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Also Probably have more chance of arcticneft being sold off before it got to that point anyway. Im guessing Petrosakh will probably be the main focus going forward.

My only fear is that once in control Adler treat their 44% as a right off, instruct the people to not pay the loans back, deliberately delay renewal of bank facilities, force the company in to admin and buy it out of admin with the money they have banked from the loans. Stranger things have happened. Other then that I think having >50% shares in the hands of directors should put some confidence in to the market listing if they commit to it, and with a few good bits of news in well written upbeat RNS’ could easily turn Adlers current <£2m on paper back to £10m+. This financial year should have the highest turn over for a long time due to the higher average oil prices even with slight decline in production and hopefully they can do something with the loans to offset some tax. The existing directors will probably have a few more badly worded negative rns coming out because they have 99% now lost their jobs. They had their chance to improve the sp (or buy more shares), hopefully this works out, not much we can do but wait and see. One good long term loan is all UEN need.

As I said back before the £430k placing, they should have been forced to raise at 1p and not allowed the directors to average down and change the share par value. Now a year later they have 6X the shares in issue, at 1.2b over the 187m back then, and have spent £1m of raised shareholders money without anything to show for it apart from a few asset disposals. I won’t be buying my 2.99% back even if it drops to a lower mcap to when I originally purchased. The systems are outdated before release now. there is more competition in the market from market leaders so no one needs to buy a system from PSL. No project manager would in their right mind fit one when the company is obviously on its last legs and probably won’t survive the warranty period of a new system anyway. £100k won’t last and probably just covers wages till end of year or January tops. Don’t kid yourself.

Could it be that kovonov cant raise the funds to pay back the loans because the shares in UEN he would use as security are currently worth peanuts? With Higher share price maybe there is A higher chance of him adding some kind of security or reassurances to the outstanding loans?

Thanks for clarifying Chavi.

There are exemptions to the 30% rule, seen it before when they agree to not actively acquire more shares, don’t forget they did actually make an offer for the company years ago ! It was rejected

Price around then was Around 4-5p that’s pre 20-1 consolidation so equivalent to ~80-90p per share

“08 July 2014 Urals Energy PCL ("Urals Energy" or the "Company") Holdings in Company Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, announces that it has today received notice from Adler Impex S.A. ("Adler") that following certain share acquisitions on 3 July 2014 it now holds 112,561,386 shares in the Company representing 44.59% of the current issued share capital. Adler has informed the Company that it remains supportive of Urals Energy's management and strategy.”

will having Adler incharge secure the renewal of the banking facilities that UEN use in the new year or can the existing directors secure it without his support?

Wonder if is this a 50.01% or 75.01% vote needed to pass as It’s a complete change of all the company.

Kononov is making his move...

How long does it take for the majority share holder and president of part of the company to declare change of ownership of his shares? Aim rules are 2 days to report via TR1, why has UENs broker not pushed for this to be confirmed either way. Or is The “believe” statement complete bs and he has lied while he moves or plans to move them around. Or is all of the Adler co. in his daughters trust. On the upside Brent’s up today, news out is looking positive for oil supply cuts to be arranged at this weeks opec meeting.

I’ve never thought of option c, that could help, could be a good idea. - Even as shareholders of the port my only concern with being made their key fuel supplier is the potential of giving the port a credit account. I don’t mind if they pay upfront for the fuel (best option) or if the port stops dealing in fuel completely and petrosakh sets up a new subsidiary at the port selling all their products and wares direct to the end user (but that could open up another door to skim from. )

Who ever was hard up and sold ~£700 worth on rns day at 16.4 / 16.55p would have doubled their money if they held 2 weeks. My bet is still on UEN being back to £1.00-£1.20 when the next tanker is ready (if we don’t get a dagi update beforehand that changes the fundamentals significantly)

giving Kononov a few ideas on how to spend our cash.

Still He could hedge against that and buy oil against it today and instantly make $200k for the company, better then just a loss and kick in the teeth.

Good job Matt

The only way i can think the share transfer wouldn't need to be TR1 notified is if the entire Adler Impex S.A. company has been put in to his daughters trust.

$58 / barrel. Bloody good job we shipped it when we did would have lost another $1m this week

Been reading up and looks like if they impare the loans they can be deducted against profits, Given that this will be the most profitable year with the highest average oil prices for a long time its probably the best time to get these loans sorted out and will be interesting to see how much they can recoup against their end of year tax bill. Obviously I would still prefer it if Kovonov agreed to pay back or take on responsibility for some or all of the loans, or surrender his shares as compensation for unpaid loans, but I think either is very unlikely if what he did was technically not illegal under Russian buisiness rules. I think we can safely right off the possibility of a div now and probably for the next few years.