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An interesting article related to the valuation of assets in bankrupty of E&P companies in the US. Good background reading.
https://www.bloomberglaw.com/external/document/XFT6LBJ8000000/bankruptcy-professional-perspective-valuation-issues-in-oil-and-
Cheers Stas, sent
Stas do you have a throwaway email I can contact you on? I've collected specific names for IR and corp biz dev contacts at many of the cos you have listed. Id like to share it with you if possible. Thank you.
Hi there, been watching COPL for some time now (sounds like the start to an Alcoholics Anonymous meeting).
I'm not exactly sure how the market has attributed 2/3 of the market value of COPL to a JV that had no economic numbers attached to it. This seems like an incredible disconnect. I'm not going to blame the MMs, they feed off of the fears and drama that comes from JV-like announcements.
If we'd received an RNS that said the GGS upgrade was not fit for purpose, it was a failure; then yes, I can see an argument for a £6.5m mc - but for a time-limited, non-binding LOI that had no economic value attached to it (i.e. there was no indication of what it may be worth to COPL - apparently the market thinks it was worth around £12m? How'd it get that?).
I've seen disconnects like this before in Feb of 2016 when oil was taking a massive plunge yet 88e which was not a producer was getting hammered - that was an 8 bagger. Saw it with Hurricane post-court case where the publicly traded bonds were no longer signaling bankruptcy but the shares were trading like it. See a similar disconnect here today: a JV that we had so little detail of - yet the market thinks its worth 2/3 (or dare I say more?) of the pre-announcement MC. As far as I am aware there is no relationship between a successful JV and a successful GGS upgrade and getting to 2k per day. It may well have been that the JV wanted more flesh than we were willing to give as, for all we know, production numbers are rising as would be expected. I think we turned away from a p1ss take offer that our JV party thought they could get one over on us - and they would have to pony up more if we become cash flow positive.
Massive pinch of salt - and thank you to all the posters, both bears (you've called it dead-on since I've been watching this) and the bulls who have provided much detail on the history and so on.
Best of luck whatever your persuasion here, but this sell-off looks overdone.
Good luck yall
Nope, it doesnt form part of your allowance. Dividends paid from shares in your ISA are not taxed.
"You do not pay tax on dividends from shares in an ISA."
https://www.gov.uk/tax-on-dividends#:~:text=You%20do%20not%20pay%20tax%20on%20dividends%20from%20shares%20in%20an%20ISA%20.
Done
TDT how's it going pal - got your note yesterday, will come back to you soon. Have joined the party here - looks like I'm in good company.
Manuel my thoughts are that those staff aren’t crazy expensive, are likely very much required, and ultimately would be a lot less in expenditure than comparable mining outfits. As much as people like to dunk on RY I’m very much of the opinion he keeps those costs down.
All the best mate
CBS
Hi Manuel
Sorry to hear of your loss mate. Terrible, my condolences.
FWIW, from what I recall at the meeting, RY mentioned 17 staff at Khab office.
Thanks,
Steve
largely agreed Husato. Further I would add, and I've said this for a while now - if KM was producing any cashflow it would perhaps make it a target - as it is at the moment, it doesnt; grabbing it wouldnt add to the coffers in any meaningful way. Would cost more in bureaucracy.
ha! Hammer! An appropriate name mate!
Hi there - late to the game here posting my review of the GM yesterday and honestly Billyboy has covered just about everything.
Started off with RY noting that there has never been a greater amount of shareholders participating in a vote ever before. I think from that point he knew which was way the vote was going to swing. Paul Gazzard was in attendance as well as George Cotter who is the counsel for us at Fieldfisher. Went to Q&A prior to the vote due to Billyboy and a big lad (apols, didnt get your name) at the back. Went to Q&A for about 90 minutes. Billyboy was organised enough to take notes, I did not. From my recall:
- relations with the local and regional gov't with who we've always maintained good relationships has not been been affected.
- 17 staff at Khab mix of Russian and Ukrainian passport holders are all fine and ticking along.
- The co. bank a/c in Khab hasnt been sanctioned so we can still fund it - money into and out of it.
- Wanted to make clear that the deal we were given was the best they could get. Didnt roll over on this one to get it, they pushed hard to get what we were offered.
- We aren't Kinross - theyre literally pouring gold bars - that's he proposed why they get $100m up front and we did not.
- TEO to be released soon. Circa 2000 pages and 1700 drawings. Had to be reviewed by several gov't departments.
- If No vote, then BAU. If No vote, then door isn't closed to existing offeror. Have not been told it's this or nothing.
- Had to go to the shareholders for something like this. Took as far as he could - needed our assent.
- If Yes vote, then as per regulations can't be a cash shell had to continue with some sort of activity, hence an RTO.
- Had been negotiating most of last year with a different entity - indeed, it seems had been negotiating with several, however sanctions pulled their ability to speak with some or all(?) of these.
- operating in Russia has always been difficult. Noted that over the years whenever he came out of a meeting with Russians and he was pleased he knew something wasn't right - that when he came out of meetings and felt negative knew he was doing something right.
- Vote results came through and RY seemed neither perturbed or happy. Always a hard dude to read. Lets put it this way, he didn't seem like he was incensed that the deal was rejected, in fact somewhat jovial afterwards when talking with shareholders. My sense was he didn't want it to go through and he needed the result to go back to Sbilov in order to say it's out of his hands - a better offer needs to be made. Also had the sense that he didn't want to have to do an RTO and all the rest of it just to get the proceeds over time. Had to leave pretty sharpish at 12 to go to a meeting of some sort.
Was good to see several of you there - Billy, Skerminator, BoldlyGo, EIDR and several others. Had a swift pint in the Oyster Shed afterwards.
BB2fii see you then bud, maybe there from 9 as train gets into Blackfriars around 8:50
drop me a line on cowboysteve00@gmail.com to keep in touch Billy (or anyone else for that matter).
I'll meet you there Billy. Cannon Street not great for coffee shops but Joe & the Juice will have to do: https://goo.gl/maps/i6N1gSo9a7nQZMS7A
Meeting is a 10, can meet you there for 915 or thereabouts?
best
CBS
To be clear though the HUR situation and here isn’t really comparable in any way. If anything is going to be challenged here it truly is up to PIs to make that happen. We’ve no white knights in this situation.
That was a fascinating situation. What made it work is one of the investors was a fund with massive skin in the game and the wherewithal to challenge the BOD. I supported that action. It worked and the shares have recovered some ten times since then.
Not yet received my letter Billy (btw when did you call to request yours?). Either way will be at the pub next door whatever happens.
Haha understood Shadow! Probably a much better use of your time, your daughters birthday, than dealing with this stuff.
All the best bud
Steve
Went to the Crede EGM in sept 2016 which went to a poll. Also - there’s a lovely riverside pub just next to where the vote will be held, the Oyster Shed, which I recommend we convene at afterwards to commiserate.