Member Info for deltavegatheta

The current marcap is £1m, if only another 65% of shares are issued and they manage to get the current SP (very unlikely) that would only raise £650k. Operating cash flow is minus £245k per month, so that would keep them afloat for less that 3 months. That is assuming they are not spending any money of investments like HH, Loxley or Portland.

The next fund-raiser needs to be several million, existing shareholders will be diluted to nearly nothing.

He wears brown trousers these days so that you can't tell he's shat himself over facing shareholders.

Do they retweet every time 3 or more disgruntled share holders reply calling them out for the sham they really are?

They say “UK listed energy companies” not “major onshore players”

They are having lunch with two-bit AIM/Aquis wannabe companies

After years of searching we can’t find anyone to farm Loxley out to.

We are now spending money we don’t have to see if someone else can find someone.

I predict that the next RNS will either be suspension or get the world-record for containing the most BS in a single RNS in the whole history of AIM RNSs.

“but what?”

Administration?

@Insidious 22 Feb 2024 19:13

"Murray Auchincloss could be looking at buying the HH asset from UKOG..."

It's almost as if you are making stuff up

They are just desperate to get as much of their money back as possible.

RF/YA would love the SP to go up as that's the only way they can get their money back. UKOG have a fixed number of shares they can give RP/YA which at the current SP isn't enough.

Any company can apply to NSTA when UKOG's PEDLs lapse due to insolvency.

Prior to the latest 200,000,000 issue the loan balance was £545k.

Say they manage to get 0.035p (being generous) for each share then that's would reduce the balance by £70k to £475k.

UKOG has authority to issue 1,220,034,718 new shares, if they all go to RF/YA and sell for 0.027p that's would generate £329,409.

So even if RF/YA are immediately issued with all the allowed shares the loan balance would still be at least £145k.

Administration must surely be coming very soon.

If anyone buys more than £34k worth they have to issue a 3% holding RNS

Here’s an example of a stealth raise of £6,175,000 to part pay for an increased share of HH:

https://www.lse.co.uk/rns/UKOG/completion-of-further-interest-in-hhdl-qy2pwsvy9iwm5ea.html

Sometimes UKOG would do a placing and then use to cash to by some “investment” other times it would pay in shares and the receiving party immediately off load the shares probably via the same broker that would of done a placing.

The truth is even worse, they have raised a lot more than £61m, the share premium a/c is over £110m, are you including all the things they paid for in shares in lieu of cash? That’s still a capital raise, none of the recipients kept the shares, they traded them for cash at the nearest broker.

The “profit” of £275k is gross and excludes all admin expenses such as SS’s £338k salary.

There’s also all the unrealised losses of tens of millions hiding in “intangible assets”.

I suspect the lack of an AGM and the company being close to collapse are very closely related.

The AIM rules don't say anything about AGMs at all and are just one of the sets of rules companies must adhere to:

https://docs.londonstockexchange.com/sites/default/files/documents/aim-landscape-infographic.pdf

Anyway it's now April 27th and UKOG have neither called nor held it's AGM.

I think you'll find the actual wording of the act takes precedent, I can't remember voting for anyone at LexisNexis.

I can't see anything in the AIM rules that aren't in compliance with the Companies Act. If you hold your AGM within the six months you comply with both the AIM rules and the Companies Act.

Ocelot, for the third time in this thread here is what the Companies Act actually says:

"Every public company must HOLD a general meeting as its annual general meeting in each period of 6 months beginning with the day following its accounting reference date (in addition to any other meetings held during that period)."

https://www.legislation.gov.uk/ukpga/2006/46/part/13/chapter/4/2009-11-06?view=plain

Article 190 only provides immunity if “judgment is given in his favour or in which he is acquitted”

Apart from Covid there doesn’t seem to be any exemption, if you look at other companies they generally obey the law, but there doesn’t seem to be anyone enforcing it.

Prior to SS being CEO the AGM did happen before March 31st, but after SS took over they have only held it once by March 31st. SS clearly has no time for good corporate governance.

At the last GM the special resolution, even with the 10% EBT votes, only passed by 78%, many more PIs voted than the previous meeting. So given the 75% threshold, they can’t assume that non-preemptive rights resolutions will pass, which would drastically reduce their fund raising options.