Member Info for fairdealer20

Scaremongering or not, shareholders should remember Swindells stated in 8th Feb RNS, " Joint Venturers are working on a FADP, he further stated his. total commitment to providing greater Shareholder value as a result of the Gas discovery"

Reaction of the Market does not confirm or believe those statements.
It is now imperative, if GS is to retain credibility, a statement is issued indicating timelines for the FADP and crucially and specifically, how shareholder value WILL BE significantly increased as he stated recently. If he is unable to confirm/produce such a statement, he should consider his position!

Exploration as we have known for a few years, COMMUNICATION is and always will be the Accountant's Achilles Heel. It should not be left for shareholders to ask or in some cases imagine what is going on. A good CEO should have a natural bent towards keeping PI's informed. GS does not pocess such qualities and whilst he is in charge we will be treated with contempt and probaly regarded as a troublesome inconvenience.
I am in no doubt a further fund raise is going to happen rather sooner than later. It remains to be seen how it is structured.

Study the past records. Platinum had made 2 offers which RF and co conveniently kept from Shareholders. It was only the 3rd offer that saw the light of day and even then shareholders were not allowed to consider the offers.
Any predator will need to consider the baggage Marstons have accumulated...lease agreements with Brains ( the agreements are binding for 20 years), the JV with Carlsberg which has onerous conditions limiting sale of properties, and will need to consider the debt pile to be discharged. A predator will be looking for a hansome quick profit a likely value 20% below NAV would be tops. In the current commercial property market, interest will be very limited.

Cuckoo like you and a few others I have been here sometime and have raised concerns regarding poor management and communication, but have held on mainly becuase of Shell's presence. Maybe I am stupid also! Is Michael Spencer stupid?? He is in Government...think about it!
How Swindells and Nunn retain their positions, having created a level of Negative Share value following the biggest gas discovery in 10 years, beggars belief. No doubt we will soon be told the remunerations committee have awarded huge and outrageous Salary increases on the back of the Gas discovery. If MS and RS approve such an increase, they must be in on the act. Why the hell would you own a company to see your equity decreasing and still continue to support and Executive that is clearly not fit for purpose, and certainly not serving shareholders as they are duty bound to do?

On the incessant flow of Chinese Water Torchure posts, it is amazing that the board monitors have not acted on this disruptive activity which only detracts from the business of the site.

I do'nt filter anyone and never will.

AIMO. DYOR

Exploration with almost 1.9 billion shares in issue nothing would surprise me. That could artificially raise the SP.
Penny shares do seem to have a habit of getting stuck in that zone!

Michael Spenser and Richard Sneller are major Holders, both having taken significant shares at the last raise, where Ordinary PI's could only apply for a paltry amount. Their holdings have progessively given them greater and greater control.
Now given the projected E&P the company seem to be committed, cash burn becomes a serious consideration. In the absence of a share of pensacola being disposed, a cash raise would seem the most likely event. If and it is very probable, given past actions, major holders will have significant and preferential treatment., in another raise. Michael Spenser has not been shy to increase his holding exponentially. Are these 2 holders acting as philanthropists or greedy businessmen?
Could it be, by hook or by crook the major holders with the help of their lacky GS, wrestle total control and take the company Private?
It may be a fanciful thought, I have seen it before by a company then managed by Accountants. The major holders there acted in concert and had enough control to overwhelm ordinary PI's who were then faced with a fait'accompli. The result being after going private, the company suddenly discovered hidden assets that increased it's value 10 fold.
Is there an hidden agenda here? It does seem remarkable how the SP is reacting to the largest Gas discovery in 10 years.
Is chicanery taking place???

The Russian ship was escorted out of the North sea not the Irish Sea

Come on Karl. If I owed you £1000, you would not be bothered?
Pershap BNP Paribas would be interested in your dismissal of the debt, paricularly as Loan Agreements have been breached, not once but at least twice.
Debt is debt however it is wrapped up and cannot be dismissed so casually especially when Loans, long and short are not being maintained.
Do those who wish a buy out, expect that Predator too ignore the total debt? I think not as Loan Note holders have rigid conditions in place. Indeed wait to see what revised conditions are agreed after 31st March. Banks hold the whip hand.

Trying to massage numbers to influence and support an imaginary NAV is sheer nonsense.

Thanks NQM and Exploration,

Must confess was expecting to see an RNS as an update. Maybe I need to 2nd guess GS's thinking....impossible.

I have a full copy of the accounts. SUGGEST YOU READ PAGES 134, ITEM11 AND pAGE 142. BORROWINGS.
The numbers are easy to understand and talk of the NAV being multiplies of the current SP is at best wishful thinking on the part of the scribe, at worst pure deceit.

Devising rhetoric to support a Trading position may suit some but will not convince experienced Investors who have been here for a number of years and know full well the historic financials.

To be correct stated assets is £2.1b and liablities(borrowings etc) amount to £1.65b. Net asset is £450m.

Debt has risen in the last 3 years even though disposals have taken place and a consideration of more or less £270m, was received from Carlsberg as part of the JV agreement.

A potential predator, having done due diligence, will become aware Marstons or it's successor is required to retain at least 50% of it's Pubs/Hostelries as agreed in the JV with Carlsberg. Unless a predator can persaude Carlsberg to relinquish/revise, this JV condition, it is difficult to see a significant offer along the lines being touted.

