Member Info for deltavegatheta

Some lucky employee will of be awarded 250,000 shares since Sept, they don’t have to disclose each individual awards.

And those 250,000 shares are now worth £18.75. What a lucky employee.

When those shares were transferred to the EBT in 2014 they were worth £38,750.

A true testament to the shareholder value created under SS’s leadership.

If it was anyone other than UKOG buying it's own shares at a 30% premium agreed that would be bullish.

However this is a desperate scheme by UKOG to try to secure 3,005,000,000 votes at the GM, after failing to get the resolutions passed by normal means.

Shares issued into these schemes are always at par value, look at the earlier RNS when they did the same thing. They paid par even though the SP was many times higher at the time.

How are they allowed to issue these new shares when they have used up all the allotment passed at the last AGM?

On Sept 29th 2014, the last time they issued 10% new shares for the EBT, UKOG opened at 17.15p and closed at 15.5p.

A fall of 10%.

Holders, enjoy the blue finish tonight while it lasts!

I wonder how the EBT trustees would vote at a recalled GM? Perhaps that's they're cunning plan.

10% more shares, for no new money.

In a rational world the SP should fall by 10% tomorrow just on this RNS.

They are borrowing money to issue confetti to give to their employees in lieu of cash to stop them leaving.

I'm not sure it's a plan that's going to work.

The intangible assets valuation are purely theoretical and haven't been revalued in years.

The tangible assets need to be valued on real projected cash flows and have HH at £800k.

If the intangible valuation were accurate UKOG wouldn't of had to write-down so much of HH when it moved to the tangible line.

Horse Hill is currently valued on UKOG's balance sheet at just £800k after a series on multi-million pound write-downs.

Not really nationally significant.

Riverfort/YA will only get their £660k back if they get the shares now, as UKOG will run out of cash before the end of the year.

I think they might settle for £500k in cash now to mutually exit the agreement and to not block the pre-emptive rights.

UKOG can then do its fund raising to buy them a few more months before the inevitable.

How would PPP afford a bid for UKOG? PPP’s marcap is even lower than UKOG’s and are only allowed to raise £1m in new shares which will be destined for Texas not Surrey.

What shareholders of any company would vote to take over a liability such as UKOG’s “assets” ?

If any one has shares in their own name, rather than in a nominee a/c, they can request a copy of the minutes of the meeting.

Remind me, is Dorset still in the EU?

The maths of the death spiral means that UKOG's situation gets worse increasingly quickly as the SP falls.

More and more of the new shares will need to go to RF/YA to pay the £660k outstanding, leaving a vanishing amount of new funds.

Currently they would pocket just £352k in new money if they are issued at the same 20% discount as last time. Barley enough to pay SS's salary.

Ocelot, you really think they can raise £20m with a madcap of £2m?

The resultion from the last AGM say £1,002,991

PPP are burning around £3m per year, have the authority to raise £1m and have a madcap of £2m.

PPP’s current focus is Texas not Surrey.

PPP are not the white knight that will save UKOG

Here's my best guess at what's going on:

RF/YA want UKOG to use the soon to be issued shares to pay-off its £660k before UKOG raise any new capital

UKOG wants to use all the new shares to raise new capital

RF/YA say unless you agree we will vote against the pre-emptive rights motion!

UKOG say but we have an agreement that you must vote with us!

RF/YA say but that agreement is in default as you ran out of capacity to issue new shares!

Meeting adjourned.

Against the 1,424,487,652 shares the filing says "No shares allotted other than for cash", they were allotted to RiverPort/YA to be used in the next conversion, which was declared via RNS on January 10th. I don't think there's any forward selling here.

However I think you have uncovered something significant, it looks like the agreement requires UKOG to allot more shares to RP/YA each time they convert shares.

That's a problem for UKOG at the January 23rd conversion as they ran out of shares to allot.

So UKOG is probably now in default of the agreement, no more future £500k tranches, perhaps RP/YA are saying they can now vote freely at the meeting and not be bound by the "investors will exercise any share voting rights in support of any resolutions proposed by the Company" clause.

Included in the June 28th £3m funding RNS is:

“Investors will exercise any share voting rights in support of any resolutions proposed by the Company”

So RiverFort/YA have to vote for these resolutions even if they don’t want to, but they could have raised some technicality at the meeting.

Maybe it was in regard to the handling of the remaking balance of the first trance, and/or the status of the now overdue second & third tranches.

Note that meeting was held on the last day that the third tranche was due.

We don’t know the default terms in the agreement and whether they said anything about UKOG not being able to issue enough new shares to honour the agreement, which is seems to be what has happened.

Large scale hydrogen storage is all about generating green hydrogen when it's windy then turning it back into electricity at peak times which could be months later.

Hydrogen storage has nothing to do with:

- international trading of hydrogen

- storing hydrogen produced in oil refineries.