Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Given the constantly falling sp the options would have expired worthless.
Instead they blame the long suffering shareholders cancel the options and take another £450k out of the company.
They are even taking the money backdated to 2020.
What an incentive for doing almost nothing these last four years.
The problem of distributing funds is that it could be two or more years until all the $16 million is received. A voluntary liquidation would probably cost a few hundred thousand. The directors would all get their payoffs.
If previous moneys received over the years had been invested properly we would not have this situation now.
Probably worth about 1p a share as it is, but of course this could be over many years.
Good morning Chris.
Good on them.
Only problem is how many year’s will it take to distribute the $16 million to shareholders and how much will actually be left in the pot after costs legal fees salaries.
Sold out months ago.
Good luck to anyone still here.
Just had e mail from company.
They can now produce three residential properties a day using their technology.
Potentially thousands of houses for social housing requirements in the country.
See Building Construction magazine.
Looks ripe for that ipo imo.
The quicker this gets done the quicker we get a return on our shares.
5p.
About £750 million mc.
Probably need about 5000 barrels a day production to achieve that sort of mc.
Only 4930 barrels a day increase needed.
A few Wells in full production could easily achieve this.
If memory serves me right.
Once this is sold the company has no investments therefore will then have six months from sale date to implement another investment rto etc or the shares will be suspended.
They then have a further six months before they are delisted.
The problem is we are still owed $15 million from our Ruvuma disposal which could take years to receive.
The easiest way is to do a voluntary liquidation whereby any cash left and future receivables will be distributed to shareholders as and when received.