Member Info for itisagame

All the loans are unsecured, if they don’t want to pay we will have long and costly court fees for each case or have to right them off. Shares have been transferred to his daughters trust to make it more difficult to sieze assets from him. It’s not to secure them for her future or anything else. He has probably transferred more assets outside of his uen interest aswell, so if he had to pay us back he doesn’t have the means, once it blows over the will magically reappear on his personal asset book. The fact that it’s not been tr1 shows this must have been transferred recently, He would have known it’s an aim rule to declare. The broker should have forced him to declare if there was any changes on the share register. if this was a tax issue with Hmrc; they would take and sell the recently transferred assets in the trust as it would be obvious that it was done for tax avoidance. But it’s not HMRC, it’s business in Russia, and the loans appear to be legal for the president to hand out, atleast that’s the excuse they are using.

Freidis loans $1.45m “the Freidis Loans are now understood to be repayable in June 2019. ” $170k LDC loan “However on investigation, the Distillery is not operating as such, and its business is a warehouse” $1.5m port loans “These loans to the Port carry an interest rate of 17% and are repayable on dates over June to September 2019. ” $1.85m in loans associated with clients of “Kamchatka Bank” $360k loans to pro arts $1.44m Loans to Maxitrans LLC $180k in loans to two people associated to Kovonov. Total loans: $6,950,000. UEN the oil backed bank.

something else that should have been tr1 notified.... transfer of shares to a different name...

I thought confirmation of $10.3m sales of oil and with some cash left over it would be a positive compared to the last rns we might make profit or a small loss

Wow

Interesting read. If the loans are impaired can they be offset as tax losses for the year?

the low oil price sucks but Petrosakh has been selling at all prices throughout the ups and down, and UEN do make operating profits, its just been offset with high expenditure on investments and partly with financing costs.

2015 brent oil averaged ~$52 and they made a $3m operating profit.
2016 brent oil averaged ~$43 and they made $2m operating profit.
2017 brent oil averaged ~$54 and they made $2.4m operating profit.
2018 brent so far averaged ~$72 for the year and we were at $1m profit on the half year results, which is excluding both tankers from Arcticneft (which will total ~$19m revenue) so that $1m is just from the sales at Petrosakh. still could see full year results with ~$40-$45m revenue. (possibly plus any income from the port ie dividend from the 23% stake?).

You never know, we might see a few of your points come true before long.

Great no immediate threat then, can’t be far off the mcap in cash.

Its the 10th day and Brent’s averaged around $65-$67 for the 6th-10th day after. MA10 is $67.50. So we should have around $10.5m minus the -$5m and -$4m loans which leaves us with $1.6m. I was wondering if the extra $4m loan was all used on taxes and boat costs, or wether we have some cash left from that loan. Will find out soon I guess

let them faff about for 134 days, then we’re out with no deal.

I Wouldn’t be surprised if we own / part own “JSC Lipetsk Distillery Company ("LDC").” Or atleast have had our money pay for it. Just not officially.

It’s such an unstable market, oils up a tad but Gas is up 15% today. Someone or a group with deep pockets are manipulating the commodity markets big time and not even being coy about it.

I would have thought they could hedge some but they would probably need a sizeable cash deposit on the hedging facility as the Arcticneft shares and petrosakh shares are used as security already for other loans most of the time. Again it comes down to cash flow and building up some cash reserves. Would be a different story if they hedged against 2/3rd of Arcticnefts oil at $85 which would have covered running costs and then let the remaining 1/3rd float. But with UENs luck if they did that the oil price would have gone to $110 and the extra taxes and royalties they would have to pay would have made them still loose anyway. I don’t know where we stand with the export taxes at the moment if we shipped out and paid them last week based on $71 and we actually get paid $65 have we lost a bit there aswell?

Don’t suppose NTOG used their $20m hedging facility and forward sold a ton of oil when it was $80–$86?

$65, thanks Trump, you couldn't have waited till next week.....

Always a risk but at the rate the oil price is changing, getting the tanker away early could be a blessing. Brent $68 now, 20% off its peak. For every bullish oil story there is a bearish one. One pointing out Canadian oil being sold at $40 yesterday and debottle necking their pipe line will push it lower still unless they limit sales, the Saudi and Russian ones hinting at lowering output. Who knows where it will end up, fingers crossed the higher margin port and petrosakh refined products will prove to be beneficial and the finances are sorted out sooner rather then later.

SP Slowly rising. Just Quoted 36.4 to sell v 45p buy. Brent just under $70. tanker money paid for next week. GL.

Bribes and threats worked for decades for GLEN, Rolls Royce, every bank, SPD, etc and most other ftse listed UK companies, Also works very well in the USA most companies there have a very checkered history. if anything I would say the low UEN price shows IF they are doing it - then they are not doing a very good job at it.

The difference i expect is that Petrosak has used most of its rolling $5m credit facility with siberbank. Confirmation of an extension to this facility which is up for renewal January is what needs to be sorted out. This is why they are doing the audit on the petrosakh Subsidiary. Once the accountants have signed everything off they will hopefully be able to go to siberbank and get confirmation of renewal (and maybe up it?) It also depends on wether siberbank see petrosakh using this facility for personal loans as suitable use for the facility, this may have been against the facilities t&cs. They have always made lots of cash from UEN so I can’t see why they wouldn’t renew it, they have more assets to secure it against now.

Yea only a few %.... Add the warrants and they have doubled the shares in issue in 24 months. Explains Vonks almost **** taking attitude on the lse interview about placings I suppose.