Member Info for okenia

The full details of the buyback authorisation are in the 2014 Annual Report, which includes the AGM Notice and the full text of the proposed resolutions. http://www.obtalaresources.com/SimpleCMS/app/web/upload/248c65449f87ea975d8f11936bf3c2d4.pdf For Special Resolution 8 (buyback of shares) the text is: "Buy-back of shares 8. THAT, the Company be generally and unconditionally authorised for the purposes of Article 50.3 of the Articles to make market purchases (as defined in Article 50.5 of the Company’s Articles) of ordinary shares of the Company on such terms and in such manner as the directors of the Company shall determine provided that: a. the maximum aggregate number of ordinary shares which may be purchased is 52 652 132 ordinary shares; b. the minimum price (excluding expenses) which may be paid for each ordinary share is 1 penny; c. the maximum price (excluding expenses) which may be paid for any ordinary share does not exceed five percent above the average closing price of such shares for the five business days on the London Stock Exchange prior to the date of purchase; and d. this authority shall expire at the conclusion of the next Annual General Meeting of the Company unless such authority is renewed prior to that time (except in relation to the purchase of ordinary shares the contract for which was concluded before the expiry of such authority, in which case such purchase may be concluded wholly or partly after such expiry)."

The buyback isn't nonsense. http://www.obtalaresources.com/SimpleCMS/app/web/upload/dff8bd5db126693a84eadd7ddbfa4569.pdf This document has the resolutions for the 11th August 2015 AGM. There are the usual re-appointment of auditors and so on resolutions, but #7 and #8 are special resolutions that are intriguing. "ORDINARY RESOLUTIONS 1. To receive and adopt the report and accounts 2. To re-elect Francesco Scolaro as a Director 3. To re-elect Simon Rollason as a Director 4. To re-elect Emma Priestly as a Director 5. To re-appoint Baker Tilly Channel Islands Limited as auditors 6. To authorise the Directors to allot relevant securities SPECIAL RESOLUTIONS 7. To disapply the statutory pre-emption rights 8. To authorise the Company to make market purchases to buy back shares" As you can see, Obtala are now authorised to do a share buyback. The obvious reason for that is to give options once the sale of the forestry comes through, and how that money is used (returned to shareholders). Of the numerous options (each of which has benefits and downsides) they could simply us the money to do a share buyback, which would transfer funds to shareholders via an increase in the SP. I think I would be in favour of that approach (as opposed to a Special Dividend) since it would have the side-effect of flushing out the weaker shareholders who are waiting on a small increase in SP to exit their positions. That could then nicely set OBT up with a firmer shareholders base as it moves forward, plus a stronger SP and shareholder base would make future equity fundraising (or more likely, use of equity for acquisitions) more cost-effective, should that ever be necessary. Which then raises the equally interesting question of Special Resolution 7 ...

I suspect Pelham might be on the board in order to make a nuisance of himself and shake things up. Which is absolutely fine by me, a significant shareholder rattling the cage is spot on the money. They've got a massive forest, sell the damn thing and show you can make money for shareholders!

Yes, that has got HNWI individual demanding seat on the boat so as to give some pressure to realise value. No bad thing - always helpful to hold feet to the fire

History for: MCP01063 - Miles Christian Pelham Controlled functions - Previous Controlled functions Firm name Start date End date CF21 Investment Adviser Nomura International Plc 03/04/2006 31/10/2007 CF21 Investment Adviser Gerrard Investment Management Limited 24/02/2005 14/01/2006 CF30 Customer Nomura International Plc 01/11/2007 11/12/2009 (from https://www.fsa.gov.uk/register/indivHistory.do;jsessionid=8f8224796d344e17acb7f29a67df07f1.s6fNml1Ka34InBbv-ArJrwTPoNCNa30Ocybtah0IaNuIahiIb3yIaNfwmxiInxiOahmLc3aTc2SHc30Ka2aToi5hch0Na2TSn7bvq70KagTAqQ4InQXQ-BjF8NaTch4RawbMnkrDqRfzqwbMnkrDqRfzqwbynknvrkLOlQzNp65In0__?sid=574708)

Pelham, Miles Christian Key dataPositionsSFC licences CurrentHistoryFAQ SFC roles Organisation Position From Until Total Return CAGR 1 BARCLAYS CAPITAL ASIA LIMITED Rep 16-Feb-2012 30-May-2013 2 MIZUHO SECURITIES ASIA LIMITED Rep 5-Sep-2013 3 Nomura Asia Investment (Hong Kong) Limited Rep 4-Jan-2010 19-Feb-2010 4 NOMURA INTERNATIONAL (HONG KONG) LIMITED Rep 22-Aug-2007 24-Aug-2007 Rep 4-Jan-2010 19-Nov-2011 5 NOMURA SECURITIES (HONG KONG) LIMITED Rep 4-Feb-2010 19-Nov-2011 (from https://webb-site.com/dbpub/positions.asp?p=90675)

No previous directorship experience and looks like a general trader type. Why on earth would Obtala seek him out to be a NED? I don't think they did. When coupled with the 12.8m shares he and his partner own this has Activist Investor writ in large letters all over it.

edited from the RNS: "Miles Christian Pelham (aged 37) ... is currently based on Hong Kong and has worked in finance for the past 18 years, during which time he has held senior investment banking positions at some of the worlds' largest financial institutions. His experience ranges from running trading desks to bond and financial instrument management. Directorships and partnerships currently held or previously held in the last five years by Miles Pelham are as follows: Current None Past 5 years None"

Q: if POL get more, who loses? How does this work? (I have always liked Ironstone)

A quick look at the posting history tells you all you need to know Member Info for honestmoney Member Since: Wed, 8th Jul 2015 Number of Share Chat Posts (all time): 17 Number of Share Chat Posts (last 30 days): 17 - all the posts have been on OBT, it start with a "something stinks" post and has been an information-free drip of negativity since. No wonder the filter button has been clicked so fast, some people need to be a tad less obvious and transparent.

