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You seem upset tho' Nicey.... not the trademark of someone rolling in dosh....
Sanderson should be prosecuted for fraud.
MINIMUM 50% BETTER 75% if he does not accept it he can leave. Why is this man allowed to pay himself so much? Should be a EGM called in order to demand wage cuts of all staff based on poor performance. Or just call in the administrators. The company has to do more dilution just to keep its listing.
800k market cap. Even Adrian has given up.
Nicey, you need to get whatever cash you have here over to ECR where the BOD DON'T take the michael on remuneration and they aren't involved in the kind of 'death spiral' financing we see here.
(apologies to all decent UKOG shareholders but 'Nicey' isn't actually very nice...are you??)
...and I could be renamed Lostaloat; you cannot win them all; regretfully
Ocelot should rename himself to Losealot
0.025 GBX -0.05 (-64.29%)past month
2 May, 11:20 BST
Delta.
They did get the loan I agree now the loan is lowered when it issues shares. I understand that. Sorry if that was not made clear.
What I wanted to say was that £420,000 all of it will go for listing costs. It does not cover the salary of Sanderson. More importantly the company does not have enough authority to issue shares to cover the loan. It is short of shares and needs to go back to the shareholder for permission to print more shares. Damn.
Ilovesushi,
“ For this it will received £420,000? Take away Mr Sandersons wages of £330,000 the company will have about £90,000 left as working capital”
UKOG doesn’t receive any new money from these loan conversions, they simply reduce the loan liability.
UKOG did receive £2m cash back in June 2023 when the loan was taken out but that money was spent long ago.
867k m/c
"Perhaps UKOG could explain how shares supposedly admitted to trading next week look as though they were sold on Monday".
Seems that selling of these shares take place before actual conversion. I think they are not allowed to short and even suggest they do not short. But it makes you wonder how they companies make money in a death spiral. And conversion takes place at lower and lower prices. How do they make profit actually on these loans. They get shares at a cheaper and cheaper price. Interesting that.
Penguin. Very good highlight of what is happening next. For all shareholders and others to see the inevitable outcome. It needs to issue a further 1.9 billion shares? For this it will received £420,000?
Take away Mr Sandersons wages of £330,000 the company will have about £90,000 left as working capital. Trouble isnt this amount short even to keep a listing? Something must give. Keep the listing and give no wages to the boss or the company collapses? Enters administration. YA global should convert before in enters administrators and other creditors get ahead of them. Expect more share of 1.9 billion to be issued fast and a agm for more authority to issue more shares.
Ask Sanderson/Ocelot
After consolidation there were 3,253,992,610 shares, and there was authority to issue 1,626,700,000 shares. Since then there have been 3 conversions, 13 March 206,965,282 @ 0.054p, 19 April 200,000,000 @ 0.405, and today's 152,796,721shares at a price, based on the £46,603, of 0.0305.
Those 3 conversions amount to 559,762,003 leaving authority to issue 1,066,937,997 more shares.
UKOG give a figure of £420,000 remaining of the £2,000,000 loan. Pretty obvious that unless the SP rises the remaining authority is insufficient to pay off the loan, and there's 4.5% of each conversion added to the debt so eventually that adds £90,000 to the £420,000 - so ultimately over half a million to pay in shares - at the current mid price that's about 1.9 billion shares.
Finally a tranche of today's announced conversion appear to have been sold on Monday - 32,796,721 shares (the last 7 digits the same) at a price of 0.026p.
Perhaps UKOG could explain how shares supposedly admitted to trading next week look as though they were sold on Monday?
The current marcap is £1m, if only another 65% of shares are issued and they manage to get the current SP (very unlikely) that would only raise £650k. Operating cash flow is minus £245k per month, so that would keep them afloat for less that 3 months. That is assuming they are not spending any money of investments like HH, Loxley or Portland.
The next fund-raiser needs to be several million, existing shareholders will be diluted to nearly nothing.
Pboo - aha - Karaoke then!
Love to know the connection with SS - dig deep enough and there will be one. Frankly sounds like a corporate vehicle to justify costs that end up where I wonder!
Pure conjecture on my part I hasten to add.
The number of shares in issue has been increased by 35% already this year. By year end I expect that to be at least 100%. Some of the posters on here should be ashamed for constantly polishing this turd.
To Certain animals in this Jungle
Its a 'Badge of Honour' to rip off
the share holders that support them
I think you are right. This and others that he infests all do the same. Offer everything, take everything, be paid large sums of money for what always turns into failures. It is legalised theft.
LSE is a cesspit full of it so it is no wonder it will go to the wall eventually
And to once think this was going to be the Gatwick gusher. was sold a trip there from lenigas.
No tweet from them this morning trumpeting the latest RNS - no, they reserve tweets (or X posts!) for the 'good' stuff.
Spot on Gwilliams! He is a gimp.
Ocelot "for all the purveyors of doom and gloom, this sounds very much like business as usual" - you mean the people who have been proven correct time and time against against your pathetic ramping which has been proven wrong every single time. You are an ashamed ramper and after the complete and utter failure of the company to get anything right, ever break even let alone make a profit - you are still here pumping this sham of a company. So who are you ? I'm going for Sanderson
What will be the next conversion price? Lower and lower it goes. 10x 152,000,000 this time. Must be 1.5 Billion shares to issue to clear the loan? The company will need further authorities to issue more shares when the loan is paid off surely? What then? Can see shareholders voting for more share issues. This is close to the end. No wonder YA Global convert. They see the writing on the wall and need to take their profits and close out. They do not want to deal with Administrators so best get out now while they are in profit.