Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thanks pre2rcd - wasn't aware of that. I'm assuming that the excess shares will come out of any shares not taken up by PI 's and that the total Open Offer will not exceed the £4.1m figure quoted in the RNS, but we shall see.
DEM
(cont)
The Navitas Chairman, Gideon Tadmor is clearly a 'larger than life' character who has a formidable reputation in the International O&G sector for delivering massive projects on time and within budget. He appears to have an excellent relationship with Sam who he has met face to face and speaks to regularly. I think he will push for FID ASAP and would not be surprised to see this happen in 2023. Whilst Channing Wolf, who has taken the Shenandoah project to FID, will be responsible for day to day matters and will be permanently based in London - it is clear that Gideon Tadmor will be very hands on and driving Sea Lion from the very top of Navitas. I don't think I dare share the story Sam told about what GT said when asked about Argentina and Kirchner but it is very clear that we could not hope for a better ally, should the going get rough.
Thanks to Premier and Rockhopper incurring all the early stage seismic, exploration, appraisal and FEED costs - Navitas will have no 'legacy' costs to recover. They have paid no 'premium' to Premier for the Novation of the Farm In contract. The Navitas break even point is therefore much lower than Premier ever enjoyed. Over the next 20+ years - Navitas, Rockhopper, FIG and indirectly the UK Government - are all going to make substantial sums of money out of Falklands Oil. So, why on Earth would all parties not pull out all the stops to 'Make it So' ASAP? We should not underestimate the complexity of the numerous 'moving parts' to get Sea Lion to production but neither should we doubt the motivation or ability of the key players to get the show on the road.
I suspect that once we get a drill rig down to the FI, it may become its new home for several years. Whilst Phase 1 of Sea Lion may still end up with 29 wells - I suspect that FOIL may come much sooner. But this is what will be refined over the next few months as NAV & RKH seek to strip out any non essential project costs to ensure that New Sea Lion (NSL?) is safe, lean and fit for purpose.
It was good to meet up with several RKH friends, both old and new, including Flying Mule, Guy with a bike, Zinced, Yeast, LTT and also chat to others for the first time including the senior ex Army Officer with a most interesting past, present and future. The traditional post AGM glass of lemonade took place at The Kings Head - a splendid establishment - recently refurbished by Wetherspoons. Conversations included Ukraine, Pig Farming in Romania, the problems of property development in the Kyle Of Lochalsh.
https://www.jdwetherspoon.com/pub-histories/england/wiltshire/the-kings-head-inn-salisbury
Bucket of tar not required and goose released into the Market Square. Home by 6.00pm.
DEM
Biggest surprise of the day was when we smartly turned off the Wilton Road to enter the carpark and found that we were in the driveway of the next door private house where the startled owners were busy pruning their roses. Reversed back onto the road and tried again. This time we were greeted by about a dozen Climate Change protestors bearing Energy Charter banners - perhaps they know something about Ombrina Mare we don't ! At least they weren't allowed into the building, unlike at the UKOG AGM, (also on Tuesday) where a group of activists bearing scary upside down banners - forced the cancellation of the meeting.
https://twitter.com/MiaHWatanabe/status/1541735316431806464
The Clubhouse is essentially a pleasant modern cricket pavilion, available for hire to local companies etc at a fraction the cost of a City Livery Hall ! We were greeted by Keith and Sam and by the two Non-Execs, Alison and John, plus Jan (Co Sec), Will (Finance) and several of the RKH team. Plenty of opportunities to informally chat and ask questions both before and after the formal part of the meeting which comprised Sam's PP Presentation, Questions from the floor and then the Vote. In recent weeks we have had a flurry of long and and detailed RNS' with updates on Ombrina Mare, Navitas and Funding, so the Presentation was mostly a summary of existing news. Attendance down a bit on the last 'in person' AGM pre COVID - but still a better turn out than most AGMs I attend. Perhaps a few of the pinstriped CFA Pro's felt the trip to Salisbury too risky but TBH we managed quite well without them and some attendees even visited the Cathedral after.
We know from the subsequent RNS that all Resolutions were passed with 87% to 92%+ of votes - so we will get the Open Offer shares and Warrants. I assume most of the block vote against, were the Institutional Investors (Aedos and RAB) who clearly detested the 'extra' dilution from Private Investors getting O/O shares + Warrants on the same terms. Glen and Saby's two years of chipping away at the LSE coalface, with help from Godders, only delivered another 2%-3% to their Lords & Masters. Must do better !
