Wressle is October as per interview with CEO and last time I checked October is H2. EWT will start once equipment arrived also H2 and no doubt very soon. Unless I’ve fast forwarded in time it’s July the 3rd... 3 days into H2, following a national lockdown for nearly 3 months and a global pandemic.
The biggest problem here is if they need to do another raise to fund the appeal what price will it be at? We know that they have £600k in placings they can draw on without further shareholder approval but to get the buy in at say a 20% discount to where we are now, that would suggest a placing around 0.16p so another cheap 250,000,000 shares back in the pot.
Couple that with the total lack of transparency (huge placing out of nowhere, trying to hide a disaster drill etc) and obscenely high wages, I worry whether UKOG actually had the backing to properly get through this mess. I certainly can’t see them doing it with the exiting board.
Rumours beginning to circulate that the IOW consultation running from 12th June until 24th July has been absolutely Inundated with comments from angry residents who do not want it to be granted, so much so that at one point the portal crashed.
Island Roads, as a statutory consulting body, has also already recommended the application for refusal on seven grounds — including points about insufficient information about drainage, HGV trailer and temporary site access, the fact that vehicles may be stopping on the busy Newport Road waiting to get into the site and an inadequate turning area for HGVs entering and leaving the site in a ‘safe and satisfactory manner’.
Me too and had it been only on yesterday’s news I think they would have. Unfortunately today’s RNS on UKOG has really undermined investor confidence in AIM and O&G. Withholding price sensitive info etc. Very naughty indeed.
I’m glad our board is transparent and honest and I’m sure the investors will return here when they see this is an honest company making very real And significant progress.
Update now on cooper assets. Its all going to Armour anyway and they haven’t suggested it will impact the price but the SP has responded well - wish I had waited a day to sell now lol, they will probs resolve Cambay tomorrow knowing my luck!
I think the truth here is the company knowns another placing was needed hence the additional £600k as agreed at the AGM which can be drawn without further shareholder approval - but the company was waiting for the SP to pump up before dropping it, assuming they plannning would go through and this would indeed be sitting at 0.50-1.00p. If that happened they could have placed at a reasonable price and snuck these awful results out naking out the funding was for future projects rather than CEO wages.
The reality is the councillors had other ideas and couldn’t be convinced. The SP has collapsed but funds are still needed and there’s nothing to pump it up anymore. A further failure at IOW could be lights out for the SP. I mean they raised all that money via dilution and it’s already gone and they already need more! WTF is going on, surely they could have foreseen the need for some cash last year and raised at 1p+. Instead they raise at 0.20p to their mates, pump it up and let them sell it to jugs for double and then back down. People talk of suing the council for losses, they should be suing the company lol.
Today’s RNS just begs more questions about where the finances for an appeal is actually going to come from. Another placing I’d imagine, but at what price? I’d suggest in order to get buy in they would need to do the raise at circa 0.15p.
Look at how long it took other companies in the same situation!
3 months just to submit the appeal is what it took UJO... they aren’t going to just send a quick email as a complaint, this will be a proper legal appeal... there will be multiple folders of case papers they need to prepare and many meetings with lawyers and the likes before they are even ready to properly submit an appeal.
Then it took another 8 months for the appeal to actually be heard - these cases are often listed for several weeks just to hear all the facts and can be adjourned for weeks/months at a time between hearings.
And from there when it was heard another 2/3 months for a decision to be made.
I think 6-12 months is a very real timeframe, not deramping when you think it took 8 months from an appeal being submitted to being heard with UJO... even with no prep time and an immediate decision that’s 8 months. Throw Covid delays on top, this could even stretch into 18-24 months to resolve. Once that truly sinks in the shareprice will collapse. That’s not to mention the cost of appealing... hundreds of thousands ££. Where’s that coming from? Will the director be taking a pay cut on the basis he wasn’t capable of orchestrating a viable application? I very much doubt it.
I reckon once the penny drops this week that an appeal will take at least a year and cost hundreds of thousands, possibly even requiring a placing to fund, this could be into low teens by Friday afternoon.
Just look at UJO.
Decision to refuse made 28 November 2018...
Appeal submitted to the Planning Inspectorate on 1 February 2019...
Appeal hearing was scheduled for 5 November 2019...
Decision made 17 January 2020.
That’s a year before the matter was even heard and then another 3 months to reach a decision! Pre Covid too!
Think of the cost in dealing with all the legal fees etc. Union Jacks appeal was circa £400,000... sure they got it al back in the end but it’s no guarantee and do UKOG even have the money to fund this up front? Add that to the £200k salary the CEO will get that year this decision will cost UKOG wel over £600k and 12 months... minimum!
UKOG Certainly have a very long and expensive road ahead of them even if it is a ‘simple’ decision - although 9-1 seemed fairly unanimous to me!
These guys don’t care about the legal basis lol. Councils pay out millions every year on appeal. Reality is it’s not their money. As far as they are concerned the legal basis is met, if the other side feels it isn’t it’s for them to convince a court and for the judge to decide. Bearing in mind courts are only hearing priority cases I doubt this will even be listed until next summer and that will just be for a prelim, this won’t get resolved anytime soon, could well be 18 months+ if it gets messy.
Thanks Yuri and good luck all. I wasn’t even planning to sell but the RNS and delay today coupled with the fact they never replied to my email was enough for me, I’ll say not more than that and hope everyone here gets their cash back.