Member Info for itisagame

Step one - find replacement directors and agree terms
Step two - get an aggregate total of 5% of shares held by shareholders to propose a GM with ordinary resolutions (the company has to accept and facilitate the meeting, nomad will have to approve candidates )
Step three - get >50% of shares to vote in favour of resolutions for dismissal of old directors and hire of new ones.
Step four - a short period of change before old step down. (Most will throw a tantrum and leave beforehand), and new come on board.
Step five - deal with any severance pay and legal issues.

£1.2m Mcap on the bid.

Well well well Looks like we might end up with more Zen shares than expected, finger crossed for something in AAOGs favour that they continue to drop before the issue but I’d expect them to come out with another rns to pump it if it drops below 2p, they won’t want that 14 average dropping too much.

Knowing AAOGs luck Zen will secure their bond this week.

Does Anyone Actually sub to sp and able to post the main point of the askell article the did yesterday?

Not really inside info, the date was a day after the rig signed RNS, and didn’t really have any difference. Apart from the opinion of “the best rig”

To late now but Out of interest who were the significant shareholders at the time who didnt want the Tunisian assets?
the only significant shareholder i can see it had was Riverfort and Milton and Sister with 4% was it a case of them rejecting it or just that they wouldn't fund it

"The Company refers to the announcement of 12 July 2019 in which it notified the market of a proposed acquisition of Tunisian assets that it had pursued earlier in the year (the "Proposed Acquisition"). The Company received indications from significant shareholders at the time that they would not support the Proposed Acquisition and therefore AAOG did not pursue it. "

i think the 11th December picture shows them burrying chests of shareholder money.

The remaining 20% doesnt *have* to be sold, the only reason it would be is if Zen enact their new call option next year or AAOG if cannot fund it at any point in the future and need to sell it on, AAOG could take on a new asset and if they a controlling interest in it they could then keep Talapia.

The trouble is it is the only thing AAOG has that the board can monetize. Since the ISA was formed the current board have failed at every point to get a simple placing with a large cash lump sum done, partly because they couldnt issue below 5p at the time but probably mostly because they are all in on the swindle.

And if im honest with myself i think an RTO is unlikley with all the current legal issues, court cases, potential fraud, FCA threats from holders and onlookers. no one would really want to take on AAOG and then have a court case enacted against them for previous managements problems.

O/T
that is awful for LEK, what do you think <4p open? (where it was before news) then a drop to ~2p as traders exit at a loss and shorters attack it?

shareholders could put forward a GM for to get him on the board (if he still wanted, maybe someone should ask him on twitter ), or the board can hire him without shareholder approval in a non senior role, i think a senior role would need shareholder approval.

I may be wrong.

If you have enough shares you can call a GM and put it to vote, Only James, Sarah and Phil left.
but bare in mind If James or Sarah leaves AAOG will probably be suspended.

If AAOG lasts we can vote against reelection at the next AGM and not have to pay severance.
Cheaper and easier if they walk beforehand, but need someone else at the helm as soon as that happens if not before.

So do we tell zen about the £60m in additional secret debts the board had on AAOG Congo now or at the end of the month or after the put option expires ;) (Joke)

I know but it would show as £500 cash due in and £250k available cash vs a £250k debt.

So
£250k from atog
Plus £500k from Zen
Plus £250k from zen loan
Plus £250k from Riverfort with another £250k ready.
Plus the dribble from the isa.

Best part of £2m there available to the board so what bloody bills have you got?
Given the other odd £20m raised over 2 years?

To be honest I think the alternative option was liquidation due to cash flow, and if the board wanted to force it they could just have used all the remaining cash in the coffers to pay a few invoices or settle SMP or whatever, and then the assets would have changed hands anyway. The management, the finance companies, the SNPC, all probably involved.
Take a look at zen, and question who took up that odd £600k placing at 2p last month, if you could find out you would probably find the answer.

That is a Great point, I’m surprised no one saw that before.

Especially been as the end result is making the company a shell, and not to forget that it’s put forward by only “interim “ management.

True I forgot about that, I just see it as an invoice due to paid now with added legal costs, and I don’t know if AAOG PLC will be liable for 100% or 20%, I assume 20% and that it’s a dispute with AAOG Congo, 20% will probably will cost AAOG $150k including legal fees.

Trouble is we have not been told how this would potentially be distributed, if it’s a win of $3.1m and the cash goes to AAOG Congo, then is put straight to fund the drill then Potentially AAOG are net out of pocket as it has just financed half the $5.5m work program it for ZEN.

no, it would be a pointless waste of my time, as the votes already been rigged and i detest traveling to and around London.
Also you need confirmation from your broker about your shareholding in advance to allow attendance to any meeting.

would beat the one tanker a week they current struggling to fill.

ps the 1-5kbpd originally stated would only have been temporary, they expected it to drop to 400

If was only in October that it had the $25m offtake facility agreed if they did actually get producing.

http://www.aaog.com/content/news/archive/2019/221019.asp
"The Company believes that this would be an efficient financing structure for the development of Tilapia which would include, if the field economics supported it, the drilling of further wells and the construction of a 7km pipeline to tie into a nearby export terminal."