Silvermere Eng Share Discussion Threads

[showmethemoney123] 22/4/2013 07:40

Still no clarification on their insolvent financial condition which is shameful. Everything I have posted is based on facts and I have the evidence in my possession to back it up....

[seblufc] 21/4/2013 20:39

Show , I spoke to AM this weekend making reference to your posts . He basically rubbished everything posted and questioned your motives . Confident of solution . I am sure it will all come out right or wrong . Gl

[showmethemoney123] 21/4/2013 09:40

It would be no surprise if the vendors of the assets now issue a claim for substantial damages together with injunctive relief for the return of the asset as SLME are clearly insolvent and are now in very serious breach of the terms of the sale and purchase agreement as well as having behaved in a fraudulent manner.

[ih_393528] 20/4/2013 16:38

I understand that a US Company was also fraudulently taken by Morrison for $175,000 based on a lien filed by SLME that in fact had no basis given that the Company was carried to cash flow from the well.

This goes back to SLME claiming the original vendors of the asset were responsible for a tool getting stuck in the hole on a Baker Hughes wire line run on the well test phase! So much for understanding upstream risk.

Given the complete indifference shown by this B of D I would like to see them hammered in the Texas system even if the London compliance mechanism does nothing.

[showmethemoney123] 20/4/2013 12:09

Disgracefully still no clarification of their financial position.

Insofar as I understand it:

- the operator says Silvermere owes (at least) $225,351 through Feb 2013 JIB statement (this takes no account of work subsequent to that date or the workover announced on Monday).

- the previous executive management of SLME have confirmed the vendors of the asset's understanding that they were to be carried to cash flow.

- a creditor of £90k of the £750,000 outstanding has not been approached at all by SLME and will, now accordingly, not accept any rescheduling of the debt, preferring to take their chances in a liquidation and pursuing the individual directors for trading whilst insolvent.

[ih_393528] 19/4/2013 17:57

Why has the stock not been suspended ? Why has the B of D not resigned, and why has Morrison not been called up to the FSA and put under caution to answer for the lack of material disclosure on the financial state of the company, along with the overall misrepresentation of SLME's position in the I-1 well and 818-lease ?

What action has the NOMAD taken ?

So much for UK compliance procedures !

I have no doubt the Texas court system may have a distinctly different view. With the potential for triple damages I would not want to be on this B of D this weekend.

[showmethemoney123] 19/4/2013 13:11

You would if you were in the hedge fund world....

[christianf12] 19/4/2013 13:10

smtm, no problem. Would we know him if you told us his name?

Won't ask anymore on it now.

[montyhedge] 19/4/2013 12:58

Its going be all over shortly boys.

[christianf12] 19/4/2013 12:54

smtm, can't you tell us who the redmayne holder is?

[gray1107] 19/4/2013 10:47

Thank you smtm123 for your contributions, you have provided much needed balance even when you were being derided from all sides. This in part convinced me to cut and run last year and avoid this mess.

[showmethemoney123] 19/4/2013 10:32

If it is the investor I think it is he is very wealthy and obviously uncovered something he was extremely unhappy with imho....

[currypasty] 19/4/2013 09:34

why would you default on the relatively small amount of cash, if you held 19% of the company, and you must have known the default would wipe huge value off the company, and your shareholding.. doesn't make sense?

[showmethemoney123] 19/4/2013 09:20

If it was the client of Redmayne Bentley who defaulted, how on earth could they have left this statement uncorrected since the 11th January 2013:

"Redmayne Nominees Limited has agreed to participate in the Subscription on behalf of a client who holds a significant shareholding interest in the Company. Following the Subscription, this individual will hold 6,584,822 Ordinary Shares representing 19.1 per cent. of the enlarged share capital of the Company. His participation in the Subscription is also a related party transaction under the AIM Rules. The directors of the Company, having consulted with the Company's nominated adviser, consider his participation in the Subscription to be fair and reasonable insofar as Shareholders are concerned."

They have completely misled the market and the other third party placees in this 7p round yet they continue as Directors. If this is the case The City of London Police should be looking at the conduct of these Directors....

[showmethemoney123] 19/4/2013 07:58

They still have not clarified their financial position and have not disclosed the full extent of their financial liabilities. No wonder there is so much negativity on the AIM market and the dubious quality of certain of its Directors and Nomads....

[ih_393528] 18/4/2013 19:22

No loss is good. They hurt like heck.
There is nothing wrong with the I-1 well, other than clean up and mechanical issues that will be ironed out over time. The lease area and the overall upside is very solid. The infrastructure is in place and the pricing of the commodity is not eroded by high transportation and processing costs.
The issue is management. Not one member of the B of D have ever drilled completed and tied in a well. There is no upstream experience.
Add that issue to non disclosure of material facts relating to the financial state of the Company and it is a disaster.
The B of D should resign now and the NOMAD needs to be investigated by AIM.
There has been no attempt to build a Company, diversify the asset base and seek finance other than the current toxic facility.
AM is a disaster and this is his second failure. My guess is that Black Cat and Mustang will take this all the way in the Texas legal system. I certainly would with triple damages !

[greenroom78] 18/4/2013 18:22

I took my medicine today and walked away with a loss of around 75%. Ouch.

I used today's 'speculative buy' pump to soften the blow slightly. What I would like to know is how is that legal? I'm not naming names but aren't there links between 'One Free Share Tip', t1ps and Athol Gold? Stinks a bit IMO.

Anyway, I'm out. Any of you still holding I wish you luck and hope you do better than I have, I'll just put this one down to a lesson learned (the hard way). Ironically I had a friend warn me about AM when I first bought SLiMEy in Jan 2012, maybe in hindsight maybe I should have listened.

[ih_393528] 18/4/2013 17:13

If AIM are impotent, what is the supposed role of the NOMAD in this issue. They are responsible for the compliance matters of a Company that has not disclosed material financial information to the market.
Surely, the NOMAD was aware ? If not why not ? And why was not a more timely announcement made to the market as a matter of information ?
This whole affair appears to be an inside job with Moxon a former corporate financier and Merchant Securities / Sanlam Securities as they know as now.
What was the role of the CEO in all of this ? He is the only Executive Officer in the Company and is therefore utterly responsible.
The B of D needs to resign or face serious legal issues in Texas.

[currypasty] 18/4/2013 15:18

smtm
"(how must the other third party shareholders feel who ponied up for the Placing!)?"

I put my name down for the placing, but my broker was told he couldn't have any as a large shareholder had taken up all the spare.

Very glad my money was turned down now!

[showmethemoney123] 18/4/2013 15:02

Agreed. I know for a fact they were served with a Default Notice last year and never disclosed it!

[christianf12] 18/4/2013 15:00

You reckon they would have released an rns the other day if the issue hadn't been flagged up on here?

I don't.

I amanged to get out before they rns'd, phew but still a decent loss.

[showmethemoney123] 18/4/2013 14:56

Obvious now they have not been paying Dominion for a considerable period of time yet have been putting out a string of operational updates implying all was well on the financing side - that has the odour of fraud to me particularly when taken in combination that they concealed their Placing had been defaulted on months ago (how must the other third party shareholders feel who ponied up for the Placing!)?

The fact is they are now in default to Dominion, Black Cat and Mustang in one of the most punitive jurisdictions in the world, Texas, with the potential for triple damages and injunctive relief where damages are not considered an adequate remedy.