Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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yes good point great pity their ability to extract cash from the company was not matched by a similar one to extract oil from the north sea or indeed funding from suitable lenders
Vote yes or no either way it = ZERO value. We are surrounded by bloodsuckers & leeches. They will drain every penny (from you shame it was not Bentley) I can't see any value in this Company. At the end of the day it's your decision.
Similar boat to spike2261. Everyones advice is to stay with it and vote NO. What exactly will that mean for us, as I understand it NO voters want to drive XEL into the ground and happy to lose the few quid they have here. Surely £500 is better than nothing??? forgetting that 500 was once 13k. Best, CC
This BOD have already relieved you of your cash & want more. Bentley will never go to production with this totally inadequate BOD. If you want 1 cent on the Dollar sell now. Or try to bring the curtain down on this totall FIASCO.
Oh, you are such a wag jonjo, lol. Whether people vote 'yes' or 'no' the result is so close to ZERO as not to matter that much , imo. The one thing that 'investors' needs to focus on ; Is the current share price reasonable?. If you believe that the restructured company will be worth in excess of £300 million , then maybe it is.
9.5% rise and relatively tight spread for XEL based on nothing at all - MM's must be getting bored or desperate to earn some commissions on this !!
Cyan2, careful mate posting factual stuff here is bad for your reputation - next thing you will be accused of being a horrible YES voter because your putting up reasoned posts - LOL - Thought Legends posts were actually quite informative !!
Interesting reading back LEGENDS "likely that such a restructuring will involve a reduction in the Bond liability for an equity stake in the Company." No reduction . That tells a story imo ; they do not see a long term profitable future for the equity. But this is the figure that shows why the bond holders had to supply emergency working capital . "The cash balance as at 30 June 2016 was $7.36 million, " They were running out fast and unable to tap cash elsewhere.
Pending approval of an FDP by the OGA, the accumulated costs to date in appraising the Bentley field remain within E&E assets. It is anticipated that once a FDP has been approved by the OGA, and the Group has decided to commit to commercial production, the Group will undertake an impairment review prior to transferring the E&E asset carrying value within intangible assets into tangible Production Assets. As at the date of this financial review there remains unused Equity Line Facility (“ELF”) capacity of £30.84 million ($41.29 million), available until July 2017, to provide the Group with additional sources of capital to be used at its sole discretion.
On 30 June 2016 the Group’s Bondholders agreed to certain amendments to the Bond agreement dated 27 June 204, whereby an extension to the maturity date on the Group’s senior secured bonds from 30 June 2016 to 30 September 2016 was granted, in order that the Group and the Bondholders may continue negotiations with respect to a potential restructuring of the Bonds. Whilst the negotiations to date have been constructive, no terms have yet been agreed. However, should agreement on the terms of a restructuring be reached, it is considered likely that such a restructuring will involve a reduction in the Bond liability for an equity stake in the Company.
The cash balance as at 30 June 2016 was $7.36 million, compared with $20.78 million as at 31 December 2015 and $34.39 million as at 30 June 2015. The decrease in cash balance during the three and six month periods ended 30 June 2016 has arisen due to servicing of the Group’s Bond liabilities, in addition to continued, but reduced, investment by the Group into the Bentley field development in order to further advance the project towards Field Development Plan (“FDP”) consent by the Oil and Gas Authority (“OGA”). Additions to E&E assets in the six month period ended 30 June 2016 totalled $18.74 million, which includes capitalised interest costs in respect of the Bonds of $10.43 million, together with amortisation on Bond fees of $4.02 million, professional and advisory fees of $1.73 million and capitalised staff and contractor costs of $1.80 million.
Actually it was rbs that lwd on rhe rbl funding xel had in plsce, and then threw away. Decided to vote no, this offer an insult put together it seems in collusion by a bunch if incompetents imo from way back trying to hang onto their jobs. The shares are worthless as is and sure will continue to be if this exercise sees egm approval. Any way to shaft these people as shareholders have been by them has ny vote, futile as it may be if as seems likely this is a effectively a pre pack stitch up attempt in planning for some time.
