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Bitsas,
in layman terms they will be authorised to allot exercisable options as they deem appropriate at prices they are going to set up to an aggregate nominal amount of £430,969.44;
Remember that through the secured senior loan facility forced on us on hugely onerous terms they already have alloted themselves a few million of options.( 25,330,249 exercisable at 1,7p and 19,352,394 exercisable at 1,92p)
God knows what thy have in mind if resolutions 5 and 6 get passed.I reckon they will arrange another loan to progress project 3.
I am sure their bankers who were supposed to arrange Non Dilutive Financing for Block Energy will be very happy to lend them money personally( I would guess at around 9% at market rates) if they are lending Block Energy at 16% + + +
For the sake of existing shareholders including Amati ,Barnard Nominees and Edale Capital LLP who have not realised the serious threat of being extensively diluted by this BOD, please read resolutions 5 and 6 copied below and vote against them to protect your holding
5. THAT the Directors be and they are hereby generally and unconditionally authorised pursuant to Section 551 of the Act,
in addition to the authority set out above in resolution 4, to exercise all the powers of the Company to allot and make
offers to allot relevant securities (within the meaning of the Act) up to an aggregate nominal amount £568,879.66 such
authority shall, unless previously revoked or varied by the Company in general meeting, expire on the conclusion of the
Annual General Meeting of the Company to be held in 2024 provided that the Company may, at any time before such
expiry, make an offer or enter into an agreement which would or might require relevant securities to be allotted after
such expiry and the Directors may allot relevant securities pursuant to any such offer or agreement as if the authority
conferred hereby had not expired.
6. THAT the Directors be and they are hereby authorised pursuant to Section 570 of the Act to allot equity securities (as
defined in Section 560 of the Act) for cash pursuant to the authority conferred by resolution 5 above as if Section 561(1)
of the Act did not apply to any such allotment, provided that this power shall be limited to:-
(a) the allotment of equity securities in connection with an issue in favour of shareholders where the equity securities
respectively attributable to the interests of all such shareholders are proportionate (or as nearly as may be
practicable) to the respective number of Ordinary Shares in the capital of the Company held by them on the record
date for such allotment, but subject to such exclusions or other arrangements as the Directors may deem necessary
or expedient in relation to fractional entitlements or legal or practical problems under the laws of, or the
requirements of, any recognised regulatory body or any stock exchange, in any territory;
(b) the allotment of equity securities arising from the exercise of options or the conversion of any other convertible
securities outstanding at the date of this resolution; and
(c) the allotment (otherwise than pursuant to sub-paragraph (a) and (b) above) of further equity securities up to an
aggregate nominal amount of £430,969.44;
provided that this power shall, unless previously revoked or varied by special resolution of the Company in general
meeting, expire at the conclusion of the Annual General Meeting of the Company to be held in 2024. The Company may,
before such expiry, make offers or agreements which would or might require equity securities to be allotted after such
expiry and the Directors are hereby empowered to allot equity securities in pursuance of such offers or agreements as if
the power conferred hereby had
Bitsas,
1) I did not say free options .I said share options on the cheap.Obviously the lower the Share price the lower the exersice price of the proposed share options that will be offered.
2)See special business resolutions.
https://www.blockenergy.co.uk/wp-content/uploads/2023/05/2023-Block-Energy-Plc-Notice-of-AGM-2023.pdf
It is very suspicious that the BOD are rushing to an AGM so early while keeping us shareholders in the dark as to why all operations are unreasonably delayed.(my suspicion is to keep the share as low as possible to obtain more share options on the cheap)
If they get all these resolutions passed BLOE will end up in the hands of the BOD and their friends at the expense of us shareholders who paid substantial money to buy our shares.
I own more than 5 million shares and intend to vote against all resolutions.
Also I intend to examine the possibility of introducing a special resolution to replace PH and most of the Directors.
Completely agree Gary 1960,
PH and his clique are masters in promoting their own self-interests and anybody researching and contemplating to invest in BLOE will run away promptly.
No wonder there are is no rush to buy and the SP drifts lower .
the only way for the SP to rise substantially is to get rid of this greedy BOD. Unfortunately there is no other way.
"Meanwhile, the Company is reviewing the data gathered during drilling and testing WR-B01Za to optimise the KRT-45_ST drilling programme, the second Project I development well." Extract from RNS dated 28 Feb.
I assume they have done all preparatory work to move ahead with the KRT-45_ST. I guess drilling will start in the next couple of weeks.
GLA
Burnbankbrian,
It is so obvious .The lower the SP price the more cheap options they will get at the end of the month!!!
PH is very smart and will try his best for his self-interest. He is not in a hurry to progress any of the four famous projects .He will do that when the time of the Annual General Meeting approaches and he will need the votes to keep him in office.
I cannot see substantial movement of the SP before June. GLA
After the 2nd of February RNS by which Paul and his associates revealed their personal greed with the Shylock style loan to us shareholders (16% +cheap options in their favour) I feel trapped and angered and the only hope for us LT holders is to replace him and his associates the soonest.
Rocklawn et al, who in his right senses will invest in a company that the CEO and Board members lend money effectively to its shareholders at such self-interest Shylock style terms?
1)I must confess that the two deals with Schlumberger and Georgian Oil Company were smart and they will turn out to be very valuable.