The alledged/reported activities of Russian ships in the North Sea is yet another good reason onshore and off shore exploration/production must continue at pace, to protect our(UK) energy needs. Just think of the doomsday scenario, service cables from windmills are severed? No doubt Pacifists will err on Russia's side. Maybe they should go live in Russia!!

What is happening with the Cairn ( or whatever they are now called) collaboration entered into on 5 Licence areas in 2021?
Seismic studies were commissioned and completed on 21st November 2021, results were to be announced Q2 2022.
Any ideas what is going on, or has GS lost the plot?

Rainbow Chasers Unite!!

The dividend was last payed for yr ending September 2019 before COVID. The dividend was suspended because of the Company's diminishing free cash. Company debt in 2019 was £1.4B at which time disposals were taking place to, in the words of Ralph Findlay, reduce debt by £200m by 2023. We are in 2023 and even allowing for Covid, debt is now £1.65b. The JV with Carlsberg was supposed to have released cash to help reduce debt. Where has it gone?
The restitution of the dividend requires agreement of Bondholders as a condition applied to agree Waivers. Dividend return will not happen any time soon, Bondholders have agreed for a 2nd time, waivers until 31st March when it can be reasonably certain a further revision of Loan Agreements will occur. That may involve interest rates. BNP Paribas now have control of the Major Loans and are harder nosed than HSBC.
Talk of a 10 bagger is pure Cuckoo, the SP's high of just over 170p occured in 2016.A long way to go to get back to that high point.
Traders(rampers) can say what they will to achieve a capital gain before the end of March, experienced investors need to examine the real facts and then act.

CGT liabilities! Do you mean losses here used to offset Gains elsewhere?
Concentrate on facts not hopes.
Retail prices may be increasing only to maintain margins. All brewing costs have increased significantly. Malting Barley, Hops , Salaries and even glass has increased, not to forget distribution costs. Turning over £1B is fine but at what cost?
Dismissing interest cost so frivolously is not sensible, the Company have already admitted at the low interest rates, Loan repayment agreements have been breached. Is that good financial management?
One poster seems to advocate liquidating assets which would return a handsome return to shareholders on current SP. Asset stripping may suit some, doubt the BOD will allow that debate. The opportunity with Platinium was rejected, but who knows another Hedge fund may come along eventually.

Other companies within the sector have warned of difficult times these next few months, are they wrong and prophets here right?

Tav. yes HMRC will regard these shares as having some value until the company is completely dissolved which as you say could be months away even a year or so.
Had already written the stock off and would like to use the loss against another gain. Not sure who would want to buy a delisted share that has little or no value.
Had a similar situation with another Bio-pharma a few year ago ( I seem to be a sucker for Bio-pharma's), which was not listed. It went bust, my Accountant used the date of Insolvency to establish the loss, even though it had not fully registered with Companies House. That event was at roughly this time of year.
It will be worthwhile having conversation with my Accountant.

The Administrators have delisted the Company which effectively means Shares are worthless, however until Liquidation is completed the company still exists. Have the Administrators been appointed as Liquidators?
Is the company still trading? Have Staff been dismissed?
The company will only cease to exist once a Voluntary or Compulsory Order is confirmed by the Court.
The protocols involved here could be extremely messy, Administrators should make crystal clear exactly how they are proceeding. It is likely they ( Adminsitrators) consider having delisted, ordinary shareholders have been dealt with and are of no consequence, allowing actions in Favour of Creditors( Armistice) to proceed unhindered.
Should Duncan and the BOD have made some statement?
Am raising these issues as from our point of view our investments are dead. However there are likely many of us who wish to use the loss against gains in the Current Tax year ( ends 5th April).
An application to the Court within the next month is necessary.

AIMO, but would welcome any other views that will help cheated Investors.

A Capital loss can be carried forward year on year and used to offset future Capital Gains. For instance lets say a Loss of £50K is established in year 1 then in year 2 a gain of £20k is established then use the current CGT allowance first and then use the difference up to yr 2 gain with some of the established Loss. i.e 20K - 12300 =£7700 whih can be taken from the yr 1 loss. This then leaves £42300 to carry forward, which can be used in subsequent years to reduce CGT liabilty. Remembering to use the annual allowance first before using the residual loss being carried forward.
Be ware the current CGT allowance is £12300 pa which is being progressively reduced by the Chancelor. For year 23/24 the allowance will be £6000 and for yr 24/25 is £3000.
It is always advisable to consult a qualified expert ( Accountant) who will complete and present a Tax Return. You can complete a return yourself, however in my experience HMRC will readily accept a return from a Registered Professional. Doing a return yourself in such situations could lead to questions from the Tax Inspector which for the unanitiated could be puzzling and then Professional help is needed.

Hope this helps, but always keep an eye on the Gov Website as allowances etc do change more often than the ordinary mortal understands.
Best of luck

A Capital loss can be carried forward until used against future Gains.

360techno it is all part of a well engineered charade. Whether the FCA will investigate is another and interesting question. Not sure they have any legitimate control over a US corporation. There is little doubt Armistice have conducted an exercise with a goal in sight.
Remember the Administrators did state when the Armistice deal was struck, that there had been many interested parties who were eventually counted out as there were unfavourable conditions. It is speculation, but think on this. Oxford loaned 4D funds on which DP and co reneged on the agreement. Oxford pulled the plug and placed 4D in administration. Oxford were subsequently taken over by Armistice and then surprise surprise then act as a Good Samaritan.
The whole scenario stinks and does nothing to encourage private investors to support emerging SME's