George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
The corrupt system has let us down. I say this with restraint.
Debt slavery
To me the shareholders valuation is still too low. The shareholders are only receiving value based on the share value in the pandemic rather than the true value of the assets plus the tax credit.
Premier Oil should at least have a much larger %. Completely undervalued in this ambush
I am not a short term holder. There are those who have invested in good faith but he been more than let down by the regulator and the board of PMO.
However I do like sunflowers. If the oil from them was used to fuel a car the police may have an issue. It does get comical sometimes in and around the serious fraudulent issues.
I don't remember any downbeat communications or warnings prior to the sharks bearing their teeth.
I continue to pray
Not professional, not thinking immediate bounce back, that doesn't stop it being a Nightmare on Oil Street.
Nightmare on Oil Street
Still feel 5% derisory
What a mess this is. PMO long term and loyal shareholders have been left naked and defenceless. The principle of matter should count for something. Who will be next?
I do strongly think that creditors of any person or company should be acting in a more friendly manner during the falsely harsh trading conditions of this pandemic. It is in the public interest. Otherwise there will be massive misery in the country. If this was argued them PMO could have bought some breathing space.
PMO still grossly undersold and cheated. To have this takeover at such a low unrepresentative share value is shocking.
ARCM failed to make 155 notifications. How is that unintentional?
They must be laughing with their interpretation of 'Unlocking greater value.' Not for the long term shareholders. Also in the 2019 Annual Report and Financial Statement, Year to 31 December 2019 there is Our Purpose. Our Purpose includes 'Delivering value for our shareholders.' It should read for our creditors. Has Premier Oil been debt stressed or creditor bullied.
Most of Reply
This matter has been received by the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with [the FCA’s Listing Rules, Prospectus Rules, Disclosure Guidance and Transparency Rules along with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse (the Market Abuse Regulation or MAR)
We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of the misconduct.
As noted in our Approach to Enforcement, not all breaches of our rules or requirements constitute serious misconduct, however, where we suspect serious misconduct, we will start an enforcement investigation. We use our experience and judgement to ascertain whether this suspicion exists and there are a number of considerations we take into account when doing so. Chapter 2 of our Approach to Enforcement document provides further detail on these considerations, which include the nature of the actual and potential harm involved; the extent to which the suspected misconduct has or may affect consumers, markets or firms if we do not take action; and the public interest in investigating the matter.
As a matter of policy, we do not provide details to members of the public about the content of our assessments (including where we decide that there are no grounds for further action). Unless our work results in a public disciplinary outcome, the FCA does not comment on these matters. We understand that this can sometimes be frustrating but you can find further information on why we take this approach here.
Please be assured that we take all complaints raised against issuers of securities subject to our rules seriously and we are considering the concerns that you have raised. We will contact you if we have any questions regarding the issues that you have raised and apologise for being unable to provide you with any further details, but we trust that you will understand the reasons for this.
We thank you for taking the time to contact us and we hope that our response to your concerns has been helpful. If however you find that our response has been unsatisfactory .....
Has anyone complained to the FCA.
Will it do any good.
The dilution and manipulation is beyond shocking.
ARCM benefited from committing fraud by not declaring the short at a crucial time. Now they have all joined in. Thieves.
How can a small investor complain about this unfair dilution. It suits some but the balance of the issues feels corrupt and unregulated. It is puzzling that a more decent solution wasn't found.
Fair Play would do me, some equity in equity.
If you have spare cash... If not then dilution
Is there an update this month?
Authority to purchase own shares. This is helpful to my mind.