Member Info for truthinbeer

"Possible take over by Solo Oil/Scirocco Energy.?" ....."I am not that well versed in the area of mergers and acquisitions - would they actually be in a sound financial position to "buy out" another company.? Their current Mcap is 15.3 million. If they did could they return "Multiples" of the current Block share price as some on here believe.? Any ideas............"

Maybe I misread this post, or maybe you just can't explain yourself.

Why would any company wish to take out BLOE?
Have BLOE proven production? I don't think so, so stop putting the cart before the horse.
Just wishful thinking.

Zebbo, which Solo directors are on board BLOE?

@Gary1960. Purchasing One-Dyas, which is guaranteed in NL to be a good producer is a far cry from buying into a Georgian start up.

That's right @Bungle66. The pipeline has nothing to do BLOE and they would not be able to access it. Not sure where the BOD thinks they will sell any oil to but there isn't many takers for small quantity and it is difficult to transport in Georgia unless you have your own road tanker. Wagons are in short demand.

I missed that stuck down the bottom of the 249D document ... the word "Alleged" does appear in Schedule 2 of the 249D notice as "Schedule 2 - Statement of the Board" after all. It is noted as follows;

"For the reasons set out below, the board recommends that shareholders DO NOT APPROVE Resolution 1, the reasons for which are outlined in this Schedule 2. Each Director will be voting all his Shares that he owns or controls AGAINST Resolution 1.

The document then goes on to detail the Directors reasons under the sub-heading:
1.Alleged breach of contract"

Thanks for pointing that out smegma.

It doesn't change the way I will vote as I think your good friend, John Bennett, is damaging the company.

Shukan, you completely missed the point. It would appear the company were forced to enter an con-note arrangement with Lind because Preemptive Trading reneged on an agreement. Any funding arrangement with Lind is always detrimental to any company's share price.

Now here it is, wait for it Shukan, Preemptive Trading Ltd's shareholder, John Bonnet has proposed via a 249d he be elected to the board of AURA.
All share holders can vote on this. The smart ones will vote AGAINST the motion.

It is now starting to become clear and I caution share holders be careful what they might wish for, for it seems that board wannabe John Bennet might have put the company into tailspin.

In February this year, Preemtive Trading Ltd (PET), whose shareholder is John Bennet, undertook to participate in a placement of shares, and gave a commitment to AURA to underwrite shares to the tune of $456,000 on the registered date of 26 February 2019.

Then Bennet, it would seem, changed his mind about being one of the main underwriters because he did not proceed. I gather this might have left the company in the lurch.

But what we do know is that it seems he reneged on an agreement and the placement came up short. That is AURA did not raise the funds it set out to do in the placement. Had they known this before-hand, I'd imagine the board may have offered the partial underwriting to another more reliable investor and not this one. This one who "changed his mind".

So in March we see that the BOD of AURA entered into an agreement with Lind to fund a Convertible security Note (Convertible Security Note under the Convertible Security Funding Agreement execution on 30 April 2019. ) for $380,000. Can we assume this was to cover the placement shortfall in February?

And that, fellow share-holders, appears to be the start of the downward slide. To exacerbate the problems Bennet starts mouthing off online about how he should be on the board to fix everything. Oh, P.L.E.E.E.E.A.S.E!

Remind me again his achievements?

Seems this fellow is a complete train wreck!

Doubt it. You need to review Eastman's involvement in Australian registered companies.

You're wrong gorillacramp. The directors aren't ashamed at all.

Steady as she goes bluesky687.
Steady doing nuthin'
Steady directors taking a weekly pay packet
Steady but slowly draining investors funds
Why would any of this need an update?

Yet another mouth to feed.

This is a no brainer??? On what basis? You must have figures I haven't seen. Maybe it is that the directors have only spent 20% of your cash so far doing...oh, that would be NOTHING!

Interesting reading the P&D posters uninformed opinions. Clearly they are ascribing value on Haggen alone.

Welshshark, the positive news is the directors have preserved 80% of your cash. That's YOUR cash by the way, not theirs. The bad news is they have managed to spend 20% of YOUR cash doing, well, absolutely nothing! The directors are to be congratulated, don't you think?

Sounds like BS

About time the directors did the honourable (cough, cough) thing and resigned.

Dead Cat Bounce

Oh dear, what a parlous state of affairs.

With any period of prolonged inactivity LSE the company can be officially delisted.

And you are comfortable with his "performance" the past 17 months?

MILA went to market in September 2016. They have NOT bought anything, nothing, zero, zilch, nada, zip. I would HOPE that they STILL had MORE than 80% of YOUR hard earned in the bank. You've been suckered.