Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Just a suggestion . . . .
The best way of settling if GKP has faulted in what they have done, is simply to report the matter to the FCA
The FCA have to facilities and Legal Experts to call on to Investigate every Legality aspect of what GKP has done, and if GKP have done wrong, the FCA can to compel GKP to correct the matter.
As the FCA do not report back to the reporter of an indiscretion by a Listed Company, we will never hear from the FCA if & what they have done.
But if GKP have "faulted" then we will get to know as GKP will be compelled to RNS the change to Share Holders.
That way the FCA make a Legal Ruling or not . . . rather than the continuous discussion about it amongst PI's
IMO the KRG might have been able to pay GKP all they were owed thus avoiding restructuring , should any real evidence come to light the PIs might well be clubbing together and bringing our own action.
Everhopeful
Sorry to pop your bubble, but prior to 2016 and at the time of the Restructuring the KRG owed GKP $72,000,000 in Unpaid Back Cost Arrears, which if they had have been paid on time would not have Paid Off GKP's $600,000,000 Debt nor stopped the Hedge Funds from Short Selling GKP down to 0.88p (1 cent) and the need to Restructure GKP Debt of $600,000,000 +.
The Facts are simple.
When Share are Issued in exchange for Funds, those Shares can be sold on to PI's, but when Bonds are Issued the Debt is kicked down the road to the Maturity Date
By Issuing Bonds instead of Shares to Finance GKP's Appraisal Works on Shaikhan, GKP had over stretched themselves, which left themselves venerable to Hedge Funds Short Selling Antics.
And once the Hedge Fund Short Selling had started, GKP was effectively black listed from gaining any Finance to rescue themselves from any Source.
Geez.
GKP told us Sami was leaving by the beginning of December, and that they would employ a leading personal company to search for a Replacement and update the Market when they had found a replacement.
And loads of unqualified peeps on this Forum attempted to make a mountain out of a molehill over how Sami's departure was announced
Now GKP has updated the Market they have a replacement and announced who he is.
And yet again loads of unqualified peeps on this Forum are once more trying to make another mountain out of what they perceive the quality of the replacement is.
You all belated Sami over the Refinancing and the need for it.
Sami is entitled to leave without answering a bunch of unqualifies peeps on a Forum
Get over it. . . This is life. . . There never was a Takeover conspiracy or any other conspiracy . . . GKP has a new CFO . . and . . as promised GKP updated the Market when they had News . . . End of
"someone(s) or something(s) just doesn’t want this staying beyond this price range,"
No matter which way, take, angle or conspiracy theorism you use to look at GKP, the facts are plainly obvious . . . with GKP's present Fundamental Set, mainly Production, Oil Price 58% Net Interest of Shaikan etc etc etc . . . the "Market" currently Values GKP between £470,000,000 and £503,000,000.
An increase in Production will increase the Share Price, and the Oil Price is the most frequent Share Price mover. . . .
If anyone can't except the facts as they stand, then . . . .
Lansdowne Partners and Sothic Capital Management are Private Hedge Funds, and they do not have to declare their Holdings in any Stock.
Hof Hoorneman, BrightSphere Investment Group and the UBS Group AG are Private Investment Banks and do not have to declare the Holdings in any Stock
Capital Group, JPMorgan Chase & Co, BlackRock Inc, Dimensional Fund Advisors and every Entity who's Holdings are shown on the Morning Star Website are classed as Public Entity and they "have to declare" they Holding in all the Stocks they Hold
Hargreaves Lansdown PLC are a Public Limited Broker who holds Joe Public's Shares and as such they have to declare their Holdings in all the Stocks they Hold on behalf of their Users on their Website.
After the Financial Restructuring had taken place we did find out the Hedge Funds that had Short Sold GKP into Restructuring its Finances, and from that Restructuring the Hedge Funds (without including Capital Investments) gained circa 52% of the newly Issued Shares in Issue, and GKP issued a set of RNS's showing their Holdings.
But the RNS releases where not Issued with a RT-1 Disclosure, and after a person got the FCA involved, GKP had to issue an apology and re-issue a set of correct RT-1 Disclosure RNS's.
Please note, that after those RT-1 Disclosure RNS's no Hedge Fund issued an RNS when they Sold their ill-gotten gains
So Public Limited Companies and Institutional Entities that Invest Joe Publics Money have toi declare their Holdings as they are Classed as holding Public Equity
And Hedge Funds, Private Banks, Private Investment Banks (like the Designated Market Makers on GKP's Book) and any Private Investment Entity "do not have to declare their Holding" as they are Private Equity
I would estimate give take +/- 2--3% that the GKP Share split is currently Public Equity 70% and Private Equity 30%
"That's quite an interesting fact.. "64.34% of the company’s shares are in the hands of some very big names"
If i recall 25% of the share's must be in the hands of the public....Standard Listing rules."