No reason? Now then, what has been happening in West Africa recently that has been impacting on things (e.g. in SL)? What's been happening to the iron ore price? Did WAFM find the DSO they wanted to (er nope, just loads of bog standard stuff no-one wants). Do the BOD and major shareholders keep re-setting their warrants/options to a lower exercise price as the SP drops so they are always in the money even when they oversee a catastrophic destruction of shareholder value? Were a major shareholder so peed off that they sought (and got) the removal of Mauve? No reason at all, lol.

Read the warrants RNS and the comments about liquidity. OK the warrant issue has been addressed but the liquidity issue remains. You might be able to buy here, but exiting might not be easy. From the RNS about warrants: "Net Asset Value of Ordinary Shares and Future Prospects of the Company As at close of business on 22 April 2015 (the last practicable date before publication of this document), the share price of the Company's Ordinary Shares on the AIM Market of London Stock Exchange plc ("AIM") was 6.38 pence, a premium of 1.38 pence to the Warrant Exercise Price. As at the date of this document, the Company has cash and cash equivalents of £507,400, representing approximately 1.5 pence per Ordinary Share. At the date of this document, cash (and cash equivalent) per Ordinary Share is 3.5 pence less than the Warrant Exercise Price, and 4.88 pence per Ordinary Share less than the price of Ordinary Shares on AIM on 22 April 2015. Since November 2014, the Directors of the Company have conducted due diligence on a number of investment opportunities but as at the date of this document, have not approved any transaction, or signed any term sheets, or letters of intent. In what remain difficult market conditions, the Directors continue to look for the right deal for Shareholders, but there can be no guarantee when such transaction will be completed, or what the terms of such transaction will be. Liquidity and Volume of Trading Between 2 January 2015 and 22 April 2015 the maximum number of shares traded on AIM in a single day was 1,169,240 Ordinary Shares on 12 Jan 2015, for total value of £55,538. There have been several trading days on which no shares have traded. As at the date of this document there are a total of 44,674,283 Warrants outstanding. WARRANT HOLDERS SHOULD BE AWARE THAT THE LOW LIQUIDITY OF THE COMPANY'S ORDINARY SHARES COULD NEGATIVELY AFFECT THE PRICE OF ORDINARY SHARES ON AIM SHOULD A LARGE NUMBER OF WARRANT HOLDERS EXERCISE THEIR WARRANTS AND SEEK TO REALISE THE VALUE OF THE SUBSCRIPTION SHARES ACQUIRED. "

"As at the date of this document, the Company has cash and cash equivalents of £507,400, representing approximately 1.5 pence per Ordinary Share." No assets, empty shell, trading at 4x cash (about double what you'd want for a shell)

It's a pure equity deal, no cash changing hands. KUL was a bit of a basket case. Dattels came on board to try and do something in natural resources - looks to have failed to ID any nice deal. So Plan B is to offer his old mate Jim Mellow a wad of shares in KUL in return for Jim finding some biotech or fin tech deal. Thing you need to watch here is minimal liquidity, and a MCap that is way in excess of the cash (much more than would be attractive for a shell). The wad of warrants in the background was also an issue (although some of that may have been sorted as per the recent RNS). Read the previous RNS and the warnings in bold at the bottom about the share trading way above intrinsic value - they spelled it out.

No I'm afraid I don't believe it. There's clearly a massive backstory here that they are not disclosing (and indeed have been told not to disclose). Ivan is putting a positive face on it (that's his job) but that's just spin over what is clearly an almighty road crash. Let's be frank here. AIM has some really really dodgy companies on it, and some NOMADs that will quite happily represent them provided they get their retainer. For an existing AIM-listed company to be turned down time and time again by other potential nomads (four!) tells you there is a massive structural problem. We'll never know the full story, but if the fine chaps that compose the more "tolerant" end of the NOMAD community won't touch it that pretty much tells you all you need to know. ... and the pig got up and slowly walked away.

Your nominee account still holds those shares, they are just not on AIM any more so you can't trade them. I had a de-listed company and ended up getting paper certificates in the end. The company now contacts me directly (they are an investment co in realisation mode). SIPPs have traditionally been more tolerant of assets than ISAs so may well be that you can still hold the shares in the SIPP. The issue will be what you do when you want to sell - which means you need them to be listed on some market somewhere so you can match a buyer

Its admission to AIM has been cancelled (it was previously suspended), The shares themselves obi haven't been cancelled, simply admission to trading on AIM.

LSE publish it http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html?nameCodeText=AIM&searchType=searchForNameCode&nameCode=AIM&text=&rnsSubmitButton=Search&activatedFilters=false&newsSource=ALL&mostRead=&headlineCode=ONLY_EARNINGS_NEWS&headlineId=&ftseIndex=&sectorCode=&rbDate=released&preDate=Today&newsPerPage=20 If you put "AIM" into the search term it pops up. Not sure if you can get alerts for it though

The reason there's no RNS here is that cancellation RNS is issued by AIM and not by INC, so it doesn't get added to the INC feed. But yes, the correct cancellation RNS did appear at 7am, just not where you expect.

Yup me too. Live and learn.