Member Info for fecm

Personally I wouldn't be voting the bod out at this late stage. Would cause too much turmoil and undoubtedly cost RKH more. Who would replace them? Serious question that one. Who has experience in the FI and the contacts ready to push things forward today?

Just catching up on yesterday evening's posts. Very surprised to hear rpoodle is out of RKH now, not a good sign. Shame he didn't keep a few back so that he could put his observations forward at the AGM.

I reckon this article is 4-5 years old now but worth mentioning to give an idea of the feelings within FIG back then. Would have been nice to be a fly on the wall in some of those meetings at the time.

http://www.penguin-news.com/index.php/headlines/all-headlines/16-oil/64-bad-oil-deal-worse-than-non-warns-falkland-islands-chief-executive

I thought the following paragraph interesting: -
“Of course it could be tremendously beneficial but the bottom line is that the Islands can and will continue to prosper and grow, with or without oil. "

Wonder if that is still the case considering the black swan events of this year?

"Why can’t companies just use technology to hold virtual meetings with full freedom for shareholders to participate?Virtual meetings are uncommon and largely untested in the UK, and mandating their use is likely to create further significant issues. This is for a number of reasons, including the limited number of service providers and the sheer number of different companies (ranging from the smallest to the largest) that will need to hold meetings within a short timescale. "

The above is an extract from the FRC Q&As which confirms that RKH appear to be following the guidelines. The full document can be found here: -

https://www.frc.org.uk/getattachment/51dec8c7-7820-402b-b3a1-222db7220157/AGM-QA-Final-Version-Apr-2020.pdf

I expect the shareholder meeting will go ahead towards the end of the year when we will also hopefully be a much better position.

"The AGM is scheduled to be held on Monday, 1 June 2020. As a result of the ongoing coronavirus global pandemic and the measures that the UK Government has put in place restricting public gatherings of more than two people and all but essential travel, for the safety of our shareholders, our employees, our advisers and the general public, attendance at the AGM in person will not be possible this year and shareholders or their appointed proxies (other than the chair of the AGM) will not be permitted entry to the AGM.

Shareholders wishing to ask questions relevant to the business of the meeting may continue to do so using the contact form on the Company's website"

I would have thought they need to put something in place to allow shareholders to vote on the resolutions of the meeting?

From the news feed above: -
"The deadline to get a deal over the line has been extended to the earliest of either December 31, or when a definitive transaction document is executed, this is tipped to happen around the third quarter of 2020."

Q3 commences in a little over 8 weeks time, so potentially the delay will be kept to the bare minimum.

And tomorrows news will be completely different. Pretty pointless trying to make sense of anything in the current climate. Just have to hope we come out the other end healthy and with finances still intact.

Perhaps we will hear more about that at the AGM, whenever that might be.

Logged in this morning and we are up 17+%? Thought we'd time warped back a month. Can't log into IWEB at the moment to check real prices, its playing silly buggers.

Bizzare I know, using IWEB for info.

SP keeps dropping yet my buying attempts keep returning as negotiated trade only, frustrating.

Portfolio a sea of blue and IWEB has crashed.

Mind you, why is somebody sunbathing in a park free space with no one near him branded a covidiot yet nothing said about people queuing outside burger king!

Yes, definite increase in activity around my way. I usually do 1 weekly shop late on a Thursday when it's quieter but last night at 9:30 they were queuing round the block. I gave up and came home. Neighbours having friends round now to sit in the garden. People just interpret the rules to suit themselves.

So let me get this right. A couple of weeks after the price of oil tanks (due to world events), PMO/RKH delay Sea Lion. Following that logic, when world events improve and price of oil spikes back up for a few weeks, will PMO announce that Sea Lion is going to be fast tracked?

I very much doubt it, but hope to be proved wrong.

Would be nice to know what Navitas's view on the delay is.

Thanks LTT, you are probably not too far off the mark there.

I can't disagree with that hence why I finished by saying perhaps they didn't want to completely decimate the sp.

Godders, Gozzie,

It sounds like the reason for no RNS is that it is probably assumed to already be in the domain following RKH's last update. I know you don't see eye to eye (Goz) but Citizen pointed this out earlier today -

"As a consequence, a process to reduce headcount levels and activity on the Sea Lion project has commenced with a smaller team continuing to progress mainly regulatory, fiscal and financial matters, pending a recovery in the external macro environment. A delay to the Final Investment Decision on the Sea Lion project is inevitable until the oil price and capital markets recover."

Perhaps it was the kindest way to do it without completely destroying the sp (yes I know it's pretty much already been done!)

On a positive, OM news will have to come out at some point, now will it be before the AGM?

PMO down, RKH up this morning. You couldn't make it up lol.