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These are false and untrue for a troll! Pls close the door behind you!
The operator screwed us, added lots of cost etc… to take it from us for nothing which they have done it successfully. UOG are not reliable for costs as they have given up the asset, why wins not UOG that’s for sure!!!
Many large holders are very disappointed to say the least!
* They should have made huge reduction in running costs and reduction in raise needed would probably made more happier share holders (imo).
* Delay the Jamaica piston core work, which will cost 300-400k or more (imo)
* If placing shares have been forward sold, then it would be very interesting to see what happens to share price if this is voted down (do you/we honestly think 75% will vote for this)?
We were recently told:
* payed for Jamaica license extension 250k and have $800k left, balance of USD $0.80m outstanding from EGPC along with final invoice (pay BP off after receiving total final amount from EGPC, they’re delays getting money from Egypt but will receive them imo)
* current base cost is the best/lowest it can be for running the company and they are looking to take on another board member
* can use existing BP facility for new acquisitions (looking at debt only deals)
* The super major who pulled out at the 11th hour did speak with the Jamaican government (just as I was thinking/saying) before they issued another 2y extension and other parties were trying to take it directly (it passed all the super majors due diligence and went all the way to the top for board approval) Jamaica is still very real and can be transformational for UOG!
* Jan 2025 are the plans for Waddock Cross to start production
They should have clearly delayed this raise imo at least until they receive Egypt funds and clear BP loan.
I still think the company has a good chance with Jamaica but board taking bad decisions after bad decisions (imo) hence it’s only 50/50 this raises may go through. I don’t think it’s the end of UOG just need to listen to shareholders!
I have some plans and ideas, GET rid of BL (put someone forward), we take placing at much higher price etc… new CEO with deep pockets and will put large amount of his own money towards the placing pls add more ideas etc… I had several large holders just messaged me with their holding we can get to around 10% fairly quick and easily (imo). We still have a chance imho to transform UOG for all LTH to benefit.
Can I pls hear from more holders who would vote against this and support us putting forward resolution/take corporate action? I have spoken to someone who was involved in taking corporate actions before who will help, guide and support us to start the ball rolling
* Admission taking place by no later than 8.00 a.m. on 18 March 2024 (or such later date as the Bookrunner may agree in writing with the Company, being not later than 8.00 a.m. on the long stop date. If any of the conditions are not satisfied, the Placing Shares will not be issued, and Admission of the New Ordinary Shares will not take place (we can still vote against this and try to block this).
We have few large holders who are planning to vote against this on the 15th March. We shouldn’t accept this and do everything within our powers to block him (imo). This is the biggest slap in the face and kick in the nuts to say the least for all the shareholders. He is an accountant and cannot try to F*** us all like this after all the bad news and utter failures we received. Do we have any more holders here who feel the same?
I have posted this before and will post again (notes from the recent investors call).
* The Company has a receivables balance of USD $0.80m outstanding from EGPC and cash in the bank of approximately USD $1.3 million.
* BP debt $1.089m to be cleared
* They're raising another final invoice of around $0.70m still outstanding/due from EGPC
* They're no longer liable for costs due to the default notice
* Based on the above and as stated by BL, we should have around 12 month cash runway plus the possibility of refinancing other plays using BP loans/facility as we will be paying off the existing loan
I just don’t understand WHY people who have seen value @3p don’t see the risk v reward now with such a low MCAP. Maybe they should close the door behind them and leave us to it (we all know the risk in investing so I hope to think and the rewards obviously).
Mach_20, Kefi or any other listed company are legally required to release drill results when they receive them (they cannot hold them back as it’s market sensitive information good or bad) nothing to do with TK funding update (they will release when they receive that).
For Harry to put on RNS, this month remaining Banks approval (gives me little confidence) as he must have received this information from them to be able to do that. GLA…. Hopefully not long to go for re-rate 🤲
They received drill results and are required to release to news to the market. They cannot hold it back, are your seriously asking the question they should hold on to it until TK funding is secured? Lol….
“The Company can now report that all the other parties in the funding syndicate, have advised they will this month go to their respective committees to approve the proposed transaction”
*Not much longer to go for full approval
Https://www.voxmarkets.co.uk/rns/announcement/8a08cab6-d7b2-456f-9931-700c1a46411d
* The Company has a receivables balance of USD $0.80m outstanding from EGPC and cash in the bank of approximately USD $1.3 million.
* BP debt $1.089m to be cleared
* They’re raising another final invoice of around $0.70m still outstanding/due from EGPC
* They’re no longer liable for costs due to the default notice
* Based on the above and as stated by BL, we should have around 12 month cash runway plus the possibility of re-financing other plays using BP loans/facility as we will be paying off the existing loan