If you are with Hargreaves you have until Noon today to take up your allocated shares plus any excess required, together with 1:2 Warrants. Just ring the Help Desk on 0117 900 9000 - it can all be done very easily over the phone.
The future direction of travel for Rockhopper is becoming clearer and IMHO there is much to look forward to. A few take aways:
Sam agreed that once we get closer to FID, then a bigger player may, or may not, ask to join the party. Both NAV and RKH are relaxed about this - but it has been agreed that any third parties percentage will come out of NAV's 65%, still leaving RKH with 35%.
The SFB was not mentioned at all, but it's not going to go away and I think it's time will arrive once the NFB is in production.
DEM
Hmmmmm I rather like the sound of 'The Rockhopper Collective formerly known as The Borg' !
In truth, any Private Investor willing to plough line by line through the bumph, ring Salisbury and ask direct questions and contribute to Bulletin Boards in a positive way - will be less likely to stumble into the various man traps set to catch the unwary.
How many investors spotted the brief reference to the Italian decom costs in a recent RNS - probably not an issue until 2024. Or bother to use Google to translate the extremely detailed RNS released by Navitas to the Tel Aviv Stock Exchange. As an investor in ECO (Atlantic) it was apparent that compared with AIM, the TASE sets the reporting bar considerably higher. A 500 word one page RNS will turn into a 5,000 word ten page document lodged with TASE.
Last post today I think - early start in the morning to get down to Salisbury in time for breakfast with a group of LTH from the old days. Hopefully an upbeat AGM, although I suspect it may be one of the shorter ones.
DEM
DEM
Thanks SH for the explanation and I now understand where you were coming from. I actually spent more time reading articles on calculating dilution than the actual RKH calculations took. Way more complex than I ever imagined. I think the methodology behind the 23.5% dilution figure is sound when discussing share dilutions and it is based on this article - which is reasonably easy to follow for a non-mathematician.
https://www.equidam.com/dilution-101-calculation-and-examples/
All thanks to Godders who drove me to knuckle down and do the 'math' after he claimed that the dilution was 45%-50%, which I knew was a fantasy figure. It's a funny old world !
DEM
Hi SpaceHoppa
You possibly missed the following post by myself on Sat 18 June re Dilution – reprinted below. Its actually even better than your figures.
After the II Placing and PI Open Offer we will have 599m shares, £9.8m raised and dilution of 23.49%.
By 31-12-2023 (drop dead date for Warrants), assuming 100% take up – we will have 669m shares in issue, an additional £6.3m raised (total of £16.1m) with an overall dilution of 31.5%.
QUOTE: “All figures sourced from most recent RKH RNS. To provide an accurate figure IMO one needs to do two separate calculations ie dilution after Placing & Open Offer and then the dilution in 18m post expiry of Warrants. (See Notes at end).
PRE-PLACING
458,482,117 shares (Launch doc)
£36,678,569 Mkt Cap @8p
AS OF FIRST ADMISSION ON 20-06-2022
82,182,776 Placing Shares (Results doc)
£5,752,794 Mkt Cap @7p
AS OF ‘OPEN OFFER RECORD DATE’ (tbc)
58,571,429 Open Offer Shares
£4,100,000 Mkt Cap @7p (Launch doc)
POST PLACING & OPEN OFFER
599,236,322 (458m+82m+59m) TOTAL SHARES (excl Warrants)
£41,946,542 Mkt Cap @7p
£9,852,794 Capital Raised
DILUTION POST PLACING & OPEN OFFER
Diluted Shareholding is calculated by dividing the number of existing shares by the sum of the total number of existing shares and the total number of new shares.
