Member Info for granto

into administration for a few months. guess that means selling off the loan book, and the $3.6m US dollars owed by our man Zhevago. apparently he has personally guaranteed all or some of his loans. he apparently makes up the bulk of the loan book if I read it correctly? I doubt it was FXPO defaulting on loans not with such deposits at hand, so that section of the loan book will fetch a fine price too.

Zhevago gave personal guarantees on his bank loans in the bank…Here is a report from Finance in Ukraine, its translated so please forgive, looks like our main shareholder have personal guarantees on his loans in the bank. He could be forced to sell his shares here or surrender them. seems odd this own bank would force him to sign such guarantees but read it yourself. Mining company Ferrexpo, whose co-owner is Konstantin Zhevago, kept in the bank "Finances and Credit", which went bankrupt, the I half of $ 165.4 million (about 3.5 billion USD). In a statement the exchange says NBU decision not currently affected operations Ferrexpo. However, in the morning on September 18 the company Ferrexpo reported that on September 16 she was still deposit in the bank - worth another $ 174 million (3.76 billion USD). The company said that its other funds offshore. "Finance and Credit" which September 17 was declared insolvent, considered the "pearl" and "heart" financial-industrial group Zhevago. Recognize this and the NBU, when they say that "the lion's share of bank assets was associated with lending business of the shareholder." During the bankruptcy of the bank DGF will begin to sell the collateral to a bank shareholder and by ensuring the NBU refinancing loans. On July 1, the bank owed Rates 6.35 billion USD. The collateral on one of stabkredytiv made integral property complex and corporate law. According to Valerie Hontaryevoyi, Konstantin Zhevago also gave a personal guarantee. This means that it pledged for the loan all its assets. Mining company Ferrexpo, whose co-owner is Konstantin Zhevago, the bank maintained in the I half of $ 165.4 million (about 3.5 billion USD). In July Valeria Hontaryeva declared the need to reduce the volume of loans to related parties 4 billion USD. A month later, the NBU said that the bank "had a partial debt restructuring and has reduced the volume of loans to related parties 3.6 billion." The easiest way to repay loans could be offset counter-claims of the Group and the Bank Zhevago.

apparently all the main depositors were asked to invest. I don't expect an early announcement as small deposit holders may loss some of their savings. But I won't be surprised to heat that FXPOs CFO had his $175m stapled to the loans. Not ideal but hey better than the money vanishing. as a worst case scenario we should get something from the asset sale.

I have had a look at the banks accounts …Audited by KPMG, regulated by the Central Bank, and Rated as for 2015 by Moodys as Caa1 in several areas. The accounts don't look horrendous by any means, but not an ideal place to deposit your hard earned cash either. http://www.fcbank.com.ua/en/downloadfile/downloadfile/53/?f=file_&mid=7

apologies, I can;t quickly place that link. It was a ukrainian news report, in the english language, I found it by google search earlier, searching ratings and insolvency. It was a short report. I clicked through my search history but was unable to recover the page. so forgive me for now, if its crucial, I;ll research for you…. what it means ? It mostly means that our mutual main shareholder was fully aware the bank was in danger, and was in a position to transfer funds, and most definitely have a legal document drawn up to say the bank will use the cash to be placed against any loans in the event of a collapse. Now perhaps I'm wrong, and the bank didn't have $175 min cash to transfer. but why leave his healthy company exposed to a failing bank. FXPO was perfectly entitled to ask for its money back, and failing to provide it, equally free to ask for assurances that it be applied to the debt in the event of a bank collapse. Normally cash and loans are kept separate, but I am guessing these were too smart for that. In any regard we will be ahead of the Bondholders. I checked the banks rating with moodys, not to shabby all considered.

Internet - link later

the bank informed the company FXPO last month that it was immediate danger of insolvency . The bank requested an investment to recapitalize the bank by 45%. FXPO declined , but did not transfer the $145m . It seems unthinkable that the Company did not assign out cash to our loans ! Let's see , we might be cheering soon enough .

I am not a banker, but all loans have some form of security, be it deeds to properties ( known as a lodgment) or bonds or cash… I am guessing that in an event of a collapse these securities can not be sold or added to a general pool but rather must be assigned to the asset they are protecting. anyone ?

