Member Info for wakeyinvestor

Gordon, whichever way it goes on the delisting vote tomorrow, just to thank you for your efforts to rally the troops and try to get it voted down.

I like to think 2billion would just about do it, but as there are around 16billion shares in issue we need just short of 4billion to be absolutely sure. Every shareholder who doesn’t want to de-list should vote against resolution 2.

My 60m shares makes 150m.

One week to go - if your account nominee doesn’t automatically allow you to vote MAKE THAT CALL

They didn’t pay anything for it otherwise the RNS would have had to say so.

AJ Bell sent an email that referred to an action, but you go to the Voting Instructions tab rather than the Corporate Actions tab. With other nominees if in doubt call the help line but please don’t not vote as that would amount to apathy and we don’t want the delisting to sneak through because of inaction. Remember it’s not75% of the shares they need, it’s 75%of the votes cast.

Interesting month ahead!

AJ Bell has provided Voting Instructions for the 2 resolutions- resolution 1 re the S&P agreement and resolution 2 re AIM cancellation. I’ve voted for 1 and against 2 with my 59m shares. Internet month ahead

Latino, I agree re rejecting the delisting (at least until we’ve been shown the money) as for rejecting the sale, the problem is we don’t know how much costs carry we’ve got left and a fundraising to make future cost contributions would decimate the SP beyond recognition.

That’s for sure, I recall earlier in the year Roland mentioned in an interview that a broker had a target price of 0.9p a share - you couldn’t make this stuff up. Anyway, all we can do now is hope to recover as much as possible from the wreckage and even if 0.03p as a shareholder return is optimistic it should be closer to that than the current SP otherwise what’s the point

If he had confirmed what the return to shareholders would be before delisting I would have been more inclined to vote for the delisting - he just hasn’t lined his ducks up! Re the tax, I may be wrong, but I don’t think it’s the Cambay disposal where the tax arises (assuming the losses can offset the gain) but more likely on the return of value to shareholders (dividend withholding tax etc). He might be able to avoid dividend withholding tax if he can structure it as a return of capital, maybe, maybe not, but hopefully he’s taking professional tax advice in India.

Having read the FAQs I will still vote against AIM cancellation (he’s put that resolution forward too early) but as Roland expects to be able to tell us early next quarter what shareholders can expect to receive (ie: put it on the record) then once the deal is done (ie: GOI approval given and bank guarantee in place) I would then be more amenable to AIM cancellation. However, when he tells us what we can expect to receive he needs to be fairly specific and not vague so that he can renege or play on words- trust needs to be rebuilt). In any event if we become a cash shell under the AIM rules the 6 months clock to delisting starts ticking. IMO anyone whose average is below 0.03p should be OK (being the last placing price and the last time Roland himself bought shares)but then again this is SYN

Laura, it seems that 50% drop in the SP earlier this week was due to the announcement to vote on delisting the company from AIM; pretty everything else that was announced re the S&P agreement was known- as such, if the resolution to delist is defeated, the SP ought to bounce back. The MCap (if GOI approves the deal) was well underwater last week and is more so this week.

Usually the brokers send a Corporate Action so let’s hope they do it this time.

Also, it needs 75%+ of THOSE THAT VOTE (not 75%+ of shareholdings) to pass the resolution,so please do not be apathetic on this very important occasion and vote it down if you want the resolution to fail and don’t want to delist

When it’s in India’s interest I bet they move quicker than you think. The first stage is to defeat the resolution to delist and then take it from there. I do wonder why the company is persisting with CCS, especially in Cambay where nothing is happening (and isn’t this just an invitation to get shafted again?) and Medway where we seem no where near getting a JV partner to replace Harbour Energy. I’m pretty confident that if shareholders were given a vote on whether or not to enter into a member voluntary liquidation (or equivalent) and just take the money post sale of its 50% Cambay interest they’d bite the directors hands off.

With my 59 million shares I will be voting for the sale of 50% Cambay but against the delisting. Roland’s reply to Tom refers to a significant proportion of proceeds being returned to shareholders - of course, we don’t know what significant means here but (hopefully) it will be significant to Republic (more than 75%) who appear to be influential to the decision making in which case should be equally sufficient to us PIs. Until the deal is done (that means GOI approval and Selan bank guarantee) we still own the 50% interest and there hasn’t been a substantial change. IMO the SP should recover from the current low base and more so when (hopefully) the delisting resolution is defeated. Best of luck in managing your positions, especially LT holders.

That’s Great, but in the meantime how are they going to fund the cost of being on AIM in advance of first tranche of money being received? A further placing at this low SP would send us into dilution oblivion

Hi Gordon, Yes right you are. Apologies

I think there are 15.571 billion shares in issue and around 4 billion unexercised share options the vast majority of which are exercisable at a price well over and above MCap taking into account full Cambay proceeds, so can probably do the math based on say 16 billion.

Having just reread the RNS I might be being a bit thick as this looks like a new acquisition of a 32.5% WI and not an addition. Still need to know cost and hit on cash though? More knowledgeable posters might help to clarify as might PW in upcoming interviews

Good RNSand looks like we are getting back on track, perhaps the (former) majority owner required BUCE to buy an additional interest as a prerequisite of agreeing to further drilling. Of course BUCE now owns 65% and if we hit enough of the black stuff this time it should prove to be an excellent bit of business. What the RNS doesn’t say is how much did BUCE have to pay - given the SP and that cash needs managing tightly it would be helpful to know how much has been expended and what remains.