Member Info for Urraca

I've lost a lot of money this mnth, and it's not even over yet. Daren't tell the wife Xmas is cancelled.

I presume the Board want their salaries, status and comfortable lives to continue.

They must have known about the previous loans by Kononov. There is a whiff of kickback/baksheesh there, and who knows what intangible benefits they may have produced? But the spending around the Sakhalin Port was significantly bigger, over a short period of time, and they must have got alarmed enough to call Kononov out about it in public. And rightly so.

It does seem to me that this could be a much more profitable business if it was run a little better though. And maybe this is the wake up call.

The share price and associated selling ore drill result look suspicious. But now, its all about price discovery I think. Think about the value of your holding as it is now, not as it was when you bought. Do you need to protect capital to live to fight another day? Or can you stay on the rude, wherever it may end (which could be much higher or lower). Do you need to access the funds now, for Xmas, or can you let it sit? Loads of factors, which will be different fir everyone. At the moment, a lot of investors seem to be voting with their sell buttons.

They may not get the capital back from the Freidis loan, but they can get the equity.

The discount to the distillery warehouse is probablu lost, but the outstanding loan may not be.

The loans to the Port will probably need to be converted to a lnger term basis, but now the company controls it, they should get a grip on the management of it, and make it profitable.

The Maxitrans/Kontinent/ProArts loans probaboy need to be written off.

The loans to Bndaruk and Shvets (doesn't he own Adler?) should be pursued vigorously.

For the impairments to the balance sheet, the Company could/shoukd get a long term loan, say five years, then pay it down by foregoing the dividend. Given the absurdly high interest rates it pays it would be sensible for the board to secure a proper long term financing facility at a decent rate, secured on its very large assets.

The truth seems to be that this is a decent company being run with all the efficiency one associates with socialist paradises. Its way past time for the Board to step up and start earning their salaries.

But given how slack the management is,there are abundant low hanging fruit they can pluck to turn this around.

Probably the result of the SP showing us all what a 'deep dive' really means.

I'd settle for back over 60p for now

His resignation would surely have an immediate and positive impact, and therefore be in the best interests of his daughter. But, if he refuses to resign, and the Company try to sack him, what would happen? Would he have a case for unfair dismissal? Given that he considers that "as the President of Petrosakh he had authority to undertake these actions under Russian law, notwithstanding the established governance procedures of the Group or any potential illegality of his actions under applicable law."

And would it be possible for the Company to sue him, personally, for the missing funds?

We need resolution on this now.

You assert this as a certainty fundraiser. It is a possibility, yes, but certain? No. And in fact if you review the RNSs since this story broke, you will see that it looks like a diminishing possibility. It is a battle for control between Kononov and the Board. The Board look strong at the moment.

Well, if Kononov wants to buy the rest of the company, today looks like the day to do it.

Presumably yes Itsagame.

I was a bit alarmed to see that the Sakhalin Port is in such poor financial shape. Didn't they bother doing any due diligence before buying a 23% stake?

Taken altogether, this looks like a Board asleep at the wheel, and Kononov taking advantage, and behaving as if he owned the whole company. But at least the Biard have now woken up, and are taking control. There is much for them to do. But they are sitting on remarkable assets and a cash generative business.

Very interesting. Highlight for me was no more talk of 'taking steps to protect creditors'. If Kononv now steps down the Board will have won. I very much doubt we'll see all the money back, or that Kononov will cover it. But we should get some back, and I have no doubt that we have sufficient assets to secure a longer term loan. And given that Kononov owns 44% of the company, it seems unlikely he will try to crash it. He might try and buy a controlling interest though. That would be far cheaper for him that stumping up $5m.

Sorr, been oit all day, missed fsc, just scanning some posts and couldn't resist

Luca Brazzi sleeps with the fishes

Good job our tanker got priced last week.

Just need an update on payment, notice that we are prime supplier of fuel to the Sakhalin Port, Kononov has stumped up some of the cash, discussions have successfully finished with partners and contractors for the next stage of exploration drilling at Komi and for the further development of the Group's reserves on Kolguev Island, and divi reinstated.

Not too much to ask for?

We may go lower, who knows. But the placing 14 months ago was at 43.75p. We are just fractionally above that now. With higher production and a successful drilling campaign under the belt to boot. I am hoping that that placing price represents a floor. And I am also hoping that our results show just how cash generative we are, and that that catches the eyes of investors seeking a safe haven in the current market conditions. I know I've been banging on about the market turning from growth to value for ages, but it still holds good. And SDX is s value stock with solid growth built in. This must turn. One day.

Timster, with all due respect, the Company have clearly known that this drill was not going well for at least a couple of weeks. I would have hoped that JP would have been straining every sinew to produce a rabbit out of the hat to motigate the damage. Moktar, GSA, any of the other strands whoch seem to have been parked up.

Call me a deramper (can't honestly think the sp needs any help from me), but being invested in Sound over the last few weeks reminds me of that time I got locked up, for a crime I didn't commit, and one day in the communal showers I dropped the soap...

No mate. The UT was only 172k. The monster was 793,847 shates. Sold at 16.977.

At 4:50. Hope that's not an indication how things will go tomorrow.

Given the pretty serious price crash before the news came out, I'm hoping we can stabilise above 20p before te10 kicks off.