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What is clear is that Daddy's boy has again screwed up on cashflow management.
It is insulting that after years of crap financial management he has been promoted to MD / CFO!!!
Insist that resolution approal is contingent on Damian's resignation!
Whether your cash is on the line or not . You should have balance.
What you say or do will have no bearing on the out come of this company / Stock.
It's pretty clear by the calling of the EGM is that they need to raise more funding. What we don't know is how they plan to do this .
Either tapping shareholder or a placement. This share become clear after the event.
For now it's best to wait and say nothing ....
I think NUOG are pis poor at coming out and explaining things and adding sufficient colour....
lets take the Petrofac RNS for example.... i believe there is so much more they could have expanded on about what Petrofac have done so far, have they incurred their own expense, have we introduced them to projects and have they introduced us to projects, have they validated our calculations of project evaluation,. etc etc... instead we get something very vague which sets peoples default stance that nothing significant is going on and it's still early stage.... i believe there is so much more to this than we are aware...
some have been critical at Alison's laugh and comment on timeframes... well apparantly it was misunderstood and the reaction was because we do have several projects and we are certainly not waiting around for a project, some that we are very close of completing and we have worked for a long time to get there already. Again a poor representation and they have not taken the opportunity to clarify or correct the way that was construed. SPV - why not add a statement to update where we are with the SPV process?
again.... with todays rns.... why has graham as chairman not released some kind of podcast reassuring shareholders explaining what this means and why it is necessary... ok there are limitations but they have a habit of releasing things like this with little or no explainiation and then they wonder why the market reacts poorly. I believe they could offer reassurance if they wanted to... thier default stance always appears to be "when we deliver a project it will all be ok".... well no, there are so many things they could have done better in the interim.... but despite this, is there value in this investment at this price.... of course there is
All you need to do is look back from over a decade until today and the latest RNS.
Its all laid out.
There was always a deal or two just about to land, just hang in there, nearly there.
10 years on. All looking good, nearly there? Really All I heard is AP in the fluffcast say these deals take time and money.
But no, nearly there. Nearly. If only people would believe in the magic.
So, looks like it is shareholder milking time again!
There were reasons why the 25% / open offer was insisted upon by the shareholders at the AGM and the BOD's actions post the AGM have demonstrated that.
Petrofac RNS and Allison interviews were clearly done to sweeten the pill.
I see someone on twitter is suggesting Damian's resignation should be part of any shareholder approval, I would second this.
I agree that there is a possibility something else is afoot and prompting this, Sharelock, which is why I'm not in a car on my way to Manchester as we speak. However, there is also the possibility that there isn't anything else afoot and they just want cash whenever they see fit. As usual, the wording is ambiguous and misleading and I think they actively employ that as a strategy in the hope it will divide shareholders and these discussion boards in the way it does....at least then only 50% of shareholders are out for blood.....
major i agree more transparency would do us all a favour so we know exactly what they are working on.....
I am certain they they have a pipeline of projects that can be very lucrative for us, but they are of no value until they are made clear to the market.
the probelm is other companies may acquire early stage projects, do the dd, then take steps 1,2,3,4 etc..... we are working on projects further down the value chain, and when these type of deals are negotiated, you wont know until it closes.
I would only add more shares here ...if a deal was delivered...goes without saying...most people will be in same situation...why a RNS before a deal..surely that would be after...if a deal was imminent?
Yes Sharelock you would always say the latter. Over and over again.
You should have a wealth warning slapped on you like LT (maybe this is his big June news hey? This and the puffed up collaboration).
Woodgroup collaboration with Enegi, xyz collaborations. Tens of millions raised for 'deals' everywhere NFL, Jordan, Ireland etc etc.
Where are those deals now? Oil gushing from NFL, oops no dont like that lets do ummmm GTW now.
Buy, sell or hold do what ever you want.
Cobra by no means am i suggesting there have not been a catelogue of mistakes from the company.....
i am invested here for a high growth opportunity. if i didnt belive in it i would sell and move on...
I accept there are challenges along the way. and i am suffering from the effects of them like any other. everything has a means to an end, and my reading of this is not that this is a sell signal for another messed up placing. I think this is a sign the next placing will be more favourable to us..... i do also wonder if this might not be all it seems and i suspect there could be something bigger at play around entity structure.... i am intrigued by the comment below, maybe reading too much into this but could this indicate a merger as currently raising funds via placing has nothing to do with MFDevCo
Nu-Oil, and its joint venture MFDevCo and subsidiaries, need the ability to raise capital quickly, efficiently and on the best available terms
Sharelock, I agree with your deduction. However the company cannot keep pushing out projects without advising what the final outcome was. It cannot rely on shareholders to keep funding schemes that we don't know about. I suspect no investor knows what projects NUOG is actually involved in at any given time, for a PLC this is not normal.
