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Dubai ruler sues wife Princess Haya in UK's High Court
https://edition-m.cnn.com/2019/07/04/uk/princess-haya-dubai-ruler-gbr-intl/index.html
Dubai’s ruling family rocked by fresh scandal as Princess Haya seeks refuge in London
https://www.google.com/amp/s/amp.france24.com/en/20190705-dubai-ruler-sheikh-mohammed-maktoum-scandal-princess-haya-refuge-london-court
In 'Company Documents' section. In the name of old name - 'MX Oil' - though.
http://www.admenergyplc.com/investors.html#publication
'President Buhari appoints new acting chairman for NNPC'
Lekoil also mentioned in article.
https://africaoilandpower.com/2019/07/01/market-report-president-muhammadu-buhari-appoints-new-acting-chairman-for-nnpc/
If major investors DID vote against resolutions 2 and 4 (and I emphasise IF, as I am not aware of any solid evidence they did) I wonder if major investors - in time - may end up loaning ADM Energy some funding?
Perhaps in some sort of convertible loan note deal, where the loan funds are convertible into ADM Energy shares at a future date?
Are they able to do that, given resolutions 2 & 4 were not passed? Or are new, successfully voted on and passed authorities required?
Perhaps others - private investors - might also get the opportunity to fund the company in future through an Open Offer or Rights Issue?
I am personally hopeful the Company will furnish further detail in time.
The AGM is scheduled for Friday 2 August 2019.
Director Stefan Olivier (in comments dated 27 June 2019 in the 2018 Annual Report and Accounts, just recently published on the ADM Energy) says:
"The formal notice of the AGM and resolutions to be proposed are set out in the Notice of Annual General
Meeting ("the Notice") on the Company's investor relations website at www.admenergyplc.com."
The Notice isn't there yet, but if and when it is, does anyone know if a NEW resolution relating to authority to allot new shares can be submitted for consideration at an AGM?
Or might we have to wait for an EGM or another GM?
Page 20 (Grenada, audit):
"We reviewed the Group’s fundraising activities post year end to provide for ongoing working capital
but with the Grenada advance still outstanding.
We reviewed correspondence and challenged managements assumption of raising additional
equity finance to repay the Grenada advance."
Annual report now published on ADM Energy plc website.
Audit section on page 19 says more on Grenada.
"The Group received a cash advance of £650,000 in the year for future works planned in Grenada which is not going ahead and is repayable on demand."
There has been a lot of investigation and analysis of what went on at Origo.
Maybe time for them to start thinking about how things can be redirected, renewed and rebuilt?
A new company strategy, investing policy and company name perhaps?
PPS If and when "further details of the voting" are published (e.g. exact number of votes cast 'for' and 'against' the resolutions, particularly 2-4 which were not passed) then people may be able to make a more informed assessment of what may have happened there, and how it might have come about.
Obviously, we know who the major shareholders in MX Oil were/ADM Energy are; and how many votes they appear to have had at the time of the ballot.
Speaking purely hypothetically however, it's worth bearing in mind that if and when the exact number of votes cast are published by ADM Energy, that could turn out - potentially - to be unusually sensitive; as people then may (based on the figures) try and guess or speculate whether any of the major shareholders voted against resolutions 2-4; and why, if they did, why they might have done so.
I doubt very much whether ADM Energy could or would reveal whether any major shareholders voted against resolutions 2-4.
However, obviously ADM Energy's new President is a very major shareholder; so you can see why publication of the voting results, and managing shareholder reaction, assessment and perception of them might potentially be being viewed as an unusually sensitive matter. Diplomatic treatment, reputational protection & perception, sensitivity and protocol deference to ADM Energy's esteemed new Royal President will probably be an issue and a factor now at MX Oil turned ADM Energy; including amongst it's shareholders. [There will probably have been negligible red carpet treatment for MX Oil's old BOD; things will be different now for the Sheikh, and whoever his BOD appointee, if any, may be!]
Thus, MX Oil turned ADM Energy may not now be in any particular rush to publish the exact voting results, in terms of precise number of votes cast for and against the resolutions. Even though they did say on 7 June that they would shortly make available "further details of the voting..."
There have been a number of comments on bulletin boards suggesting that major investors may have voted down resolutions 2-4.
I don't know if major investors did or not.
But publication of the exact number of votes cast for and against resolutions 2-4 could further fuel uncertainty and speculation.
It's clear from reading bulletin boards, many apparent, professed shareholders are unhappy at the substantial drop in the share price since the General Meeting, when resolutions 2-4 were voted down.
PS I was personally VERY surprised to see Resolutions 2-4 voted down.
Investors can be fickle when it comes to uncertainty and surprises. Uncertainty and surprises can create a state of flux.
Once a greater, more positive air that comes across as more certain descends upon ADM Energy perhaps 'animal spirits' and investor sentiment will change?
There will be a number of different reasons for the share price drop in recent weeks, all 'contributing' to it.
However, I think the main problem has been that an air of 'uncertainty' descended like a fog over ADM Energy, exacerbated further by some bits in the final results RNS today, which ADME were presumably obligated to include.
There has been uncertainty for a while, dating back to the day of the recent General Meeting RNS on 7 June '19.
The Company said in it:
"Further details of the voting, including an explanation of the Company's intended actions as a result of the resolutions which were not passed, will shortly be made available on the Company's website at www.mxoil.com"
The resolutions which were not passed were:
Resolution 2
Renewal of Authority to allot Shares
Not Passed
Resolution 3
Adoption of Share Option Plan
Not Passed
Resolution 4
Disapplication of Pre-Emption Rights
Not Passed
I've checked the MX Oil website and that of it's successor website, ADM Energy frequently since then.
I can't see any sign yet of "further details of the voting"; or "an explanation of the Company's intended actions as a result of the resolutions which were not passed..."
Presumably other people have clocked the weeks that have elapsed since.
'Rome wasn't built in a day though' - so-to-speak - so some might suggest ADM Energy should be cut some slack.
It presumably takes time to come up with financing proposals as a result of Resolutions 2 & 4 being voted down?
In today's final results, one of the things they said was:
" The Company intends to secure additional funding through debt and/or an equity fundraising in order to provide the Company with sufficient working capital for the period through to completion of the Proposed Disposal and, in anticipation of the successful completion of the Fura Transaction in due course, is currently seeking to identify and evaluate suitable reverse takeover opportunities in the MINING SECTOR." [Capitals, my emphasis.]