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20% For the BH's is generous & a good deal for them...then sack the would be self appointed CEO ..what a miserable failure the Bod are...I bet none of this will make their Linked in pages lol
Its all swings and roundabouts. Some will point out that one could keep the existing plan for the number of shares to be created and just give extra free shares to current holders and less to the BH's. That would mean that the current issued shares would DROP in value to match the larger share pool, post dilution. Just seems like 5% is not enough.
I am trying to get my head around what is to gain from voting "no" I fully understand that 1.5% equity is awful. 5% sounds great. The cake is one size no matter what percent each party has. Lets assume that XEL's true value is £100m (easy number to work with) very possible if the companies rns is to be believed. In the 1.5% ; equity holders have £1.5 million worth. In the 5% case ; equity holders have £5 million worth. over 3 times the value, the remainder goes to the BH's. Trouble is if the number of new shares created remains the same ; the post dilution price of each share remains the same. The only way to cause an increase in the price of the shares post dilution is to decrease the number of new shares created. That is relatively easy to calculate. If you want the existing 310million shares to equal 5% of the new equity the its size is 20 times 310 equals 6.2 Billion shares. Current equity holders will hold 320m whilst bondholders now 'only' hold 5.88 billion. XEL has still the theoretical value of £100m but now the money is spread a little thicker. Each new share then is 1.612 p based on market value. So there is the decision; vote 'no' and call their bluff and maybe lose everything or vote yes and see a market value of 1.612 p per share. That is less than the share is now trading at, and all for a risk of losing every penny Five per cent makes sod all difference in reality. Has to be higher. Of course you may disagree with the £100 m value. Have a play with numbers yourselves.
Plus..
Fight for 70%, after all this 5%?!
Pretty sure the guarantee refers to hmg decom expense. Funders as per bondholders wd normally take the asset as guarantee but for fdp xer need to provide guarantee re clean up costs.
Did you both use the same email address? you might find the petition site will only accept one vote per email address to stop vote rigging.
of bondholder discussions should be the immediate removal of the Bod, the biggest obstacle to any progress.
Excellent suggestion ceiling cat - Fight for 5% - Vote no! https://www.ipetitions.com/petition/xcite There's censorship on the petition! Although I signed the petition and both my wife and I have PEPs in which we hold hold Xcite shares now that wifey has signed my name has been deleted
So XER have spent $450 million in getting Bentley to its present stage.Am I right in thinking that if there was a takeover then the new owners can use this to offset any tax payable on their profits.But if we go into receivership this benefit will be lost?
Oil rises as market could be closer to balance than expected Commodities1 hour ago (Oct 18, 2016 03:02AM ET) 1 © Reuters. Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing © Reuters. Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing By Henning Gloystein SINGAPORE (Reuters) - Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere. A drop in the dollar away from seven-month highs the previous day (DXY) also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies domestically. Brent crude (LCOc1) was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close. U.S. West Texas Intermediate (WTI) crude (CLc1) was up 40 cents, or 0.8 percent, at $50.34 a barrel. Traders said prices were receiving support from the notion that oil markets, which have been dogged by oversupply for two years, may be closer to balance than previously anticipated.
IF We assume that 1.5% is already factored in to todays price what would another 3.5% do to the sp? Just a hypothetical question at this stage of course.
Fight for 5% - Vote no! https://www.ipetitions.com/petition/xcite
Would be great as a shareholder here! Crooked Cole Ruping B@stard Cole Lock up Cole #2017 Same sh@t different day here. Roll on wipeout!
08:40 Hold Debt/Equity swap Vitautas iii Since many years I observe the bond market, also I always look for bonds that do a debt/equity swap. This is always a fight bondholders versus equity holders. Are the equity holders too greedy, the bondholders send the Company into administration (example: Escada a few years ago) and vice versa. Many times the swap works and the company can be saved. Normally, the equity holders keep around 5% of the company (examples: Singulus and Abengoa). So as a bondtrader with many years of experience I can say: Fight for 5%! Sorry for my bad english.
Jup4it. If King Cole is to be believed. He stated at the AGM that the company were in talks with potential partners. They also stated they thought it very unlikely they would have secured the funding in time to pay of the bonds by 30/09/16. From the AGM- farm out. Then need to alternative approach to funding. Continuing dialogue / diligence with potential partners. Had asset funding for MOPU after 12 months (summer 2014) and then oil price fell. That asset funding required bank guarantee. Still have that source of funding. But cannot currently get bank guarantee. Private equity was supposed to be saviour of North Sea. But no. Not suitable for a project like Bentley. Slide showing discussions with government on alternative approach to funding. Not possible until recently. Also talking with Chinese/ Asia companies since late 2014. Number of options in that area. Different way of working with Chinese. Etc. Dev/asset funding requires partner for guarantee of funding supplied by funder. No one done this before so unknown territory. Making progress on this. Someone will Pay for construction and. Xcite will lease. That's the core gist. China/Asia funding and dev/ asset funding two main initiatives at moment. (Not government ) This part stuck out for me- "Slide showing discussions with government on alternative approach to funding. Not possible until recently". Then we have these bold statements from Andy and Greg, right after the OGA become a GovCo- 1st: Andy Samuel- “What we’re looking for now is pace. If people have got valuable licences, we want to see investment. If there’s investment being blocked that should go ahead, we’ll use our powers. Equally, industry has a right to ask us to use those powers, so it works both ways.” 2nd: Greg Clark- “As a Government Company the Oil and Gas Authority will have the powers it needs to be a strong, independent regulator and act with greater speed and flexibility to attract investment, support jobs and ensure that UK oil and gas remains a major player on the world stage.”
You can only vote if an EGM is called.
Any thoughts on the lack of a notice?
Just signed it as well
WTF Is going on here....... Useless bod I do hope you get what`s coming to you Cole. You are a liar a coward and have no morals whatsoever. Only listen to company news.....What news Rupert?
On line petition signed I will be voting no
I have signed and so has my wife
Ok, thanks - the plot thickens :)
No, they amended the bondholders agreement to reduce the time required for bondholders meetings. The AoA haven't changed in respect of notice for shareholder meetings.
Thanks, ceilingcat and yes, apologies, I meant EGM :) Didn't they recently amend the AoA so they can call an EGM on 7 clear days' notice as opposed to the standard 14? Would explain why no RNS informing us of such thus far?!?