Member Info for OldLag

Over on UJO's LSE bulletin board Brendon Butter has posted "Having already more than likely breached the Company’s Act and misused his powers in office, Bramhill continues to dig the hole into which he will ultimately be buried. The research note from Zack’s SCR is not only pure (heavily paid for) propaganda, it is also, in my view, a clear breach of the Takeover Code. Neither UJO or RBD are allowed to publish (either directly or indirectly) unvetted research and/or financial projections during the offer period. Shareholders have the right to equality of information, which this report is clearly not. I suspect the Takeover Panel has already taken action, hence the sudden blackout of UJO’s digital media. Deary, deary me." .....And I see that UJO's own website link to their X account is no longer working.

A proppant squeeze was carried out successfully by Egdonat Wressle in either 2022 or 2023, and it improved oil production nearly 10 fold. So there!

ADVFN Board: "I don't see how the incumbent Directors have the authority to 'negotiate' anything having quite likely to have been voted out of office at the AGM. Has anyone seen the vote for that?" Well, that's a "No" as far as I'm concerned .... I believe the former director Johnny Americanos didn't know the AGM voting outcome. It's quite possible that it wasn't made known to the Company Secretary either. It's not exactly good corporate governance is it?

In spite of their many other faults, neither Reabold's nor UJO's 2025 accounts are over due as both were published in late June. Otherwise, I say .... "a plague on both their houses".

From Reabold's board: "UJO Shareholders are going to take this deal because their management is a complete disaster"...... talk about pot and kettle! I reckon the RBD and UJO management are equally poor.. They are like a pair of drunks propping each other up against the bar, and trying to get someone to buy them yet another round of drinks.

"UJO Shareholders are going to take this deal because their management is a complete disaster"...... talk about pot and kettle! I reckon the RBD and UJO management are equally poor.. They are like a pair of drunks propping each other up against the bar, and trying to get someone to buy them yet another round of drinks.

Hi itsawrap. Thanks for that; it looks to me as if Reabold is in rather worse shape financially than UJO.

Reabold's offer for UJO is derisory. It's backed by a share price which is on the slide as it was about £1 in mid May. UJO was a going concern when the 2025 accounts were published only a few weeks ago, so why is it suddenly no longer a going concern? IMO this is scaremongering by UJO's board in an attempt to rush their shareholders into accepting a very poor offer, so that Howie et al. won't get an opportunity to run the company. The two UJO exec. directors won't see a full year's salary either, so that's some consolation, I suppose. However, as a UJO shareholder, I definitely won't be accepting this very poor offer.

Reabold's offer for UJO is derisory, and it's backed by a share price which is decidedly on the slide. UJO was a going concern when the 2025 accounts were published only a few weeks ago, so why is it suddenly no longer a going concern? IMO this is scaremongering by UJO's board in an attempt to rush their shareholders into accepting a very poor offer, so that Howie e tal. won't get an opportunity to run the company. The two UJO exec. directors won't see a full year's salary either, so that's some consolation. However, I won't be accepting this very poor Reabold offer.

I've just noticed the TR-1 from TBI Investment Management Ltd. They are based in Hartlepool and are apparently the city's leading firm of solicitor / investment managers. Previously they held less than 3.0% but now they have 4.22%., and I've been told that they are supportive of Craig Howie and Johnny Americanos. This indicates that UJO's top three shareholders now have nearly 20% between them.

Reabold's Auditor has "flagged a material uncertainty over going concern, noting the A-2 recompletion will materially deplete cash ...(and that)... further funding will likely be required". It's very helpful to know this. UJO already have already arranged to borrow £1 million from Egdon. I'd be willing to bet they've now drawn it down in the hope that it will pay the UJO board's severance package.

Reabold's Auditor Forvis Mazars "flagged a material uncertainty over going concern, noting the A-2 recompletion will materially deplete cash ...... further funding will likely be required". It's very helpful to know this, especially with UJO already having arranged to borrow £1 million from Egdon. I'd be willing to bet they've already drawn it down in the hope that it will pay the board's severance package.

Reabold's 2025 results were finally released this morning. Over on ADVFN Kim_Clay says: "Of course RBD are interested, they only have two “assets” and no material cashflow. WN the “largest discovery since Wytch Farm”, except its gas and despite a number of wells hasn’t yet flowed. Why do they need another 16.6%? They have 80% already. B(e)acon: they own a slice of B(e)acon, who own a slice of LNE, who in turn own 90% of LNE Italia which owns Colle Santo, plus an IOU from any B(e)acon cashflow, once LNE have raised the ~ $30mm to develop it including $10.5mm to pay who ever previously owned LNE Italia. No mention of Gunvor any more, so who’s going to provide the $10.5m as well as the Devex?

Why would UJO holders want a minority share of what they already have, plus more of WN, and an as yet to be approved and unfinanced Italian gas field, and an even more expensive management team? RBD need this deal for cashflow, and UJO need this deal to avoid a reconvened AGM. Does anyone see it any differently?"

Over on ADVFN Kim_Clay said earlier today: "C'mon Malcy - we're all waiting to see what you have to say".

Personally speaking, I thought it very sensible of Malcy not to comment at all about the current goings on at UJO on either Friday or today. But then, it's UJO that pays for his highly valuable service, isn't it? (!!)

I don't know about a possible de-listing. But if I was working for SP Angel, who is UJO's NOMAD, I'd be asking the company a few serious questions today.

The current situation with UJO's board is a complete farce. On Friday three board members, who almost certainly had not been re-elected, but didn't have the courage to tell us at the AGM, voted off the board a director who had very likely been re-elected. This is not shareholder, or any other form of democracy, is it?

If the Friday's RNS is genuinely saying that there will be another AGM vote, can the current directors really imagine that they'll get more votes than last time? I don't think they will, nor are UJO's shareholders very likely to accept Reabold's possible "all paper" offer, unless it's extremely generous.

I think the 26 June AGM vote can't be null and void because the AGM was adjourned, and is to be re-convened at a later date. This will presumably be some time after 13th July. I think we'll have to wait until then to find out the outcome of the voting for directors and the other AGM resolutions. But IMO they will have to tell us reasonably soon, even if they continue to draw their inflated salaries until then.

I guess I'm not the only one here to find it ironic that John Americanos has recently left UJO's board. Until Friday he was probably the only director who was re-elected. Since the postponed AGM, though, he has been forced off the board by a cabal of the three other presumably non elected directors. I do hope that we won’t have to wait until the re0convened AGM, presumably sometime after 13th July, to find out the actual voting outcome.

If Reabold bids for UJO, as a shareholder in both companies I can't see myself voting to get more RBD confetti in exchange for my UJO shares. Maybe UJO's shareholders would be better off giving Craig Howie a bash at running the company, rather than the present crowd. If that were the case, I don't think a bid by RBD would be likely to be recommended by UJO's board.