We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Every public company must hold a general meeting as its annual general meeting in each period of 6 months beginning with the day following its accounting reference date (in addition to any other meetings held during that period).
https://www.legislation.gov.uk/ukpga/2006/46/part/13/chapter/4/2009-11-06?view=plain
'Investigations and prosecution of alleged offences under the Companies Act may be conducted by the police and the CPS, the Department for Business, Enterprise and Regulatory Reform, the SFO or the Serious Organised Crime Agency, depending on the seriousness of the alleged offence and the manner in which the relevant behaviour came to the attention of the authorities.'
https://www.bindmans.com/legal-services/individual/fraud-and-white-collar-crime/companies-act-offences
Just a fine... many would prefer jail time. But you could report the offence to the Old Bill if you are annoyed enough with the lack of action by The Dear Leader (praise be his name).
Annual accounts
19. An AIM company must publish annual audited accounts which must be sent to its
shareholders without delay and in any event not later than six months after the end of the
financial year to which they relate.
Article 190 only provides immunity if “judgment is given in his favour or in which he is acquitted”
Penguins lists possible activity and concludes ;
"But none will see instant activity, just news and plans, with the next drill 2025 - if ever"
The BIG issue is UKOG are close to running out of cash, NOW. By summer at latest they will need a LARGE cash injection just to keep the lights on.. They need 225k each month for basic admin alone. With the market cap around £1.2m now ; how on earth can they equity fund raise enough again to actually do anything?.
A share of another "roll of the dice" gamble in a Türkiye drill costs UKOG circa £1.2m .
Apart from Covid there doesn’t seem to be any exemption, if you look at other companies they generally obey the law, but there doesn’t seem to be anyone enforcing it.
Prior to SS being CEO the AGM did happen before March 31st, but after SS took over they have only held it once by March 31st. SS clearly has no time for good corporate governance.
At the last GM the special resolution, even with the 10% EBT votes, only passed by 78%, many more PIs voted than the previous meeting. So given the 75% threshold, they can’t assume that non-preemptive rights resolutions will pass, which would drastically reduce their fund raising options.
DVT,
UKOG hasn't held an AGM before end March since 2017, there must be a 'get out' - or it's considered such a minor infraction of the rules it isn't enforced.
But now UKOG has rumbled that the EBT can hold 10% of the shares - and it's almost certain that less than 10% of pi will vote - they can propose anything and guarantee it being approved. The BoD was forced to act before because of the support for 'Sanderson Out' and that garnered a committment for the BoD to buy shares that only SS followed through on - of course ocelot was joyful that even the 'Sanderson Out' movement failed to get 10% of shares - and judging by what happens elsewhere (Angus) the deception just continues so it was unlikely to change anything.
Not sure if there's anything pi can realistically do, most are traders uninterested in whether the company exists beyond the next P&D. Any legal approach would cost (and is there one?), and the non-execs who should better represent pi appear happy to take their £50k and go along with the execs.
With 6 month delays for accounts (9 months for the subsidiaries) the current state of UKOG's finances is complete guesswork but more cash will be needed some time this year. The current CLN seems structured completely against pi interests with no transparency, and UKOG doing anything is dependent on others farming in (Loxley), a Supreme Court decision then a farm in (HH - except, perhaps, the long delayed HH-2z conversion) , agreeing the next activity (Turkey) or being selected in a government beauty pageant.
But none will see instant activity, just news and plans, with the next drill 2025 - if ever - given UKOG's apparent priorities perhaps a salt cavern drill in a few years time.
How Sanderson has strung this out so long, and still managed to get ANY placing away is beyond me. He can pawn two pairs of salmon slacks and two yellow over the shoulder wool jumpers, for hanging over your shoulders not wearing, like a Scandinavian in the 1980’s … then that’s it. Cash converters for his fax machine … and £100 for the crack he’s been smoking and lights out.
What a mess !!! I remember for years people questioning his salary (equivalent to a CEO of a proper company) … no interest in him buying shares at various points even during the 2014/2018 halcyon days…. Well now we all know why… switch him off and at least stop his salary a bit sooner. It’s only a matter of the date to switch off the lights anyway.
Article 190 of the 8 March 2024 Articles of Association seems to indemnify the Directors against any loss they may suffer for whatever reason in carrying out their duties as Directors, so I dare say their rather blasé attitude towards timely observance of the terms of the Companies Act re AGM’s may reflect this. Shareholders would have to cover the cost of any legal case, I should imagine.
The rules are calling an AGM are not an an AIM bylaw, they are contained in the Companies Act:
From https://www.legislation.gov.uk/ukpga/2006/46/section/336
"Every public company must hold a general meeting as its annual general meeting in each period of 6 months beginning with the day following its accounting reference date (in addition to any other meetings held during that period)."
"If a company fails to comply with subsection (1) an offence is committed by every officer of the company who is in default."
