Member Info for oldspursfan

My own thread? Lol
I think you're right Toffers, and you're not alone in thinking right now the BoD are stuck between a rock and a hard place, and can only really sit and wait this war out.

I've checked back to the Company Articles, and since both Kataro/ the Japan strategy, and Artem/ speed up the sale strategy, were elected at last year's AGM, as Non Execs they are in for 9 years before having to seek re-election.

So if thats the strategic timeframe, what's happening now can be argued is "tactical" - and probably will be when CS has to account for the last 12 months.

Abelo, shut up you goon!
Toffers, when decree 520 was invoked back in August the general consensus was that we wouldn't fall foul of selling to an unfriendly country, as the focus is BRICS, not Western suitors.

However whether we will be caught by the fact that we are listed in the UK and Germany, and therefore the beneficiaries of the sale will be mainly domiciled in "unfriendlies", is more in question.

The BoD have referenced the sanctions as part of the wider context of their operations, but not as something directly impacting their ability to sell (or execute their strategy). Indeed, when they have said anything, they have said the opposite is the case, and gone so far as to expand the BoD whilst the war was ongoing in order to speed it up. Evidence of such speeding up is a different matter.

Make of all that what you will, nobody knows what the end game will look like, or when it will happen. Meanwhile, and this is not advice, but it's not all lost if you can sell. Good luck in what you decide

Trowtech
The problem is how does that square with the credible party's proposal? Was that "material"? By your definition yes it was: quit FSP, potential significant dividend etc etc.

So as CS allegedly said, 8 months after the DD was "successfully" completed, that "no material offers" had been received, he must have meant something else.

As there is no real concept of materiality when it comes to M&A: offers are either formal or not, accepted or not. I believe CS pulled the word 'material' out of his ass when put under direct SH pressure, to make it sound better than "No offers received". Same as "successfully" completed sounds better than just "completed" but means just the same, as nothing has happened since.

Appoint first, discover they can't progress later, keep them on regardless.

Mind you, this is a BoD who have been busy expanding the company whilst trying to sell it, announcing binding agreements and strategies referencing EUA v2 before v1 was fully sold.

So whilst that opening line sounds absurd, strangely it's not out of character in recent years.

Guess not, but then again the board appointed new recruits in the context of a global pandemic and European war. So I guess they overlooked it too.

Goodnight abelo, sleep well.

The trouble is you can never be 100% sure what the BoD actually mean when they state things like that re the possible sale. Dont forget the whole section started with:

"The Company continues to consider options for the sale of all of Eurasia's interests in Russia."

We're well into Year 4 since the banks RNS and this is as far as they have got? The whole world and his wife "noted" the precedent transaction, and were hoping for a bit more, rather than the BoD saying "oh yeah, we saw that too". Notice also the opening line above doesn't include the word "received". Do we have anything left on the table next to the corpse of the credible party?

It could be that they referenced AMC purely because everyone was asking, and hidden within that statement is a "F-You Robin Young, youve taken away our can kicking excuse we had lined up for the foreseeable, just when our speed up merchant Artem was looking forward to another year's Director fees".

And what exactly has our Japan office achieved in the last 12 months? Considering it was an overdue corporate and operations update, would have liked to have seen something on the other reason we have expanded the board. I guess we will have to wait for the annual report to see all those achievements.

I said when it first came out, i couldn't see a single strategic decision that had been made since the december stockpile. It reads like all they have done is avoid making a decision, even when license arrived and the Rosgeo window expired, nothing decided.

We've now had over a year of the main strategy therefore being "Not today, thank you"

Or, just for balance, we could have a sale announcement next week.

Was going to say my timing was spot on. However, based on that I'm struggling to find a single definitive strategic decision that has been made in the last few months.

Salaries and fees all round!

Sadly Del it looks like number 5 needs a "days ago" counter as well.

Salt meet wound...

Looks more like deletions all round!

