Member Info for winchpete

I have sold a large holding at a huge loss as I cannot see how shareholders can realise any substantial value from holding. The financial engineering needed for a reverse take-over might cause a short lived rise in the sp but if it does the options held by the new owners will be quickly exercised and the market flooded with billions of shares that will yield a profit at more than 0.0625.

In conclusion, I hope there is special place in Hell reserved for the Mintys.

Considering NUOG are planning to issue a billion shares at 0.005, anyone that buys now is even crazier than me! The MMs are hiking the price just on volume. Watch them spring the trap once the selling starts!

warrantwatcher - Please keep me in the loop - winchpete100@yahoo.co.uk

I suspect what has happened here is perfectly legal but it is worth reviewing the content of the information disclosed in the RNS in case there is an arguable case of liability on the part of the the BoD, particularly with regard to the placings and the purpose for which the money was purportedly raised. My five figure loss hurts but what would hurt more is them getting away with it.

MajorMiner - I guess they will be charging management fees that will quickly eat up the cash raised. A bit like MFDevCo charging NUOG for work.

Certain other people I could name have pulled off a similar stunt already!

I suggest there is more to the delay in receiving funds than meets the eye. As others have said it does not take months to transfer funds and provide evidence of legitimate provenance.

APEC have not formally withdrawn their interest. TOR told the EGM he was out there talking to them only last week. I suggest APEC are demanding better terms in the farm-out deal and are not releasing the cash and are watching the share price getting crucified by the delays until the consortium finally caves in and agrees.

Well, what a stitch up. MfDEVCO now wholly owned by the Mintys with a virtually asset frees NUOG issuing 1 billion shares at 0.05p. I don't know how these people can sleep at night!

Yes, the proposals have to be approved by shreholders.

If anyone is going on Monday, please can they try to get answers to these questions:
1. If the money has already been deposited with HSBC, what proof do they have of this?
2. If the money is with HSBC, what is the reason for the extended delay?
3. If the money has not been deposited, why have the Board granted several extensions based on assurances that have repeatedly not been honoured?
Thanks

smcdonn1
As you attended the AGM, please can you tell us what evidence the Board have to justify repeated extensions of the payment deadline. Reading between the lines do you think the Board agree with me that APEC are full of s--t ?

I think pigs might fly before we receive the money from APEC. I don't understand why we had a statement that the money was on deposit with HSBC and only needed to be cleared. Events have shown that was at best misleading.

Even if APEC do eventually come up with the money the fact they have had to 'search down the back of the sofa' for it suggests they will be unlikely to have the ability to fund the rest of the project. The Board should have had another plan in place by now as APEC showed they were unreliable last year

What happened to the two deals that Graham told us were making good progress at the end of March to try and soften the blow of being shafted by the placing price at 43% discount to the market price the previous close? The 'radio silence' is just like in the days of ENEG - no news means bad news. The Directors are a disgrace.

I don’t know what the Chinese word is for bullshitters but it looks as if that term applies to our partner from China. I hope their failure to meet obligations last year led PVR to look for other sources of finance.

If the company doesn't need a further fund raise I guess they only did the placing at a 48% discount because it was raining and they were bored!

Those of us who were able to attend the AGM made clear that we did not want to see further dilution as spectators but have the ability to participate. This is what the company has done with the OO. Although it would be a welcome bonus, I suggest it is not realistic to expect a major announcement before the closing date.

If we shun the OO the company will have no choice but to raise funds another way. Probably through another placing at say 0.2p/0.1p. They would also be able to argue that OOs should not be used in future as, when offered the chance, we refused to participate.

With the current state of the SP it might be tempting to shun the OO but those contemplating doing so should be careful what they wish for!

I too am waiting for something positive before subscribing to the OO. As others have said, my fear is that if we shun it because we can buy at a lower price on the market we could be faced with a placing at 0.2 or lower just to keep the lights on.

I see MajorMiner answered the question while I was typing! Thanks

SBP,
My understanding of an open offer is that shareholders can apply to buy a percentage of the shares they held on the register at the record date. For example, if you have 1 million shares you could offer to buy 10% (or some other percentage) in the open offer. You could not offer to buy up to the total number of shares already held or anywhere near that. Is this correct?

Condolences Jarem. This reminds us there are more important things in life than shares!

Of course we should to keep avoid rancour in our postings. Having said that, with the paper losses suffered by many in the past 10 days, such venting of the spleen is understandable.

Graham's involvement is the only thing that has persuaded me not only to remain invested but to buy more during the past week. Whether this was shrewd or foolish remains to be seen.

Alan Minty may be a good ideas/engineering person but clearly could not get deals over the line. His enthusiasm probably led to inappropriate use of the words "imminent" and "short order" in company announcements. He could not realistically expect the people who have financed ENEG and NUOG with their savings to allow 3 more years of the same.

I agree we should let them get on with the job and avoid pestering them with demands for news. However we should remember that the company has already had quite a lot of time and space and really needs at least one significant revenue generating deal soon to avoid any more horrendous placings like we experienced on 29 March. I for one will not support another year of chasing rainbows in 2020. In my opinion 2019 for NUOG is the year of do or die! GLA

This is no longer about money but personalities. I suggest if MA offered 10p a share it would still be rebuffed.