2)It is in his Personal interest to keep the SP as low as possible and will only act otherwise if any of the Institutional Investors question his tricks. By mid 2023 he will have amassed 75000000 nil cost options and shares(about 10% of the company) on the cheap.
For February 2023 he was granted 611000 nil cost options while in November 2020 only 143096 nil cost options. No wonder he is not in a harry to help the SP rise.
Whatever happened to project 2.
Chesh, how many deepenings have they carried out?
It seems that a few Institutional Investors have escaped unnoticed.
The list dated 7 March does not show:1) Hargreaves Lansdown(nominees) previously with 13,53% of the shares
2)Interactive Investor Services(nominees) previously with 12,20% of the shares
3) Vidacos Nominees Ltd previously with 5,34% of the shares
4)Lynchwood Nominees Ltd previously with 4,57% of the shares
5)Barclays Direct Investing Nominees Ltd previously with 3,27% of the shares
Did they abandon ship? Did they sell to others and at what price?
Can the PH supporters give an explanation?
Chess,
I am definitely not selling at a big loss. I would rather wait for the expulsion of this incapable BOD by the next AGM or earlier if the Institutional investors wake up from their hibernation.
I am sure the SP will jump once we get rid of them.
Unfortunately the RNS will land any time and for the next couple of months. Unless they are using the funds the are lending BLOE at 16% +++ and they will make sure they they make additional profit.
Their GREED is limitless.
In my mind the main reason for the delay in issuing an RNS is greed on the part of PH and the BOD .
They want to get additional nil cost options on the cheap. So do not expect an RNS before the end of the month.
This is my conclusion after the RNS of 2nd of February whereby apart from the 16% interest they are charging us (they call this NDF) they are securing 25million options at 1,7p exercisable on the 2nd July 2024.
This is the ethical level of PH and company.
Well it seems we will have to wait until August for getting rid of them unless somebody from the invested Institutions wake up from their deep sleep.
I will try to contact them in the next few days to make sure they know how their investment is being managed.
GLA
Fairy Tale No1-From the audited results for 2021 published1 July 2022.
The directors have prepared cash flow forecasts for a period of 18 months from the date of signing these financial statements. The Group's forecasts are reviewed regularly to assess whether any actions to curtail expenditure or cut costs are required. The Group is in the final stages of preparing to drill a horizontal sidetrack in the WR-B01 well followed by sidetracks of other wells. The forecasts assume the wells will produce oil and gas, which would be sold, and indicate the Group has sufficient funds to complete the drilling of the wells and to meet its liabilities as they fall due until December 2023.-Hard fact- The overheads are excessively high. Hence in the 4th quarter update they did not provide a cash at bank figure nor an oil in stock figure.
Fairy tale No.2- The deepening of wells such as JSR-01 cost about 100k U.S.Dollars.
This figure is discounting Overheads which can be anything between 200k U.S.Dollars each if they drill 12 in a year or 600k U.S.Dollars each if they drill only 5.
Not taking into consideration the new Overhead of punitive interest charges.
GL all. It is the only way out of this trap.
Or perhaps two or three
Well Godot made an appearance after all to lend us money on his own terms despite the original plan of funding from the cash reserves and ongoing cash flows.
From RNS dated 13 December 2022 -Spudding of wellWR-B01 ST
{{Well WR-B01 ST is part of Project I, which is focused on the development of the Middle Eocene reservoir within West Rustavi/Krtsanisi. The well is being funded from the Company's cash reserves and ongoing cashflows.}}
Piscator,
I am heavily invested in Block and even if I had more funds for investment in shares i would go for other shares which are more liquid and have similar chances to prove successful in the Oil &Gas sector which I follow.
Hopefully despite the failings of the BOD LT Holders will get a reasonable return on their investment because the assets of Block are definitely worth a lot more than the current valuation. We have to be patient and hope for the best
GL with your investment.
Chesh,
Thanks for reminding us .So 20% of the interest paid on 2/2/2023 (42000 U.S.Dollars) goes to the deep pockets and the rest to the cronies.
In case the current drill is a success and we do not need the money we will pay 2% for the early repayment.
If you have an accountant just ask him how he would describe this so called Secured Loan facility.
Piscator,
I am airing my genuine concerns. In fact I have been buying last year and lowered my average from 3,55p to 2,67p and am here to get a reasonable return on my investment but I cannot turn a blind eye on what looks now very probable considering the actions of PH and the BOD. They are driving the SP down
Edale Capital have bought and hold 3,12% of the capital at 1,85p as you may remember The rest of the funds have bought in at much higher prices. .What a golden opportunity to add to their holding at the current beaten up SP if they would trust the management.
Well based on my thinking I suppose they would not trust the CEO and Board members behaving the way they do.
After the 2nd of February RNS by which Paul and his associates revealed their personal greed with the Shylock style loan to us shareholders (16% +cheap options in their favour) I feel trapped and angered and the only hope for us LT holders is to replace him and his associates the soonest.
Rocklawn who in his right senses will invest in a company that the CEO and Board members lend money effectively to its shareholders at such self-interest Shylock style terms?
It seems that after we managed to oppose the Scottish brigade we are stuck with a CEO and Board that are only looking after their personal interest and pockets at the expense of LT holders.
I would be interested to find out from other trapped and angered shareholders the course of action required to achieve this.
Now is the time to act.
PH will soon be the owner of more than 100 million nil cost options obtained on the cheap through the now infamous cash preservation scheme which I am sure he devised to suit himself.
GLA