Member Info for Sageman

Steptoes, oh person with “deep inside knowledge”. If SS is so good why has the value of the assets that he purchased dropped so much in value as evidenced by the market cap. Why didn’t he realise that each time he did a placing the resultant share overhang and persistent sales would decimate the value of the company? If his actions are so additive why hasn’t he purchased any shares so that he can reap the rewards? I wonder if you were bullied at school and now trying to get your own back. Also just because you are a sad git paid to ramp here and with nothing else to do doesn’t mean that others are in the same sad place. Less is more and most people here have read far too much of your repetitive ,rude, disrespectful, poorly researched drivel.

Here’s hoping Suemay

Tymers the investment case here was plain to see . For me UKOG is under 2% of my portfolio with the bulk in trackers, gold and boring stuff. The portfolio was at an all time high a week or so ago before the Corona virus despite UKOG. UKOG can still come good but the financial mismanagement of SS was a shock. I initially thought that he had a cunning plan and knew things that others did not and gave him the benefit of the doubt. Time has proven that he was just a gambler and now we just have to cross our fingers.

Drinkalot, debt and shares are NOT the same thing at all. Had this been funded by debt the MCAP would not have tanked and the SP wouldn’t be 0.6p!

PCS I have 18m shares and have been a holder for some time so please do not lecture me about balls and patience. This went wrong last February when SS suddenly decided to go all in at HH. There was no need for this huge gamble and thus far the gamble has decimated the SP and the mcap driving the SP down by 70%. I know little about the oil industry but bucket loads about finance and the financial ineptitude displayed here is shocking. Nothing we say here now makes any difference but rappers just **** me off. We now just have to cross our fingers and hope that the water is solved and that SS is able to do all the things he promised. But sadly even if he does best case is 2-3p due to the dilution as opposed to what could have been. I expect to get out unscathed. I expect the oil to flow. But SS is not fit for purpose.

Drinkalot, you are right we still may get lucky - fingers crossed. But forget the sp and look at the market cap. ..£46m. SS has driven us into the ground. Look at what the market cap was a year ago before these great acquisitions . SS has wiped millions off the sp and market cap through financial incompetence. There is no defence for such wealth destruction. I do not know why he is still employed.

HATS, the great wealth destroyer SS has turned UKOG into a **** or bust outfit propped up by endless dilution and the sp reflects his lack of business sense. The job is yes to build a successful but not at the expense of beggaring your employer ( that means us shareholders). He may get lucky but dilution has waved goodbye to big gains here. Instead of buying everyone out he should have used strategic partners, spread the risk and then used the resultant cash flow to fund other drills. Sadly this pilchard has gone **** or bust such that if this doesn’t work any future capital raise will dilute pretty much all value ....0.2p. I continue to hold and cross my fingers that the gambler gets lucky and we walk away unscathed./ in profit. Business should not be like this.

I think that we all need to move on. The past was shocking and shameful. Moving forwards 2-3p is now possible. A long way short of many people's B/E but that the Aim casino. I am holding but would not add unless I could sell and buy lower as I do not wish to increase my financial exposure. Others will do as they please. But can we stop moaning endlessly about the past..boring/pointless!

Tymers, agree all you like but the professional opinion of SS hubris is reflected in the sp. The reality is that the way this has been played we now need one thing ....luck. Business should not need luck but that is where this tool has led us. He couldn’t manage a Punch and Judy show.

Ok Penguin. £50m mkt cap. But what was it before the great wealth destroyer went on his do or die mission to buy everything in sight irrespective of dilution and shareholder value. As you said “do the maths”. The sp tells you what the market thinks. So £270k to destroy several million of market cap.... I wouldn’t pay him £5. If we make money here it will be despite the antics of this amateur.

The CEO is employed by the owners and a primary job is to increase the value of their holdings. SS is the great destroyer of wealth and has failed dismally. How he remains employed is beyond me. His saving grace may be that despite his poor management the oil flows and saves his bacon. Here is hoping!

I think that you will find that if others are doing due diligence there will be NDA’s in place ( non disclosure agreements) so “radio silence” is to be expected. Interesting that the price is not dropping back as predicted by some here!

Ok I will help. With M&A there is significant due diligence that is done. Often with takeovers whilst this is ongoing the potential purchaser is offered exclusivity because the costs are huge. But there is no exclusivity here. The offer is in the public domain but neither fixed nor binding. The door is open to others and AA are far from committed. This has a long way to go. I hope this helps.

I have said it before but I will repeat. I know bugger all about mining but have been in finance all my life and have dealt with first hand mergers and acquisitions. This is not a done deal. AA have not committed and others are not excluded. I am encouraged that someone sees good value at 5.5p and hope others will to. Some will sell now , some will wait. Personally I am holding. Do not let those who know the square root of zero about M&A influence your decision. No one knows how this will roll from here. You may benefit from selling but holding may be best. This deal is far from done.

Sadly too many people here do not understand even the basics of investing as opposed to gambling. High risk can be high reward or no reward at all. I am in a loss situation here but I only ever invested 2% of my holdings. My 1% loss is annoying but was more than offset by the December bounce. Investment is about diversification, research and patience. If you invest in a potential multi bagger it is only such because of high risk. I feel dreadful for those who have lost money that they can’t afford to lose but we are all adults and must accept the consequences of our actions. My fear is that for some the consequences have been dire...delayed retirement etc.

Johney "all the risky stuff is done" Dream on. If the risky stuff was done and profits were secured then we would have a queue of buyers. I do however agree that a 3rd party may also find SXX attractive but they have until February to show their hands. AA are trying to prove the investment case to their shareholders. However, in so doing other s will take note. I have seen many takeovers and buyouts in my career and very often the purchaser is not the initial bidder. This is especially the case here since there is such a long lead in time. I may know bugger all about mining but I have been in finance all my life. This is far from over and CF is NOT in control at this stage.

Its actually over £350m for a hole in a field! Also it is not up to CF who buys it. It is up to the shareholders. My B/E is circa 12p thus a deal closer to double digits combined with an investment in the buyer could easily get me my money back. I guess it all depends on your B/E and what your expectations are at this point.

Forgive me guys but I was talking about investment not outright gambling. If your sale of SXX is worth only a few thousand it was always unlikely to become £1m, lol! Personally I am talking about getting my money back and having exposure to this project in future. My hope is that another bidder will emerge and the SP will rise closer to double digits. Then buy the buyer and participate in the mine growth with its dividends etc.

No I am not selling. I just posted on the link. I believe that when/if this is bought out you can take the sale proceeds and invest in the buyer.

I had a share that went as low as 2.87. I was told it could go bust in February. The SP is now circa 5.5p. If AA buy then mine gets built. If I believe in the project I can buy AA and further benefit from the mine. The AA offer significantly de-risks this share and in the meantime they are trying to keep their own shareholders on board by telling them what a great deal it is. If it is a great deal it will not be lost on others who also want a Tier 1 asset. My hopes of getting my money back on this mine have massively increased. People need to look beyond SXX and think as the mine as a project and how to get long term exposure to it. I expect other options and counter bids but everyone has the right to their own view.