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Good thinking Urraca.
Out of interest if K can get 683,083 shares to pledge to vote with him in advance can they bypass the EGM and speed things up?
just seems a waste of time and money given this highly unlikely possibility that the current board can get 6,311,152 votes to side with them.
UEN's Nomad is Allenby Capital. It's pretty out of order for the Board to use them to hold out the threat of delisting from AIM before the EGM. I have therefore e-mailed them asking them to clarify their position. I suggest every concerned shareholder does the same. My message was:
"Hello,
I am a shareholder in Urals Energy, for whom you are retained as the Nominated Advisor.
As you are aware, although Urals is listed on AIM, it's primary listing is in Cyprus, so not all AIM rules apply. I am sure you are aware that an EGM has been called to replace the current Board. And that the current Board as suggesting that you might resign as NOMAD, leading to the company being delisted from AIM before the EGM.
This appears to be on the basis that you may not have sufficient time to conduct due diligence on the proposed new Board members of the company. Despite this, the company claims to have offered to remove Mr Dyachenko from the Board, and replace him with Mr Rusinov. As proposed under two of the EGM resolutions. Which suggests that due diligence on Mr Rusinov was able to be conducted very quickly, or perhaps was not necessary under Cyprus law.
I would be very grateful if you could clarify your own position in this, as resigning as NOMAD before the EGM, such that the company gets delisted from AIM before the EGM would seem to be clearly disadvantageous to the shareholders of the company, although not perhaps to the current Board.
Many thanks for your consideration of this matter.
Regards"
On 15 Octber the Board said "The Board remains of the opinion that if none of the potential solutions to the Group's current working capital deficit can be put in place by the end of this month, then the Board will have to take steps to protect the interests of the Group's creditors."
This was a clear threat to put the company into administration, which trashed the share price, and which has proved to be hysterical fear-mongering which they weren't going to follow through on.
Now they say that the shares might be delisted from AIM because the NOMAD may not have time to carry out due diligence on the proposed new directors. But at the same time they say that they have offered to throw Dyachenko under the bus, and install Rusinov. What about the due diligence there?
Honestly, they have completely destroyed their credibility, along with the share price. Given they've got prior experience of fending off this sort of board coup, I'm aghast at how badly they're bungling it.
And honestly, if UEN keeps its AIM listing, and pays dividends, that is a legal and straightforward way to get money out of Russia and in to London. If any Russian had any interest in making that sort of transaction.
With him holding over 44%, or should I say his daughter in trust, it's pretty much irrelevant what we want.
I have know doubt his selected directors have bought in and I think he will get a good few p.i's supporting him.
It's pretty much a forgone conclusion he will get his way imo.
I'm keeping my considerations open for now. Like you said let's see what he comes up with in the next few weeks.
My fear is still there that he will try and do what Fire East was at, taking complete control and shutting us out and getting the company for nothing or a derisory amount. I'm keeping in mind all the underhand things he has done so far that's kicked all this off.
My view, like that of Urrace: For Mr K to get rich quickly, will be keep UEN's listing and sort out $5m , also maybe a bigger loan, then quickly kick off the JV development for Komi since we have now a proper CPR in place, plus 2000bopd, SP can quickly go to 250, also win the case on moral ground too with a good reputation. Why to delist it, take a piss on all and be disgraced ! then what ? He will certainly not going to use his own money to develop these reserves ....Lets see...
I appreciate your concerns chavitravi, and the articneft loans do look dodgy. The Petrosakh loans though, for the most part ate clearly aimed at securing control of Kholmsk port. It was in financial trouble when the Board decided that it was sensible to make that a strategic goal, so I can see that the situation needed to be stabilised.
But more broadly, the current Board have effectively ceded control of the company over the last few years by allowing Adler SA to own 44.5% of the company without requiring them to make a full take over bid, employing Kononov, and then making him President. It's all very well simply saying everything is Kononov's fault, but the reality is that the Board let it happen and have badly bungled this attempt to reassert control.
Anyway, the Board have made their pitch. A lot of it seems to revolve around possible NOMAD led suspension. Given that AIM NOMADs have been happy to represent Cloudtag, Mysquare, African Potash, and a host of other garbage, I find this quite hard to swallow. I expect Kononov will make his pitch shortly. It will make an interesting read, and I don't think any decision should be made in advance of seeing his offer.
Good luck all, however this unfolds. We're still producing 2k bopd, have big reserves and substantial assets. Kononov's best route to riches is to get this company back to a realistic valuation, then sell.
Dr who, first Adler IS Kononov fronted by Shvets. Yes I think we all agree we should put in place a proper loan to move us on quickly. Has for the benefit of delisting for Kononov is self evident.
Chavitravi : New BOD suppose top work for the money which is Alders SA owned by Mr Shvets. MAYBE you should also ask the Pathetic BOD that how much they are paid as salary and corporate benefits for all these years ? Mind you the new BOD is proposed by Alder SA in which Mr Shvets owns and he is a banker , so why BOD always take "oil for loan " from their close friends in Petraco instead of other meaningful long term loans for more strategical expansion for UEN? Also, what is the benefit to take control and delist UEN from AIM?
Mr K , Hope you are listening!! , I only want 2 things , A bindind commitment to stay on Aim or offer a fair value to shareholders based on what you paid for your share , and or a commitment to increase the mk of the company to its fair value over next 3 years , then you get my vote .
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To me guys this is the Fire East coop all over again. Trying to take control of the Company without paying the shareholders. Delist and goodbye.