I did some research. Here is what I found out. "The good news is that you are a “top tier” creditor meaning that you get paid before bondholders of the bank for example. Generally you also still get a large portion of your money back as well, according to the FDIC the average rate of recovery is $.72 of every uninsured dollar when a bank fails."" this is from the USA. Howeverm to be fair the Central Bank of Ukraine seems to have been watching this bank like a hawk and keeping a tight rein on them. So there you have it folks……72% recovery of cash deposits, that is AFTER or should I say OVER the minimum deposit guarantee scheme. So we have two possible chances here. 1- our cash is tied to our loans. 2- the average failed bank pays 72% of cash deposited back following the sale of its assets. we may just be okay. anyone else have some expertise on this , because I don't;

the more I think of this, the more I think the cash in the bank must have been held as security against the loans. If that is the case, FXPO has potentially lost nothing. Not sure how this would work .

I am thinking the $175m cash was used as security against the $680m loan and as such could not be withdrawn. Now this begs a question I cannot answer with authority. If and when the $680m loan is sold to another bank, will the $175m cash deposit assigned to it, be transferred with it. and if the despot is merely lost in the collapse, is their a mechanism that automatically reduces the loan by $175m. If the $175 was merely a cash deposit I fear it will be lost in whole or part. However, if it is assigned to a loan. can the loan be transferred without this assignment. this I do not know…. where to cop orate depositors come in the list of priorities ? surely before shareholders and Bondholders ?

Lets hope he was smart enough to link his loans to his cash deposits.

FXPO owes $638m, and much of this is owed to the insolvent bank. Looks like all the small depositors will be protected under the scheme. Deposit scheme. It remains to be seen if FXPO's money can be saved. Can the cash deposits be offset against the loans? I don't know.

sold out my shares here earlier this year…..just bought 10,000 shares at 38.92p….. here is why. 1- this company is seriously profitable. and was undervalued before today. 2 it still has adequate cash. 3 - there is a reasonable prospect of cash recovery. I am sure the Ukraine has deposit guarantee schemes. 4- the company may have tied ts loans to its deposits. I would be astonished if the CEO did not ring fence this. 5- bank often go under with deposits being saved. 6 the market has already written off this loss today, so any announcement of recovery will result in a uplift. so there you go that's my take on it.

PTR have always used Russian drilling rigs, both for exploration and for development drilling, so it is difficult to make direct comparison between the price of Russian versus Western rigs. The point is that they can drill the one-off horizontal wells using an exploration rig instead of a production drilling rig... while the production rig with a top drive can drill longer horizontal segments than the more basic exploration rig. they have a number of locations near existing infrastructure that could be developed with just one horizontal well. The price would be somewhat lower using an exploration rig instead of the larger production rigs when you take into account the mobilization and demobilization costs. However, it is very unlikely that we would get a contractor for a one off well with a production drilling rig equipped with the top drive unit because mobilization costs would be too high and the rig would be stranded until the following winter. Russian contractors are used to using the more basic exploration rigs for drilling one-off wells in locations where they cannot then retrieve the rig until the following winter season. This is why it is so important that PTR have proven that we can drill these wells (like L-10) with the standard Russian exploration rig without a top drive unit. the license is marshy and isolated. the wells are limited too. There is however, huge reserves and massive potential. the key questions I ask when investing in Junior Oillies is 1: what are our debts 2 -what are we producing at break even at least 3 - what is our infrastructure like 4 what cash do we hold 5 are our JV partners strong 6 what are our reserves like. 7 are we making money. and the answers 1 No Debt 2 we are producing at break even, even in a low market. 3- huge infrastructure in place and paid for, but we will need more as we expand. 4 we are cash positive , just about, but soon we will be generating 5 Oil iNdia are very sound. 6 huge oil reserves 7 we are break even and will be making money next year. all told we are in a good position. The collapse in PoO ruined the party. we nearly made the big time…..but its not over just yet

with L-10 this section of the license has low fluid pressure. while disappointing it shows that the local Russian rigs, which are cheaper, but also more flexible operationally, can be used throughout the license. look even as a back of the envelope calculation lets assume as a bare minimum. $10 a Barrel profit, by 130 Bopd, x 365 days a year and we have $475,000 profit per well annually. Not too shabby a return.

I sold out of this in Jan/feb…… I can't believe my eyes

I was said it would take 18 months to build the mine from the moment the deal was struck. I am not sure of that was reported , but Kerr told me that.

no word yet on the drilling, result was expected by the end of August.

has all the hallmarks of a gordon Gekko sitting duck. Market Cap of $6m. and assets of $20m half of this in cash and possible revoker of $5m more through the courts.