense, for a business man, really. Unless he knows its all a load of rubbish.
If the current bod had investment in the company then they wouldn’t be issuing such ridiculous rns’s.
I just hope that when the new prospective Board release their circular they firmly address the scaremngering by the current Board around NOMADs, and the relatively small financing issue. That will underpin a proper rerate here, and see off the current Board, who are acting like spolit teenagers having their mobile phnes taken off them, imo.
The BOD are so incompetent, for shareholders to have any faith younwould expect they would in their capacity do anything to drive the sp up, not try and pull it down. With the silly rns today, even the sceptics would side with Kononov.
Looking at Kononov’s stake its a given that the current BOD will lose control. Their only saving grace to spite Kononov is to try and get a buyer for the company before the egm for a price the remaining shareholders can’t refuse, subject to Kononov not already accrued more than 50%.
Back on the up tomorrow if not today.
Agree get them out!