Member Info for ocelot

David Lenigas, we are running a campaign to oust Stephen Sanderson as CEO of UKOG. See below link.

We would be interested to hear your views on potential candidates for the CEO role. Would you be interested?
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Perhaps Rodders Jones should first check to see how much support there is for that proposition.

It's all very well suggesting the removal of a CEO, but it isn't enough, you do need to propose an alternative CEO who can win the majority of votes cast at a general meeting.

Think the proposed spin-out is a bold move by management, who clearly believe Alba's share price is fundamentally undervalued because the market is almost completely overlooking its Greenland portfolio.

The answer to that one is that they are seeking to spin out their Greenland portfolio.

Please DM any questions or email Kat Perez at kperez@vox markets.co.uk. Questions accepted till COB Monday 24th May.

small UT pulled it up a bit at the close, 0.20p.

PPS: with an open offer, there is no way the company can know in advance the percentage take-up by shareholders.

PS: the placing can be done immediately, the open offer will be spread over a period of time but offer to shareholders as of the record date the same terms as the placing.

Penguins,

There is nothing in the wording to stop them just doing a placing but they have released an RNS explaining that they intend to undertake a placing and an open offer which is why they are proposing the resolutions at the GM to do this.

The RNS of last Friday is a staging post, it:

1/ follows on logically and predictably from the withdrawal of resolution 6 at the AGM of 12/05;

2/ points the way to the placing and open offer which will fund in full UKOG's commitments to Basur-3.

But, of course, you are right, I wouldn't have posted SS's comments about the Kimmeridge at the 12/05 AGM had I not found them to be helpful.

Penguins,

You didn't specify you were talking about the Angus board, I had naturally assumed your comments related to this board.

I'll correct my previous post:

the full post had been posted once before, SS's categorical denial of the Kimmeridge being written off at HH had been posted one more time.

Penguins,

Posted it once before, on Saturday, as I indicated.

Ibug,

Yes, that is still in force, but they don't have authority to undertake a placing, because resolution 6 was withdrawn.

Penguins,

SS was replying to a question taken at the AGM of 12/05/21.

... not before the General Meeting.

Stephen Sanderson during UKOG's AGM of 12/05 in answer to a question re the Kimmeridge:

"I'd like to state categorically that the Kimmeridge has not been written off at HH1 ... we still see significant potential in the Kimmeridge ...
At Loxley, we still would plan to deepen the well into the Kimmeridge and possibly at Arreton as well ...
The Kimmeridge is by no means written off".

I posted this on Saturday:

SS during the AGM re the Kimmeridge:

"I'd like to state categorically that the Kimmeridge has not been written off at HH1 ... we still see significant potential in the Kimmeridge ...
At Loxley, we still would plan to deepen the well into the Kimmeridge and possibly at Arreton as well ...
The Kimmeridge is by no means written off".

Greenland's impact on Alba after the spin-out will be a function of the size of the holding Alba retains in Greenland Listco, which remains to be determined.

This what you posted, Wronin:

"I refer to the company and ALL share holders Ocelot".

Re the company, I've no idea what prompts you to say that.

UKOG has responded to the withdrawal of the AGM's resolution 6 by proposing a placing and open offer. This is precisely what I posted they were likely to do when the results of the AGM were published and is absolutely in line with what other companies have done before them.