Member Info for magpie105

To give brief detail to the EGM rationale for delisting: - - To grow they need to complete the current deal - Once the deal is complete they obtain the revenue stream to obtain 15m USD debt based on financial requirements etc - The next deal is only worth doing if the price is cheap and the longer they wait the value from the current deal is likely to make it more expensive given the proximity - By growing and delisting they can avoid dragged out RTO;s which are riskier given the potential for amendments to terms etc Once they hit a certain size vai acquisitions, then the listing on the US exchange presents best value in terms of how the markets there price oilies. This is where I imagine they try and cash in Just saying what was heard at meeting. Make of it what you will

I do not believe they are obsolete but pretty sure I saw somewhere that they could rearrange the terms (which tbh they could do either way if non-exec board approves). Couldnt find anything on it in the circular when checking just now but did see the below "The Code and the Companies Act currently apply to the Company and will continue to apply to the Company notwithstanding the Delisting. The Code is issued and administered by the Takeover Panel. The Code and the Takeover Panel operate to ensure that shareholders are treated fairly in the event of a takeover are not denied an opportunity to decide on the merits of a takeover and that shareholders of the same class are afforded equivalent treatment by any offeror" May mean that it is not so easy for barsky to value his shares differently to the PI's

No offence taken Stav. The offloading of his own shares is obviously very dodgy ground and I like you hope that doesnt happen. "If" that was to happen, the PI risk would be dependant on what he leaves behind, i.e if our shares still have value. I would be more worried about him rewriting the stock options to dilute us.

Tomus, vlad said within 10 days they were going to give out info on signing up via the website. Apparently they will need to act like a public company if they want to list again in the US (whenever that may be) so need to be able to prove RNS style updates

I get where you are coming from Stav and they made no promises about anything, they just provided justfication for their decisions. I was not born yesterday and I get that they could try and do a runner but IMHO that will not be the case for the foreseeable. No one asked about the 10m Soko. They did not schmooze the audience, in fact Barsky came across as a raw talent who is not about social graces at all. He spoke very much as a businessman out to make money. Everyone will want a liquidity solution at some point including him and he made that clear. If the acqusitions have value then who knows maybe PE firms will be swooping round the PI's

The debt figure was 15m USD @interest of 4%. Once acqusition completes they stated no initial plans for equity raising as wouldnt be required at first. They basically said speed is the most important thing so they can acquire assets before valuations creep up based on previous success stories, which is one of the problems with dragged out RTO's They also said that US exchanges tend to value oil and gas operators higher than in UK. 19.9$ per barrell EBITDA vs $11 per barrel in UK (may have got that wrong so dont quote me) I also could not say anything as hadnt brought required documents, doh

Hi Sanibel, below is a response I received from Halifax "Thank you for your e-mail. We have posted a notification on your online account if you have read this the details will be shown in My statement's and Important Notification History. What the event does say is that we will notify you once this has reached shareholder approval at the AGM on the 23rd April with further details. Normally once a share has delist then the shares would remain on the nominee account until further action is required or even if nothing else happens to the shares. I hope I have been able to help you with your query, however should you require any further information please do not hesitate to e-mail me at any time or alternatively call us on 08457 22 55 25. Did you know we also have a Web Chat facility where you can speak to us live? This can be found on the welcome page once you have logged into your account. "

I understand the sentiment. However, Sorry but I disagree with that. I am a shareholder , at least that is what the equity component of their balance sheet suggests, regardless of delisting. The company is still very much a going concern with potential to go upwards so afraid I havent given up just yet

Thanks BBB. Another question from me would be if they can setup an email distribution to disseminate info as a replacement for RNS. Know they don't have to but they state they are going to commit to good corp governance standards, so should try and hold them to it.

Is anyone planning on going to the meeting next week? There is an outside possibility I will go but doubt I can get away from work. Maybe worth having a few questions lined up though. Mine would be why the major parties refuse the 1 year lock-in period with AIM but are happy to delist indefinitely losing liquidity in the process. Sure there may be some obvious answers, some more sinister than others, but would rather them rationalise the decision with the hope it may hint at next steps etc.

Pro's and con's as predicted. Worrying that they talk about need for new finance raising, which is another uncertainty. Positives in that most conservative reserve NPV valuation is 113m USD whilst most optimistic is 827m USD. Obviously technicalities with regards to turning that into revenue but may be attractive to buyers.

Thanks for clarifying bakoven. With regards to early posts on media influence, whilst I completely understand the emotions behind going to journo's I don't think anything should be done until after the circular.

Hi bakoven, not sure if Im reading what you have said correctly. Are you stating that the panhandle investment has been unsuccessful and MB just wants to get out? Yes there were title defects along the way but as far as I could tell there were also signs of it being successful.

Im not sure how much of the company is owned by PI's but we can only hope that there may be some private equity interest in which case there could be groups looking to buy shares privately. I think it hinges on how well the company is doing tbh and if it can attract buyers with a LT interest.

Keep the faith. The company is in a decent position and looking to grow, there may be several private buyers willing to pay for your shares at a reasonable price. No evidence yet that you have lost everything

anyone know if we are we likely to find out the status of phase 3 results? i.e Like we saw the indepent audit report on the initial phases earlier in the year Once the company goes private I know they do not have to provide any info but don;t know if up until that point they can withhold info legally. Hopefully, things are still positive in which case the value of the company is higher and we have greater negotiating power even if we were looking for private buyers. Clinging on to little bits of hope here as company seemed to be on the up.

So basically this could either be good news or disastrous. Unfortunately my gut feeling is the latter. There has been no assurance to shareholders from the RNS, instead there is now as much focus on what is in the "company's" best interest, which is v worrying. Does anyone know if - There is any legal recourse for shareholders should we not be happy with the proposition and they want to buy us out @ next to nothing.? - Would the scenario of them finding large private investors wanting to buy up shares be our only possibility to have more of a say in selling price? -

Exactly my thoughts

Out of interest, has anyone had any inkling from the BOD as to whether Phase 3 is going ahead? They have gone quiet on that front and based on the talk of readmission I wonder if they are opting out.

The reserves numbers are quoted as thousands so based on their guide it still suggests the estimated proven plus probably rserves are 11m+ barrels......I think