458,482,117 divided by 599,236,322 = 76.51% = 23.49% dilution
https://www.equidam.com/dilution-101-calculation-and-examples/
£££££££££££££££££££££££££££££££££££££££££££££££
WARRANT EXERCISE PERIOD EXPIRES ON 31-12-2023
41,091,388 Placing Warrants convert to shares
29,285,714 Open Offer Warrants convert to shares
70,377,102 if all warrants exercised @9p
£6,333,939 Capital Raised
£££££££££££££££££££££££££££££££££££££££££££££££
FINAL TOTALS
669,613,424 (599m+41m+29m) Total Shares (incl converted Warrants)
£16,186,733 Total Capital Raised (gross figure before costs of placing etc)
458,482,117 (original number of shares)
divided by 669,613,424 (original number + new shares & converted warrants)
= 68.47% = 31.53% dilution
Notes:
1. As FID is likely towards the end on 2023, I would expect the majority of holders will delay converting their Warrants until Q4 2023, in the hope of benefiting from the uplift in the SP post FID. As there will be no secondary market in the Warrants (ie they cannot be bought or sold) they will have no value until they are converted into shares. The dilution will only occur when the conversion tales place. Reductio ad absurdum, if none of the Warrants were converted then they would just expire on 31-12-2023 and no dilution will have taken place, apart from the original dilution arising from the Placing & O/O.
2. In practice, dilution will probably be under 30% as there will inevitably be Warrants which do not get exercised for a variety of reasons.” ENDQUOTE
DEM
"DeusExMachina - Check with your broker they set there own deadlines which they stick too . hope this helps".
I already had before I posted - deadline for Hargreaves is Noon on 30th June. Will be very surprised if other brokers have a deadline any different. 'Official' deadline is 3.00pm that day - presumably giving HL three hours to collate their applications.
DEM
DEM
"deadline for 7p offer midnight" .
NO - not according to the official Open Offer timetable.
https://www.lse.co.uk/rns/RKH/open-offer-timetable-ec016lv99aau427.html
DEM
May I also confirm that my understanding of the net cost to RKH of Sea Lion Phase 1 – not covered by the two loan deals with Navitas – is around c. $43m +/- I have a very detailed explanation somewhere on my PC which I validated with Sam a year or two ago. It was based on the original higher cost estimates, so $35m feels about right.
IMHO I think it’s a cracking deal. To have retained 35% of a field the size of Sea Lion and attract a Farm In partner of the quality and financial muscle of Navitas is an excellent outcome.
Several years later than we all hoped and if you wish to blame the global collapse in the price of oil in 2016 and 2020 together with five years of financial woes at Premier – on Sam Moody and the Board – then so be it. I expect SM was also responsible for Brexit, Covid, galloping inflation and Ukraine as well.
DEM
“I am confident this is a good deal but as my wife said: ‘you have said that time and time again’ “
And yet for the past 8 years and 1672 posts you have whinged, whined, complained and denigrated the company – to the endless frustration and angst of your fellow posters.
Whilst I’m sure everybody is very sorry to hear of your financial ‘predicament’, assuming you are telling the truth, it sounds like your partner & parents have considerably more common sense than you do.
If you are really in a dark place then I would urge you to speak to your GP, Samaritans, Addiction Charity and close family for help and advice. The Bulletin Board of an AIM listed O&G company should be the last place you turn to for comfort and solace – however sympathetic we may be regarding your situation.
One final thought – if you sell up, which might be a very prudent decision, your 4.1m shares (0.9% of 458m) will fetch £288,000 – more than enough to pay for a nice holiday and a diverse portfolio of blue chip Investment Trusts for your retirement. Otherwise, the suggestion to sell 1/8th to fund the O/O shares allocated on the rest of your holding, is clearly sensible and what many others have chosen to do. Good Luck !
DEM
Interesting find SecretBlueprint, but according to The Guardian we still have 10 years to pursue the Claim. Naturally, we would all prefer an OM win in the next few weeks !
QUOTE "The compromise (ECT) agreement, which was largely designed by the EU, reduces the protection afforded to companies that have invested in oil and gas projects. But a fossil fuel exemption would not kick in until 2033 at the earliest.
Under the deal, new fossil fuel investments will cease to be protected in the EU and UK from mid August 2023. Existing fossil fuel investments in the EU and UK would lose protection after 10 years. But the 10-year phase-out for oil and gas only comes into force once the treaty has been ratified by three-quarters of the ECT’s 53 signatories.
