Member Info for 3cardbrag

Typo Malbrum

I didn't express an opinion but merely answered your question. Since you ask though I think Malcolm is right. Whichever way we mere mortals vote, it will go through anyway. There was talk after the last agm that the total votes for resolutions didn't ring true.

The share issues are subject to shareholders voting to disavow pre-emption rights. If you don't want it to happen, you have to vote against.

I recall I was commenting to the board about either the drilling or the remuneration. Can't remember which but he piped up with some comment at which point I asked for an answer to the question. He then rather dismissively stated it wasn't a question but a comment.

I must admit I thought that was John Bryant doing that

When you look at the remaining board it is rather depressing. Roger Kennedy hardly likely to inspire anyone. Ahmet Dik, poor track record so far other than on remuneration issues. John (who?) Bryant!! Thought he was there to represent OUR interests.

Why go to the expense of hiring someone to sort out the claim? They could instead just give the task to the gas sales team. Let's face it they have feck all track record on sales so may as well try doing admin instead.

Another good set of results building on previous improvements. Holding for the longer term and hopeful we might see a small divvy next year if further increase in profits, assuming we don't get involved in more takeovers (or for that matter, be taken over)
Hopefully the SP can sustain recent rises before next set of results.

That could construed as to say that the BoD don't reject the claims by certain shareholders out of hand.

Interesting to note that the police order was for harassment and not libel

You said it

It's quite straightforward really.
If you visit the site without actually logging, in the system doesn't recognise you as a member and shows all posts.

Good point. They have been talking about the need to upgrade the plant since they crossed the bloody Wouri.
Maybe instead of throwing money around on inflated salaries and undeserved bonuses, they could have put some of that money to better use.

Have you ever known Andrew to ask a searching question?

Ahmet Dik interview "Kevin is still around and hopefully we will continue to work with him"
I bet you will!!

RNS - " and a further 270,000 new Ordinary Shares to be issued to Shore Capital Stockbrokers Limited as part of its fees earned in connection with the Fundraising"
Bearing in mind it was probably all sorted in advance with very little work for Shore to do, 270k shares plus an untold amount of fees seems excessive to me.

"For a period of two years following the date of Admission, if the Company decides to issue new Ordinary
Shares (other than under the Company’s share option and incentive schemes) it shall first give notice to the
Subscriber of the proposed terms of such issue (the Pre-emption Notice) and the Subscriber may, at any
time within 5 Business Days from receipt of the Pre-Emption Notice, notify the Company, in writing, that it
wishes to participate in such share issue by subscribing for such amount of shares as is required so that the
Subscriber’s interest in the Company is not diluted by the proposed share issue (the Equal Subscription).
If the Subscriber elects to participate in the proposed share issue, the share issue may only proceed on the
basis that the Subscriber is able to subscribe for the Equal Subscription."
So placee gets advance notice of a future placing putting him at an advantage over we mere mortals. Whole thing seems like one big stitch up.

"In the event that the Resolution is not passed at the General Meeting, then the Subscriber shall have the
option (but no obligation), within five Business Days after the date of the General Meeting, to elect by written
notice to the Company to subscribe for the maximum number of Ordinary Shares at the Issue Price as
would be permitted within any existing shareholder authorities held by the Company. "
Anyone care to comment on what in practical terms this means? I don't know what the current limit allowed is.

A cynic might suggest that they only ever issue options after they have driven the SP into the ground. As the song says, the only way is up. Let's face it they hinted at looking at their bloated salary structure 9 months ago. So they had plenty of time to do this when the SP was considerably higher.

The figures you quote are scary enough but credible
What's really scary though is that since that big dilution and consolidation, the number of shares in issue after this placing will be around 210 million or roughly double what it was after the consolidation just a few years ago. That is a staggering 8.2 billion shares in old money.
Let's not forget that linked to this latest placing there will also be a vote on pre-emption rights. Ordinary shareholders, if they are against dilution, must band together and vote this down.