Member Info for cyan2

Good afternoon Gus. Just had to comment on your post that compares BOR and RKH. For the record I hold RKH. There are certain statements I feel compelled to respond to. " RKH have massive cashburn"; not true. Its proportionate to its business. You failed to mention that RKH have production assets in the middle East whose income covers the companies running costs so that also negates the claim that ""there is a real possibility they will run out of cash". The facts are that they are holding approximately �50 million in cash ; about half the market cap. PMO have indicated they intend to sanction SEALION FID if POO is North of $55. Malcy recently offered his opinion that SEALION FID is a 'no brainer' with POO North of $60. BOR holders have been waiting years for the farmin and I just do not see them winning the race to production. PMO is not broke and has just started producing a new large field. They have addressed their debt issues . Both RKH and PMO are looking at alternate fundings for the SEALION deveopment other than farmin. Time will tell but my monies on RKH producing way before BOR. In fact BOR's acreage could be considered stranded in a pretty challenging area . There are only a small number of multi-national big oilers who could entertain such a development. The question is; are there better value , less contentious , areas for them to invest in first?. Some commentators have suggested that 80% of the oil known about will have to be left in the ground if global warming is going to be addressed. I think there is a 50/50 chance BOR will never get development funding.

Someone was buying in large quantities yesterday including one lot of 400,000

A long time ago I thought that a merger with VOG was the way to go. Those days were a couple of years ago under KH. He missed/avoided the opportunity I believe existed. In my opinion, COC have no interest in pursing any tie up with VOG; they are about realising the value of our assets and walking away with cash; not a long term intent to build a gas business. I hope to see us walk away with 50p per share within 2 years; maybe sooner.

The 'magical' POO number is $55. I understand that is what PMO require.. Yes , you could invest in other projects nearer production. However; its all about price. The earlier you buy in the cheaper the cost, imo. If you want to wait to FID that's perfectly sound and less risky. The trouble is ; I expect you will have to pay at least twice today's sp at THAT time. Decisions , decisions. I hold in quantity with fingers crossed.

The last time this company issued proper accounts was on 30th September 2015. On 22nd July 2017 BMD issued an update that stated that the consolidated accounts were "in the process of being formalised" About time some accounts were published. What's the problem?

Imo , no chance COC will try and take us private; they have not got the necessary funds

BMD won't have to issue many more shares before the crew go over 50% of the equity. That makes things so much easier. No need for inconvenience of a vote by the general shareholder base to wind up and distribute the cash. The 6 directors could vote at any time and no-one else gets a look in.

The only reason I can logically see as to why BMD has brought in NED's is to protect his position and carve up the company's assets with his mates. He is conscious of the position if he personally goes over 30%. He needs cronies. Why pay for the useless paper when you can create tons of shares and blow away all the original shareholders equity value? BMD loudly condemned ELLERTON for changing the articles of association to allow him to create an UNLIMITED number of shares. Dan is now cynically using that ';right' to relieve shareholders of their fair share of the assets. What is to stop him , overnight, creating 40 billion shares and depositing them in the companies treasury? All existing shareholders then only hold 10% of the company's wind up value. Surely that couldn't happen? could it?

TW pulling his punches as regards BMD as usual; "Sefton Resources - shares in issue balloon but what is the cash position?" By Tom Winnifrith | Monday 24 July 2017 hTTps://www.share prophets.com/views/30521/sefton-resources-shares-in-issue-balloon-but-what-is-the-cash-position I have had tp put a space between the words share and prophets as LSE auto deletes otherwise. Close the gap to make a working link. TW makes out the cash position is FAR worse than my £150k guesstimate. He does not raise the legitimate questions of the up front award of shares to the new directors or even why they are required. Looks to me like BMD is taking care of his friends and ensuring his gang have enough votes to stop BT or anyone who may try to call an EGM.

