Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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This is to let you know you have a Corporate Action on one of your holdings. Security: XCITE ENERGY LTD Description: Mandatory Event Xcite Energy Limit Depository Interests Each ISIN: VGG9828A1194 Liquidation As a holder of Xcite Energy Limit Depository Interests Each we write to inform you that the Company was concluding restructuring negotiations with the principal Bondholders and expected to exchange 100 per cent. of the value of the outstanding Bonds for 98.5 per cent. of the enlarged share capital of the Company. Following such further discussions, the principal Bondholders have informed Xcite Energy that they are not satisfied that the transaction is capable of being implemented in a manner acceptable to them. On this basis, they expect to instruct the Bond Trustee to petition to the Court in the British Virgin Islands within 10 days requesting the appointment of a liquidator to Xcite Energy, which is expected to take effect approximately 4 to 6 weeks from the filing of the request. On the basis of advice received by Xcite Energy and the directors, the directors believe that liquidation is unlikely to result in the return of any value to the Company`s existing shareholders. As a consequence, the Directors have requested the immediate suspension of the trading on AIM of the ordinary shares in the Company. The principal Bondholders and the proposed liquidator have confirmed that Xcite Energy Resources Plc and its assets are not expected to be the subject of enforcement action and Xcite Energy Resources is expected to remain a going concern throughout this process. Actions required by you As this is a mandatory event, no action is required by you.
You couldn't make him up could you.
Don't worry you won't lose all your money... But they might offer you something which wont be pleasing, but it will be something.
Slow, slow, thick, thick, slow.
now is it. A bit late with that news, bonny lad. Jeez, what a hoot.
Lots of legalese on India India Talk of creating much furore
Mr rivendel any chance a go fund me to hire a legal eagle to dig deep into this fiasco
https://petition.parliament.uk/petitions/check Would any lawyers like to consider starting a petition to HMG calling on them to investigate this unholy mess.....??
I lost 100's in this share, my own fault, but lots due to the Board coming out saying how amazing things are, so I feel your pain. You are in the hands of admin now. I had previous with shares that were suspended and you might get something back, but you will not get all back at all. Good luck. but I have say I hope the directors all lost all their saving they cashed out years back.
hi guys, i never post on here, and stupidly havnt really been watching this recently... i have just over 50k invested here and wondered if that money has now been totally lost? any feedback to the situation would be greatly appreciated. thanks all
"Believe me BHs would not have entered into the agreement if there was any wiggle room in the security aspect of the asset." IMo you are spot on stoddman. Important to remember that the OGA would have had to approve the assignment of the license. No assignment equals no security and no $149m. Without that money XEL were toast then. I suspect that the UK subsidiary , XER, was a necessity of the OGA to ensure UK law fully applied to the license,
Believe me BHs would not have entered into the agreement if there was any wiggle room in the security aspect of the asset. In reality they probably felt they were doing us a favour in offering us 1.5%. Our main leverage now I think remains OGA and MPs - if you are motivated to do so then suggest mailing OGA contacts again. They need to revoke the licence....
Bluedays, You are right the whole process of the bondholders perfecting their security takes a lot of planning. Where you are wrong is that if something took a lot of planning it is fraud. In any event, the planning on how bondholders get their money back all happened before the bond agreement was signed. The evidence of all that planning is here: on the Oslo bourse http://www.oslobors.no/ob_eng/markedsaktivitet/#/details/XER01%20PRO.ABM/data and here on companies house https://beta.companieshouse.gov.uk/company/04560068/charges These documents spell out in detail a number of ways the bond holders get their money back. They are all complicated and hard going, so a debt to equity conversion that avoids lots of legal and receiver fees would probably have been preferred. None of this is fraud - it is very sad and arguably incompetent but none of the people involved in running Xcite planned to end up in this situation.
Pete - not that it probably makes much difference but extract from company site showing XER holds the interest in the fields etc , not XEL . Companys house shows that the security for the loan is given by XER . Xcite Energy Limited (XEL) is a heavy oil appraisal and development company, with current interests in four blocks in the UK North Sea, all of which are held with 100% working interests through its wholly-owned UK subsidiary, Xcite Energy Resources plc (XER).
If this is all legal and above board then it's took some genius planning. If it's took planning it's fraud.
Just tried to put a sell order in for 168,000 shares at 360p and if failed! Thought they would have snapped them up at a third off the recommended forecast price😅
Plus the cancelled (by order RBL) that we had worked so hard for...if you go back Pete imo, this all stems from the initial involement of a sheister bunch called WEISS - Socious etc...al parasites that have (imo) feted Rupert ...his involvement is up to his crooked neck ...! Richard Smith will not be answering his phone as he wanted & wants NOTHING to do with it!
...don't we at least have the right to know who is fleecing us ? Had enough of Rupert ******* down our backs & telling its raining...why is there a need for this secrecy now ? The catholic church protecting its nasty clergy comes to mind ...something underhand & appalling....Rupert a lepoard never changes his spots...you failures are building up & a LOT of people are suffering!
No problem Pete...its a merry dance we are being led & confusing its menat to be ...how else will the lawyers get paid !
River if you recall myself & HB were jumping up & down about going from Unsecured loan to secured loan was also because one of the conditions Rupert bent over for was that the RBL HAD to be cancelled in order for the loan to go through...good Ol Rupe eh!
No the The Bond agreement is between and XER & not XEL, so why BH are trying to liquidate XEl 1st is the puzzle ...
http://www.oslobors.no/ob_eng/markedsaktivitet/#/details/XER01%20PRO.ABM/data Click on loan description to see what XelBod signed. What happened to the RBL???? Lots of lawyerly talk on India India....
appoint an independent auditor on behalf of shareholders to oversee the process Would mean shareholder get together to cover the expenses but would get eyes on the figures at least Just a suggestion. I have a very small holding here which was a free carry so have written it off but some folks here have lots to lose.
http://www.scottishenergynews.com/despite-sitting-on-a-development-ready-2-5bn-n-sea-oil-field-xcite-energy-shares-are-suspended-as-bond-holders-petition-for-winding-up-over-139m/ Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
I think you have it slightly wrong The debt is owed by XEL - but the security is given by XER. XER is owned by XEL..So you would have thought that done properly the assets of XER would go to the lender but not XER itself. I imagine BH keen keen to keep XER intact to preserve licence. RNS as usual less than clear - are bond holders calling up because shareholders won't roll over or because directors want 10 million