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Taverham, I believe there have been warnings in the RNS's around the half year results and the formal sale process last year but the official accounts always to tell the bigger picture.
So many companies post RNS's that say we are "pleased" or even "delighted" to report, then give you a lot of highlights and as you get further down the page the downside appears where it can get overlooked.
A lot of RNS's are certainaly not as transparent as they should be.
The Realist, as you say pretty basic stuff and simple research, most here just need to read the FLYBE Limited accounts of March 18 on Companies House, in particular the Going Concern notes. The writing was on the wall back then and sh's warned. Problem is a lot here just don't understand the company structure.
Worth looking at all of the charges registered against them as well.
I cannot, imo, see anything that anyone can do to change things.
I was shafted by the Northern Rock debacle which did have valuable assets but no one has been able to do anything about it. Ironically there is a common link there beginning with V !
Optrade, FLBYE GROUP PLC, which the shares are in do not own the assets, they are in FLYBE LTD which is being disposed of therefore the shares are worth 0p. Connect could argue they are being generous in offering 1p to shareholders as compensation for what amounts to nothing.
It is saying you are only shareholders in FLYBE GROUP PLC which will be worth NOTHING once the disposal of the trading arm is completed. SH's have NO say in the disposal of the trading arm but will be entitled to vote on receiving 1p for their stake in FLYBE PLC. So 1p per share that is worth 0p!
Take a look at Companies House and see the lengthy charge that has been placed against FLYBE GROUP PLC on 11th January. i's dotted and t's crossed imo. If I still had shares I would be getting out at this price whilst you can. If the 1p offer is turned down by SH's then I guess there will just be a stalemate with the share remaining in place in a worthless company.
So basically shareholders here are left with shares in a non trading company and can vote not to accept the 1p which is technically worth nothing if they wish.
Some clever people in the background covered all the angles on this scenario a long time ago.
Sorry for all of you still in here, I sold out on the initial drop having learnt from experience with the Northern Rock closure where I lost a large sum due to little plan somewhere in the background that ironically involved Virgin!
Considering the news flow today
Another one who doesn't understand how the stock market works!
If we see a suspension RNS at 7.30. I would have expected a 7am RNS to either confirm or deny the media speculation which we have not had. If this opens at 8am I cannot see the trading pattern being an orderly market hence the need to suspend. All imo of course.
Baits, I still conclude they top sliced asap, which is sound investment practice and in the best interest of their SH's.
How can you be sure they are nearly out.? In the scope of the number of shares in issue a 5 or 10 million trade is nothing and could be any investor. Unless there is proof by RNS the it is all supposition and too many are hung up on it.
SOLO's plan was to realise their approx. £1.3m gain on the shares, top slicing most of us would call it, which equates approx. to the 58m sold. They then have the option to sit on the rest and enjoy a healthy profit if UKOG goes to plan or dispose of as they see fit.
IMO they are still very much in the game but below 3% so do not need to notify anyone of further disposals if they choose not to. Whether they are in or out makes little difference to the share price as I see it. Is what will make this move up considerably is some firm revenue figures for UKOG once all testing is finished and evaluated and that will be some time off I feel.
Quoted below from a SOLO RNS;
Horse Hill Disposal
In August we were pleased to have delivered the first real monetisation event in the form of our disposal of direct interest in Horse Hill Developments Limited for shares in UK Oil and Gas plc for a total consideration of £4.5 million in UKOG shares. This material transaction delivered a return on investment of 45% on Solo's total investment in HHDL since February 2014 and a 50% return on the purchase of an additional 5% of HHDL purchased by Solo in February of this year. This has been reflected in the fair value gain of £1.3m in the Interim Statement of Comprehensive Income. Importantly, the transaction releases the company from future direct operational expenditure at Horse Hill but ensures exposure to the potential of the projects within UKOG's diverse portfolio, especially at Horse Hill which could see material catalysts if the ongoing long-term flow tests establish the commerciality of the project. As a significant shareholder in UKOG, Solo will monitor progress closely and will have the ability over time to sell some or all of the shares for cash.
Hopen, I was looking at the testing period yesterday. I think we are only 116 days in.
As I see it the consent is for 150 days from the start of the first flow test. On the 13/7, see RNS, this had not started. The RNS of 18/7 suggests it had been running for 4 days so taking all into account I make today number 116 so we should complete on 10/12.
Any one else agree?
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Thanks DHC.
Rosewall, you will not necessarily see an immediate increase in SP on a buyback but it all helps to strenghten the companies position, including its P/E ration which in term will hopefully lead to more attractive dividends. Once we get to this stage the sp will move upwards as investors buy in to the more secure investment.
I keep reading about share dilution, mcap etc, etc all of which is irelevant if you intend to be a LTH for the big rewards.
I cannot see anyone taking into consideration that once UKOG is cashflow positive, and we will be talking sizeable amounts per month, then it will most likely initiate a share buyback programme to reduce the number of shares in issue. Lloyds has just completed a £1billion buyback in a short space of time.
If all goes to plan UKOG will go for main market listing and part of the process will be to tidy up the number of shares in issue.
If people are trying to work out company values now it is a complete waste of time imo as 2 - 3 years down the line here will be completely different.
Oakleaf, the RNS of the 18th does say " Note that in order to collect the required data during these steady state flow periods, rates will likely be below any future optimised production rates" hence lack of tankers.
Also if you look back at the history of the first HH test you can see there was approx 2 weeks between RNS's for this phase of the testing. In addition they have had a shut in and are testing at a slower rate so I am not expecting any updates this week.