Silvermere Eng Share Discussion Threads

[illuminati1] 18/6/2013 13:54

Wow you were right.RNS midday...

[showmethemoney123] 18/6/2013 09:21

They have been legally served with a foreclosure notice on 14th June. If they do not RNS this I will post it here......

[showmethemoney123] 04/6/2013 06:51

Still means equity holders will probably end up with just 1000th or less of their original holding as Dominion will doubtlessly not be party to the CVA (from what I am hearing) so it will also have to be recapitalised - no doubt this odious management team and their friends will be allowed exclusively to participate at these deeply discounted levels to preserve/increase their holding - everybody else will be shafted and if they want to participate make Morrison and his partners in crime a profit by buying in the aftermarket.

[buffetbowler] 04/6/2013 00:54

The A in CVA stands for arrangement rather than administration!It's effectively a payment schedule to clear the debts and is down to the creditors to agree, if they do, then the co can continue to trade, if not then effectively the co is insolvent and the liquidation process begins..The fat lady hasn't sung just yet!

[rajaster] 03/6/2013 19:51

glad i sold what pittance i had remaining.. AM should be sued

[ih_393528] 03/6/2013 18:26

A CVA would be disastrous for shareholders looking to recover from this debacle.
Morrison fails to inform the market of the financial condition of the company and now post suspension from trading, the Board of Directors want to hammer the shareholders down with a CVA !

This management team lurch from one disaster to another.

I see some serious action on the horizon.

[showmethemoney123] 03/6/2013 17:32

I'm hearing this evening via an accounting firm they are trying to structure a Company Voluntary Arrangement which may completely screw the ordinary shareholders here (i.e you could be left with a minute fraction of the value of your holding at suspension) - if you are interested in maintaining any holding here you should call the idiot Morrison for clarification.

[rajaster] 03/6/2013 13:30

old man continue taking his time.. AM really is a PR master

[yachtie8078] 03/6/2013 10:39

None that I've seen. I'm presuming that no news is good news for now.

[ferdy1] 30/5/2013 15:55

Any news? any arrests?

[buffetbowler] 12/5/2013 23:55

lol Greenroom78The whole thing stinks! There is a similar whiff around emails/letters from lawyers ending up on public bulletin boards. No disrespect to those who posted them, but it doesn't take a genius to guess where the leak came from!

[jamesiebabie] 12/5/2013 23:04

G78 - put your money in the cash cow that is EME, if not now, watch for the results [due shortly] to see how much they should be making. Please DYOR.

[greenroom78] 12/5/2013 22:54

No idea buffetbowler - I jumped ship on the back of that dodgy 'speculative buy' tip with fairly easy links to Athol, the same Athol who...

I leave you to work it out, I said at the time I thought there was a wiff around that tip.

[buffetbowler] 12/5/2013 21:44

showmethemoney123 - 11 Apr 2013 - 08:17 - 5037 of 5245GR I have a plan to resurrect SLME and rid ourselves of this pestilent BoD. Lets talk off board again.Greenroom78, I'd be interested to know whether the plan is in progress or has been superseded by events?

[greenroom78] 12/5/2013 15:03

I'd like to see apologies on here from all those that were laying into SMTM over the last year or so, he ultimately called this right.

[colva] 12/5/2013 14:59

Hi Raj

Yes , fair point , SMTM's post was at 23:26 on 15th April so as you say many would have missed it . Looking back over the last 18 months a few things went wrong that the BoD had no control over , the gas price collapse, the lift boat accident, and the leaks in the pipeline, but the things that they did have control of they didn't handle very well, ironic really that SLME were set up to take advantage of cheap assets that were available due to the owners not being able to raise funds in a difficult market.
I was lucky enough to get out with a very small loss some time back but some will have lost serious money here and having experienced that myself elsewhere i know how it feels and wouldn't wish it on anyone.

[rajaster] 12/5/2013 09:31

colva not everyone saw the post..i missed it and saw it only after the rns. damage done by then. should really have got out at 8p as i had bern saying andy morrison is incomptent since 15p.. just a shame i was looking at the asset and thinking theres no way even that old fool could mess this up..but really whos the fool 112k per annum it looks like am pulled a blinder

[colva] 11/5/2013 07:20

Everyone should have been heading for the exit when SMTM posted the lawyers letter on 15th April , im amazed that there were only 4 trades on the morning of 16th April before the RNS came out at 08:51 .

[ih_393528] 10/5/2013 00:26

I cannot argue against your statistics. What you say makese sense.

On the other hand the SLME debacle could have been avoided with pro active management and upstream experience.

Not one person on the B of D had ever drilled, tested or completed an oil & gas well. Secondly, you cannot run US assets from an office in London.

There are a wealth of opportunities in the onshore US domestic market. SLME were looking at opportunities in Mexico ! Clearly, sovereign and country risk mean nothing.

This could have been avoided and along with not disclosing material issues with the company's finances. Plus, an overpaid CEO and Chairman the AIM compliance people need to take some serious action.

[illuminati1] 09/5/2013 20:21

The timesAIM is a great market for making money if you choose the right stocks. But get it wrong and we are talking wipeout.Investors in Silvermere Energy, the oil and gas producer, have seen its shares lose nearly all their value (-99.98 per cent) over the past five years. And it is not alone - 118 AIM shares have lost more than 90 per cent of their value over the same period.

[ih_393528] 09/5/2013 19:21

I suspect that legal action will be taken against Morrison and Moxon individually, as through their extreme collective arrogance they rather annoyed the other interest holders in 818-I-1.

The potential for the award of triple damages against them personally is a reality in the State of Texas. Plus, they will have legal action filed against them in other States no doubt.

In the UK; AIM and the regulators must seriously examine the statements made to the market and the overall misstating of the company's financial position. Other people have been put to the sword for far less, why should this pair get off without any fall out or regulatory action against them ?

There is nothing wrong with the asset, offshore assets take time and effort. The issue is management and their total lack of drive and initiative. To be paid 103K for this debacle is ludicrous and a mockery of basic corporate standards and governance.

[montyhedge] 09/5/2013 19:07

They should be struck off.

[anresu] 09/5/2013 17:33

Cryptic crossword clue:

I am in Silvermere and end up in this.

[ih_393528] 09/5/2013 16:02

Now that the stock has been suspended we should see some action on the legal front and possibly real oil & gas people making a move to take on this debacle.

Morrison and Moxon can never work in the City again with a quoted Company.

[solarno lopez] 09/5/2013 14:41

Thats Morrison for you