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I blame RBD for Daybreak's failures because it was RBD's fault. Why on earth did they do the deal in the first place. The deal valued the assets at least $3 million less than they had paid for them and since it was completed they have let them become virtually worthless.
It is a staggering portfolio mismanagement, but it is par for the course with S&S. The same thing happened with Danube.
They may want us just to forget about the £14.3 million investment that they have just written off into these "non-core" assets, but I haven't. If we don't get rid of them it will just happen again. It already looks like it is, this time with Colle Santo.
Simon, you keep accusing Kamran Sattar of being personally responsible for the failure of Daybreak to drill wells in the USA. However, he is merely an investor in Daybreak and not on the board. This is like accusing him, or you or I, of being personally responsible for Reabold’s consistent failures to drill West Newton simply because we are shareholders in the company it makes no sense.
The directors of Daybreak can be seen here on their website: https://daybreakoilandgas.com/officers-and-directors/
Kamran Sattar is not there, but a man called Darren William is. He is according to the Daybreak website: “the nominee selected by Gaelic to be nominated to the Daybreak Board of Directors pursuant to the terms of the Voting Agreement. “
It seems to me that the failure to drill any wells is, once again, the fault of Rebold and not Kamran.
Watts, it’s laughable that you keep accusing me of being Kamran Sattar. I am not Sattar and if you have any questions for him I suggest you direct them to Heid, who appears to have a personal relationship with the man.
I make no bones about it though, I certainly support Kamran Sattar and the requisitioners. I have voted to support their proposals after I read the business plan and the other documentation that they have put up.
If you had read that same documentation then you would also be aware that the requisitioners have made it clear that one of their first commitments after being appointed is to the board will be to put the funding in place for West Newton.
As you are no doubt aware, Portillion capital have a long and successful track record of raising money and as recently as last month were instrumental in Bushveld Minerals raising £14.6 million on December 5th 2023.
Portillion have also cornerstoned previous raises for Reabold and have invested at least £500k into the company on at least one other occasion. Kamran explains all of this in the videos on the requisition website: https://www.reaboldrequisition.com/announcements/
In case you have also forgotten, Portillion also provided $2.5 million to Daybreak to facilitate their takeover of the Reabold California assets back in 2022 as can be seen in the company RNS here: https://daybreakoilandgas.com/wp-content/uploads/2022/08/DBRM-Financing-Press-Release-5.11.22.pdf
Now the same question back to you. How do the existing board plan to fund the drilling of West Newton? Potillion clearly have no trouble raising capital but since S&S have lost the trust of all the institutions that previously backed them and they have wasted a huge amount of cash on Colle Santo, which should have been spent on West Newton. It seems as if it will be a very difficult, if not impossible task. They promised to drill West Newton last year but failed, in large part, due to lack of funds. What makes you think that it would be different in 2024?
Let’s look at the business plan shall we, or the “scribbles” as Watts and his team of board supporters currently describe it. It can be seen here: Reabold-Busness-Plan-V6-18-12-23.pdf (reaboldrequisition.com)
Page 2 of the business plan says:
We have concerns over:
• The level of executive pay
• Matters of corporate governance
• Mismanagement of the company asset portfolio
• Failure to carry out sufficient due diligence in the recent acquisition of new assets
• Loss of trust in the company from financial institutions
• Misrepresentation of market sensitive information between the board and shareholders
• The failure to deliver progress in the West Newton project
We believe that our concerns are shared by the wider market and this is the reason for the collapse in the company market value from approximately £60 million in 2019 down to under £9 million when we began the requisition process.
Ouch. Pretty damning there, and that is just the first page…
The thing is though Watts you and the rest of your crew are wrong. You simply exist in your own echo chamber and think that because you believe something that it is true simply because you wish it to be. You are just a group of old men railing against change, but that change is going to come regardless of your protests.
The idea that you can defend the status quo by refusing to acknowledge genuine grievances and simply attacking the posters and not the issues is markedly similar to how the board themselves are handling this requisition. The abuse that is hurled at those who disagree with you is simply indicative of the fact that you have no arguments left to make. It does not make you look clever, it simply makes you look desperate, and the results of the recent poll show that you are very much in the minority.
So continue hurling your abuse. Continue trying to drown out sensible debate. Continue to believe that you are right. The vote is coming up soon whether you like it or not and then we will all see where the cards really lie. I have every confidence that all genuine shareholders will vote for change, because change is necessary and it has to come for the company to have a successful future.
Facts will triumph over fiction.
S&S have paid themselves £4 million over five years and this is an outrageous amount of money. You may not mind, but I do.
You may not mind that the company have wasted £14.3 million on failed projects, but I do.
You may not mind that they've lied about the Colle Santo 24 month production and that they have lied again about the submission of the environmental report., but I do.
You may not mind that they have spent money that should have been funding West Newton on Colle Santo, but I do.
