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Gt, Im lost for words you are obsessing over absolutely nothing.Not even last weeks newspaper.
It is perfectly clear who voted against the resolutions because they won!!
The numbers are a complete irrelevance.
Let me try and make this clear The Sheikh voted down the resolutions ok.
Why?
Because had he not won they could have issued more shares immediately to regain control of the company.
He stopped that in it's tracks.
He the Daddy ok.
There are not enough other investors combined to outvote the Sheikh.
He the Daddy ok?
Hypothetically PI's could have voted with the board en mass but the only way they would have done that if it was for a public hanging of them all.
So the old board had no chance.
Now its over.
It is done and dusted.
There is no uncertainty it is plain to see.
Otherwise ADME wouldnt exist.
Now we can move on.
Have a nice weekend everyone I'm off to grab some sun.
Think blue chip in every aspect.
Who would you say the top 3 brokers in the UK are ?
I have no idea but one of them is going to become our broker all going to plan
Who is a top tier Oil exec ? Lord Brown? Jeremy Wilson? I dont know Im not an oil and gas investor all I know is we are seeking top level tier 1 people for the board.
The share price manipulation is very concerning but we dont help that situation by panicking.
Not easy to stay calm when all about you is collapsing but I think we will be rewarded in the end.
I have said this before but will go over it again.
The resolutions that were not passed re the MXO AGM was for our benefit.
The authority to issue new shares in a placing will take the time it takes to write it out.
Its a simple process the company can call an egm whenever it wants or needs to to simply give authority to themselves again, nobody will vote it down this time as it is for our benefit this time.
There are no intended actions as a result of the past vote , it was voted on the result was clear and that's that it is a closed matter there need be no further comment on it by the company.
Going forward when they need to raise funds by a placing or open offer or rights issue they simply RNS the fact and call a board meeting have a vote and Bobs your uncle and Fannys your aunt.
There will be no further details of the past vote however if you were really keen and wanted the votes counted then I am sure it was recorded and can be accessed by anyone who finds this non matter important.
Financing the new company ADME is exactly the same as any other listed company they are not hindered by past votes.
If you think for one second that a large oil asset will be dropped in here for free then you are insane.
When a deal is agreed it will come with funding/financing.
Lets say for example The sheikh suggests dropping a £500m project into ADME and using ADME as the vehicle(this is exactly whats going to happen by the way)
Then there are several likely things that will happen and most likely a combination of several if not all of them.
Keeping it simple they could say ok we are placing 500m new shares @£1 per share to institutional and corporate investors and some net worth individuals.
Such a thing gets agreed behind our backs we don't get a say in this sort of thing, we will get a vote but even if we didnt like the deal the Sheikh outvotes all of us combined.
But such a deal would likely not be all in shares.
Debt for equity ie a loan for a promised amount of shares in the future or repayment of loan with an interest rate of 10%
Borrowings from Banks controlled by the Sheikh etc.
Performance related payments.
And all sorts of strange and weird ways they come up with these fundings.
But yes I expect shares to be a part of it and will be delighted when it happens as it means we are well on our way.
And for anyone who says a premium placing at £1 is unlikely then ok...2.5b new shares at 20p it makes no difference.
It only makes a difference and it only matters if it is just yet another shady deal done with shady people who deliver nothing and take take take.
A penny oiler take your pick their ten a penny.
I wouldn't be interested at all if I thought this was going to be yet another shysters plaything.
The Sheikh doesn't need to piddle around on AIM for pennies.
He wants to build his billion dollar oiler and I bet he will do just that.
The share price will grow with the deals.
And the new team.
And the new Brokers
Think
It is true that it has been dropped on next to nothing but there is a dichotomy here.
You see the people we see as being the enemy well they cant profit from this, they are like us and
lose out the more it falls.
Yes if they were clearly dumping their new shares but the trades are not backing that up.
I don't think they are selling and I also don't think they will from what I have been able to find out.
Talk of shorting etc is just talk it is easy to find out the borrow on any listed company there are sites you can go to for that just google it.
There is currently no borrow at all on ADME.
Also as this is a news driven share for the time being it would be high risk as news could wipe out any heavy shorters.
I think it is all just down to the market makers and the level they want to lower it too to frighten holders out of stock which they can then sell back to us on any good news RNS of which we will see many in due course.
When we see it drop 4p like today for example we all tend to panic a bit and think the hell with this.
This of course plays right into their hands.
Ok a few posts from me to answer as best I can some points raised but please remember this.
I know a few things about how the markets work and operate but I don,t know everything.
I am also surprised by what they come up with on an almost daily basis.
I also don't disagree with some of Dan's earlier posts and I don't think he is a troll or whatever.
A lot of what he said is true regarding what we expected etc.
We are all in this together and we are all as confused with recent goings on as each other and I for one have tried very hard to get some answers and have more or less come up with what I shall post next which is not that much.
We all want this to rise and we need to have some solid support for this on these threads as sentiment matters.
At the moment we are all peeing in our own nest.
If there was no correlation between buying and selling and some complete stranger just arbitrarily decided the price of a share on a whim then nobody would ever buy any shares in anything.
What would be the point, we would just sit back and wait until BOB decided XYZ should be £59 today based on nothing.
Its ludicrous.
Wrong it is manipulation.
There has to be a correlation to share movements with buys and sells and news.
