Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Isnt there supposed to be an RNS announcing date and location of EGM and details of the agenda 3 weeks before the new bonds deadline, which makes it today. Or am I confused?
Jonjo keep it up Bonny lad
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I think a good kick in the maw haws for RC to start with, follwed by a special glasgow kiss and then the old arthur thompson special, crucified to the floor or the wall. It a pity wee man no doing homers these days cause RC would top of the list as far I am concerned.
Is Karma another word for ramping? - Ah now I understand !!
Good luck to you jonjo 8.2 is plus 81% of my shareholding. It's not sour grapes. I would just like to bring RC to task. My vote Is NO to stop his pillaging. But don't discount Karma.
Jonjo you treat karma with contempt it will bite you
get a tax write off of what has been expensed fo date, $450m +..
spike2261 - what have you decided? I may bail now. I know 13,000 is into 500 is laughable, but its 500 more than 0 which may be the case in a few months time. Thoughts?? Best, CC
Buying for a nominal £1? Interesting idea Diver69. If I recall right FOCUS Do it all was bought for just one pound. My guess is £65 million Sterling by Statoil
With Statoil buying for £1,i wish !
Bodog - getting out at 8.2p was a bit of a godsend particularly when the likes of Ugi and the Mad Nag and others were saying 30 - 50p - and to this day that word "Simples" rankles with me - still knowledgeable oil investors and others have only "Karma" to blame for there predicament Eh ??
"subject to shareholder approval, the restructuring will comprise 100% of the value of the outstanding Bonds (approximately US$149 million) being exchanged for 98.5% of the enlarged issued share capital of the Company, through the issue of additional shares in the Company " The RNS went on to explain the consequences of enforcement after a 'no' vote; "the directors believe that such enforcement action is unlikely to result in the return of any value to the Company's existing shareholders." Its there in black and white; The board believes it unlikey the new share capital will be worth more than £120m Today; people are buying shares that anticipate the value of the new share capital will be over £310m!!!!! The Board does not expand on how much less than the £120m it could be. Hello, hellooooo......
Jonjo you won't get many shares for your £500
plus protecting their backsides in the event of any gtz scenario for current shareholders, as they propose but with an emergency chute for themselves.
jonjo It's nothing personal & NO don't buy a few shares give it to charity. Only uneducated PI's Invest in Xcite Simples.
The problem for the bondholders is they need the company and they are running out of time for other options such as forced sale and trying to persuade oga on the merits of their case as new owners. The way this is going some form of compromise would be the best option, the current scenario for shareholders is gtz whichever way, no reason to accept current proposal. Better to see if bondholders raise their offer or another party yet steps in. Failing that with the poo on the rise allow the bondholders if that is what they want put it up for auction. Actually the bod should be doing the same to repay the liabilities they have incurred while they still can, but forever they have had this 100% on their brains.
Tell you what Bodog, I wish you well on your crusade to get a No Vote and i hope you can nail those grimy little numpties that are the BOD. For my part I will hold back on posting on the subject and wish you the best. At least like a few of us many months back you pointed out exactly how this would end up and posted some realistic comments standing up against the rabid rampers (we all know who they were) who have suddenly turned there coat now they realise what a load of bull that was being spouted. I will observe with interest and might even buy a few shares to attend the EGM if it happens just for amusement. Good Luck Jonjo
The Oil & Gas Authority own's Block 9/3b (Licence P1078) not Xcite or Bondholders. With a NO vote the licence will return to them when Xcite's cash runs out (shorty) or 30 June 2017. All shareholders will loose there money (whats left) & yes as said before the Bondholders have covered there arse with help from brown nose Rupert. As to the EGM vote It's still no for me. Try to put a stop to this vile Company.
I actually understand your reasons for wanting to "Swat" RC and his despicable team but I don't think it is achievable by voting NO. My reasoning is: Firstly there needs to be a vote arranged and as I understand it there is no EGM arranged as yet although that can happen very soon. Having thought about it over the weekend whilst the grandchildren were over causing havoc, I don't think there will be a vote because if they don't believe they can win it they wont bother because in all actuality they don't need to have one to achieve what they are looking for - they simply will enforce there security. Lets say however the vote takes place and the shareholders collectively (like herding cats) and they achieve a No vote - so what? you are still not in a position to sack Cole and Co, the EGM simply reports back via the BOD to the BH and they will do whatever they want to do because they can and the PI's are stuck. What a No vote might achieve is that they might force better terms so perhaps it is worth the gamble?? But the key issue the BH will weigh up is is it worth negotiating further and offering a better price or can they achieve what they want to achieve by causing a default and taking the licence - and therein is the real conundrum. As for RC and Co the EGM cannot force there resignations unless it is an EGM called for that purpose and I would seriously doubt that they will put that on the agenda for voting as they are - as they have demonstrated - greedy bar stewards. Whether the No vote takes place or not I cannot see them being dispatched by the BH in the short term so I think you need to resign yourself that they will squeeze six more months out of there salary if they stay or negotiate a fee to depart? - not a happy place to be for the PI's but frankly the way it tends to work.
There will be a vote ay the EGM. You sound like a good CEO to me Lizzybel
Ok jonjo you can't vote as you hold no shares. Could force a late bid (unlikely) Licence would go back to Oil & Gas Authority & shareholders loose everything (likely) Stop Ruperts 4K a week vote NO. & the upside of yes is ??
Can anyone actually confirm there is actually a vote option for shareholders? It seems to me that the bondholders are the main stakeholders of the company anyway? Also, what's this nonsense about people nominating themselves to be on the board of directors? That guy over on iii is really full of himself and I'm sure he works nightshifts or is a paid ramper?
OK Bodog - lets say I am prepared to vote NO and the vote is carried - what happens next ??
Totally agree honestbob. I will vote no & walk away with nothing ( likely ) But if it puts a stop on Ruperts salary, I will sacrifice & few quid.