Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I question for CC, BH, etc. With nearly 200 million shares traded since 12th Sept who would be buying? Other companies? Unlikely if the share is being diluted. PI's? Unlikely too risky Traders? Possibly trying to create a market BH's? Possibly if they didn't want to too much dilution. So my question is about BH's Would it make any sense to buy the shares? Does it matter to them how many shares are in issue? How long before they would need to disclose their holding?
Keep your shares and vote NO at the EGM so hopefully we can force a liquidation and take our chances. We've all been victims of Conman Cole so the least we can all do is screw up the finale of the 2+ year plan he has hatched with the BH's (most likely Statoil). If he couldn't get a deal for 1/4 billion barrels of 1P oil in the North Sea for even 1-2 dollars then he is either the most incompetent clown to walk the face of the earth or as I suggested a simple conman.
I agree Statoil has the wherewith-all. They do not need to rush in to save XEL; time is on their side. Why pay every penny that is owed to the BH's when they can let them take a big hit. Could save ten's of millions.
Thanks hb you made me wag my tail.
Good dog, there's confidence!
One would assume that anyone prepared to move on with this and has the wherewithawl to pay the bondholders plus this $10m has the clout to move it thru fdp. If it's moved through fdp it has to be on the basis of demonstrable funding and guarantees, clearly no problem for the likes of a sto..
Hi all - I asked the same question a couple of weeks ago and it was suggested to hold fire until after 'freaky Friday' I think? £13k worth of shares now worth £500, should I accept my lot (as many of you have had to) and get this amount back? Thanks
Why support with UP TO $10million? My guess is that they have so little ready cash left to pay staff, consultants and lawyers ; they were going to run out before the vote. They need time to negotiate effectively a fire-sale. "So the bonds are covered and the funding capability is there to move this to production. " I do not see that. The novel tentative potential funder needs a 100% guarantor. That's crazy. The money is not forthcoming to advance fdp let alone production. "Once the fix is in and fdp approved time can be taken commensurate with the poo to bring this to production. Conserve cash until then" XEL needs a VERY VERY rich partner. To bring to production requires eye-watering amounts of cash. Time and cash are not on their side. As Malcy pointed out there is only one possible credible partner; Statoil. IMO , The BH's really do not want to call the liquidators in. The administrators may sell for numbers which will leave all aghast. Here is the pecking order https://en.wikipedia.org/wiki/Liquidation Priority of claims Liquidators costs Creditors with fixed charge over assets Costs incurred by an administrator Amounts owing to employees for wages/superannuation Payments owing in respect of workers's injuries Amounts owing to employees for leave Retrenchment payments owing to employees Creditors with floating charge over assets Creditors without security over assets Shareholders
Converting Resources...to Value. Appraisal...to Development Innovative thinking...Experienced management. Forget the past I'm topping up, ( don't be out over the weekend ).....
pretty clear where the plan is to head this.. must be galling for the ceo having previously castigated sto speed of movement re bressay and alliance to bentley, ends up as a prospective employee..
Looks like another late afternoon RNS. How I miss those 7am belters we used to get.....
Sure it suits him, he retains a job, keeps his office rent, and likely has his stock and options ring fenced until after fdp. Pi's are left 98.5% down the hole, hardly 2%.
Rupes is still pulling all the strings. This is a deal that suits him and the 10 million is only a small percentage to the bondholders in the grand scheme of things. It's probably cost us pi's a couple of percent.
If the bondholders thought xel such a can of worms they'd not want to throw a further $10m down the drain, take on the demob liability, especially with a management that has dragged the company to near zero value. With their shareholding they have also been affected by that. Sure they would just appropriate the asset, arrange a firesale and move on. No, there is clearly a plan in place to move this to fdp for which the existing ceo a necessary evil, with the company, to ensure continuity, fdp approval for which there also has to be a funder behind that. Again if not, why throw more money away. So the bonds are covered and the funding capability is there to move this to production. Once the fix is in and fdp approved time can be taken commensurate with the poo to bring this to production. Conserve cash until then, but get the orders placed at favourable terms now for the msjor field items required. In the meantime of course the 1P reserves can also be booked, at a cost of cents in the dollar. Trebles all round, except of course for xel stockholders sold down the river by this management not acting in their best interests. Jmo.
Good luck to you cyan2, hope it's 100% tomorrow. My share trading is over, can't stand lie after lie from CEO's. Bentley will come good but not with xcite game over (****'s) PS (take some profit)
Evening bodog. Had a bit of a shock this evening. You may remember the Malcy link on XEL and his negative view. hTTp://bit.ly/2d3Q3gq The first half of that interview was regarding JOG. Had a look and see that JOG shares rose %46.93% today on confirmation of the Statoil farmin there. Bit shocked. Everyone knew it was coming. Wish i bought a shed load more. Can't get cocky about it cause I am still down a lot as I owned TRAP which was taken over for a song by JOG. I suspect that Bentley may come good one day under Statoils control. That will not benefit today's equity holders I'm affraid.
Asking for $10m is a begging bowl for sure. I don't know but Rupert IMO must have had offers over the past 5 yrs that would make your eyes water now!!! The man is over confident, arrogant & condescending, don't listen to anything except Company news. Or to be fair is dementia setting in.
What i find extraordinary is the directors seem to have no shame; the destruction of shareholders equity is incredible, yet, they have kept bleeding the company with their excessive wage packets. If they had any decency they would have announced an instant 50% wage cut for themselves. There are no consequences for their failure. Totally shameless and issuing an rns explaining that the $10m is..."to pursue the development of the Bentley field in order to deliver value for all stakeholders in the future." NO, imo,its about continuing to pay wages as the companies account is running out of cash fast and they can't pay the staff. Its just further erosion of the companies value and god knows what interest rate will be charged. Statoil can just sit and watch this disaster unfold. XEL management have not got any bargaining leverage. They will end crawling on their knees , throwing themselves at Statoil, and likely for a pittance. I think the BH's are going to have to take a big hit.
A monkey!!! & pony is to much.
You simply have to find the money from somewhere to take these guys to court imo - wtf has all that money gone and wtf is the $10m for other than to perpetuate their paid-squatting on the asset?? I've got a monkey for the cause if there's a hat going round ...
As cyan2 said they want $10 million to keep the lights on. Let's try to turn the lighs off, vote NO at the EGM. I'm sure the BH's have covered there arse by now with the share price @ 1.5p. And given Rupert time to wipe the brown stuff off his nose. Judas received 30 pieces of silver, Rupert & Stevie a life of luxury.
tonite on ii.. make the ceo's rec to accept 1.50% a joke. implication that stands out being conflict of interest politely put between what management is being offered to remain and push this egm through, and what should be attributable, but not actioned on, that an open market sale could bring. They should be taken to task publicly or made to stand down if their best solution after years of inadequacy is as they propose. Poo at $52.54 tonight adds to possible benefit of testing open sale option. Jmo, but my vote.
Yep, for sure they would have been expecting from any partner a proportionate share of their expenditure to date, help keep them running through fdp to first production. That simply has not happened, indeed likely any partner may justifiably have said why did you spend so much. So in any d/d, possibly another bone of contention to try to overcome.
And the $1m sto are still up for.
Obviously there is a lot of historical goings on that I am not up to speed on . They may need some generators soon to keep the lights on. Reading between the lines; the 'up to ' $10 m "WORKING CAPITAL" suggests their current liquidity is pretty bad. Reads like 'keep the lights on' money to me. If it walks like a duck, quacks like a duck; its a duck!