When calculating what amount of Shares in any Company are held by Joe Public and Private Entites, one has to look at the Major Share Holders and ascertain where their money comes from.
Take Capital Investments.
The Money they Invest around the Stock Market comes from the Pension Funds they hold, and the Money those Pension Funds hold, is Invested by normal every day people Investing in Pension Funds and the like.
That is the same for the vast majority of GKP's Major Share Holders as listed on the Morning Star Website.
So effectively most of GKP's Major Holders money comes from Joe Public.
Of GKP's Major Share Holders there are some Private Hedge Funds, Private Banks and Private Investments who being classed as Private Entities are not compelled to reveal their Holdings nor their Funders so one can class Private Equity as Non Public.
So when one classifies Shares held in Non Public Hands and Shares held in Public Hands, the percentage of GKP in Public Hands, will IMO, be found to be well within the Standard Listing Rules 25% threshold for Public Ownership
https://www.handbook.fca.org.uk/handbook/LR.pdf
IMO please DYOR.
"Shareholders concerned about the failure of GKP BOD to deal with “Oilman63” and his endless bragging about his “Goatcam” receipt of information from senior GKP sources,"
Surreyscot.
Oilman63 is having a huge giraffe at your expense with his claims
Sensible people, including GKP & the FCA, know Oilman63 claims of inside knowledge and goatcams are a joke, bogus, completely false, made up, a spectacular figment of Oilman63 imagination "purposely designed" to take the pjss out of those who react to his posts . . . and you & others fall for it every time . . . just like he wants you to . . . and you even act like he wants you too . . . by reporting his claims around the Forums.
Rise above him and his cohorts, and rather than perpetuating (continuing) Oilman63 claims . . . cut off his fuel . . stop spreading his claims round the Forums . . . act decently, sensibly and ignore him like a responsible person.
Armasmaximilian.
"So at 55,000 bod we're making est. 450 mil a year"
I find your above statement kinda hard to believe, plus you don't say whether your 450m is Dollars or GBP.
55,000 x 365 = 20,075,000 barrels per year
Your claimed 450,000,000 ÷ 20,075,000 = 22.42 per barrel earned by GKP
Which means it's your maths that are out of kilter not the Market valuation of GKP
I remember GKP has said that under the terms of the PSC their Gross earnings would be in the region of c. $8 per barrel which equates to :-
@ 55,000bpd x 365 = 20,075,000 barrels per annum x c.$8 = $160,600,000 pre tax & maybe transport costs.
At todays Exchange Rate $160,600,000 = £124,939,573
Please allow me to spell it out In Plain English for those who don't understand or can't spell correctly .
The Bonds were sold 10 days before the Interest Due Date . . not 5% . . . but at a PREMIUM to 5% . . at 5.5% . . resulting in the Seller gaining 0.5%
Which is POSITIVE
"What the Screencast shows is that on the 8th Oct '19 the Bonds traded at a premium to their issue price, which is positive"
The previous Bond Issues traded at a negative with 6 months of their Issue date, and during 2016 they where being bought by the Hedge Fund Shorting GKP down as low as 14c's which is minus 76%
https://www.screencast.com/t/u8gc5lwvpa
https://www.screencast.com/t/kwdMhagqDT0
"M21 do the same hedge funds that shorted the equity still hold the stock or have they sold on to funds?"
Flyinghorse.
Four sold out in the rise to 302p one sold out through Private Treaty and two still hold. Lansdowne Partners & Sothic Capital Management
The only Covenant was ever placed was in July 2013 and was the BER Covenant (book equity ratio) which was "removed" by Consent as announced by RNS on the 8th April 2015.
https://ir1.q4europe.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13136338&ishtml=1
today announces that it has successfully completed the consent solicitation to remove the book equity ratio covenant from the Trust Deed constituting the Notes and from the Conditions contained therein (the "Consent Solicitation").
Holders representing over 89% of the principal amount of Notes outstanding participated in the Consent Solicitation, with over 99% of votes cast in favour of the Proposed Amendments. The Extraordinary Resolution was therefore duly passed at the noteholder meeting which took place at 2.00 p.m. (London time) on 7 April 2015, and the Proposed Amendments have been implemented.
Straycat.
I think your restrictive covenants where removed by Consent in April 15
https://ir1.q4europe.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13136338&ishtml=1