Moreover, the fossil fuel carve-out does not bind countries. While the EU and UK have chosen to end protection for oil and gas investments, other ECT signatories, such as central Asian states, Switzerland and Japan, can maintain protection for fossil fuel investors. Member countries are expected to formally approve the deal in November, but it would still need to be ratified by each capital." ENDQUOTE
More positive news is that ICSID will at long last be implementing its new streamlined procedural changes as of 01-07-2022. Electronic lodging of docs, limits on doc length, specific timescales for each stage of the process and an Expedited Arbitration procedure option if all parties agree - will all help greatly shorten future claims. Although too late to alter the glacial pace of Ombrina Mare - there are a couple of encouraging passages which may point to a mood change in how ICSID view RoI's delaying tactics.
QUOTE "Other changes relate to, for example, the possibility of the participation of third parties in the proceedings,[10] a new rule (Rule 53) on security for costs[11] and the new factors which the tribunal will have to consider when awarding costs (including amongst others the conduct of the parties during the proceedings).[12] All of these will have a significant impact on ICSID arbitration proceedings". ENDQUOTE
https://www.acerislaw.com/the-new-icsid-arbitration-rules/
DEM
Evening LTT
Over the past few days I have had a couple of emails from Sam in reply to queries raised by myself. I’m fairly sure that he will not object to my quoting a couple of key passages:
Warrants
“Everyone will get warrants. If you hold your shares as a certificate then you will get a certificate for your warrants. If you hold your shares dematerialised into CREST via a nominee then they will settle in the same way as your shares, CREST can take the warrants. The warrants won’t be listed. If you want to exercise the warrants then you tell the broker and they send in an exercise notice. There is no preferential treatment here we are doing the same for everyone”.
Importance of the Resolutions
“I am aware there is an e mail doing the rounds …………………… suggesting people vote down the AGM resolutions. The lawyers & brokers have told me that if the relevant resolutions are voted down then we cannot do the open offer and holders will have voted themselves out of being able to participate. We have tried to make that clear in the releases but I guess people don’t understand or aren’t interested”.
This clearly refers to the campaign waged by two individuals on the LSE BB in recent months – both of whom I doubt have any more in common with Private Investors than my neighbour’s tom cat – who have now apparently mounted an email campaign, presumably using the confidential private data harvested from investors last year.
So, to repeat yet again. If either Special Resolution 8 to disapply pre-emption rights, or Ordinary Resolution 7 to allot shares, fail to be passed at the AGM by the requisite majorities - then the Open Offer cannot proceed.
Not only will Private Shareholders not have the the opportunity to subscribe for Units, comprising of Open Offer Shares and Warrants but there will be no additional monies for the company. As the Placing was oversubscribed this may not be a serious problem. However, it strikes me as very wrong that a small group of finance professionals can apparently manipulate the system to disadvantage both the company and several thousand private investors. One assumes that the only parties to gain will be any members of this apparent plan to create a conspiracy or 'concert party' be they for the benefit of individuals or institutions or both. All IMHO of course.
Due to the above I assume there will be no more info regarding the Open Offer until after the AGM.
DEM
Good Morning Ovets
Thanks very much for offering to produce a Summary of your understanding of the Placing, Open Offer & Warrants – will be extremely useful for all of us over the coming weeks. I have made a stab at trying to make sense of the numbers, with raw data sourced from the two recent RNS’.
All needs checking, but I am reasonably certain that the dilution figures will be lower than predicted by Godders & pals – no great surprise there. To provide an accurate figure IMO one needs to do two separate calculations ie dilution after Placing & Open Offer and then the dilution in 18m post expiry of Warrants. (See Notes at end).
PRE-PLACING
458,482,117 shares (Launch doc)
£36,678,569 Mkt Cap @8p
AS OF FIRST ADMISSION ON 20-06-2022
82,182,776 Placing Shares (Results doc)
£5,752,794 Mkt Cap @7p
AS OF ‘OPEN OFFER RECORD DATE’ (tbc)
58,571,429 Open Offer Shares
£4,100,000 Mkt Cap @7p (Launch doc)
POST PLACING & OPEN OFFER
599,236,322 (458m+82m+59m) TOTAL SHARES (excl Warrants)
£41,946,542 Mkt Cap @7p
£9,852,794 Capital Raised
DILUTION POST PLACING & OPEN OFFER
Diluted Shareholding is calculated by dividing the number of existing shares by the sum of the total number of existing shares and the total number of new shares.