The accounting reference date was Sept 30th 2023, so it should of be held by end of March.
Under AIM rules, the requirement is to release the annual report within 6 months of the end of the financial period.
Given that notice then has to be given of the AGM, it is not under AIM rules that the AGM is required to be held within 6 months of the end of the financial period.
What if he's actually Sandercon and thinks that posting here is his actual job?
It would become hard to then argue against his xmas bonus......
;)
Ocelot probably works for UKOG, he may be the only person who actually does anything as the BoD certainly do not!
I wouldn't say it about many people but i really hope the fool has lost his shirt on this for the bile he's spat
Yes but Ocelot has posted one way uber rampathon drivel for years and only ever blocked those dissenting voices no matter how well though out and reasoned. It's glaringly suspicious that he may well be a ukog paid ramper.
It might be possible by flipping it.
But the amount you'd need to stake now would be too much for the risk/return involved.
Used to be possible for much lower stakes, which made it a much more reasonable risk to take.
Those days are long gone.
If there was a possibility they might return that won't happen now, while Sandercon's still on the scene.
He is marked of the Black Spot.
I seem to recall Ocelot many months ago lecturing us that if we knew what we were doing , as apparently did he, then you can make money out of this share despite which way it was going . Indeed he/she was doing so ! Would love market Ocelet's system . We could really make a fortune out of this and stockbrokers and share holders across the world world would snap it up .Come on lets get published on Amazon for a quicker return
"I reckon UKOG are stringing out the AGM so they can use the outstanding number of shares they can issue to pay off YA"
----------------------
Don't think so: it is the authorised number of shares that require the approval of shareholders at AGMs, not the issued number.
20,000,000 shares are only worth £6k so that's not a very hight threshold.
From my reading of the situation RF/YA never want to hold more than 3% each in order to avoid having to notify their positions and 6% of 3,660,957,892 shares outstanding is 219,657,473.52, hence them requesting 200,000,000 shares.
Deltavegatheta
I'm not sure if we can attribute all these to YA but I suspect most 20k and above are. Theses are for April so far.
30,000,000
30,000,000
25,000,000
20,000,000
41,901,696
10,000,000
20,000,000
20,368,491
25,000,000
48,098,304
61,094,509
25,000,000
25,000,000
30,000,000
30,000,000
28,870,773
15,000,000
"I reckon UKOG are stringing out the AGM so they can use the outstanding number of shares they can issue to pay off YA"
RF/YA seem to be able to sell around 200,000,000 shares a month, worth around £60k. So it will take about nine months to recover the remaining £545k.
UKOG directors are already breaking the law by not holding the AGM within 6 months of year end.
No one seems to police the Companies Act, but I doubt they can get away with the AGM being 10 months late.
I reckon UKOG are stringing out the AGM so they can use the outstanding number of shares they can issue to pay off YA as they will certainly have to go cap in hand at the AGM to go for another similar amount to keep the lights on.
As for Portland they are still awaiting the results of the Incinerator appeal that was carried out last December.
There are still Planning applications outstanding at Loxley.
No works have been carried out at HH.
If YA were not dumping shares there would hardly be any trades per day and buying has just about hit 0.
Really does sound like a good company to invest in doesn't it ocelot.
Shame.
I did try to suggest he look into buying and flipping BP instead but he became quite churlish about it.
Ah well, benefit of hindsight.
:)
Ocelot,
Pinarova was a way of stringing out the gamblers until the next news. Just like the PPP farm in, Loxley farm out and HH-2z conversion.
Once the Supreme Court judgement is handed down - not next week? - then it will be the application for a government hand out later this year, though when will the successful applicants be announced- so fitting for a company that has been loss making every year since the Gatwick Gusher / Kimmeridge fairytale.
This in the Annual Report:-
'Our loyal shareholders will hopefully be rewarded as soon as the Portland Port development consent application has been submitted in due course.'
So much for the O&G business, but it would be helpful if UKOG was going to become a gas storage company, a venture all the money raised appears to be spent on, if UKOG could present a business plan to investors with timelines lass vague than 'meeting Southern UK's predicted storage needs in 2050 and beyond'. Apart from a P&D to help out with hyped up news whoever thay've taken cash from (though perhaps that is, and has always been the business plan) what and when will be the long term investment justification?
Https://twitter.com/davethedrill1/status/1782344761564696616
Kept very quiet about selling at a loss.
In fact they have all kept quiet about HH appeal this week. Have they been blinded by the light?
But can he pull a rabbit out of the hat here ? As he needs to.
------------------
Needs to create some credible hope.
In retrospect, one can see it was the hope of Pinarova-1 which enabled the placing of 12/01 to be done at 0.20p (in new money).
3 1/2 months later, with the failure of Pinarova-1, the share price has collapsed by 0.1675p or 84%.