Member Info for Smythery

The only thing that matters is drilling West Newton. This has not been done yet because Rathlin doesn’t have its share of the drill money. It can only get this money from RBD, which will get a larger share of WN in return. RBD need the Victory money to fund Rathlin. They will only get this when the Victory Environmental approvals come through, which should be soon.

No-one is happy with the share price or performance, but if anyone can explain why handing the company over now to a bunch of proven chancers and bandits will a) accelerate the drilling of WN by one single day b) improve the chances that the drill itself is a success, then I’m all ears.

OK, guess I should be clearer - Rathlin aren’t going to farm down to anyone external , the strategic options that they are pursuing are clearly going to be raising their share of funds for drilling WN via a cash injection from RBD, which first requires RBD to get the Victory cash. I repeat - when Victory gets approved and RBD get their cash then shares will be back to 0.2-0.3p, in the run up to (finally) drilling WN then shares will be at 0.4p+.

Uggy - you still don’t get it. The reason we’re still waiting for progress on WN is that they’re not trying to farm down, they want to keep their exposure hence the. We’d to get the Victory cash in

Persi - I gave up replying to you when it became clear you a) had no clue what you were on about b) we’re just a troll. But in this case I’ll make an exception - the post you cite was me warning that all the clueless people on here were far too optimistic on the Victory valuation. I was right, though admittedly it was lower even than I expected. And my point on the above was that even if you dont believe in WN you can make money from here, because the share price WILL go you when RBD get the Victory cash and also into the actually drill, whenever it happens. Don’t believe it’ll work? Sell ahead of the results.

Gave up on this message board long since, but I see nothing has changed - still mainly Uggy whinging about not doing his due diligence on anything, and Persimmon lying and lying and lying.

Story remains very simple - it’s West Newton or bust and we can’t reserve the rig until the Victory cash comes in because Rathlin don’t have the money…. but the day Victory gets approval and RBD gets the cash, which they will (we just don’t know when) the shares are back to 0.2-0.3p, and they will be 0.4-0.5p when we’re close to WN drilling (also don’t know when). Can shares go lower near term? Yes. If you buy now will you get a chance to sell at >100% upside from here? Almost certainly.

Delayed yes, but delaying tactics…… why? It’s perfectly clear what’s going on - we need the Victory money from Shell to press ahead with WN, and we only get that when Victory is approved by the NSTA. So we have to wait, sadly. Oh, and some of us also whinge pathetically like little children.

Uggy - someone who has admitted to voting in favour of handing the company to Portillion without even bothering to do any due diligence on who they were really shouldn’t be calling anyone else a chump

Persi - you stated in a recent post that you were were more than 100% down on your (very likely fictional) investment, showing that you don’t even understand basic percentages.

Please can we get this straight - this “takeover bid” is nothing of the sort, because obviously the board will not recommend such a derisory offer and no shareholder in their right mind will sell. Though I guess that still means Uggy could go for it.

Uggy - you wanted to hand the company over to Sattar et al. If I were you I’d be careful of accusing anyone of discrediting themselves…

I was amazed that so many people on this board seemed to be stupid enough to want to vote these chancers control of the company without seemingly doing even cursory due diligence on them and their track record. It really was mindblowing. But even those people will surely not be stupid enough to sell their holdings to those same chancers for a price they could have got a couple of weeks ago on the market. All this situation does is cost RBD, and thus us as shareholders, much-needed funds. It is reprehensible.

Share price is terrible, but we are clear on what is being done about it - progressing the Corallion prospects to farm down, and most importantly drilling WN. WN is being drilled around mid-year. They’ve told us this. You want them to keep telling us this even when there’s nothing new to report?

Trying to steal the company again. Everyone on here who advocated handing control to these chancers should be hanging their heads in shame right now.

Thanks for your input Persgammon

Moniman - agree with all of that. Doesn’t mean we should have handed the keys to the company to any old bunch of jokers that tried to steal them.

Paul1Deano - lol

I stopped posting here due to the amount of support I saw for the attempted takeover by those complete and utter chancers Sattar et al, nicely encapsulated by Uggy’s “anything is better than the 2 toads we have now” comment. Truly idiotic. You might not like what we have now, but only a total fool would think that therefore any change at all would be an improvement. Its exactly that sort of “thinking” that got us Brexit.

I don’t think remuneration is far off average for the size / profile of the company. I’ve been through share ownership already (they have plenty). I’ve been through the disappointing Victory price (there was only one bidder). I said a while back that they could do a buyback with Victory proceeds, one man’s bribe is another man’s value return.

