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LT, quite right Sir. AIMs fear factor kicks in, whilst the history and lack of clarity have given us a bad reputation, this time this is with good intentions and by the 12th I have no doubt that things will become much clearer and that the share price will be much higher. It certainly has nothing to do with a dilutive placing at a discount to todays price. Remember the timelines are not 100% controlled by NUOG.
I have to say they could have put the dots closer together, or given out some king of instructions. But those that are brave enough or researched enough, there is a very good chance of making the type of return that doesn't come around very often IMO. Nothing is priced in, the fear of placing is completely driving this, this fear will be removed and the quality of the deal may catch a few out.
LT - you don't need to go fishing, you have been done up like a kipper
Still another little timeframe change, nicely done
I haven't posted much recently as I've previously outlined my position and timelines with this share and am absolutely comfortable with my stated position thus far.
I said that this quarter would be very important to our future and that looks to be borne out by events, give or take a couple of days, as the EGM on the 12th surely is much more than the RNS alludes to!
Join up the dots I'd say and smell the coffee!
Unfortunately I cannot attend the meeting to offer my support as I shall be on holiday ...... again!
Hopefully, this next holiday will tide me over until September's in Aegina - nobody in their right mind and living in Purbeck takes a foreign holiday in August as its just picture -perfect here!
That said - been thinking of taking a week's fishing in Norway .... just for the halibut!!!!
Nowtnu - that explains why Damian can count to 28!
Something about the BOD?
Maybe that its so incestuous that they all have 9 toes on each foot?
Really sorry to see how this has turned out, I hope nobody is losing too much and that it can be turned around.
Nuog has been on my watchlist since 2017, always liked the prospects but something about the BOD meant I could never pull the trigger. GLA holders.
Mcadder & LT are awful quiet now, probably trying to work out how to tell their families about all the money they have lost.
LTH - get some courage, get organised and get some of your own resolutions on the GM agenda
- removing BOD deadwood, Damian, Tej, Ivo etc.
- an audit of all Nuog spending with RMRI and who approved the invoices
- full disclosure of SPV / project status (especially Brazil)
- instructions to the NED to ensure data / record protection for future legal actions
wobwat - I believe it was 2015, they were rewarded for making such a "huge" sacrifice by having their options awards rebased from 8p to 0.6p and the number of options increased about 5 fold
Obviously all justified given their sterling efforts, really they deserve medals.......
So £625 per director per month was the deal they took and the shares were purchased on the open market.
The SP went from 4.49 - 5.57 on that news then drifted a couple of months later
The link didnt work but found it
Sorry that was for Wobwat - bloody predictive text
Nowt, what is Simon's salary as it gets slated a lot but how much is it exactly?
Skyway - in terms of directors committing to buying shares on a regular basis the only example I am aware of is Amir Minerals where the directors bought £5000 of shares each month for a year. Link below:
ed - when was that news released? Year?
Wobwat - you don't have to look very far for an example of deferring salary, the old Enegi BOD had to do that before they came up with the MFDevCo wheeze and started touting marginal oil (Brazil anyone!) as the next saviour.
Share price went from 0.1p to 1.8p and Simon even got to collect a trophy for that little bit of story telling, anyone remember how that fairytale ended?
I'm not convinced Simon is on a big salary but perhaps we could ask for clarity on his earnings
Regarding the derampers (and rampers), my issue inst the hurt and losses people have faced due to investing in Alan and his merry men and the hatred they post towards the company, I'm one of those people who has lost a lot of money here and i've been open towards my feelings on Alan for the last year
What pisses me off is the constant games, changing opinions depending on their current position, changing profile names etc, all respect to you (i actually enjoy reading some of your posts) but you obviously had a previous handle? Why change? I get loads of abuse on here but Ive stuck with my handle, it would of been a lot easier to set up a new one!
I like your point below about "skin in the game" - we cant force them to buy shares, we have no idea what their personal financial situation is but surely deferring salaries or contributing 10% of their salary to shares is a realistic request - has anyone seen examples of this in the past (off the back of an AGM?)
-You also need to press the BOD on what investments they are making - why no director buying. What are they 'investing'. What is their skin in the game.
-You also need to push very hard on salaries as well. Simon on what ridiculous sum of money? Its basically equivalent to a Chief Constable and he carries out the role of a 25k person who sits on reception.
-I would also push them on transparency of cash burn. And sorry to labour it but they have raised nigh on £40m to date. That is an incredible sum for 0 deals.