Here we have no large buying or selling very little volume in fact but someone who has the ability (market maker) is sliding the priced down based on nothing other than their own manipulative reasons.
This is not legal it is manipulation and fraud.
They are acting like GOD and deciding the share price should be dropped on no selling pressure at all.
They have to show reason for this and it certainly aint the trades.
Look at the trades this is outright manipulation a few days ago they dropped it 3p on an entire days trading of 13'000 shares sold.
Now they dump it 4p on nothing at all absolutely no trading at all just 45k shares more sold than bought.
This cannot be right and it cannot be legal?
They have manipulated about £3m off the value of this company based on about £40'000 pounds worth more in value of sells to buys.
So £40k knocks 4p off the price and about £3m in value.
This needs investigated by the FCA as in now.
You do not wipe £3m of a companies value for £40k to£50k worth of sells.
The market makers are acting illegally imo.
This needs reported and investigated asap.
There has only been a total of £90k sells to about £45k buys
This is ridiculous.
It is the current team namely Ian Smith who set up and put the team in place at IDE who caused all the problems.
Only now has he returned as the great saviour , had he not taken his eyes of the ball in the first place then it wouldn't be in this dire situation.
Good luck with your holding I admire your bravery.
The only funding it has is from MXCP's rescue thus them holding nearly 50% of the shares.
MXCP had to do this as the banks foreclosed on their loans.
MXCP dont expect to get all of their money back on this one.
They can get some of their money back by taking private and flogging the parts.
They have a past history of this.
I am not at all sure that this has not been planned.
Once suspended it can remain that way for a very long time and there might even be a reason they want this and it wont be for our benefit thats for sure.
It might never come back from suspension , it could for example be the ore cursor to them taking it private so your stuffed as all you would get is suspension price.
The main concern is that the accounts will reveal more skeletons when examined properly and that its put into admin.
Plenty time to buy if it ever emerges again from suspension but in my opinion it is better for you to have control of your cash and not have it locked up and at some other persons whim.
They wont even allow you to sell more than 10k shares its worthless right now the shares have no value at all.
Like all lobster posts you can easily get into it but by gosh you try getting back out again.
Best to wait and see if it ever comes back from suspension.
This company has a long history of nasty surprises, just when you think it cant get any worse this company proves it can and does time and time again.
Oh I didn't miss anything.
"Early July" is not a time-frame it is vague and open ended.
Just like everything relating to this complete disaster.
As Mannan says best to get your cash out now, plenty time to buy back in after suspension is lifted if it ever is!!
After 4:30 today this is basically suspended and we have no idea when it will come back from suspension if ever.
If you dont sell today your locked in for months and maybe even permanently.
Never seen results produced like that ever.
Guys go and create a list of the top executives in the Oil and Gas business in the world , go out there and pick your top ten ok.
Out of that top ten is our guy ok.
Thats what we are looking at.
If you dont feel positive about your investment then sell it.
I would.
I can understand your concerns but you are over thinking it.
We could find fault in any news if we chose to.
Go back to basics.
Think about it , if you could have had an RNS at old MXO of your own choosing what would it be?
Having one of the worlds richest men and an Arab prince to boot from Dubai coming onboard would be beyond my imagining for a perfect fantasy RNS and I would bite your arm of for that every day of the week.
Well, thats what we got.
Upsetting for some?
Not for me.
They are hiding all the sell trades completely , not even printing them.
I dumped a shedload on opening bell and I suspect you did as well but not one of those trades a few mins after 8am are showing.
I got .87 for mine by the way.
They voted down the resolutions at MXO in order to stop any more freebies being awarded.
Now it is a new company with a soon to be new board and new advisors the lot.
This is being worked upon right now as a priority.
Meantime they have a company to run.
The new company can and will issue new shares as it see's the need to do this they simple place the shares and have an EGM to vote it through.
Again this is standard procedure.
Last resolutions re shares at MXO were voted down ok.
Because they had to nip things in the bud.
So
Now they can have a new resolution and vote it up.
There is nothing suspect or dodgy or unusual in this it is perfectly normal procedure.
You are focusing on the small stuff , the bigger picture is ahead and thats where this will be lifted onto another level.
Look if you think this is too spicy for you then dont invest.
I would never invest in any company unless I was certain about their plans going forwards.
Speak to the company if you want to query anything you dont understand.
But dont invest a single penny here unless you are 100% certain and behind it all the way.
Guys listen, I have been involved in this sort of thing for most of my working life.
Your worrying about things you dont understand fully.
Hey I also dont understand things from time to time and thats why you speak to people who do.
Why not speak to Mr Carter or the Nomad both will be able to explain things much better than I on a thread like this.
Way to much typing involved.
Thats just a standard disclaimer used on more than 50 RNS releases per week probably or more.
They have to state that because it is the stockmarket rules.
They have very deep pockets now and raising funds is not a problem anymore.
Thats why THE SHEIKH.
I can assure you the Directors know exactly where to get some short term funding from.
Nobody has said this will be debt funded , debt funding is just one of many many ways of financing large projects.
I dont doubt they will use it once they need to.
Meantime they need to fund ongoing liabilities and the easiest way to do that is with a small placing to investors, not an pen offer they dont need to waste time and money on that they will simply issue some new shares to whoever to fund ongoing costs.
Very standard procedure, the bigger show is where projects are dropped into ADME and this is how it will go in my opinion but we are not ready for that yet.