I thought 0.345p was a bargain entry point, I still do. There is a difference between a share price and fundamental value, this is the whole point of investing - so I will concede your point on value destruction if West Newton doesn’t work, not based on the current share price. I can’t comment on your accusations of dishonesty because you don’t say anything specific, please elaborate

Fully agree Manwell, Victory price was poor but it provided enough cash to drill and prove up all the work done on WN, and that’s what we should do to maximise the selling price. If that doesn’t work, though, we are toast and I will hold my hand up that I was wrong to buy these shares and when I’ve defended management. Hope for all our sakes that I wasn’t…. Good luck everyone.

Hi NVG.

I’ve been pretty consistent I think - I’m in for West Newton, everything else is leading up to that. I warned multiple times that nearly everyone was far too bullish about the price Reabold would get for Victory, and that it would be frustrating when people sold the shares because the price wasn’t what they’d hoped for. Despite this I was still disappointed by the final price and like everyone else I’m also disappointed in slow progress on WN and with the share price - management haven’t delivered as I’d hoped. But equally I don’t subscribe to the highly negative views on here, and I don’t like people talking self-serving or ill-informed rubbish and am happy point it out when I see it.

To answer your question I’m not related to the company in any way, I have a decent chunk of shares and am underwater, but not by a huge amount. The best chance of still making good money on this share is delivering West Newton and can’t see why Sattar and friends make that more likely. I think they’ll make it much less so, in fact.

- The requisitioning shareholders (RSs) are making the case that they have been key strategic drivers of Reabold but that RBD management has failed in execution of this strategy. But their document is riddled with errors and is highly disingenuous.
- On page 4 they say they “presented” the West Newton opportunity to Reabold in 2020. The text is clearly intended to imply that without Portillion there would be no WN. This is completely false, as anyone who knows the company at all knows RBD bought into WN via Rathlin in Nov 2018. The text does make this clear at all. It is disingenuous at best, misleading at worst. It is also completely inconsistent, as it pitches increasing the stake in WN as a strategic win driven by Portillion, with the implication therefore that WN is a good asset. It is (we hope), but the only reason we own a big chunk of this good asset is RBD management.
- On page 4 they claim credit for an intro to Hannam and Partners - ridiculous, H&P is a well known advisor and not some hidden gem they uncovered. They then go on to pull the sale process of Victory to shreds…. the process which was run by H&P, who they earlier trumpeted introducing RBD to. Completely inconsistent.
- On Page 5 - “ We are concerned that Corallian Energy’s directors were financially incentivised to pursue a sale of Reabold” and “ the Requisitioning Shareholders are further concerned that the Corallian Energy directors may have had a conflict of interest of securing a sale of Reabold at the expense of maximising its full value”. The sale of Reabold? Corallian directors selling Reabold?? They mean selling Corallian, not Reabold. A basic, but very important error. Made not once, but twice.
- On Page 7 they talk about the lack of strategic alignment between management, the board and shareholders. The RBD board owns 3.11% of shares, the RSs have only 1.87% - RBD board has far more skin in the game than these chancers. This also ignores the holdings of the Oza family (a further 2.63% as per Bloomberg holders list).
- I could go on - they say that the Victory process should have been restarted in August, which would have taken another 6m (further delaying West Newton, our key asset) and with no guarantee of a better price. They claim there are significant savings to be made…. on £1.5m total expenses? And Sattar literally tried to screw over RBD (and its shareholders - us) on the non-Victory licenses for his own personal gain.
- Their presentation is misleading, inconsistent and riddled with errors. They are out for themselves, not us. If RBD is to work then West Newton needs to work, and our management team knows that asset far better than Sattar et al and they give us a far better chance of it finally delivering.

“Both co-CEOs have minimal skin in the game with their combined holdings equating to less than 1% of total shares”.

That is highly, highly disingenuous. Oza’s wife owns 2.6% of the company. He has plenty of skin in the game.

Paul1deano - WN requires some long lead time equipment and RBD could not get the ball rolling on these until they had line of sight on the Victory cash. So slow progress at West Newton is a direct result of slow progress in selling Victory, which was a direct result of selling to a Major, who are notoriously slow moving in general and in the case of Victory had no incentive to go faster.

Most people on this board remain much more interested in blaming the board for everything that happens, regardless of whether it was under their control or not - for more details see the fantasy “valuations” posters had for Victory and their outrage when actual, real buyers saw it differently.