Lets be clear the effect of this RNS........
1 it removes the open offer committment made at the AGM.... seeing how this played out, is anyone disappointed about that??? i doubt it?
2 it means they can issue up to 35% of the company.... by my calculations they could still issue 200m shares, this increase that to about 490 so another 290m shares. correct me if wrong
The impact of the change in resolution is not particularly damaging....
Perhaps the fear factor is that it indicates a placing is coming.... well this is not a placing RNS this is a change in resolution. Well that could be for one of two reasons; they want cash in the bank at any cost, or they are about to land a deal adding significant value and a much higher share price. Seeing the recent comms with Petrofac, the forum and SPV due any day, i would say the latter.
Well it's a funny old world.
Cash is always king and without it, you can't achieve anything...
The interview with Alison on proactive investor summed it up when she started to laugh when the interviewer mentioned the first deal. She said that these things don't come quickly!! Such a shambles, with no news they'll be lucky to raise funds. Back to sleep #Tenyearsofnothing.
And also interesting that you pick up on changes by shareholders being detrimental and yet the fact the company just keeps milking PIs year after year without delivering anything just washes over you and isn't detrimental at all....intriguing....
Interesting that you've taken a positive stance on it again; there's no chance in hell you're a normal PI here. My guess is company employee or paid poster. How could you quote that section without picking up on the crucial line 'each time a non-pre-emptive placing for cash is undertaken'.....no alarm bells ringing at all? None? Not any?!
I think the point has been proven that the changes and agreements within the last agm have been detrimental to the SP. I am confident shareholders would take it back if they could and would be happy to remove this.
If they deliver material news and want to raise funds, do we want to go through that whole saga agin.... no thank you.
This says it all:
Discussions with the Company’s advisers indicate that the Company’s strategy is attractive to
investors, however, to achieve the positive material changes to the business that it believes are
possible, the Company needs the flexibility to implement its strategy in a timely manner, and
without having to conduct an open offer each time a non-pre-emptive placing for cash is
Shouldn't really come as a surprise as they have been at it for years - you also have to wonder where some of the rumours that were spread by PIs actually originated from... They are also basically trying to overturn what the majority of shareholders (owners for the company - not the BOD with their pittance of an investment into the company) voted on at the AGM, just six months later!
True Wob, yet again looks like they've tried to time things in their favour rather than that of shareholders. So basically they are now just looking for permission to dilute us to b*ggery on the basis it makes no odds to them how many shares are in issue?
Trust me, I blame the company and my own self judgement more than any poster!
The timing of the announcement last week and the interview is also playing on my mind.
Well given over 17m shares have been dumped over the last few days you should probably look at those that hold millions of shares rather than few or none.
Combined with the latest ADVFN robotic ramper called Mindthegapup (now I wonder who that is off here - Oh I know), along with the glaringly obvious lack of immediate revenue stream along with yet more glaringly obvious need for revenue it has been obvious to anyone that cared to look that it wouldn't be long before a placing type RNS was issued.
As I said previously and putting aside the ridiculous fluff collaboration number 97 RNS, this has had red and sell written over it for ages.
People would rather refuse to see the obvious in favour of pie in the sky ramblings and dot joining about fantasy deals, amazing really.
Still best to focus on Marbur and all the other bogeymen instead of this utterly hopeless company and its dreadful performance. All the tens of millions raised to date and for what?
"In addition to equity investments in projects where appropriate opportunities and funding are identified, one of the key avenues that Nu-Oil can pursue to achieve its strategic intent is through its investment in Marginal Field Development Company ("MFDevCo"). "
Does this part rankle with anyone else? Firstly it doesn't actually make much sense and secondly, there is nothing else on the table at present other than MFDev G2W so as usual just more meaningless words. Minty played a stormer timing his exit on this one....they should rename Graham 'fall guy' in all future comms....
Agreed, and most likely before that
Well it was obvious some people had this info this morning/ yesterday
I know Wob but I don't believe marbur posting his usual ramblings has any connection to the chunky sells this morning....I suspect they came from someone with even lower moral standards.....