Member Info for itisagame

Didn’t they raise 600k last week?

That’s the view of most here atleast for the last 2 years that I’ve read the bb here, When you find out let us know! In a nutshell it generates a lot of money but has high running costs, oil price has recovered the last few years but they do actually make money now. But this year it has invested (directly and indirectly) ~$5m in the port plus other things like drilling and keeping the old wells going and upping production rates. To give an idea of the size of the company they have ~600 employees across the group. Until they build up a pot of cash in bank and clear old debts by either paying them off or restructuring it ie long term loan / bond etc It needs the oil price to stay high. They are running it on a knifes edge but hopefully the investments this year pay off. A good place to start is here : http://www.uralsenergy.com/archive/presentations/Urals_Inv_Presentation_20_11_2017.pdf?v=231117 And obviously the latest rns’ GL

Still would have been nice to have the extra $1.5m if oil stayed at $85+

“accumulated Mineral Extraction Tax for Arcticneft” Does that mean we’re on top of back dated bills and will keep more cash on future shipments?

Continued* Working capital Once the first part of the Accountant's review is complete, which should identify the scale of any unauthorised transactions outside of the ordinary course of business, further discussions can proceed in respect of options to reverse the transactions, which were authorised by Mr Kononov, and/or the return of a certain amount of working capital from the Kholmsk commercial seaport. The Board will reserve the right to take any actions to protect the interests of shareholders and creditors. As noted in the Company's announcement of 23 October 2018, the Group's working capital position is highly constrained and remains subject to a number of variables and the Board believes that the Accountants' review is an essential step in determining the financial requirements of the Group. The Board believes that the Group will continue to face a working capital deficit of at least approximately US$3 million in the coming months, unless the unauthorised transactions referred to above are reversed. At present, the Group's banks remain supportive. Further announcements will be made as appropriate.

Further to the Company's recent announcements (made on 23 October 2018, 15 October 2018 and 10 October 2018), the board of Urals Energy (the "Board"), the independent exploration and production company with operations in Russia, provides the following updates. Tanker update The tanker is currently at Kolguev Island, and preparations for loading are in hand. The Board anticipates that loading should commence shortly, assuming no change to the current weather conditions, and that the Group will now likely receive the proceeds from this shipment in the second half of November 2018. At current Brent DTD prices, the board anticipates that the net proceeds of the tanker shipment (after, inter alia, export duty payments and tanker charges etc.) will be broadly in the region of US$7.5 million. After repayment of the current pre-export finance loan (which was announced on 10 September 2018), the cash receipt by the Group will be in the region of US$2.5 million. This is a provisional estimate, which assumes that the tanker is fully loaded and also makes a number of assumptions regarding the timing of the shipment and Brent DTD prices for the 6th to 10th days following the date of the bill of lading. After accounting for operational costs and the accumulated Mineral Extraction Tax for Arcticneft (as announced on 23 October 2018), the net cash available to the Group from the tanker shipment is likely to be minimal or marginally negative. Accountants' review As indicated in the Company's announcement of 23 October 2018, the Board is appointing an independent firm of accountants to perform: (i) a review of any transactions by its 98.56% owned subsidiary, JSC Petrosakh, since 30 June 2018 that are outside of the ordinary course of business; and (ii) a short term working capital review. The Board has been working with the UK and Russian divisions of a firm of accountants (the "Accountants"), in order to progress these reviews, although it has taken longer than anticipated to agree an appropriate scope of works and for the Accountants' fieldwork to commence. The Board believes that the review of JSC Petrosakh's transactions outside of the ordinary course of business should be undertaken by the Accountants' Russian office, while the short-term working capital review, which will examine the forward-looking period to 30 June 2019, should be performed by the Accountants' UK office. The Board cannot exclude the possibility that further unauthorised transactions which are outside of the ordinary course of business (in addition to those described in the Company's announcement of 15 October 2018) will emerge from the review which is being undertaken. However, the rules for corporate governance have been reinforced to prevent further unauthorised transactions. Working capital Once the first part of the Accountant's review is complete, which should identify the scale of any unauthorised transactions outside of th

“The Board will reserve the right to take any actions to protect the interests of shareholders and creditors. ” Note : Also says protect the interest of shareholder now aswell.

Thanks for the updates :) GL

So after diluting everyone with the deliberatly underpriced first placing and then screwing everyone again a few weeks later as soon as there was some interest in the shares with the second placing, you get this and shock more money is needed. If they haven’t been able to sell led lights to companies and make money on it while it’s tax efficient for companies to fit them how are they going to sell similar products in the near future when the tax benefits drop off. They have spent to long developing their new systems, and they will already be out of date when they come out, big name competitors units are already in the market and will be able to wipe the floor with price, market saturation, warranty and service. They would be better off just being a Honeywell or similar distributor and having a contracted team for installations. And Where has the £430k, £450k and little bit of warrant money that was raised a short while ago go? How much Did they waste of it on the subsidary that’s about to go? Is this another subsidary that will be sold at mates rates for peanuts like camtronics? And has camtronics actually paid them in full yet? I had hopes for the restructure and savings they should have made, but the mass underpriced dilution showed they have no care for shareholder value, it was partly just for the directors to average down and keep a wage for another year, you might get a quick trade but I wouldn’t count on longer term value here. Good luck either way.

Always Taxes before, taxes after, taxes on profits, taxes on mineral rights, royalties, wages or something else to pay.

Every purchase down here lowers the conversion price. I’m Happy to wait.

Same, I was looking last week, all I want is to view the live order book, I’m getting fed up of buying peaks and selling winners :)

Well that placing at 0.35p won’t help keep the conversion prices above 0.5p. Will need an EGM to enlarge authorised number of shares before the conversions are finished who knows how many shares will be in issue at the end of it.

thanks, converting at >0.5p for the remainder would be convenient then.
dropping below 0.5p conversion rate could be more concerning.

Long time since ive been in MYSQ, just reading the fundraising RNS' and trying to catch up but have not noticed a limit on how much they can excise at one time, is there one?

or for example could they potentially convert all the outstanding amount around 21/11/2018 (if share price stays around here at around 0.5p / share for 364444400 shares, leaving MYSQ with 1,282,819,472 shares issued ~£6.4m mcap.

Also whats currently the max agreed share issue before needing an EGM here?

Thanks

Authorised Share Capital Was 300m before 20-1 consolidation so I’m guessing they can only issue a max 2,377,697 new shares without an EGM and a vote anyway. So it wouldn’t happen.

I would think the reason they have not done a placing in the past is because it would have been rejected straight away by Adler and their 44% which would make it a non starter. No reason at these oil prices that they can’t get a few sensible loans under each subsidary and sort it out for good if they actually wanted to but to do that they need to sort out their books. Which is what they are doing at Petrosakh. And I would hope the same is being done at arcticneft. And at the port should have been fully audited before the investment in to it as part of the due diligence (lol), but if not I hope they are doing it now aswell.

I’ve Been watching marine traffic.com over the weekend and not seen any tankers dock on the island, it is the bugrino port on Kolguyev Island? (just to confuse matters I’ve seen it spelt Kolguev Island and Kolguyev Island in rns’ and on the urals website and I’m going by the location map on the website)

Capital employed *

Investoperida “Capital Employed = Total Assets - Current Liabilities = Equity + Noncurrent Liabilities” 15-10 rns “has authority to approve any action, including contracts, loans and asset sales within a limit of 25% of the capital employed of that company, and in this case the employed capital of JSC Petrosakh is approximately US$30 million”. I’m not 100% with the terms but were we just told petrosakh on its own is worth $30m ?