Member Info for JamesParsnips

This end point has been pretty obvious since the drop from 30p in one of the early widely leaked placings. The only way for these companies is down the pan. They are all over AIM.

oh that's not fair. not nothing. the main thing that's happened is that the sp has tumbled and tumbled.

i'm still ****ed off from all those years ago when malcy did hisinterview with gil and everything was just peachy and the very next morning gil announced heavy oil and i lost a fooking bundle.

As someone who has shopped at Action many times, I can tell you that the shop format is a million miles away from Poundland. The stores are bright and airy, the shelves only rise to about chest height so you don't feel cramped and closed in. And the shops and the staff are clean and tidy. Action sells stuff that people want to buy at great prices. Aslo, and importantly, two further things. 1. They are expanding so fast you wouldn't believe it, every large town in France seems to be getting one. 2. There doesn't seem to be the equivalent of Poundland, B&M etc across France.

AIM shares in general. Anything significant happeneing at the weekend will always be preceded by either buying or selling by insiders followed by RNS Monday for us plebs.

It's astounding that Malcy keeps pumping UJO. He's still adamant that it's a great company with a highly successful US operation.

Remember his "bucket list of Feb 2025: Given recent news from the USA investments and with an exciting portfolio of high class potential waiting to be developed I’m confident that the shares at this level are scandalously cheap and with West Newton down the line the future is decidedly rosy, a must for value investors and payout potential too.

Oh dear Lord. Dude you are on the deck of the Titanic some considerable time after it hit the iceberg demanding the captain resign.

The obvious signs that this was a pump, dump, placing operation came at 30p and has been repeated many times since.

Malcy's blog after the duster. Hilarious:

"Whilst probably no surprise after the initial well news, it is nevertheless a highly disappointing result and particularly so after a string of good results and the pre-drill expectations. But UJO ain’t stopping here, it has a run of successes as above and will move on in its drilling programme in Oklahoma."

The word "leaks" somehow makes it seem accidental.

Honestly, why insiders selling before placings has been par for the course for years. The penny dropped for me when the sp started falling from 30p for apparently no reason, soon followed by a discounted placing. I asked the company to issue a “knows no reason” RNS. Silence. They obviously did know the reason. How many times has this been repeated now?

It was hilarious to watch a few years ago, the clowns were announcing their increased interest in Parta at exactly the same time as ADX were trumpeting the fact that Parta was dead in the water and that they were moving to Austria.

HIs summary:

There is much to take in here, plenty of good news as trading is strong and getting better, FX risk is moderated, and reducing all the time with arbitration continuing albeit not expecting a ruling until next year. The shares have returned to trading after recent suspension which will please shareholders and after a great number of changes in register should create a stronger background for the future.

Just had quck look here after reading Malcy's blog. Am I right in thinking that the share price 5 years ago was pretty much the same as it is today?

**Yes, Union Jack Oil (UJO) could sell treasury shares back to the market — but only if it actually holds treasury shares, and subject to certain legal and regulatory conditions.**

Here’s how it works:

---

### 🧾 What Are Treasury Shares?

- Treasury shares are **shares that a company has bought back** and holds in its own name.

- These shares are **not cancelled** and can be **reissued or sold** at a later date.

### ✅ Can UJO Sell Them?

- **Legally, yes** — if UJO holds treasury shares, it can sell them back to the market.

- The sale must be:

- **At or above nominal value** (5p for UJO)

- **In compliance with shareholder approvals and market rules**

- **Disclosed properly** under AIM and UK company law

### 🔍 Does UJO Hold Treasury Shares?

- As of the latest filings, **UJO has not reported holding any treasury shares**.

- Instead, it has raised capital through **new share placements**, which dilute existing shareholders rather than reusing existing shares.

### 🛠️ Why Use Treasury Shares?

- Selling treasury shares avoids dilution since the shares are already issued.

- It can be a strategic way to raise funds **without increasing share count** — but only if the company has previously repurchased shares.

---

### 🧠 Summary

Union Jack Oil **could** sell treasury shares if it had any — but it currently **does not appear to hold any**. Its fundraising strategy has relied on **new placements**, not buybacks and reissues.

### 🧾 Nominal Value vs Market Price

- **Nominal value** (5p for Union Jack Oil) is the **legal minimum** price at which new shares can be issued.

- **Market price** is what investors are currently willing to pay — and yes, UJO’s market price has recently dipped **below 5p**, which complicates placements.

### 🚫 Why They Can’t Place Below 5p

- UK company law prohibits issuing shares **below nominal value** unless the company restructures its share capital.

- So if UJO’s market price is, say, 4.5p, they **cannot legally issue new shares at that price**.

### 🛠️ What Can They Do?

If they need to raise more capital and the market price stays below 5p, they have a few options:

1. **Share Capital Reduction**: They could reduce the nominal value (e.g., to 1p) via a court-approved process. This would allow placements at lower prices.

2. **Convertible Instruments**: Issue convertible bonds or preference shares that convert into equity later.

3. **Warrant Exercises**: If investors hold warrants exercisable above 5p (e.g., at 8p), they could still inject capital — but only if the market price rises.

4. **Strategic Partnerships or Asset Sales**: Raise funds without issuing equity.

### 🔍 Recent Placement Example

In **July 2025**, UJO placed shares **at exactly 5p**, matching nominal value. But if the price stays below that, **they’re legally blocked from issuing more shares at a discount** unless they restructure.

So yes — unless they take action to lower the nominal value or find alternative funding routes, **they’re stuck** if the market price stays below 5p.

Would you like to explore how other AIM-listed companies have handled this situation or what a capital restructuring might look like for UJO?

SP going down.

Malcy said, "As I wrote only last week I consider Union Jack to be significantly undervalued and as we see a more pragmatic approach to drilling for onshore hydrocarbons in the UK, it is financially strong and with dynamic opportunities in the portfolio the positive nature of UJO stands out in the sector."

I wonder what he would say if they actually made any money or incresed shareholder value. Seems like our favourite oil expert is looking at a completely different company than I am.

Me too, except I cashed some in for a house in 2011.

Lucky for me, bagged a few at the open. My first buy was when Todd Kozel did the first mates rates placing at 9p, then Shaikan discovery announced a few days later. Happy days.

No rates given because it hasn’t flowed.

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