458,482,117 divided by 599,236,322 = 76.51% = 23.49% dilution
https://www.equidam.com/dilution-101-calculation-and-examples/
£££££££££££££££££££££££££££££££££££££££££££££££
WARRANT EXERCISE PERIOD EXPIRES ON 31-12-2023
41,091,388 Placing Warrants convert to shares
29,285,714 Open Offer Warrants convert to shares
70,377,102 if all warrants exercised @9p
£6,333,939 Capital Raised
£££££££££££££££££££££££££££££££££££££££££££££££
FINAL TOTALS
669,613,424 (599m+41m+29m) Total Shares (incl converted Warrants)
£16,186,733 Total Capital Raised (gross figure before costs of placing etc)
458,482,117 (original number of shares)
divided by 669,613,424 (original number + new shares & converted warrants)
= 68.47% = 31.53% dilution
Notes:
1. As FID is likely towards the end on 2023, I would expect the majority of holders will delay converting their Warrants until Q4 2023, in the hope of benefiting from the uplift in the SP post FID. As there will be no secondary market in the Warrants (ie they cannot be bought or sold) they will have no value until they are converted into shares. The dilution will only occur when the conversion tales place. Reductio ad absurdum, if none of the Warrants were converted then they would just expire on 31-12-2023 and no dilution will have taken place, apart from the original dilution arising from the Placing & O/O.
2. In practice, dilution will probably be under 30% as there will inevitably be Warrants which do not get exercised for a variety of reasons.
DEM
Kurgan
Have you escaped from a Larson cartoon ?
DEM
Another excellent RNS today announcing the oversubscribed Placing & Subscription which has raised £5.75m – enough to pay the bills for the next 18m and hopefully see both OM and Sea Lion deliver two huge SP catalysts. None of this will be a surprise to anyone who took the trouble to engage with the Directors over the past months. Even the Warrants were touched on at the Investors Day in October.
Like many other Private Investors I welcome the opportunity to participate in the Open Offer on the same terms - particularly as regards the Warrants. However, please read the section in the RNS titled ‘Importance of Vote at the 2022 Annual General Meeting’ – it’s at the top of page 5 of the PDF version of the RNS.
My big concern is that if anyone has succumbed to sabyam’s bully boy tactics to vote against Special Resolution 8 to disapply pre-emption rights, or Ordinary Resolution 7 to allot shares, then if either of these two motions fail – then the Open Offer cannot proceed and Private Investors will not be able to participate. Not so good for the PI, nor for the company. Or am I reading this incorrectly ?
Great for the professional Fund Investors, however, who are only happy to see dilution if they get the shares and sabyam has, of course, already told us that he works for Funds and in another post that he has access to Bloomberg Professional as he is ‘in the financial markets’. It’s almost as if sabyam and his Associates want the company to fail, so they can perhaps step in with a ‘rescue plan’. Surely not ?
There is a rather appropriate saying from the works of Ralph Waldo Emerson along the lines of “The louder he talked of his honor, the faster we counted our spoons.” And so it is with sabyam’s posts! At best his motives are opaque, agenda doubtful and advice highly questionable. All IMO of course.
Surely time to ‘jog on’ – I’m sure that the A*V*N board will welcome and enjoy your hectoring rants.
DEM
ps If you see a man in the pub with a bucket of tar and a goose – RUN !
Thanks Much for the compliment – much appreciated (sorry). Little bit of light relief mixed with a dash of nostalgia never does any harm!
LR I also remember Sam and his slides but that 7-8 years ago when RKH still used Acetates and an OHP - 8 possible ways to place the Acetate on the platen, 7 of which are wrong.
Since joining the 21stCentury with PowerPoint presentations on a laptop, it’s impossible to get the slide deck in a muddle and his Presentations are as professional as most you get at AGMs.
DEM
“Watch him collect a FAT bonus at the AGM” (LR)
Yes indeed, RKH AGM’s always follow a set pattern. Godders and Glen1969 turn up early with the boxes of rotten fruit to distribute at the gate.
The meeting runs its course and then at the end Keith Lough presents Sam with his Annual Bonus in a big sack labelled SWAG full of bundles of used Fivers. Everybody jeers and throws the fruit and then we all join arms and march down to the pub singing ‘Don’t Stop Believin’ where we sit drinking gallons of beer and comparing luxury yacht brochures!
Evening ends with the traditional tar and feathering of the most irritating poster of the year – no shortage of candidates there.
Have you ever been to a real life AGM?
