Member Info for OofyProsser

“Shareholders who sought an open offer would have been fully aware this would require an increase in the nominal value of allotted capital by comparison to the AGM's resolution 6.”

Ocelot, I don’t understand this. what does “an increase in the nominal value of allotted capital by comparison to the AGM’s resolution 6” mean?

Forgive my ignorance, but are AIM companies allowed to do share buybacks!?

I hope P W Well Services didn’t give them a discount..

*writer’s cramp.

The usual suspects have been rubbing away so furiously, trying to work up a shine on this turd, that they've developed wrtere’s cramp.

I’ve noticed with duds like this that in the final stages before they're suspended, a sort of resignation sets in on the bb’s, expressed in gallows humour. It’s quite good fun but you’ve still got money invested here. Snap out of it, it’s not too late to sell!

gkb47: I don’t think they’d like it. There would be a new resistance movement. They’d go underground.

gkb47: they’re issuing new shares here faster than the Weimar Republic issued banknotes. A good thing you no longer need share certificates, you’d have to book a furniture van to deliver them. This company’s share issuance will be in economics text books soon under the definition of “exponential growth”. You wouldn't want to be the holder of a quarter of a billion of these for long, would you? Unless PW Wells are mug pumpers?

Thanks Ocelot. Investors now have to decide whether they think the recipient of these 200+mm. shares have sold some in advance or whether they’ll drop onto the market in June.

Bully9: it won’t matter if the price goes to 0.10p, there will be twice as many shares by then.

gkb47: put like that, it’s beyond deplorable, isn’t it? What will happen to those tax losses? Is there no one who knows how and by whom they can be used?

Trollhunter2: time and money are precisely what UKOG hasn’t got and their ability to stretch them both out appears to be diminishing quite rapidly. If I were to keep doing Euromillions every week for the next 100 millennia, the chances are I might win.

The RNS’s concerning the terms of the proposed Prism deal are not encouraging in terms of the return of any cash to ex-shareholders of Finablr. The Prism acquisition cost is $1. There is an undertaking to support efforts to get the stolen money back from the miscreants, up to a maximum of $190mm. but this is likely to go to creditors - assuming they find any of it. Still, you can't sell the shares so good luck with the deal. You never know.

Hasn’t it been known on the AIM for companies to anticipate shareholders’ permission and place shares in advance of the General Meeting? If so, it’s possible there’s some insider selling already today.

Ocelot: I know you know better and your post is disingenuous and misleading. The placing shares will be in the hands of the placees before a rights issue can be concluded. The placees will have sold their placing shares in the intervening period and the share price will have gone down to a level where it offers no attractions to existing shareholders to take up their entitlement. The company will then merely use this as evidence that rights issues are not appropriate for UKOG.

When will all this stop? If Turkey is a dud, will shareholders still be willing to stump up even more funds for further speculative efforts in increasingly dodgy jurisdictions? At what point do investors realise that they’re the patsies in the game and leave the table with what little stake remains to them?

Skwizz: it was really the potential use of these “tax losses “ to a potential bidder that I was trying to get at. If they can be used by a larger company with strong cash flow, then they represent a value to UKOG shareholders. I've raised this elsewhere a number of times, including recently on the AAOG site, without getting a knowledgeable reply, as far as I can recall.

TurnaShilling: yes, there’s no doubt that a big oil discovery would see the share price multiply. As long as investors realise they’ve pushed their whole stake onto 36, not black, that’s fine. I know that AIM stocks, particularly oil and gas ones, are speculative but this now appears to be at the extreme end of the risk spectrum. I hope the drill will be successful. High stake bets do sometimes win big.

Gkb47 has referred earlier to the large tax losses here. Does anyone know in what circumstances these can be used? There’s a number of AIM energy companies that have huge losses but no one seems to be able to tell us whether they could be used to defray tax on profits earned by a company that might consider bidding for them.

Ocelot: has Resolution 6 been absorbed into the ether? I can’t find it.

It seems to me that its rejection by shareholders is a fervent expression of concern on the part of shareholders at the quantum of the financial commitment to the Turkey projects, and at the likely effect on the share price of such huge numbers of new shares to be placed to finance them. There’s clearly lots of investors on this bb with the nous to predict what will happen. The placees are not long term shareholders and the new shares will find their way onto the market in short order.

The generous offer to shareholders to allow them subsequently to invest in further new shares on a rights basis on similar terms to those enjoyed by the placees will be unlikely to attract much interest. By the time this offer is made, most of the placees will have headed for the hills, leaving share price desolation in their wake. The management (should the company survive so long) will point to this failure of the open offer as a reason to revert exclusively to placings in the future. Disingenuous treatment of shareholders. Cynical.

You’re clearly not an idiot and equally clearly you’ve had some experience in these matters. How you can express views such as this on the bulletin boards where you’re active defeats me, unless you’re being paid to do it. It’s unfair and misleading to inexperienced investors, in my view.

Ooh, gkb47 very good.. lipstick on the pig. Excellent.

Ocelot: If a resolution fails to achieve the required number of votes, does that not suggest that it’s been voted on? You can split hairs until the cows come home on the difference between a vote on a motion at an AGM and votes cast but not put to an AGM vote, by means of withdrawing the motion, but the fact remains that the shareholders didn't want it. Surely?

In any case, the continuation of this fruitless discussion thread is obfuscating the issues here. It’s a shocking overpaid management and if their latest gamble fails to come up, it’s bust. Though I applaud efforts to get rid of these people, it’s probably too late, unless they get a Gatwick Gusher in Turkey. That’s what you’re investing in. In roulette terms, it’s not on black. It’s all on a single number. The management knows it. If you don’t, you’re the patsy in the game. Not you, Ocelot, of course: you're getting paid either way.

Ocelot appears to be succeeding in getting other posters to indulge in a deckchair re-arrangement here. The point is, surely, that the owners of the company (you) are being consistently gulled by a plausible MD who has somehow managed to entrench himself, on a huge salary, in his position while running your company into the ground. All the while avoiding sharing in the losses and anguish you are all suffering as a result of the Board’s failures. If it’s impossible to replace him, there’s only one alternative. And I don’t mean participating in another money raising scheme, however it’s wrapped up.