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My only hope is the existing directors receive nothing with whatever happens with the liquidation. I would be surprised if the bondholders would reward their failure, but we'll see.
Also, why bother with removing the infamous'Poison Pill' if ,as it appears, no one is interested anyway ...really odd, find it hard to believe that even Rupert & his fellow bod members would be this dis organised.
Shame 'Your hedgie' contacts were not as good as you said ...looks like they stabbed you in the back ?
Makes the Canadian de-list all the more suspicious... were there some regulatory ties there which would have blocked the BHs? Also the in authorised accidental changes to the articles of association....
Whatever happened to your blaze of glory? You really are a 21st century Walter Mitty.
a year makes... Just watched this Oscar winning piece again. At 2.30 he states DD completed and commercial talks have started. Several other parties still in talks. All financial options open. Bondholders getting paid is also mentioned. Looks like POO at $27 in January, killed off commercial talks, and the other interested parties waiting in the wings walked away. Shame he didn't have the foresight to keep the other financial option he had in December open for discussion. http://www.xcite-energy.com/media/video-centre/2015-third-quarter-update
Can loses in shares be offset against tax ??
it is curious - you normally proceed against the entity with the debt and then look to guarantors / security givers Clearly the Black Cat incident was an omen
Unfortunately Bob the costs that will be charged by the liquidator will be significant as it is a bit of a dream job for them definitely a seven figure pay day. I really cannot see any surplus to be paid back to the PI's but hey ho. Like CC says the writing was on the wall for everyone to see and the vote NO option was never going to happen because the liquidation route is pretty simple - again I suspect they have buyers already in place and will be lucky if they manage to clear the BH debt.
I don't think its sunk in yet, the feeling I get from the various BB's is people seen hope/beleive there will be a last minute bidding for this ...I have to say I would be amazed if that did occur, its over! I sold some properties this year before & after April 5/6th so I guess the CGT relief will help me on some. I was mulling over some commercial sites & land awhile back ,this has rubber stamped this, my take from now on stick to something I have slightly more control of...if it all goes pop then...same outcome but at least I made all the crucial (good or bad) decisions....my bad decision was to throw in more of my 'Golden Rule %', as my dear old departed Father used to tell me ' The rules are there for a reason...step outside at your peril'...Dad you were right...again! Good Luck all in your future endeavours.
If you read the actual article, it's simply an analyst saying that Statoil could be a potential bidder because they previously worked closely with Xcite on Bentley/Bressay. Statoil have said nothing. Although it makes sense, and as discussed here in the past why would they pay over the odds for the company when it was clear that Xcite couldn't pay off the bonds. They just need to wait. Whether or not they want to commit to another few billion at this stage who knows. On another note, I realise people (myself included) have lost lots of money here, but I don't understand why anyone is surprised at this week's events. Despite years of leading us down the garden path, it was clear what would happen from the moment the company said they expect minimal residual equity to be left for existing shareholders. If that wasn't clear enough they said if shareholders didn't support the D4E then the bondholders would force the company into administration, which is exactly what has happened. It's curious to see the bondholders are forcing the parent/guarantor (XEL) into administration rather than holder of the debt (XER). I don't know if that's the normal way of doing things. I guess if there's no money left over paying the bondholders it doesn't really make any difference.
I named one of my black cats Rupert a few years ago, he got run over and killed shortly thereafter.
Bit of a nasty taste in my mouth Bob if Statoil confer with Pareto ( Nordic Trustee)& just happen upon XEl through XER...or am I being picky. On the subject of our CEO, I would have hoped he could have worked towards this in 2014 ..do it like a major indeed!
If statoil buy bentley licence from liquidator - if done properly bondholders should be repaid and surplus given to sharereholders You would hope that Rupert is doing his best to sell it to statoil prior to a liquidator being appointed -
...excluding Rupert ofcourse! Do not go gentle into that good night, Old age should burn and rave at close of day; Rage, rage against the dying of the light. Though wise men at their end know dark is right, Because their words had forked no lightning they Do not go gentle into that good night. Good men, the last wave by, crying how bright Their frail deeds might have danced in a green bay, Rage, rage against the dying of the light. Wild men who caught and sang the sun in flight, And learn, too late, they grieved it on its way, Do not go gentle into that good night. Grave men, near death, who see with blinding sight Blind eyes could blaze like meteors and be gay, Rage, rage against the dying of the light.
Not to sound too flippant shumer.... but likely it's all gone... xcite will probably be refloated by the BHs under the name "even more exiting energy'" or meraculously statoil will buy it off the BHs and submit a fully integrated FDP the following day (FYI takes months/years to prepare a FDP).... in short we are in the process of being robbed.
Sorry to say , in all likelyhood you(we), are out of options...lesson in life, name the cat Rupert , kick it & move on .
Hi guys, I haven't been around for ages, and shocked to see that Mr. Cole has managed to get it wrong all the way. I have a lump some of money invested in Xel, so would appreciate if someone can explain in simple words what are the options at this point in time? Thanks. Shumer.
Surprised they took so long to come out the woodwork.....suspect they will wait until liquidation is finalised and then do a deal...
Statoil touted as potential bidder for Bentley field. Maybe that is the regulatory milestone that results in the final $1m payment from eh, Statoil.... https://www.energyvoice.com/oilandgas/north-sea/122745/statoil-touted-potential-bidder-xcites-bentley-field
Give me some tips then. :-)
Sorry for shareholders, to see how this has turned out. Years ago I had several 100k invested in xel, leveraged on T20's. It was when the directors sold when news was expected, and the SP halved, wiping out my investment. I lost a house and nearly my marriage. Of course the directors Rebought lower and made some serious money. Ever since, if I don't trust management I don't invest, and I never leverage now. But the point of my post here is just to say no matter how hard it may be for you now, with time and hard work you can get back to a good place. Those were dark days for me but I have rebounded and learned the lessons. I am now making enough that I do not even have to work. Good luck peeps Aberdeenman
Absolutely outrageous. Hate seeing shareholders getting screwed over
http://www.bbc.co.uk/news/uk-scotland-scotland-business-37773951
http://www.financial-spread-betting.com/community/wp-content/uploads/2014/05/cole3.jpeg