Member Info for ocelot

This is neutral, not positive, spin.

The latest RNS follows on logically and predictably from the withdrawal of resolution 6 at the AGM.

The only element which was not predictable is the increase in the nominal amount of shares subject to disapplication of pre-emption rights from £300k to £400k. It is, therefore, this last element which seems to be responsible for all the noise since the RNS was released.

Be registered as a shareholder at a certain date. That date will be announced with the open offer.

You may be in turmoil, Wronin, but you are not necessarily representative of "ALL shareholders", as you put it.

Wronin,

How are you in a position to speak for all shareholders? that would require you to own 100% of the shares or to have ascertained the unanimous opinion of shareholders owning 100% of the shares.

Personally, I think management's interpretation of the withdrawal of the AGM's resolution 6 is the right one, that shareholders were saying they wanted to have the opportunity to subscribe to new shares at the same time, and on the same terms, as placees.

On hearing of the AGM results, I posted that a placing and open offer now seemed to be the way forward.

And that is precisely what the company announced on Friday.

... Turkey is progressing yet we’re in turmoil ...
--------------
Not sure we share the same definition of "turmoil", Wronin.

When you say "we're", who are you referring to? A number of the naysayers on this board do not appear to be shareholders in UKOG.

Greenland Listco will have its own, "very strong, credible" management team - not in a position to announce it quite yet.

Penguins,

My overall prediction is that UKOG is heading up, because of the approaching spud and drill at Basur-3 and because there is no obvious reason why it should be valued at its current price.

I make no prediction about the amount of the coming fundraise, I simply don't know and, indeed, nobody can know in advance the percentage take-up of an open offer.

Imho, resolution 6 was withdrawn because, presumably, it failed to achieve the percentage of votes required.

As I understand it, Penguins, you are now in agreement with this opinion.

All other resolutions at the AGM were adopted with votes of between about 92% and 96%.

Predictably, UKOG are now amending the original resolution 6 by offering shareholders an open offer alongside a placing (which, inevitably and predictably, increases the nominal amount of allotted share capital for which authorisation is sought).

Shareholders are likely to appreciate being treated to the same terms as placees, especially given the timing, just ahead of the spud and drilling at Basur-3.

... the eagerly awaited generous gift of up to 8 billion shares ...
-----------------------------------
Penguins,

Are you seriously suggesting they are seeking to raise about £16m at the present time?

An authorisation is an authorisation.

cyan2,

I was one of those who picked up on the use of the word "initial".

The surprise has been that they arrived in May without making another placing.

Ibug posted this recording of the AGM of 12/05 earlier:

https://webcasting.brrmedia.co.uk/broadcast/60633359d7d1917e69019aa2

Kiran Morzaria clearly knows his stuff and I found some of SS's responses to questions helpful: I hadn't appreciated the extensive nature of their S-E Turkey programme, but the next planned drill is 10 kms away from Basur-3.

Re TW, doesn't say anything.

UKOG explain in the notice (and in the RNS) the reasons for the GM.

The timing still looks excellent from the point of view of individual shareholders.

Agree with DavidWK, this could be well-received by shareholders:

1/ it enables them to participate in the next fundraise on the same terms as placees;

2/ the timing looks to be excellent, just ahead of the spud and drilling progress at Basur-3.

... the massive increase in authority to issue shares via a GM suggests that alternatively that was the reason it was withdrawn.
-------------------------------------------
Penguins,

You're putting the cart before the horse.

The reason for the increase in the nominal amount of the allocation is because of the open offer.

The reason for the open offer (and placing) is because resolution 6 (placing alone) was withdrawn at the AGM.

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".

What I said is that resolution 6 was withdrawn, presumably because it failed to achieve the required percentage of votes.

But, by definition, a withdrawn resolution can't be voted on so can't be "defeated".

I would have expected considering that you've told us several times the resolution was defeated that the most interesting thing would have been someone saying that resolution 6 was withdrawn because it had been defeated, considering that's what you've been telling us happened?
------------
You've lost me, Penguins.

How could the resolution be defeated when it was withdrawn?

The price of the open offer will be determined soon after the GM and the offer will remain open while Turkey is progressing.

On reflection, the take-up could be unusually high!