Member Info for ocelot

And you were quite right, Ibug, about the percentage of votes cast, which varied in favour between about 92 and 96%.

It does look, therefore, as if Resolution 6's withdrawal had nothing to do with shareholders' view of management and everything to do with the resolution itself, hence UKOG's offer of yesterday to enable shareholders to participate in the next fundraise via an open offer.

Thank you for the AGM's link, Ibug, I've listened to it now.

For myself, I was most interested in what he said about the Kimmeridge, stating "categorically" that it has not been written off, either at HH or elsewhere.

Penguins,

What was predictable was that they would go for a placing and open offer, I posted to that effect at the time.

Because of the open offer, it was also predictable that the nominal amount of the allotment authority would be increased.

It was not predictable that the nominal amount of the disapplication of pre-emption rights would increase from £300k to £400k, that is a decision management have taken since the AGM.

Ibug,

Thank you, I've not listened to the recording of the AGM.

All UKOG are doing are responding to the AGM, and the withdrawal of resolution 6 at that meeting, by offering existing shareholders the opportunity to participate in the next fundraise on the same terms as placees via an open offer.

It really is very simple and straightforward.

AGM!

Ibug,

Can you provide the link for the votes at the AMG, please?

Note: the nominal amount of authorisations is just that and does not tell us how much they will be seeking to raise.

Nobody can tell in advance what percentage of an open offer will be taken up by shareholders.

Anyway what margin ...
----------------
Penguins,

The margin between the nominal amount of the allotment of £800,000 and the nominal amount of the disapplication of pre-emption rights of £400,000.

That margin of £400,000 enables them to make the open offer, so that existing shareholders can participate in the fundraising on the same terms as the placees.

The simple fact is that resolution 6 (disapplication of pre-emption rights, necessary to make a placing) was withdrawn at the AGM, presumably because it failed to achieve the percentage of votes required to pass.

Entirely reasonably, UKOG management have concluded that some shareholders did not want to be excluded from future fundraisings.

They are, therefore, re-introducing a resolution to disapply pre-emption rights but seeking authorisation for an allocation of shares in excess of the shares covered by the disapplication of pre-emptions rights, to provide them with the margin to make an open offer, thereby enabling existing shareholders to participate in the fundraising.

All of this follows on logically from the AGM and was entirely predictable.

Cash raise / open offer likely to be in the region of £10m then?
------------
Bridgedogg1,

How do you arrive at that sum? the resolutions concern authorisations.

Was the withdrawal a ploy to remove what is likely to be a contentious item from the meeting and result in votes against the re-election of board members.
-------------
Penguins,

If it was a ploy, then it was unsuccessful, the board members up for re-election were re-elected at the AGM.

... and Alba's final results RNS suggests UKOG's current market cap is covered by the valuation of HH.

Wronin, I am a shareholder and my opinion is that UKOG is a "strong buy" because the share price fails to reflect the prospects offered by South-East Turkey and Loxley, in particular.

The placing and open offer are the logical response to the withdrawal of resolution 6 at the AGM.

Since the AGM, the market has been in a position to predict the placing and open offer.

ie, the allotment is twice the size of the disapplication of pre-emption rights, providing them with the authority to make the open offer.

https://www.ukogplc.com/ul/UKOG%20GM%20Notice%20210521.pdf

I'm not sure everybody has understood today's after-hours RNS:

at the AGM, resolution 6 was withdrawn. Resolution 6 concerned the disapplication of pre-emption rights and was the resolution authorising them to make a placing. It was withdrawn, one presumes, because it failed to achieve the required percentage of votes.

Since the AGM, one has been waiting to learn of the company's next move. Now we know.

A general meeting has been called to ?vote on a resolution to disapply pre-emption rights.

However, unlike the AGM, the general meeting will also vote on a resolution authorising the company to make an open offer to existing shareholders at the same price as the placing.

General meetings require notice of at least 14 days.

Notice given today, Friday, 21st May. GM scheduled for Monday, 7th June, 14 full days' notice has been given.

The Company will make available to the Shareholders an opportunity to participate in any fundraising on terms which are the same as the terms that will be offered to any placing to new investors by way of an open offer on a pre-emptive basis.