My somewhat rambling response failed to post.
I was musing whether C4 would be content with any theoretical risk that an adverse judgement for EOI might in some way flow back to Nuog.
It does seem unlikely given Nuog are not respondents (though that could presumably change). There may be some licence conditions which could become significant. I imagine they could insure against it anyway.
It does seem - to me at least - another reason why C4 may wish to see a seperation between Nuog and EOI.
The asset of course is strictly the Nuog shareholding in EOI rather than the underlying licences etc. Though that is probably moot.
I fully accept the assets are fully impaired, and the estimated costs are prepaid. However they are still held for the purpose of trade.
It is entirely possible that the decomm costs exceed or do not reach the amount dues. That forces financial transactions on EII (and by extension Nuog). It also forces physical action.
Whilst it is unlikely the value of the assets may change. Again that forces activity. I cannot see how they are anything other trade assets which preclude it being a shell.
For me, therefore, the question of how it becomes a cash shell remains open. Clearly it does become a cash shell though.
If it does go forward with EOI still as a subsiduary (which is what appears to be the case) it is not a very "clean" shell for them.
Ther was no siggestion in the RNS that Minty was stepping down in any way from Enegi Oil Inc. Hence he is still there.
But yes, what is happening to EOI how is it going to be divested, what is happening to the 1.165m MfDevCo apper to owe Nuog (accrued in their accounts). Will they need shareholder approval to divest EOI. How can it be a shell if they dont.
All are significant totally unanswered questions.
You simply need a decent relationship with a broker, in effect one who will let you go naked short.
You would obviously struggle with any of the popular online brokers. They will only let you sell what they have custody over (even if you you hold them elsewhere).
I am certain that the placing organiser would be happy to introduce participants to a relevant broker.
C4 can happily announce on their own press release "we intend to transfer ownership of ABC to Nuog in exchange for something". No problem with that all.
What they can't do is RNS that in Nuog name. Nobody at C4 is yet an authorised officer of Nuog.
If Nuog were to want to announce "we are pleadsed to announce the C4 will reverse in xxx" I imagine the Nomad would veto. This is because they are not in a position to actually make it happen.
If C4 did choose to announce with something the Nomad would ok something along the lines of "the board of nuog note with interest the announcement by C4 viz:-
If C4 wanted to announce something it will take some cooperation to get the message out.
There is a strong chance the debt from MfDevCo to Nuog is not actually legally collectable. It may well be provision of equity finance, in this case it is a right of the shareholding not a right of Nuog.
There won't be much of a market for the MfDevCo holding.
If you are an investor who invested a hypothetical 5k during the hype from a couple of years back then it is quite likely that is worth less than 200 quid.
If you are a long term holder of over 5 years standing then it is quite likely that holding is down to 25 quid. Or worse.
Some people in that position may think that losing that is less important than the official receiver (i doubt any insolvency practitioner would touch it with a bargepoke due to the financial state not allowing their high fees to be paid) sorting out the mess.
With the debt from MfDevCo to Nuog the OR will try and collect that first. That might just cause Minty a lot of grief. If the OR finds evidence of wrong doing they might just be able to censure Minty. They might just be able to cause him a world of pain personally.
I don't think it is particularly likely Minty will get insurmountable grief but there is a small chance. Some may well consider losing the tiny bit that remains of their investment a worthwhile price to pay.
Voting at GMs is almost always a very low turnout. Generally those with a strong feeling against vote. Few else bother.
Longer term holders, and those who have bought in the last few weeks do have very differing motivations.
When you contra off the MfDevCo debt to Nuog against The RMRI debt from Nuog he is not paying very much at all for the balance of MfDevCo.
I would be very surprised to see it fail. But tying the vote for Mintys final payment as 90m shares to the overall scheme may be unwise. A lot of LTH may be very against that.
It may well be the case that C4 are aware of that risk and hope to counter it by adding some meat to the bones of their proposals and announcing more specifics before voting closes (though that might be tricky for them. C4 cant RNS anything. They are not Nuog. The nomad would surely not allow an RNS which was in effect just a mouhpiece for C4).
SBP, I understand that.
There can be many reasons. Indeed the potential 8m tax credits and the 65% of equity controlled by C4 may be enough reason for that to add overall value to both parties. (Do C4 actually own any such assets?).
It is fair to assume they have a plan. We will just have to wait to find out what it is.
But if those assets were worth 5m they are unlikely to just give them to Nuog.
The asset owning entity is getting 100% return on those assets.
If they reverse them in they are getting 0% (of maybe a better return allowing for tax credits).
There will be some horse trading of some description and that needs to b factored into the price.
Jarv, looks fine to me. It is again another bullish way to look at it. If it can breach the recent intra day high around 0.1 it is in fresh air.
Ultimately price action is short term bullish. However you look at it.
Lack of activity is the only issue really, it has quietened down a fair bit.
There isnt a 5 year ceiling.
The loan notes are not going to expire worthless after 5 years.
If they haven't been redeemed they simply fall due and there will be a renegotiation of terms.
Ultimately C4 will get about 60% of the equity, dropping with any further placements.
Existing holders about 20% again dropping with any further placements.
Its quite a bar. But as you say if they make multiples it us fair enough.
If they dont existing holders are not going to see much additional pain. But new holders will.
J55, If you step out to the daily then there is some sort of triangle from the lows and it looks to be breaking out. It also appears to have some sort of base formed at the midpoint of that mover up around 0.0675. A measured move from there would still be targeting about 0.125.
There is some chance this link my show my clumsy phone picture.
I would assume that shard have now reliquished their call on Pl2002-01. So within the intent of your question yes, they shupuld he able to do what they want within (subject to DNR acceptance).
Pedantically though the NUOG cannot (and never gave been able to) do anything with it. This is simply because it is not their asset. It is controlled by EOI.
Currently it is the same effective thing though because NUOG have full control of EOI.
I have always liked this TA: