Ian, I think the ceo is thinking along similar lines to yourself and as a consequence has decided to grow other companies and spin them off as a means of extracting value - simply because Argentina is a hopeless location [ UK going same way perhaps]. I am staying the course as the improvements in domestic oil prices will means more profits in any event.
RE: Some very useful posts here - thanks28 Jun 2022 09:18
A poster here , CRL has undertaken to organise some sort of group action and I am intouch with him via email. He seems tenacious and IMV worth contacting if any other investor also feels the need to get involved collectively pooling thoughts etc. IMV , investors are unlikely to suceed in any action where the evidence amounts to incompetence only. What is ultimately needed is a bundle of evidence of hard facts establishing wrong doing or deceit or witholding of market sensitive info and because I have not followed this closely I do not know whether that exists - so dig around guys. The strongest point I have read thus far is the disparity between the sec filings and UK rns statements but there may be other stuff. A general statement like he knew all along what OF were doing goes nowhere without proof. Interested to hear others views and good luck all.
What a great little company , divi up 15%, cash reserves up £1m and growth. Forward look, with potential MOD contract underpins the future of defence and the other divisions all seem to have good outloooks - think we can all sit back and relax here!
RE: Can 4d get cash together without selling parts?27 Jun 2022 21:07
Roache, I am in touch with CRL who was trying to organise some sort of shareholder action group and i believe a collective effort is more likely to suceed as it will enlist the brainpower of many. However i do hope Sunny suceeeds as his action on this is commendable . Ultimately a bundle of evidence will have to be produced for court and that will take time and cost money - so he and all who want to claim have a long way to go. Once DP gets the solicitors letter I expect he will pass it to his insurance company who will recognise the totality of investor losses could be tens of millions and they will obviously fight it tooth and nail. The good news for investors is that a collective loss of that magnitude could make the case attractive to 'no win no fee ' lawyers who specialise in this type of action, whereas a small collective loss is not worth their time in my experience.This scenario makes a collective effort more compelling imv. Ironically, once DP gets the initial communication about impending litigation he may put more effort into preparing a defence than pushing the administrators to get a good deal ! Good luck all.
RE: Can 4d get cash together without selling parts?27 Jun 2022 13:50
Sunny clearly is keen to take action which is great. My view is that the action should include all matters where dishonesty or failure to disclose can be proven so that there are multiple opportunities to win.
Crl is correct about a 'proper' shareholder group and my suggestion is that people produce a timeline of statements and info released that demonstrate incompetence or worse such that legal people can ultimately be accurately briefed with facts. GLA.
As I see things, if the bod has been deceitful investors have a claim against them personally whereas if they have just been incompetent that is shareholders fault for allowing them to remain in place . Whether people can claim against them personally hinges on that distinction imv . Good luck all.
Directors liability insurance may be an avenue for recovery of losses if the CEO did not exercise his powers appropriately . Did he mislead investors by not disclosing material information in a timely manner wrt breaching covenants? Did he act W recklessly by not securing or seeking to secure alternative funding? Did he update the market in a timely manner as events were unfolding? I have not followed this closely enough but if someone had a timeline of events that might clarify matters. Good luck all .
CRl, I have seen people spell out their email address cryptically, missing out the obvious at etc . Or reffering people to web site s set up for the purpose or Facebook etc where they can be found . Obvious I would not suggest that because like Boris people should follow rules at all times!
Fair, yes the directors have failed Andy it is the same mob who will now be at the table with the administrators. Whereas the pi’s have no voice but collectively a larger shareholding. If I was down more than £2k I would be organising an action group myself to ensure I was not stitched up during the administration process.
NO doubt in my mind that DUncan will look after himself and push for a mark 2 brand new company with himself at the helm new share options etc , the going concern. Will he care about other investors? Who knows but they need to get organised imv unless they want to watch others snatch the value here, unopposed.