DEM
Good Morning sabyam
In reply to the points raised in your last email - I have never worked for RKH nor for any other O&G company and neither have I ever worked for a Fund. Before retiring in 2010 I ran a company which provided various specialist Corporate Services to international blue chips and certain Agencies and Departments of State of HMG. So, it is extremely unlikely that we have ever worked together and with respect, I see no point in DM but thank you for the invite. I prefer to be known as DEM until somebody has at least bought me a pint of beer and spent some time chatting! Looking forward to seeing several old friends on the 28th and hope to make your acquaintance in the pub/restaurant after.
As regards your moniker, it is not unusual for me to abbreviate the alias of other posters (eg LTT for longtermthinker) or muddle the spelling (eg hydrant for hydraides, curtesy of Autocorrect). DEM is of course an abbreviation of my own full alias – originally used I recall by another Poster on the old iii Board. With respect, I think you are the first poster who has ever used their actual name as an alias (!?) and then casually admitted to the fact, even though nobody had asked the question. I am sorry that you felt compelled to make this unforced confession and am happy to apologise for any angst it may have caused.
I actually thought you were Glen1969 as your prose style is identical. Indeed, perhaps you are the same person or maybe just his gag writer ; -)
More generally,
I agree 100% with the previous poster who received a prompt reply from Sam regarding the company view on a placing - I have had very similar answers as have several other investors on this Board.
I must confess to finding the current obsession regarding a possible placing as bizarre. RKH has only had one placing since discovering oil and that was around ten years ago. RKH is almost unique on AIM in not constantly returning to its investors for money. This aversion to printing vast numbers of new shares each year has resulted in Private Investors still controlling over 85% of the shares in issue.
An unintended consequence of this is that Rockhopper must pose a unique challenge to any predatory take over bid. Persuading large numbers of PIs to do something which they instinctively know to be risky at best and foolhardy at worst, must be worse than herding cats and would require immense guile and cunning. In 30 years of investing I can't think of a single AIM company where the PIs were over the moon with delight at the T/O terms.
Finally, might I suggest that you take the excellent advice posted by yourself: "I, for one, would like to see the oil flow from phase 1 before selling my RKH holdings. I have been in the stock a few years and very happy to wait for another 6-7 years". Which as you posted in 2019 means that we are bang on target, thanks mainly IMHO to the dogged determination of Sam and the BOD to get Sea Lion into production.
DEM
Thanks Ovets - you understand my logic correctly.
I am confident that SM will (1) only trigger a placing if OM fails to deliver (2) provide an open offer opportunity for PIs to buy shares at the same price (3) endeavour to minimise dilution. I certainly will not welcome any dilution but I do recognise that a modest placing - perhaps with Navitas or another player - may be necessary if the OM Award is delayed. I agree with a previous poster that a certified copy of the Award should be quite sufficient pro tem.
If any Private Investors are genuinely concerned they should pick up the phone and ring Salisbury. IME Sam will always ring back - usually within the hour and is more than happy to discuss and explain the company view. I'm sure that he will be delighted to hear from the poster now known as sabyam.
I am travelling today but I will try and pen a few words for poster sabyam this evening.
DEM
Good Morning Saby et al
Thank you for the time spent c&p reams of text from the Rockhopper AGM Notice. You will doubtless be relieved to learn that there is no cause for concern and no need for scaremongering.
For anyone wishing to view the entire document - go to the RKH web site, click on the 'Investors' tab, select and open 'Shareholder Documents' and the 'Notice of AGM 2022' will be the first doc. in the list. I'm sure most LTH's will know this already as the location of these docs has not changed in the past decade.
Clause 7 in this years Notice ('THAT the Directors be and are hereby generally and unconditionally authorised for the purposes of section 551' etc etc) is word for word identical to Clause 8 in the 2021 AGM Notice, Clause 8 in the 2020 Notice and Clause 9 in the 2019 Notice. (I have not bothered checking previous years but they are all available on the RKH website).
The clauses detailed under the Special Resolutions heading also repeat each year, as they expire after twelve months unless renewed.
If anyone is still concerned I suggest you read 'Appendix 1 Explanatory notes to the 2022 AGM resolutions' on page 6 of the Notice, or telephone the RKH Offices and speak to Jan Davies (Company Sec) or SM.
But I think you probably knew all of this already, which does rather beg the question ...
DEM