Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Yes i would love to see an official indipendantly verified report of the nur-1 costs. 42m for 90% of a drill vs roxi complete at 11m Would love a breakdown of the numbers, i suspect a lot got syphoned off to mike youngs pockets and his pals
I wouldnt sell for that mate, your call if you need the loss. But you never know here, if AGR get it back on its feet, it will be like a new company and sort of like a re-float they will come to market for funding imo. Stick them in a drawer .
My opinion, 1. Poor managment 2. White collar crime
Had a email from my broker regarding the cancelation of max shares, it contained the following : The Cancellation received shareholder approval at a General Meeting of the Company held on 1st September 2015, and became effective on 6th October 2015. So they agreed to cancel them a month ago? Wouldnt surprise me. Sorry for all your losses here guys, we deserved better from a bad managment team, shame what happened, we had so much potential and they blew it. All the best elsewere guys. There will be the option they could relist when oil prices swing back in favour, but we are talking years and it may never happen, so as good as admin effectivley. Take care guys and if anyone is setting up a new message board let me know, be a pleasure keep in touch. I assume we are all nursing a major bloody nose here.
Congrats you was right. All the best
Its not over....but its getting close.
Let us know if you get anything, i will do same. We have until close of play
+ 44 (0) 20 3713 4015 I know i am to see if shares have been cancelled.
Thank you for your thoughts. Like you say it puts here into perspective, but that being said I still hope something can be done, based on the 8.3m AGR have already pumped in at such a late stage. As always we are the last to know, max are terrible at updates hence tom randall getting the boot. Surely if it was game set match they would of just said weeks/months ago? - we can only hope discussions are ongoing and it gets sealed at the 11th hour. Good luck all, think we all deserve a bit of something here after the poor fiscal managment with our money, thats out of our control as a shareholder what managment will do. One example is roxi did a deep for 11m we blew 42m on half of 1 deep, just no excuse really. Max was always the bigger potential than roxi, but they just did better and were run better. Like buffett says invest in a company an idiot can run, because sooner or later one will. Im looking at you mike young
Thank you for your kind words much appreciated. Although it was sudden (heart attack) he had not been in the best health for some time. Puts things into perspective a little, and realise its only shares and money here not the end of the world.
We got that taking us to 2nd october.
They have to de-list if they have not sorted the funding allowing them to lift the share suspension. Max being max will no doubt not have the deal sorted by 2nd sept (6 months from suspension) Which means we de-list, there is a growing trend of small companies choosing to de-list which i suspect max want to do, so will let the deadline lapse, max will save circa 250k in fees to the aim stock exchange, plus fees to brokers and Nomads. Although this is not good for us, it is a way of max cutting costs so i think they will do it. They change then to a limited company and dont have to answer to all the aim corporate governance rules. Its a growing trend to cut costs if your business is not a propering one - aim is good if your a new company looking to get funding so you float and get shareholders - if you are later on in a poor position were your not in a position to raise funds, brokers dont want your shares etc then you dont have as much use for aim, so can save 250k and delist. Our shares are not lost, but we cannot trade them on the aim market, basically we dont have a market and can only trade them over the counter like pink sheets - paper shares, but you will struggle to find any broker who will actually want them as they are so iliquid, we just get a annual report once a year that is all they are obliged to do. If they choose to re-list once funding is sorted we are still shareholders, or if they are bought out whilst a limited company we are still shareholders in that new company. It can help to delist and be beneficial to getting your creditors to agree funding and deals, as there is no red tape and max can pretty much do what it wants, which gives them a bit more of an advantage getting a cva done and 75% of creditors to say yes. We will just have to see how max play it should they not have it done by 2nd sept, you can get a extention in some cases, so max will have to show their hand with their intentions either way.
I did not end up attending this AGM and have not been on here as We had a sudden death in my family. Doesnt sound like I missed much though.
Who knows with Max,but for what its worth I am very confident the things that need to be voted and passed via the AGM will be done so. I just think we are to long in the tooth here now and if admin was on the cards as Oils sugguests it would of happened long ago, AGR have wet their beak pending the approval of their subscription to the tune of 8.3m, surely they know a bit more than us and would you really invest this kind of sum kind of sum about to enter admin? The main issue is sberbank and out debt pile which needs to be re-organised on more favourable terms, the kicker in the AGR deal is its reliant on the bank also agreeing to help us out, so if it does come off we are sorted in both areas of debt and funding. I cant help but think and ponder their reason for investing must be nur-1 . The shallows will always cover the day to day bills once the new deal is agreed and we are not under this current financial strain of cash on delivery, but these guys will only invest if they see potential for growth and profit, otherwise why bother with max out of all the investments they could make?
May just be after the agm when all things voted through and hopefully passed
Who is attending ?
Be under no illusions there will be large dilution here, but consider the alternative is admin we are not in a position to complain. Counter balance the dilution with a improved debt/banking facility and AGR investment and I think max have done well to pull this deal off under current oil market conditions and severe financial stress. This is of course assuming the deal comes off, max being max always leave it late and are great at producing worthless Rns reports, but i am quietly confident given agr have already wet their beak pending approval - i doubt they would do this to a company about to go into admin (despite what oilS thinks) and they are imvesting to make a profit, i would imagine they are privvy to more info than you and I ( and OilS) and already know the subscription is a done deal. 1st oct is deadline - under aim 41 rules, once relisted who knows i have seen daniel stewart rocket 800% in 1 day on retrading , but this is max lol. But devil in the detail as regards the terms of the deal , what do age intend to do going forward will be the Biggest market influence, any mention of nur-1 and we can expect fireworks from these heavily reduced prices. 90% done circa 20m needed going after half a Billion barrels of oil, tengiz up the road and roxi proved there is oil in the basin. Either way chaps we cant buy or sell so good luck all. atb
No, either we start retrading or we dont - that includes our shares and AGR shares which once submitted and approved become part of the standard max share pool.
I highly doubt AGR would of put in the investment unless they were fairly certain the shares would be accepted via their subscription and the share would start re-trading, so personally I am very confident of re-trading, but as always the devil is in the detail, my main priority is finding out the terms of the deal and what they want to do with us going forward. For a $20m punt they can finish nur-1 surely that would be a priority on anyone taking hold of the max ship.
As stated previously I will be attending the AGM - I will as always take notes and post them up afterwards. Wondering if anyone from here is attending? Would be nice to meet and discuss. Of course the star of the show will be our old friend OilS - with his barrister getting answers out the ceo as he has promised, i cannot wait.... But sadly i wait with baited breath as its about as likely as him to be on a private jet sipping his favourite reserve as we speak - funny thing investing and what is can and does do to many men, seen friends literally burned out to the core it sends them Doo lally, which i suspect is what has happened to him after a major bloody nose, best to just let them get on with the rambling in my experience,'they need it as an outlet. At 0.16 once the deal is done this must be a strong buy. good luck all