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Moniman, it would also be interesting to know how a company can just let then entire year of accounts for Rebold California be "destroyed" without keeping any copies. But that seems to be yet another strange business practice that is unique to RBD's bookkeeping.
Simon64, you're back. Maybe you'll answer the questions I have for you this time though I doubt it. Just like your heroes S&S you seem to completely ignore questions you do not have an answer to. Here they are again though:
Why did you lie about Kamran and Daybreak Simon?
Why did you lie about Kamran and the Reabold California accounts Simon?
Why will you not reply to any of the questions about Daybreak and Danube Simon?
Why will you not comment on any of the figures that have come from the Reabold annual accounts Simon?
Why will you not answer if you think that Colle Santo is a good investment Simon?
Why do you keep avoiding the questions and defending S&S Simon?
The £4 million payout will never happen. It is just somethign that they say to try and win the requisition otherwise it would have happened already. Surely nobody believes that they will ever share any money with shareholders, they want all that cash for themselves.
I have checked again this morning and the EIS has still not shown up on the Italian website. I assume that the RBD excuse will just be that "this is what LNE told us", but once again it show a remarkable lack of due diligence on their latest big investment.
If they cannot even tell the truth about the filing of an environmental report then what hope do we have that they will be truthful with anything else?
It's also just more spam on the board to try and deflect away from the questions he won't answer persiimmon.
1. Why is the Environmental report not shown as having been filed with the Italian government, even though we were told that this happened on December 22nd?
2. Why were the Reabold California accounts destroyed?
3. Why do the directors just want us to forget about Danube and Daybreak, even though they have wasted £15 million on them? Is £15 million not important to them?
4. How can they justify taking £4 million in wages since they took over when Reabold's revenue over the same time period was only £4.4 million.
5. Why did they spend £4 million on acquiring Colle Santo - an asset that will likely never produce, instead of spending this money on drilling West Newton?
I find it fascinating that none of the pro-board posters on here are willing to address any of the many criticisms raised at S&S. There is no attempt to justify the £15 million losses on Daybreak and no attempt to even hide the lies told about Daybreak - we are just told to forget about them as "non-core assets".
But what really fascinates me is why none of them want to discuss the latest lie we have been told about Colle Santo. The board claimed that the Environmental report was filed on December 22nd, but the Italian public website shows that it was not, even though it has other filings right up until December 29th: https://va.mite.gov.it/it-IT/Procedure/ViaElenco/3/2
Does nobody care that we are being lied to again?
Given the amount of lies we have been told in the past, I thought it wise to go to the Italian Ministry of Energy website and check up on the application of the Environmental Impact study that Reabold announced had been filed on the 20th December.
https://va.mite.gov.it/it-IT/Procedure/ViaElenco/3/2
Unfortunately, it is not there. Is there a legitimate reason for this? or does this mean that the filing of was just another lie told to us all before the requisition in order to make us believe that Colle Santo was actually progressing quicker than it really is?
We need answers…
Malcy has no cash in Colle Santo or Rebold. Here is what he said about Colle Santo in his blog in May when they first invested:
"Readers will know what I think about investments in Italy and how much grief and delay that they bring not to mention management time and capital requirements. Whoever thought this was a good idea has a different perception of value add to my own and as for the time scale, its adagio…."
After they increased their stake he then said in June.
"So Reabold has already increased its stake in LNEnergy, something that gives them a higher stake in a gas field in Italy which needs development funding and with first gas two years away, if best estimates are hit then revenue sometime in 2025.
I really don’t get this course of action. With the huge potential on the doorstep at West Newton the company are taking on an unfunded long term asset, in Italy where delays are not rare and something that increases its own risk without obvious reward. "
Then they started paying him...
With a track record of five years of failure to continue with the current board means that things are only going to continue in the same way.
More money written off in wildly speculative projects that will end up being written off as non-core after millions have been thrown at them - Colle Santo being the latest example of this .
Millions more in fees being paid to S&S with no accountability to shareholders.
More excuses as to why we will inevitably end up not drilling West Newton again this year.
And does anyone really think that they will ever pay out the £4 million dividend to shareholders that they have been promising for over a year now?
We have to take this chance to vote them out. They have never delivered. They have consistently lied. They never will deliver. Only when they are gone will actually find out what has gone on with our money over the course of these last few years.
Voting closes on Jan 8th at 10am according to the RNS. We all have to make sure that our votes count.
Malcy is a stooge who says whatever he is told to say by those who are paying him. Everybody knows that.