What's said in my opinion is true. We have come a long way since the FE fiasco no matter what some think. All the underhand stuff and money missing is clearly down to Kononov. Sabotage of the company. I for one don't want Maximov back.
I know some feel the present directors have pulled down the share price but they have in truth only done what is legally required and reported what has gone on.
I don't trust Kononov one bit, everything he has done so far has been underhand and for self and see no reason to believe he won't continue in that vain.
Clearly the board wish to stay within Aim rules and company rules whilst he would seem not too. I think his long game is to take the lot for nowt has it was with Fire East. I trust the present board more so to do best for all shareholders than him and think they will get the JV going and develope the new fields in due course.
Dispite what some think we have got more going since these guys took over since the FE thing and getting rid of Maxi. At present I'm of mind to vote with the present board. There is much to concider given all the underhand moves I have seen before here. Who to trust here to look after OUR Interest and not just his own and play an honest game?? That is the question.
Good post it's a game current board putting childish rns out all the time and blaming k I personally want them gone as others said should be 250 a share very negative tone rns for years also a significant oil find
Dont forget
-the equity that you buy through AIM is the same type of equity that he (his daughter?) holds 44% of, no series A / B division or preference shares.
-It was a fake drop to 16p, could sell all but buy none, as i said i had buy orders at 18, 19, 20p not one filled, the executions all failed when any started to get filled, DND was the only one able to buy at 25p at the time.
So there are NIL shares available at that low of a price, and very few in the 20s.
If there is a drop my orders are still active but i dont expect them to be filled.
it seems there are Less sellers with every negative RNS that comes out, the board have successfully shaken what they can and holders are becoming more immune to the BS they put out.
I do expect this to rise as the date comes closer with K has putting his vision forward and his crowd buys in, but i do expect more negative RNS aswell from the current board as they try to shake out what shares they can along the way.
- Another 750 barrels a day from dagi and other the new and upgraded wells and UEN hits 1m barrels per year, that could be a reality within the next few years.
rns key-points
· The Group has oil production levels of approximately 2,000 barrels per day
· The Board has previously sought to reach agreement with Mr Kononov, offering proposals including that
- Mr Vladimir Rusinov be appointed to the Board, taking the role of Group Chief Executive Officer from Mr Dyachenko who would resign, with Mr Rusinov also assuming the role of President of Petrosakh on an interim
· In the meantime, the Board has been in discussion with potential partners for the Group's operations and hopes to be able to bring forward proposals in the first quarter of 2019. The Board's objective is to address the short-term working capital deficit of the Group, caused primarily by the actions of Mr Kononov, as well as provide the necessary capital for the development of the Group's assets.
, Leonid Dyachenko WHY IS HE STILL WORKING FOR THE COMPANY IF HE IS THE CHIEF EXECUTIVE OFFICER
we are still producing 2000 BOD
we are still tradeing even though the curent BOD were threatening insolvency
they are now threatening that the nomad will
The Existing Board are aware that the Company's AIM nominated adviser is, in light of the recent actions taken by Mr Kononov, considering whether to continue to act as the Company's AIM nominated adviser. Should the Company's AIM nominated adviser resign before the Extraordinary General Meeting is held, the Existing Board do not believe that it would be possible for the Company to appoint a new AIM nominated adviser before the Extraordinary General Meeting and this would result in trading in the Company's Ordinary Shares on AIM being suspended (and cancelled if the Company cannot appoint a replacement AIM nominated adviser within one month of such suspension).
HOLD ONTO YOUR SHARES
the new board get in, they have to still chase Kononov for the money. wouldn't be surprised if the money magically appeared once the new board are in. a very strategic game being played here, and if it all goes well, we should see substantial returns this year with south dagi news on the horizon.
Thanks Urraca. Will wait for a week and then contact my broker. Also, I read the full RNS just now and they have given details on how to give a proxy vote. Obviously, they are desperately trying to for an AGAINST vote, but I guess the same process will be for the FOR vote. Thanks again.
Aazam, it shoukd be covered in the circular. But assuming you hold your shares in a nominee account, you should get a flag on the website for 'corporate actions'. If you can't find it, contact your brokers and they'll tell you how to do it. I'd wait until next week though.
Fair value for what we have 250 agree but getting back to 75p will be a start
Hi guys,
Can someone kindly tell me the process of proxy voting. I am relatively a new investor and have never voted or given proxy rights to anyone. I have some shares here and want to give my proxy voting rights to Mr. Kononov to drive the current BOD out. Any ideas how I can get my proxy voting right to Mr. Kononov? Kind regards,
Surely will happen this way , Urraca . PS: They should also post their plan to move the Uen forward soon in its own website right before ....
I think they went to their NOMAD and said 'how long can we string this out guys?" Then, they paid, lots, for some lawyer to say,
"If the NOMAD is doing due diligence, I reckon you might just be able to push it out to 70 days after you got the requisition. Any longer, and Kononov will be suing you."
Trash the shareprice, and try to keep snouts in the trough as long as possible. I hope Kononov has people outside the London office on the 22nd, to go in and remove their personal effects as soon as they're voted out.
Uen should be worth 250P!!
Very Valid point Itisagme.. Look like AO will jump out again on "being British and ethical argument ", what a jerk!
Get them out and get us back to 75p
lol Ks fault for the 75p - 23.5p drop = 51.5p drop,
whos fault is the other £1.30 - 75p drop = 55p drop?