BBC news article today about how RBS allegedly squeezed ailing businesses with OTT loan structures so they could acquire their assets on the cheap and then nsell theim to repay the loans. Well well well. Wonder if they left the businesses with as much as 1.5%....
One might think XEL could have done similar as extra security against any loan there would be guaranteed yield during term of same and that lenders would have been amenable to this.
extension for Cluff, putting it out for re-bod, good luck bondholders.. http://www.offshoreenergytoday.com/cluff-opts-out-of-north-sea-license-deal-with-verus/
Suggest re forward contracts look at Ithaca I think it was who entered two year forward contract for sale of oil in advance of production with our friend BP. Actually with the ewt XEL could have been considered a producer, they had produced and sold, plus had two wells in the ground, 6 and 7. Sadly for their own reasons they ran off the rig.
Hi Jonjo. Seen a note about a proposed merger between Teathers and SER. Not spent any time looking at Teathers. The amounts of money are puny, even I have more cash than these companies!. The big problem is that SER is so toxic. The authorities, I suspect , have been closely watching activities. The really major issue is that the authorities have raised the bar for entrants to AIM. Some of the major conditions include , at least one years working capital, a credible business plan and credible management. I believe there is also a minimum market value that they fall far short of. I wonder if they will be trying to raise more cash fromr existing holders? lol I suspect its going to be very hard work to persuade the authorities to allow these boys back to play small pi's on AIM again.
I have not read any details. Surely it can not get any worse than it is now?
Sure this us the reason cole has been repeatedly so sanguine re funding, he's known all along exit for self and cronies in place, just not for pi bagholders.
Whats your take on the Ben Turney proposal to return Sefton to AIM with the Tethers boys??
Imo , re-financing XEL to guarantee long term survival is now highly improbable. The clue is the "UP TO" $10 million "working capital". This money could only be obtained from the BH's at the last minute; no-one else would lend another cent. The BH's had the incentive of thinking , perhaps they could achieve a better, faster exit than any liquidator might . Imo, they do not want to run an oil company, they want out fast for as much as possible. The shocking implication of this 'working capital' requirement is that the company are burning up the remaining cash at an alarming rate. So, imo, XEL's maximum life span is based solely on how long 'up'to' $10m lasts. They appear to have been given a 'dead-line' ; achieve a deal expeditiously or we HAVE to call in the receivers.
This result no doubt has been worked on for some time as an option by the as advised expensive lawyers under the employ of the company, the end result being parachutes on for the execs and lead weight belts for shareholders. My aren't we clever.
My guess ulan bator, for the video link..
Not sure your final para accurate, easy and something they deserve. For many l/term investors in xel thought, perception, and hard earned cash went into taking a position in the company, based very much on the market the company was in, and the story that was being put out about the aims of the company combined with the stated calibre of the executives running same. Sadly what hss happened with xel has related to both the failure of said executives to manage $450m cash, from that figure to near zero. Yes externsl market influences have had a vital effect on that, but the asset per se has and had been proved up in haphazard fashion by 2012. The misjudgement by investors has imo been made in them not recognising the incapability of the executives of xel to adequately perform the self appointed roles they have taken on, and that is across the board, finance and operations. After years and over expense the asset is proven up. Yet despite constant statements as to industry value that for shareholders appears to equate to near zero, while in rhe meantime they are about to jump ship with same and carry on as is. We are supposed to vote that up, sure for many even the cost to attend any egm will be more than the residual value their equity has been brought to by this bod. For that result both they and the bondholders can fly kite. Sadly though resistance to this proposal seems totally un co-ordinated and ineffectual, something no doubt the intended beneficiaries are counting on for it's success.
So at what time in the day will they deliver the EGM RNS tomorrow? More importantly. Where will the EGM be held?