Member Info for Bravedog

Yes, PUTUP.

Bloomberg messed it up showing JF and SZ shareholders.
I don’t know which mistake the other service provider did to find only 190 mio shares outstanding.

@PUTUP
As JF and SZ are both shareholders and as the number of shares they own equals the number of nil cost options they have been awarded, I draw the simple conclusion that the options have been exercised. If they had a different number of shares, I wouldn’t be posting that.

@theoryman
The source is reliable. I checked it. Organized as they are, it isn’t a mistake.

@Highlander1970

There is one explanation: the company is in breach of LSE rules and enjoys the benefits of Bermuda Laws.

This explains why a service provider is showing 190 mio shares outstanding which means they bought 20+7 mio shares since the beginning of the year.

To avoid being caught breaching the LSE rules, the company must be private on April 30. By that way, they don’t need to issue an RNS beginning May indicating explaining that the VCP shares have been vested.

@PUTUP

I read the note 23.
You are speaking about the AR 2020, i.e. how it was on December 31, 2020.
I agree with the AR, so there is no need to contact the IR or NED for something which was correct on December 2020.

From my post of March 1:
There is a hurdle to be crossed. It was :
2017: 350*1.08=378 mio$
2018: 378*1.08=408 mio$ (options awarded at 2.346$)
2019: 408*1.08=441 mio$ (options awarded at 3.315$)
2020: 441*1.08=476 mio$
So for this year, it will be
2021: 476*1.08=514 mio$ (=2.448$) where we are!

In 2021 things have changed: JF and SZ are shareholders now.

So my question remains valid: WHERE DID THE COMPANY FIND THE 7 MIO SHARES VESTED TO JZ AND SZ AS THEY DIDN’T HAVE THE SHARES IN TREASURY!

PUTUP,

NO. If you look at the list of shareholders: both of them are shareholders and the number of shares owned are exactly the same as the amount of nil cost options. Exactly.

I will remind you that the board has the right to vest the options at any time, as written in the modified bylaws 2020.

So the board vested the shares which was perfectly legal, but where did they get the 7+ mio shares?

@PUTUP

” It was just an ordinary grant coincident with the publication of annual results.”

Also coincidental with the day ii forum is closing...

@PUTUP

Contact some professionals and they will tell you that JF and SZ are as of today shareholders of GKP with 3.6+ mio shares each.

This means that the VCP nil cost options have been vested and that these guys being shareholders are entitled to vote in an AGM or EGM.

THIS RAISES ONE QUESTION:

AS THE TREASURY SHARES HAVE BEEN CANCELLED, HOW COULD THE COMPANY AWARD THESE 7 + MIO SHARES ? WHERE DID THE COMPANY GET THE SHARES ?

The Lundin family controls Shamaran. Lucas Lundin is Swedish, settled in Canada and perhaps Geneva. And several people in GKP come from Lundin Group. The managers of Shamaran exercised their options end of September way above the money, and the Lundin family increased its stake by 2.2 mio shares each month.

Perhaps +20% in Canada with no volumes.

The liquidity is found in Sweden and today it was marginally down and yesterday wasn’t up 20%.

@PUTUP
I meant: many people from GKP come from Lundin group. Perhaps, they bought some shares or are ready to buy some when things are cleared. Lucas Lundin has been claiming for years that he wanted to take part in the consolidation of the Kurdish oil industry.
All the Kurdish oil stocks are underwater compared IPO dates. If a consolidation of the Kurdish oil cies takes place, would be better to go back to levels where the investors do not lose money. The independent oil cies can do that if they have a small holding in GKP.

Is it possible ?
A couple of years ago, it was rumored that DNO had a 30% stake in GKP.
How much could it cost?
Well it all depends on how many shares the bidder bought at very low levels. For GKP, they made one presentation to investors and it was in Hong-Kong. If the buyer already has a very big stake in GKP, he’ll be able to pay much more for the rest and nevertheless have a good average price. As Blackrock is doing business in China, they might be willing to sell their holdings at different levels.

We don’t know but everything is possible with sharks.

@CCC.
Unless it was intentionally changed with help of some bribes to get rid off all the analysis of GKP.

It means nothing to see after April 7.

In other words, cy is sold. The iii board was cleaned up when it was renamed II. The same happened to the website of GKP. No history, nothing to know.

Something very big will remain hidden.

@srodgers

It is Shamaran. Looking at the pictures of SH taken by Scotforth Ltd, courtesy of GRH, you clearly see that there is oil north of the east west fault and it goes into the block owned by Shamaran. Don’t forget that their managers exercised their options at around 0.8 SK when the stock was around 0.4 SK in September. Shamaran will be taken over at a very good price, but I don’t know hic they bot GKP shares. The great winner will be the Lundin group as they are also in GKP.
The size of the field increases dramatically if you include a part of Atrush, and only one well was drilled north of the fault.

Now, I see them.

Made a mistake and filtered myself.
Result: I don’t see my posts wwhen I am in ”message view”.

Can somebody help me?

I think you are right and have already invested in it.

Results published on March 31. 30 following days used for vesting of nil-options shares.

The TO can start

@PUTUP
JF and SZ will receive each around 3 mio shares when the cy is sold. If part of their shares are vested this year, they will show up as shareholders in the AR and at the AGM. I haven’t tried to figure out how many will vest, but you shall not forget that part of the 2018 options will also vest. The options didn’t lapse.

@Invstrat
Put the sales price at whatever you want, but it will be shocking to learn that the former managers earned a fortune for having no increase in the market cap during 5 years. Better hide it and not let this News hit the headlines. When you think at it, when the cy is sold, the cy might have a debt of 0.2-0.5 bil $. Hopefully more...

No new options for the VCP can be awarded, but the Nil Cost Options are subject to the rules of the VCP and will normally vest depending on performance against Total Shareholder Return targets.

The share price used on the Measurement Date for calculating total shareholder shall be the average of the closing prices for the 30 days following the announcement of the Company's results for the relevant financial year.

But we must remind us that there is a hurdle to be crossed. It was :
2017: 350*1.08=378 mio$
2018: 378*1.08=408 mio$ (options awarded at 2.346$)
2019: 408*1.08=441 mio$ (options awarded at 3.315$)
2020: 441*1.08=476 mio$
So for this year, it will be
2021: 476*1.08=514 mio$ (=2.448$)

We are already there as on Friday, GUKYF closed at 2.54 $.

So when an agreement is reached with Baghdad, the price will be much higher and the options will vest, meaning that 30 days later JF and SZ will show up at the AGM as big shareholders with 3% of the equity.

This is the last thing the Kurds want is to see and that is why GKP must be taken out prior to the publication of the annual results.