You may not care that they have given away over 10% of the company's equity, which is 10% of the shareholding in West Newton for a potentially worthless project in order to try and win the requisition, but I do.
This is our chance to vote out the parasites that have delivered a continuous stream of failure at Reabold. You might not care if we take it, but I do, and there are many others who agree with me.
Once more abuse in the face of facts Watts. I notice that you have not answered any of the questions still.
Look in the mirror. The troll is the one who posts abuse and that is you. Please address the facts if you are able.
The fact that they have wasted £14.3 million on assets that they previously told us were great but they now want us to forget about and describe as “non-core”.
The fact that they promised that they would deliver the 24 production license for Colle Santo in 2023 when they should have known that there was no chance of this happening.
The fact that they have taken out more than £4 million in remuneration between them between 2017 and 2022 when the company only generated a revenue of £4.4 million over that same time period. They requisitioners have promised to reduce these expenses. The incumbents have made no such commitments.
The fact that they said in an RNS that LNEnergy had filed the Environmental Report on December 22nd but it still has not turned up on the Italian government website.
The fact that the Reabold California accounts were apparently destroyed but shareholders were never informed of this issue and we had to find out about it from the CEO of Daybreak after they acquired it.
The fact that the majority of the Shell money has now been received but there has been no mention of the promised £4 million to be returned to shareholders.
Why did they not drill West Newton in 2023 like they promised they would? Why did they waste £4.3 million on Colle Santo instead of putting this money to use in West Newton? Was Colle Santo only acquired to help them win the requisition? The list goes on.
I hold a significant amount of shared in RBD and I have already registered my vote to get rid of S&S. I am sick of being lied to, and I am sick of all the pro-board supporters posting abuse at anyone who does not agree with their point of view as well. I say again, I notice that none of them ever answer the questions I have raised either. Presumably because they can't. Simon also amuses me greatly as he consistently claims that I am blocked but then responds to my posts - though obviously not the question ones. He goes back to pretending that I am on block for those ones.
Watts with his name calling of rent boys and Simon with his constant reference to catamites. It's hardly the most intellectual of defences.
Personally I'd say it was less patriotic duty and more common sense since the leopard does not change it's spots. However there are always some Turkeys that vote for Christmas...
It’s very noticeable that the board defenders on here, have a notable tendency to revert to abuse when they are challenged - aside from JackDiamonds who has always handled himself with dignity, even if I do not agree with him very often. In my experience those who resort to abuse instead of discussion, usually do not have much to say in the defence of their point. It certainly seems that way here.
The requisition has raised a number of questions over the last few months that have never been satisfactorily answered by the board of directors, who seem to prefer in interviews to make attacked on the requisitioners themselves rather than actually address any of the criticism that they have made.
It has been the same on this forum. I have asked time and again if anybody could give meany positive reasons to vote for the incumbent directors in this EGM and nobody has been able to give me a single reason to – other than the statement that the new directors “could be worse” and that hey do no like Heid.
On the other hand there are many many reasons to vote S&S out.
The fact that they have wasted £14.3 million on assets that they previously told us were great but they now want us to forget about and describe as “non-core”.
The fact that they promised that they would deliver the 24 production license for Colle Santo in 2023 when they should have known that there was no chance of this happening.
The fact that they have taken out more than £4 million in remuneration between them between 2017 and 2022 when the company only generated a revenue of £4.4 million over that same time period. They requisitioners have promised to reduce these expenses. The incumbents have made no such commitments.
The fact that they said in an RNS that LNEnergy had filed the Environmental Report on December 22nd but it still has not turned up on the Italian government website.
The fact that the Reabold California accounts were apparently destroyed but shareholders were never informed of this issue and we had to find out about it from the CEO of Daybreak after they acquired it.
The fact that the majority of the Shell money has now been received but there has been no mention of the promised £4 million to be returned to shareholders.
Why did they not drill West Newton in 2023 like they promised they would? Why did thewasted £4.3 million on Colle Santo instead of putting this money to use in West Newton? Was Colle Santo only acquired to help them win the requisition? The list goes on.
This is a real opportunity for us as shareholders to change the direction of the company. Even if you are sitting on the fence, could the new lot really be any worse than the existing directors whose track record is one of consistent failure and losing tens of millions of shareholders funds?
Re the £20 million. I have no idea how moniman gets to £20 million spent on non-core assets, but by Reabold’s own annual reports it is definitely £14.3 million. Anybody can check this.
If you look at Reabold’s RNS from 14th June 2018 then you can see that they acquired Daybreak for a cost of £3,045,000. polaris.brighterir.com/public/reabold_resources/news/rns/story/xlp4pjr
If you then look at page 69 of the Reabold 2020 annual report Reabold-Resources-2020-Annual-Report.pdf (wp-reabold-2023.s3.eu-west-2.amazonaws.com) you can see that they made loan to Reabold California of £6,292,000, total £9.3 million.
