Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
The fat lady might be singing her fat bosom off but I have my fingers in my ears! :o) So between you and I we have just over half a percent? Or is my maths as bad as ever! So just under 50 million would be enough to trigger an EGM? My understanding is they have a very limited time frame within which to respond once the request has been made.
Wouldn't that be insider trading? I am tempted myself to buy these prices but to be honest I sh*t my pants buying at 0.3. I have been looking at ways in which we can hold management to account and the best route appears to be a bunch of us clubbing together our shares to get 5% of the company. We could then request an EGM and attempt to get some answers especially with regards to WF and WTF is going on. I have 2.7 million shares which in the grand scheme of things is peanuts but to me is a lot. If anyone else is interested in going down this route let me know here and I will look into setting up a WhatsApp group or something where we can come up with a fighting plan.
Maybe just maybe Rick and his cohorts will finally have to face up to the debt problem.
No1Scarlet I hope your are right about it not failing. I just think there is a total lack of ambition on the part of Hawk management who as you have said lots of times are being paid handsomely for p#ss poor results. There has been no attempt to raise additional funds through the market or anything. Rick has a legal and moral duty to do his best by his shareholders and there has been no sign of that. I shall be writing to the FCA next week to make them aware of the situation at Nighthawk Energy PLC.
Yes very strange. Far too many buys for bankruptcy to be on the cards. I can understand a few chancers trying to make a few quid on a whiff of good news but this many buying in?
No. This will be caned by the Mm's until either it folds or there is some kind of second coming.
It does feel like that RNS is designed to force a fire sale so that shares can be hoovered up cheaply. There has been no attempt by management at all to raise additional funds through the market. Why struggle on through the slump in oil prices only to give up now? It just doesn't stack up.
Are the people who provided the equipment the same as those who did the feasibility study for WF? If there is any liability surely it will be with those who said WF was doable? They should be given the bill for the whole of the rental costs. That would make them choke! From the outside looking in, it would seem that the so called experts HAWK keep choosing are total duds! Another bum decision from the management team.
At $100 a barrel our debt starts to look a lot less of an issue!
I doubt it. Too much big money involved. Russia needs a good kicking. For a third world country with a GDP less than Texas they don't half throw thier weight about.
No1Scarlett, I don't think JC has been mugged off but there has been a lot of "bad luck" here. Call it bad luck if you are feeling charitable. Others might say "bad decisions". I fall into the latter camp. The crash in the price of oil was "bad luck" and fair play to Rick for his hedging tactics. But several dusters, taking on debt at 15% interest rates, law suits, a decline in production and a waterflood that isn't, looks a lot like bad management to me. Maybe, just maybe, as part of a new funding deal, one of the conditions just might be a new MD as well.
I don't think JC would of stepped down without being given some kind of back door to info. They need to get thier fingers out and sort the debt. There is no reason this should not be a 2000bopd company. We just need someone with vision at the helm.
Agreed. I can't see JC being the kind of guy to throw good money after bad. There are also a number of institutional investor's massively underwater here.
We can be thankful he has called in an Investment Banker and not put us into Administration! An RNS with some kind of guidance as to what is going on would be desirable. I don't think dealing with the CBA is the main sticking point here but the lack of funds to increase production and stem those declining rates seems more pressing. If we can box off the CBA with an arrangement that puts us clear of bankruptcy then the SP will boom from where it is now. Then we can start looking at funds for a drilling campaign he says wishfully thinking. :o)
Who does the investment banker report to exactly? And are they allowed to offer an opinion on the Chairman? Or is that biting the hand that feeds? I assume it is Rick who has called them in so they are hardly likely to recommend the boot for him! :o) Or might they if they feel he needs to go?
Feels like the share price is being walked down for another big buy.
I shall be writing to them to express my concern at this drop in production. They seriously need to get thier sh*t together. Thanks for your work Hicks.
I did a dummy buy and got quoted 0.495 with a very slight discount which means there are some spare shares about but not many I suspect.
On the way back up.. NICE!