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I’d say in Russia as they were only selling to GPB initially. Then they were selling by to other non sanctioned Russian entities.

Whilst they got the export licence they didn’t actually start exporting.

Agreed.

I’m guessing you’re struggling to come to terms with it?

Win some lose some.

Ok Fission. Whatever you want.

Trying to understand the implications of it all. Nobody knows exactly but nothing wrong with sharing thoughts etc.

Now do one.

Still not with it.

I think GPB still have the 200m loan on their books and whilst they’ve called it they can’t actually do anything due to sanctions. Quite possibly POG have funds to pay back a percentage of the debt and GPB can see that, just can’t actually take the monies.

The issue I believe is UMMC who are making a bankruptcy claim against them for the RCF debt they acquired. Which as it was a transaction between two Russian companies does not fall under any UK sanction.

If I’m right in my thinking then UMMC want the 87m plus interest etc paid and will force an asset sale for it. Totally doable as it’s all internal (in Russia).

There’s a slim chance then that one asset could be sold to cover the debt. Problem solved. Carry on business and pay back GPB when permitted to do so.

That’s my “ideal scenario” LOL.

I wonder whether this has any bearing
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1092031/INT.2022.2002560_Outward_Investment_Ban_GL_publication_notice.pdf

Not entirely written off yet.

It’s not over until it’s over but we are literally scraping the barrel and more than likely this will be a write off in time.

Looking at the RNS’s there’s one around the 14/4 stating their was a loan of 200m and rcf of 87m

On the 16/5 there is an RNS saying the rcf was transferred and no mention of the term loan

So if I’m reading that correctly UMMC only took part of the debt on 87m and the rest is still with GPB. The bonds are held separately.

Not sure Nathan. I didn’t think it was the whole lot.

Thanks Professor1 but I’m still not convinced with this.

POG haven’t transferred any securities.

It was GPB that transferred the securities to UMMC.
POG didn’t request it.

GPB are a Russian company as are UMMC so I fail to see how any UK sanctions will have a bearing on that. We literally can’t ban a Russian company from doing business with another Russian company.

Also, UMMC are looking to take subsidiaries to court, in Russia, to file for bankruptcy and force an asset sale. These subsidiary companies are also Russian companies, they are not UK companies. So again I fail to see how we can stop that process.

It is only the PLC that is deemed a UK company.

If they split the company into Rus / Kaz where do they pass the debt to?

Load it onto Kaz and this is screwed.

You’re going to be trusting them to divide the debt accurately. How much debt is actually from the w KAZ side? Could be a deciding factor.

Yes with that knowledge it changes the outlook.

Few typo’s but you get the gist.

@Daibando

Horrific thought that you mention. Unbearable.

I for one am under no illusion that UKR are the innocent party. Even the UK government have called them out in the boat for their actions.

Unfortunately I think this was too big an opportunity for the US and the UK (as their muppets) to turn down and are now so pro Ukraine it’s unbelievable.

Basically it’s just anti Russia, the other country could be anybody.

Kisses me off also they the US get involved when they themselves instigated a “crisis” over weapons being placed on or near their borders but when another country tries to stop it, it is unacceptable.

Total **** show all round.

And John Mann……

You have told me you follow this group so why don’t you for once explain why POG would have done that? And it seems to me that POG knew this was coming well in advance and haven’t done anything to save the investors. Administration in the UK saves the PLC, bankruptcy in Russian subsidiaries ultimately winds the company down…….

You know you have a lot of pi**ed off investors so why not speak up. (Or are you still on “leave”)

And weirdly and for a reason nobody knows POG actually applied for their subsidiaries to NOT be covered by the bankruptcy moratorium in Russia, Effectively saying “we’re open to be taken to court”

Why would any company apply to not be covered for bankruptcy? Absolutely baffling?

@Furrion

A point raised on a telegram group today is that UMMC are not actually going after POG itself (the UK PLC) they are going to court to push for bankruptcy proceedings against its subsidiaries and whilst part of the PLC Group they are separate entities and are in fact Russian companies.

So sanctioned or not UMMC can still take the subsidiary companies to court, in fact a Russian court, to apply for bankruptcy of the subsidiary companies and payment of all debts outstanding.

So the PLC is potentially safe BUT a PLC with no assets is as good as a chocolate fire guard.

A SIPP is a pension and your trading account is not so the answer is no you cant transfer from SIPP into it

Thanks.

I’m holding in a SIPP and a reading acct. Extra issues with the SIPP then.

Any implications for not getting paper cert’s

Hi guys,

Sorry to ask as I know you’ve discussed it but to save me trawling through so many posts can anyone clarify if we have to request paper certificates or can we just leave things as they are?

Any implications for not getting over cert’s?

Any advice appreciated