Member Info for Gambier

'here' sorry, English is so different to Russian

Ahh so you are hear to ramp in hope of more profit - how very Russian of you.

Let's see what happens to the SP in the next few weeks, see who is right. Then see what happens to transparency oncethey are a ltd company in Russia.

You explain to me why listed oil and gas companies based in Russian are, according to most metrics, the most undervalued across all markets. As nearly all the major publications (FT etc) point out - corruption and rule of law. So it is not my view, it is the whole markets view, it is your view that is the minority opinion. Once again , if what I post is pure nonsense then nobody will take any notice and so your agitation and concern is irrational. Calm down dear, it is only money that you have lost.

If I am talking such nonsense it will be obvious for all to see, so making all my posts ineffectual and making your concern irrational. Negative posts are as legitimate as positive posts, as are posts from holders and non-holders. You, like many of the others on this board, are not the moral arbiters of what ought and ought not to be posted. There are many people who work in Russia who would laugh at your naivety relating to Russian business practices and whose own views are much more negative than my own. Russia has a lot of potential for business growth, unfortunately it is 'fantastically corrupt', even Queen is aware of that.

Please report me. Russia is one of the most corrupt countries on earth. Oil and gas industry is horrendously corrupt, people are killed and imprisoned, rule of law does not exist. I'm perfectly free to have the opinion that once this goes private it will disappear into the Russian ether - it has happened many times before. I am also free to suggest that Russian owners are often corrupt and are not to be trusted. So report me, please do.

It delists because major shareholders didn't want to put in offer nor let it go under and be lost to creditors. Delist gets them out of having to deal with small holder rights and allows them to hand over a share of company to creditors to pay debt.

It has $300 of debt and 100 million barrels of 1P at net back of $19 per barrel , 20p is never going to be achieved.

Take note when very large volumes are traded the price doesn't move which suggests that the exchange is between acquainted parties.

Volumes for the last six months would be typically a few thousand a day often zero. Look at the last few days and maybe 2% of share issue has been traded ( as sells) . You just don't know who owns what percentage of shares. It stinks.

You will also notice a Russian bank and investment company own the other 25%, you can speculate that they are merely cover for two other clients. The board does not look remotely independent and the CEOs are personally picked by Alexie Khotin. If you read any management statements you will notice the tone - they are not even trying to hide what is going on.

Over 50% of company owned by two oligarchs who are known to work together. No institutional investors want anything to do with Russian companies. Alexei Khotin essentially treats Exillon as his own, he just has to work his way round the rules relating to FTSE listings. 75% of independent holders have to agree to a delist or takeover offer, I can speculate how they will avoid this problem. Simple - operates in Russia and run by Russians - nobody wants to go near it.

I won't get much with my average, may as well hope for your miracle.

I'm sitting on a loss, I want this to turn as out well as anybody else. But I don't see it, to post that view is as reasonable as to post a positive view. I would be very happy to find I have been talking nonsense.

But that is not how a Russian oligarch thinks. They want things for nothing and they operate in a way in which they can get things for nothing.

Somebody could come in now and take the last ten percent for say 5p per share (6 million quid?) which is peanuts to an oligarch. Why aren't they doing it? Simple, they don't need to, once it goes private they will just take the ten percent for nothing knowing that small shareholders will have no recourse.

Let's see if management can get this below a £100 million market cap. So with $80 million in bank at April 2016 (when 2015 tax rebate received) and cash balance increasing by $25 million every 4 months, will have $130 million in bank by end of 2016 or £90 million GBP. This not including nearly 28 wells being drilled this year that ought to add extra 6,000 bpd at netback of $22 per barrel and the work overs from 2015 that will come online. Then EXI should easily be worth less than cash balance by 2016, thus valuing 500 million barrels 2P reserves and infrastructure running into 100 millions of dollars at a negative sum. That will be the most masterful management achievement for any company listed on the FTSE.

What is the basis for any shareholder getting anything significant? Shareholder wipeout was part of the debt write off?

Don't see any buyout or anybody coming in to hoover up shares, why would they? This goes private and I doubt we will hear much about the company again - disappear into Russian hands without any legal comeback for small shareholders. Debt is $300 million with net profit that cannot go near making repayments. My guess is the assets will be shared out amongst Russians.

Maskin paid a 65p average for his 25% holding, maybe they could stretch to a 10p a share offer for an extra 13%. Or maybe they are fed up with their investment and dont want anymore money put into RPO