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Nothing screams double bagger more than a company about to double it's amount of shares and then use the cash raised for a couple more months of admin costs.
Give your head a wobble, double bagger...dear god man, the company is on the verge of slamming into a wall. double bagger, sighhhhhhhhh
On the move up now. double bagger from here.
"Yo no se"
That.., is quite apparent.
Yo no se
Number of shares in issue up 24% in 2 months is pretty good going. What will it be like after a year?
There is no division for salaries for successful and unsuccessful companies . Pity really because there ought to be rules when the situation arises that the income from the shares is largely going to fund director's salaries . It is something which has been overlooked
Application has been made for EBT Shares, numbering 62,087,925 ordinary shares in total, to be admitted to trading on AIM . Admission is expected to take place on 10 May 2024
That would be good for some
"Resolution 5
is proposed as a special resolution. This means that for Resolution 5 to be passed, at least three quarters of the votes cast must be in favour of the Resolution."
At the GM Resolution 4 was a special resolution and wasn't far off from failing. It would not take much for some large shareholders, or even concerned PI's that actually could be bothered to vote, to sway the vote the wrong way.
If RF/YA do request say another 200,000,000 shares then UKOG will amend the resolution so that its for an additional 4,076,840,000 shares.
So the number shares are likely to go from present 3.88b to over 8b
Only 16 trading days left to use up the remainder of the shares from the GM. At the rate YA are going they will probably need to do a placing to get rid of them all.
Will not last long. You only need to work out how much they could possibly raise on a good day to work out they can't even afford to keep the lights on.
Nicholas Mardon Taylor was last re-appointed at the 2020 AGM and according to the Articles of Association directors have to be re-appointed every three years.
So he should of been re-appointed last year not this. Nick is 80, so perhaps he just forgot.
'and for BB failing to shoot seismic before drilling in the wrong place is unforgiveable'
Should be Basur-3....
UKOG has never learnt to live within their means - lead by an overpaid unsuccessful CEO who has a record, for whatever reason, of persevering with lost causes - out of the three wells SS has drilled the testing of both BB and Pinarova should have been abandoned long before it was, even with HH-2z pi were strung along until it was impossible to hide the failure (HH-1 was drilled by the Angus team I believe).
Now, and for years, instead of sorting out HH, getting HH-2z converted to an injector (although this may not be the certain win UKOG suggest) and drilling HH-3 they've wasted millions in Turkey and now more millions on the Portland port gas storage vanity project.
It hasn't even been bad luck - the Kimmeridge was a long shot out of structural closure, and AME were clearly farming out their dross it Turkey - and for BB failing to shoot seismic before drilling in the wrong place is unforgiveable - and then admitting the wells in the Resan section of the structure had issues with water - that was either known about but not mentioned or they're due diligence was lacking. Pinarova was a ridiculous but at least cheap well.
Unless there's a dramatic improvement in the SP nearly 4 billion shares won't even fund salaries for much more than 6 months, and they obviously won't, by 29 May, have cleared the loan notes so maybe a billion of the 3.8 billion will have to be set aside for that.
The current plan seems to be let's hope some mug comes along and funds Loxley 100% (and perhaps making the same mistake of not shooting seismic first) while hopefully some international investment company joins the Portland Port project in some unspecified way.
Maybe either happening will improve the SP but then there's the threat of issuing billions more shares the moment the SP improves - and with a guaranteed 10% of the shares voting in favour UKOG could call a GM at any time to get the confetti factory up and running when the 3.8 billion run out.
I had hoped that the AGM notice would have a plan that wasn't just more of the same but perhaps a plan that accepted cash was constrained so maybe somethng along the lines, for instance, that unless participation is assured in the near future the Portland Port gas storage project would be put on hold for a later round, as they already accept they may not get an allocation in the 2024 round and would then apply in the next.
This is called "putting the boot in".
Total voting rights 19. As at 2 May 2024, being the last practicable date before dispatch of this notice, the Company’s issued share capital comprised 3,875,842,538. Ordinary Shares of £0.000001 each. Each ordinary share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights in the Company as at 2 May 2024 is 3,875,842,538.
Perhaps I should have said just under 4bn.
Over 3bn new shares on offer for the AGM. That will be another 50% off the SP this year at least.
Up 6% might be a 'nice way' to end the week, but the share price was still down 25.71% on the Google 5 day chart
https://www.google.com/finance/quote/UKOG:LON?hl=en&window=5D
And before you get excited, to the right because the master of confetti will be consolidating again soon enough !!
Insidious,
PMSL proper,,, well yeah, but even a brick bounces if it drops from a great height !!!
Not long before it moves the decimal point another digit to the right !!
Nice end to the week...Loxley here we come...
Ocelot
Please take a look in the mirror and hopefully you will see just
what a complete turd you are looking at!
then again I don't think you will
in fact it could be Sandascam
sad, sad individual
Wasn't that Liz Truss? That nobody would trust her to run a bath??