Member Info for SecretBlueprint

The whole thread about the 50 million trade was removed, but it may have been my contribution that caused it.

if so, we can try again and see what happens ....
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Good evening Harry

When Malcolm Graham (Malcy) recently gave his views about the NUOG reconstruction as a cash shell, he said that trading would be “choppy” on the day of the EGM. He was right and around 25% of the equity changed hands today for only a 10% fall in SP. Those who did not understand the company’s strategy sold out; those who did bought in.

The cash shell is worth the £8 million of tax losses to be set against a RTO producing asset’s profit which could be earning say £40 million in revenue reportable in UK. There is added value of say £500,000 of avoided listing costs for the RTO target, plus accelerated market listing for the target and its stealth value plus cash in bank. I am saying that NUOG is worth £10 million now as free from Minty, against £1 million market cap. Even future dilution of x5 leaves it in a positive place.

If the RTO asset is highly attractive and has upside, even more dilution will not kill off the added value in market cap. I do not expect cash will be required for the RTO, more an all share deal.

Of course, there has to be a deal and the new directors are not now going to suddenly start looking for something. Scotton and Parsons stitched this up months ago when Scotton talked about acquiring a producing asset in a podcast which is now deleted.

There is some speculation about Cuba. There is a licensing round coming up offshore Gulf of Mexico and there is a final roadshow for licence applicants on 27 Nov, so some urgency is required if this newco is to take part. That is not the revenue bit, that will be a European company looking to take part with East Europe technical support which gets around any USA trade embargoes. Azerbaijan enjoys a good relationship with Cuba, and Scotton used to work there, so as they used to say in the old days “join the dots”…..

I think Bentley is history, I once thought that it might form part of an FPSO asset swap with Dommo in Brazil, but that is long gone and Whalsay Energy is looking at more conventional solutions.

As for the last 12 years under family stewardship, what a tale of hubris, arrogance, incompetence, proven lies and outright fraud (IMO). Waste on an epic scale. MBA study material on how not to do it.

Cuba Energy plc ….Viva Castro!

Anyone with a better analysis? Please join in!
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Marbur

You really do not understand do you?

No no,,,,East River and round the Hamptons and then back to the new pad.

Corner of 47th and 9th Avenue , handy for the supermarket under the Time Warner Center.

Bagger, I agree
My solicitor is already looking at an apartment in New York.

"why do the Directors say nothing about the money MFDevco owe to NUOG"

Because it was never invoiced to avoid paying VAT . It was an accrual in the accounts. The VAT bill is too big to pay from cash, so it will never be invoiced.

Ludo

I think that Company law rather than Minty law must prevail here. All 4 resolutions are inter-conditional if you read them closely. It is not legal to change the voting rules after the GM notice has been published. If one fails they all fail, that is just a fact, and the next RNS would be appointment of a receiver.

Bashing Minty by voting NO to one of four resolutions is self flagellation. You might get a a weird buzz from it, but it will hurt like hell afterwards.

Nigoil
If a drilling rig arrived in the Spring of 2021 how will RKH fund their share of the unfinished prospects from 15/16 ? is it all down to the Italians playing ball and agreeing to the arbitration award?

The problem lies with page 12 of the EIS non technical summary for the Sea Lion development, where Premier states "It is anticipated that drilling will start approximately 21 months after project sanction. "

21 months after sanction is likely to mean September 2021 at the earliest and the Argos licence extension for PL001 is only to May 2021, so it is hard to see how any development rig will fit into that constraint.

Alan is no longer a director, he has no say in the matter. Scotton said it would not proceed unless all resolutions were passed.

Ludo you have just voted for bankruptcy.

I recall that Sam Moody was once overheard discussing Rhea on a flight north from FI and he said that , at 30 Km away, it was impossible to tie back to Sea Lion

Given the responses of Nadhim Zahawi and local MPs in Yorkshire to the failure of the IPA bond guarantee application, I am amazed that the civil servants in BEIS even countenanced it, if indeed they did.

The eligibility is clearly stated in https://www.gov.uk/guidance/uk-guarantees-scheme

UKGS is only available to ‘nationally significant’ infrastructure projects. Infrastructure is defined as any of the following:
• water, electricity, gas, telecommunications, sewerage or other services
• railway facilities (including rolling stock), roads or other transport facilities
• health or educational facilities
• court or prison facilities
• housing

I cannot see a potash mine fitting into any category of that list, not even "other services". What was the CEO thinking of?

It is true that the UKGS is not subject to EU State Aid Rules, but that does not help at all if the project is ineligible in the first place.

Well moonshine, I beg to differ with you.
It’s the job of directors to direct, managers to manage and investors to invest.
When directors have large shareholdings paid from their own money, they are more likely to act with impropriety to the detriment of investors , e.g. swaying votes at general meetings and baling out before things go tits up, because they can.
I prefer directors of a plc to be looking at the company’s efforts so as to reward investors, not looking at the share price so as to reward themselves. They are already paid handsomely to do that. They should not be allowed to acquire shares in the company they manage other than through salary schemes or incentive plans.

There are only 2 executive directors, ie , employees, and as part of their salary they get some shares every month . Every month everyone moans about it, saying how miserable it is that they are not filling their boots.

Stupid comments. It's part of their salary package which has to be RNS, each month every month.

Just when you think it is safe to to make the final investment decision, Kirchner appears again as Vice President in BA, the tail who wags the Fernandez dog. You can guarantee her first speech will be about colonialist gringos illegally occupying Las Malvinas and the need for a shipping embargo.

Groundhog day.

Until the Council's planning committee says "yes" and that decision is formally recorded, there is no decision in law. just wait it out.

Cobra

I think one can safely assume that if any of Minty's wild ideas, from his Advanced Buoy Technology through many iterations to GTW had any hope of success, the company would not be where is is today. I think that GS must have seen from his role at MFDEVCO that it was all fiction and hubris.

Future MBA students will study this.

Yes it's not up to the usual standards of the Sage of Strangeways. Mostly a statement of the obvious rather than insight ( see what I did there ). I would have thought even a reformed crook would see a value to someone in an unfettered £8 million tax loss inside a cash shell with a marcap of £1 million. 4 or 5 subscribers to the placing eh? Him not one of them, I presume.

Interesting that Scotton has been sacked or resigned from the MFDEVCO board , as reported to Companies House yesterday. I suspect GS and AM will not be be sending each other Xmas cards this year. I wonder if the NED, Frank Jackson, was the "agent provocateur" who clearly introduced Graham Scotton , and did so to bring the NUOG farce to an end?

Even Dan agrees there is a useful trade to be had here.

It does not make a scrap of difference to the new direction oF NUOG, but I thought I would read RSNL1990 CHAPTER C-36, and in section 65 it says "A corporation may accept from a shareholder a share of the corporation surrendered to it as a gift", so EOI must have been complicit in today's RNS to "accept" the gift of equity interest from NUOG.

That gift left the corporation without any members which is untenable in Newfoundland company law. So it follows, as night follows day, that someone has acquired the gifted shares to maintain the status of incorporation of EOI.

Minty and Pegram are directors of EOI so they must have accepted the donation.

I can only surmise that the new shareholder members of EOI are either RMRI or PVF or both.

As I said it don't make a scrap of difference but I reckon it is more featherbedding for the clan IMO

I am sure that with a good playwright, it would qualify as a Whitehall Farce.

Harry YT
To be fair, the statement today says the action "restricts" recourse to NUOG, not eliminates it. However it looks like Minty may be speared more heavliy. The share or shares will go into treasury at EOI, and someone will have be given them in order to have company membership.