-Also, as mentioned, why is GS the invisible man. Why is he not putting his name to communications etc.
I think you misunderstand a number of 'derampers' both on here and ADVFN. There are lots of very angry people who just see this company awarding what are basically family and friends 150k salaries to deliver 0.
It is truly shocking.
I have a feeling we'll be under a tight deadline to get any of those ideas/ resolutions raised.
Does anyone have any prior experience.
Enough of us bitch and moan about nuog, I think this is an opportunity for us to get something in return but we need prior experience to make it a reality
Wob, I think you're bang on with that idea and I think as many as possible should get behind it. All of those points are reasonable and why shouldn't a legitimate company supposedly on the verge of news look to assuage its shareholders in the face of what appears to be another means of shafting? The issue is how do we propose those things by proxy or would anyone be willing to table at the meeting? Agreeing what they want but asking for something reasonable and logical in return would show them for what they really are....legitimate businessmen or cretins.
Merchant, although your points would be welcome if true, you speak as though everything is a certainty. Many Nuog champions have fallen from grace off the back of such self-assured predictions....any reason why you should be different and also any reason why they would only place if there's a deal and not because more time has passed and they need OPEX funds??
I agree Cob.
Why dont we (try) and make them give us something in return. We are in a position to negotiate but we need to be realistic on what we hope to achieve.
Some ideas I have - not sure if these are completely unrealistic so hope for anyones opinions:
1. Deferring a percentage of the directors salaries until certain milestones are hit. As a compromise, offer a bonus system should these milestones be hit and for pay to then be back dated with interest. We need to dangle a carrot to make this realistic. Obviously we need to suggest clear and achievable milestones
2. Clear updates on the state of MFDEVCO, where we are with target fields, exact details on the work completed by Siemens and Petrofac, exactly how long we have been working together, what else needs to be completed for the next step, what is the next step, is it a HOTs or deal etc? Not asking for timelines here but a clear understanding of what the steps to completion actually are
3. The state of play with the SPV, will this be announced along side a deal, is funding in place, which consortium partners are involved, which funding lines are we considering etc etc
4. What is Grahams involvement in the business, is he running the show or is AM still pulling the strings.
5. Alison seems to be the face of MFDEVCO, what is Damiens position and responsibilities, is he required?
6. Simon - what does he do on a day to day basis bar fielding calls from unhappy holders. Where is the strategy thats been discussed for the last 20 months, whats going on with the forum etc
7. Honest update on GHS
There are many more but I'll start with these
OK so a couple of things here:
1) Project wise do not worry at all. Petrofac should be seen as a buy signal. This has been in the wings for some time, the formalisation is precedent to closing the first deal. They have some good assets that they are negotiating on. I am not exactly sure which asset will be the first project, but the priority order can change, but there will be a continued uptake of projects of differing sizes and values. I am hoping the first one is the one that will have highest impact and will be easiest and quickest to progress. In terms of timing, this has to come by the EGM, well actually it is likely to be before 10th July when the proxy forms are due. The timing of these two bits of news I am certain are driven by the closing of the first deal. The bigger the gap between the next RNS and the EGM the better, so I do not expect it to be last minute.
2) Look, from a share price point of view it's a complete car crash. But the survivors will go on to complete their journey and will enjoy the ride. Lots of mistakes have been made and nothing has favoured shareholders to date. But I have a great deal of confidence that is about to change. There are a lot of parties involved and its a very complex process. In terms of money in the bank for salaries and other working capital, it is still true that working capital requirements will be reduced with MFDevCo funding. What happens next may depend on how well received the deal is. Read the RNS point about being attractive to investors. They will have money being offered up on a material rise, and the question will be is there a price and an amount of money that makes sense to fund the company. But, I think you should not be fearful of a placing, if a placing is coming it means a project has been delivered and the value is increasing.
Very true Sharelock they do not need a placing to close a deal however they do need a placing to keep them above water so at some point IMO another placing will come. If a deal does not come within the next few months a placing will almost certainly come and once again the SP will drop.
Time will tell.
You actually think these clowns will close a deal... We are locked in and hoping for a miracle. I'm getting the impression that this company are just legalised con merchants who are feathering their own nests..
Correct . They need a placing to pay their salaries. And half year bonus. And the summer party. And simons regain prescription . And mintys gentleman’s club subscription. And Alison’s (how to show a little bit of passion and enthusiasm training)