According to page 63 of the same accounts Reabold say that As at 31 December 2021, Reabold had invested a total of £5,020,000 (2020: £5,020,000) for a 50.8% (2020: 50.8%)interest in Danube.
So there you go from Reabold’s own accounts they have wasted £14.3 million on assets that they now call non core.
If you add in the £4.3 million spent on Colle Santo then you get to £18.6 million. Perhaps that is what moniman is referring to, you would have to ask him. But the £14.3 million is directly from the Reabold 2021 annual accounts.
Fair enough Jack, that seems to make it clear that they have not been taking any additional payments from Danube or Rathlin, or these would have legally had to be reported.
It still does not clear up the issue with Reabold California though as if those accounts were only filed by Daybreak on their completion on July 11th 2023 then how could have they been reviewed by Reabold's auditors?
When you read Heid's post which contains the extract from the email by the CEO of Daybreak who says that the accounts were destroyed it is a pretty serious allegation. Obviously, if it is untrue all Reabold have to do is release an RNS saying that it is untrue. However, they have not done this.
If it was untrue then this email would be a pretty serious breach of things by Daybreak from an SEC perspective and would get them into a lot of trouble. From that perspective I am inclined to believe that this is the truth unless it is formally corrected by Reabold, which has not been done.
But Jack, according to the information from Daybreak, this was not done when it was meant to be and they had to recreate the entire 2020 financial accounts from scratch. The information can be seen here. https://twitter.com/Heid_oil/status/1737910217189318887/photo/1
Since the records for2020, according to your own post were not filed until July 11th 2023, and were recreated from scratch by Daybreak, then how could Reabold's auditors have audited them?
I would be delighted if all hade been done properly, but the timelines simply do not add up and somebody is not telling the truth, either you or Daybreak.
Also, both S&S have been directors of Danube petroleum over the last few years. According to the accounts Danube is not considered a subsidiary by Reabold. Have either of them been paid for this role? I have no idea, because Danube is a private company that does not have the same obligations to disclose as a public company.
The same issue is raised with Rathlin. Maybe they have been paid, maybe they haven't but as usual with RBD there is no clarity. Hence the reference to questions being raised.
Looking at the results of the poll I don't think that S&S are going to survive this requisition at all and why should they? Nobody on here has ever come close to defending their actions over the last few years. Even those who are, for whatever reason, very firmly in the pro-board camp cannot defend their record but can only parrot the allegations made by S&S in their interviews that a new board could be worse and they would be too focused on Daybreak.
Neither the board nor the board's defenders have even attempted to address the issue of the £15 million that has been invested in two assets that are now deemed non-core and have essentially been written off. Nor have they addressed the fact that they have wildly overpaid for an option in the Colle Santo project where no progress appears to have been made. In fact the entire reason for the Colle Santo investment seems increasingly that it was designed solely to win the requisition. The Environmental report that we were told was filed on December 22nd is still not showing up on the Italian government website so has there actually been any progress made.? https://va.mite.gov.it/it-IT/Procedure/ViaElenco/3/2
There are also huge questions that have been raised on here about what remuneration S&S have taken from the various private subsidiaries that RBD has been set up over the course of the last few years. The company accounts are clear as mud and the destruction of the Reabold California accounts that was described by the CEO of Daybreak is a huge red flag.
S&S have not addressed any of these concerns from shareholders even in the middle of the requisition process and if they won't do it now then there is no way that they ever will.
I can see no reason to vote for S&S and I am confident that this requisition will be a success, that they will be removed and we will finally find out what has actually been going on here for the last few years.
We have asked time and again for information about these non-core projects and why they are now described as such after tens of millions of pounds worth of shareholders funds have been spent on them, but we have never had any answer. Even in the latest round of interviews that the CEOs have carried out they have just completely ignored these questions and focused instead on attacking the requisitioners.
The only way that there will be any form of real investigation into what has gone on at Reabold over these last few years, and the only way we will ever know what has really happened to all of the £20 million that has been spent on Danube, Daybreak, the Isle of Man and god knows where else is to vote S&S out. There are also big questions about the due diligence that has or has not been carried out on Colle Santo.
Kamran has promised to carry out this investigation and also to raise the money to drill West Newton . That is good enough for me. The only way we will ever get any answers is if we vote them out and we only have a matter of days to do this.
If you have not voted yet, please check with your broker when your votes need to be cast by and get them in. Vote them out and we may finally get to the truth as to what has happened here - directors fees and all.
They seem to assume that they can just do whatever they want and waste as much money as they want because their investors are so stupid they will just forget about the past and believe what ever promise they make about the future.
But we haven't forgotten and they are getting voted out this time. Look at Kyle's poll, the vast majority of investors have not forgotten about their lies and are going to get rid of them. About time too.