Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
If there is a no vote then I don't see how it has to then go straight to a default - surely a plausible scenario is a no then holders compromise on the dilution. Albeit let's not get carried away by it being a superb new deal....
The bondholders aren't going to throw good money after bad. If they're going to commit any money to Xcite they won't want to waste it, and they're already well aware of how incompetent the current management is. If they agree to provide interim funding, which is surely a given if they're to become shareholders of an otherwise insolvent company, I am sure they will be keeping a very close eye on what it gets spent on.
Would that be the same bond holders you said had been paid when you were sucking up to the BOD you were so in favour of Overman ?? Yes I have no shares having sold out at 8.2p how much did you sell for given you yourself stated you had sold out hypercrit - lol meds not really cutting it for you are they Ha a great weekend none the less
Mr paddy I will be voting no Cole and co and bond holders will lose out aswell
Overman,it means the BOD can carry on the lifestyles they've become accustomed to, at least for a short while.
Mr paddy what's 10 mill going to do for xel it's a red herring the bond holders will get it all back when they pass the company on to who ever has manipulated the share price to present day price
Think think why would posters on here discourage holders from voting no especially the ones like jonjo who doesn't hold xel even the cat doesn't want holders to vote no what's going on here no doubt it will all come out in the wash
OK, so you didnt mean "A No vote leads to only one outcome and that is insolvency" as such
Cat,I think $10m tells us that the BOD will be involved to some extent, if it goes through. You have no idea if the BH's removed Kew so do we disregard the rest of your postings because of your assumption? Of course we don't, that would be childish.
Shocking. I have been there in the past; watching value eroded everyday and kept on saying to myself 'this can't get any worse' You end up frozen like a rabbit caught in the headlights ; paralysed unable to get out the bl**dy way.
Put it this way buddy a guy today bought 207,503 shares for £2,988 - a few years ago that same amount would have been worth just shy of £830,000.00 now that does make you think and realise what a pile of cr4p this now is !!
Its a rock and a hard place jonjo. I am struggling to imagine any reasonable scenario where today's share buyers are going to make a profit. Imo , its a one way bet. Do miracles happen?
CC - Exactly !!
Cyan, on reflection I think the closer we get to a vote the more most remaining holders will simply dump there shares for a few crumbs on the table. the remainder - well they might find themselves in the majority - vote NO and well whatever happens after that !! If the vote is No IMHO it will mean nothing because the BH can simply enforce the security and do there own thing anyway. If the current shareholders who wish to make things difficult for the BOD who lets face it are the ultimate targets that everyone wants to see hanging from there toes there best chance will be post enforcement because when the company has no assets it will be automatically be suspended from trading on AIM and liquidation would be likely to follow at which point the administrator of the liquidation will have to take note of certain claims by investors of mall practice if appropriate.
you're basing that on a faulty premise. We've no idea what the bondholders wish to do with the existing management upon a YES vote. Given that they already appear to have forced Stephen Kew to resign, i doubt there is much love for Rupert Cole and Andrew Fairclough's management. But the fact you assume statoil are the bondholders means we can disregard everything else you're posting. In fact you have nothing to back up anything you're writing. Why would there be lots of media coverage with a no vote? Anyone unconnected with Xcite probably couldn't care less.
I would say , that's the end ..............
Just out of interest what happens if the BH's simply enforce there security ??
Right, and bondholders have $140m reasons not to want that to happen.
I have given my opinion and I may indeed be ultimately be proved wrong - time will tell - as for you Mr Ramper if anyone here is so incredibly bored check out Overmans posting history - boy does it make for funny reading - anyway GL all and we will see how the vote goes - just off now to collect my cash for todays paid announcements - LOL - honestly that comment was a real scream !!
YES vote wins.. Shareholders get next to nothing. BOD happy, the gravy train rolls on. BH's happy ,money back and some. Statoil happy ,Bentley for peanuts. OGA happy,Quad 9 goes ahead. No media coverage . NO vote wins.. Shareholders get nothing. BOD unhappy,unemployed and unemployable. BH unhappy,plan failed and money lost. Statoil unhappy,plan failed and lost money through their BH'ings. OGA unhappy.Quad 9 launch delayed/cancelled. Lots of media coverage. Take your pick shareholders!
Generators?!
Yes, 1st option if anything significant can be obtained. Judging by the first proposal they have some ground to catch up to engender any sympathy.
Surely a NO vote would mean a reconsidered offer from the bondholders. Isnt that the point of the NO vote?
The thing is jojo; What "assets" did XEL have to secure $149 million against. I think their tangibles are about $8m One would not think no-one would think $149 million "secured" against such feeble 'assets'. Logically thinking the BH's had to be satisfied they were secured against the licenses; the only things of value and not assorted office furniture and junk.
I see many BB posts point to Cole and a few others being employed by the future owners of the Bently field. Well I never, been mentioned by myself and others months back. In my view, he is up to his neck in xShite and likely bordering on the legal/not legal line. He will have had lawyers all over this, he can, after all, pay for their services with the money he has ill-gotten from us PIs. Again, in my opinion, this man has known for years this is going down the tubes and he would never get funding and thus FDP, and has aligned himself to the bond holders (aka his new bosses (statoil) to save his on ass. Lets see in full these NDAs that he and the BOD hid behind for years. The bond holders are after this OIL as they see bug bucks in the no to distant future. If Statoil are involved then god help them. This man has miss lead us for years(some will say lie) Why should he change? At the EGM he will rip the **** out of the PIS again. He is pond life so be aware of this. We have been right royally screwed by Rupert Cole and he should be FULLY investigated and prosecuted in line with the laws of this country. As for the laws that apply to the man on street, in my view, Rupes is damaged goods and a marked man and best he keeps one eye open all the time.