What I think is really interesting is that Sattar and Cattaneo have prepared a detailed plan for what they would do with the company and its assets and have an answer to all of the questions that are thrown at them - notably the allegation made today that the resignation of Strand Hanson would cause the company to face any problems whatsoever. Well it would, if they didn't already have a new nomad waiting to step in . S&S want us to believe that only Strand Hanson can be the nomad - laughable really.
The professionalism shown by the requisitioners is in stark contrast to the shrill complaints of the current board who run the company who seem to be making ever more lurid allegations as to the doom awaiting us all if they are voted out; but without once addressing the many concerns that shareholders have with their own performance.
it is the last desperate squeals from a pair of chancers who know that they are about to lose access to their own personal cashpoint machine that RBD has been to them for these last 6 years.
The desperation really is palpable. They know they are going to lose...
So as Hide hinted earlier today the requisitioners have already got an alternative Nomad in place and had no intention of using Strand Hanson anyway. It looks like old man Malcy's (paid) concerns over this event are groundless.
if you ask me it is pretty good odds that Strand Hanson knew that they were going to be dumped in the event of a successful requisition and so are trying to help S&S stay in charge and keep the gravy train rolling.
I agree Taverham, it is clear that S&S are worried and are starting to play dirty. That said, Strand Hanson have done an extremely poor job in their role as Nomad when you see the incorrect information that Reabold have consistently put out in their RNS releases.
A new NOMAD will be easy to find. This is an empty threat from a desperate board.
Why did you lie about Kamran and Daybreak Simon?
Why did you lie about Kamran and the Reabold California accounts Simon?
Why will you not reply to any of the questions about Daybreak and Danube Simon?
Why will you not comment on any of the figures that have come from the Reabold annual accounts Simon?
Why will you not answer if you think that Colle Santo is a good investment Simon?
Why do you keep avoiding the questions and defending S&S Simon?
I'm sure that there are more but here are my five to start.
Number One – The lies
They have a track record of lying to shareholders – the return of the £4 million to shareholders, the share buyback program that has only been restarted after the second requisition was called and, of course, the promise that the Colle Santo production permit would happen this year when quite clearly it would not. since they only filed the Environmental Impact Assessment on the 20th December 2023.
Number Two – The terrible investments
They have basically written of £9 million at Daybreak and £5 million at Danube. If the requisitioners are right then it looks like they may well have wasted another £4 million at Colle Santo. Their only successful investment has been Victory and that has only just covered the wages they have taken since they have been in place.
Number Three – the remuneration
The two CEOs have taken remuneration of over £4 million between 2017 and 2022. In this time period the company’s revenue has only been £4.4 million.
Number Four – the obsfucation of the company accounts
They have a habit of investing in private companies that then deal through subsidiaries where it is impossible for shareholders to see what the money is actually spent on. Danube had a Romanian subsidiary; Gaelic was based in the Isle on Man and held the US subsidiary from there; LNEnergy will not doubt have an Italian subsidiary in time. We know nothing about what payments have been made through these companies and of course we now find out that an entire year’s worth of accounts for Reabold California have been “destroyed”. As Paul1Deano says we should really be told what payments Sachin and Stephen have taken from each of these.
Number Five
The failure to progress West Newton. They promised to drill this in 2023 and now it is 2024. What are the odds that this time next year it will be 2025? Whether it is because of an inability to raise funds or because they simply don’t want to drill it, I don’t know. But they have had every chance to get this progressed and they have consistently failed to deliver.
Hilarious link Simon. S&S cannot even get their own shareholding in Colle Santo right on their own website as it is 26.1% as per the RNS that they issued. It is 26.1% as per the RNS of 11th December not 18.4% as per the website. : https://polaris.brighterir.com/public/reabold_resources/news/rns/story/w9n39pr
But Simon, you asked me to give you the figures as you claimed that they were wrong. Then I gave you the figures from the company annual report and you refuse to engage with then and claim that you are on "annual leave".
It's really unconvincing old man. You had plenty of time while on annual leave early to put out your pro S&S propaganda and claim lies that Kamran was the one at fault for the Reabold California accounts.
But you never have any time to engage with actual figures. Strange that. It's almost like you have a pro S&S agenda.
are you too ill-informed to look at the annual reports? These are not my figures, they are Stephen and Sachin'...
But Simon, the figures come out of Reabold's annual reports, I have given you the links. If these figure have no basis in reality then it is because S&S are lying to you.
You're struggling here old man, these aren't my numbers they are the company numbers. Why won't you answer?