"Happy Easter: Admin" lol!

I think if you changed the word "arms" to "bank account" it better reflects the BoD's current attitude...

Hmm, sounds to me like you don't know what you meant, haven't really thought through anything, just posted a load of tripe for a reaction.

Shame really.

Hi PT, couldn't resist...

You mention it being "all over". What does "all over" mean to you? We've spent years at a crossroads, either selling or mining. Do you mean when you say it's "all over" that the board will either conclude a sale or decide to mine?

I'm not the only one tired of the inertia, and would welcome a decision one way or the other. Neither, once chosen, lead to imminent insolvency, whereas dithering may well impact cash reserves.

I think if stork put on a short when he and others like TW, GaryN et al were saying it was short material (i.e. way back when before CITIC suspension) they would have been properly jubbed on the rise up.

No way he spent years dissing the company only to finally put his first short on at 40p+

He would be quids in if he did, but I reckon that's all BS. Same with the rest of the "dead-cert view for your money, but not willing to risk my own" crowd.

IKN, last I heard the only thing that definitely happens on 26th March is the original Rosgeo agreement from 2021 expires.

Not seen anything to say renewal will definitely happen - it could be extended or renegotiated, it could also just lapse, or we get a comprehensive update on what the BoD have decided to pursue, and agreed with Rosgeo.

All.options still open, no?

AIM Rule 15, before anyone complains.

Ah that old chestnut hurly.

So, anyone who is old enough to buy shares is old enough to understand Non-Disclosure Agreements.

My point was it seems strange given the level of BoD comms and BB chatter that absolutely everything is under NDA.

But with the notable exceptions that a) that a credible party exists who have made a proposal; b) their offer would trigger Article 15 and could result in a significant dividend; and c) they had "successfully completed" their due diligence.

That isn't covered and could be announced. Yet everything else since is...?

Non-Disclosure Agreements are one thing. The BoD are demonstrating a Non-Disclosure Attitude, which is something else entirely...

PP - Yes!
Though tbf that was before the "obvious" requirement for the latest DFS, two years further down the line, before any offers (at all) become formal.

Despite the BoD never saying at any point in this sale process that any potential buyer has specified anything at all be put in place before an offer lands.

And before anyone shouts "NDA!" The BoD saying they are working with a potential buyer to address prerequisites to an offer would actually be a step forward and so far as I can see, not breach any NDA that could realistically be in place.

Hell they were happy to shout that the credible party had completed due diligence, so how could that NOT breach an NDA yet anything else they could update us on would?

CTC I think TW would parrot the same line as OilManJim when he was challenged that his "its heading to zero/ surefire short" just as we were racing to upper 30s and 40s, was in reality a bit of a bad call:

"I have no position currently"

So happy to spout cast iron "opinions" for others to risk their money, but not putting their own money where the mouth is.

Any credibility went out the window at that point.

Just to add, people focusing on whether or not dividends will be allowed to investors from unfriendly countries are forgetting that the value of any deal will be reflected in the share price long before any divi is proposed or paid.

If the BoD announced a £1 per share deal had been formally offered (subject to vote) and they recommend accepting, the MMs have to reflect it. Unless Putin's law includes him telling foreign markets what to set the shareprice at?

I dont want to reopen or rehash the cgt vs dividend income tax debate from what feels like forever ago, but you can benefit from the sale immediately by selling shares, if you don't believe a divi will be allowed near term.

If the company can't pay a divi they will just have to sit on the cash until they can, investing in EUA v2 as needed in the meantime.

There's isn't much I'm feet up/relaxed about, but on this topic I see no reason to fret.

GLA

I think you may be right Pompal. Trying to think of the next defined milestone on the timeline: end of March? Thats when the Rosgeo JV window is due to come to an end. Fully expect it to be extended, but will be some news either way at least.

Aside from known unknowns like approvals and offers or (God forbid) sanctions, is anything else due earlier than that?