RE: ARCM played a blinder7 Oct 2020 08:55
I’d appreciate if you could respond this email with answers to the following questions so I can provide you with the most appropriate guidance.
When did this situation take place?
What was the structure or form that the short position took?
Who are the creditors in question?
How do you know this has been the case?
Do you have any proof of this?
The short was taken around January 2020, without any notification to shareholders.
It was a hedged short position by the creditors ARCM Asia research capital management.
This may sound simple precedure for a hedge fund but as I said the short was undisclosed which they later used against us (premier oil) to stop us buying more producing assets.
We then had to issue 82m new shares to get them to accept the deal of buying more producing assets ( off BP) which they used to pay off their short.
The short was taken out around £1 region of the share price and then they used our new equity to close the short around 25p. No rise in share price, no loss of profits, just completly free shares to lock in huge profits at the expense of our dilution,Almost like a ransom,“give me x amount of shares to close my short and I will back the Bp asset purchase”.
As of today it turns out they didn’t stick to their end of the deal as they continued to object against the purchase and and by the looks of it called in the debt.
The shareholders of Premier oil have been strung along with false information and false hope while being bled dry to pay to lock in their huge profits from the undisclosed short.
We now face a takeover at around 65% less than what the share price was in the height off the pandemic.
Of course I have no proof of this, this is your job to investigate,but the RNS news statements are all there for you to see and make your own conclusion and I’m sure it will be the same as thousands of other premier oil investors,corruption.
Yours sincerely
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