Its worse than I first thought trying to work numbers in my head. There are now 8,949,299,416 shares in issue. Rounding DOWN Dan's numbers on the directors holdings to 45% means that 55% belong to everyone else. 55% is approximately 4.922 Billion in others hands. For 4.922 billion to be 10% of the share capital ; the total share capital has to be 49.22 billion shares; rather more than the stupid off the top of my head 20 billion. Makes a huge difference to what a MILLION shares are worth. Works out at 0.000816p per share. Thus 0ne million shares will be worth now £8.16 instead of £16 as they are possibly now. In my wind up scenario after great investment success there will still be £360k for the 6 directors and £40k for everyone else to share. Just a lot less per share. Sorry, its far worse than I thought. What is clear is that there is every incentive for the directors to create masses of shares to award themselves. The ordinary investors can not win even if the directors have significant success investing the £85k You are being diluted to oblivion. Sorry about my poor sums .

correction; should read 0.002p .

NEW! another of the pumper dumpers playthings. The point of directors keeping SER going is to line their pockets imo. BMD indicated that they had punted £85k in to 4 stocks. Say they do reasonably well. Next year the directors issue themselves another few billion shares. The investments continue to do modestly well. Next year , they again issue themselves billions of shares. It goes on. In a few years time the directors own 90% of the company. Maybe they made stunning investments in that time and the investments are worth £400K (don't laugh!). Then they have a board meeting one day and a motion to wind up is passed. The directors the have 90% of £400k to split between them; £360k.. Every other share holder has just £40k to split between them. By now the share capital is around 20 billion shares. Each share is now worth 0.00002p each. So a holding of one million shares has gone up from being worth £16 to £20. Wow! you are better off by £4!! What's to complain about? The directors are delighted of course; they are splitting £360k amongst the 6 of them. About £100k going to Dan. Good old Dan. This all depends on a good deal of investment success on the directors part. But they will obviously deserve the cash as they have added £4 PER MILLION to the value of YOUR shares; BE GRATEFUL and all praise Dan. Of course, they could make a complete f*** up and invest in another dog like SER. I am just trying to look on the bright side lol

BMD lambasted Ellerton when he changed the companies articles of association to allow the company to issue an unlimited number of shares. BMD is such a hypocrite. He has used that facility to effectively take total control of other shareholders money and democratic rights. BMD and his 'directors 'now own over 45% of the shares. How could he removed from his post now? This company has effectively been lost to BMD.

Would not surprise me if KH was the seller. Must need some cash to keep his horses running. Has he got another Job yet?

The shell is worthless without any listing. Those clowns lost the only thing of value SER had left; its AIM listing. The chief cheerleader Cal li fornia J oe is now a director. Its outrageous.

I suspect this will drag on for sometime. The over rewarded directors will punt the available cash and hopefully make a few grand. A year from now they will create even more confetti, over reward themselves and take their share of the company to well North of 50%. It will go on and on until they have diluted everyone else into oblivion.

No hope , unless you are a director and the company gets wound up. Time will tell. This company has a history of self serving management creating enormous numbers of shares and rewarding themselves generously. To pay 'fees' in advance absolutely STINKS .

Good afternoon MRPlumper Multi bagging? : don't hold your breath lol. When has this ever been a serious company with prospects?

The website is back up and the latest update can be read here; hTTp://www.seftonresources.com/news/pressreleases/SeftonUpdate22July2017.pdf SER has so little cash value now. Be interesting t read the accounts. My guestimate is , maybe , worth £150k. On 31st december 2015 there were 812,741,519 shares in issue. NOW there are an incredible 8,949,299,416. More than TEN times as many. All these awards to directors is gradually transferring SER's 'wealth' to them. They now own over 45% of the company. If SER has a value of £150k then each share is worth 0.001676108 PENCE. If you own 1,000 shares they are , in theory, worth 1.6 PENCE; If you own ONE MILLION shares; value is £16. How on Earth are shareholders going to get anything significant back? The longer this farce goes on the more shares will be paid in 'FEES' to the directors . Its a transference of the company's 'wealth'. And why does this company need 4 new directors? How many people are paid UPFRONT' their fees without even doing a days work? What do these 4 NEDS actually DO? What value do they add?

It appears the Sefton resources web site is down at the moment. Tried looking today to see if there was any further news following the publishing on the website of an update dated 22nd July. Daniel LEVI made a number of statements including that accounts were being prepared. Been a very long time coming. The significant revelation in that update was that the new directors were paid their 'fees' UPFRONT.. Following awards to the directors including Dan the update revealed that the share in issue has ballooned to an incredible 8,949,299,416 shares. The directors now own over 45% of the shares in issue. Existing shareholders are being diluted to oblivion.