Timan Share Discussion Threads

[fsu gold investor] 22/4/2015 22:09

Thanks for your response Miami

[debbiegee] 22/4/2015 21:07

Thank you so much ,very gratefull.

[john henry] 22/4/2015 20:01

Thank you for you response Miamisteve much appreciated.

[miamisteve] 22/4/2015 18:04

Sorry for the late response.

I can give you an update on what has happened since the EGM last year in June.

As you will be aware the EGM coincided with the Ukranian Crisis and resulting sanctions, which made the investment and financing climate in Russia extremely challenging.

One of the EGM resolution permitted Levant to convert their $10m dollar loan and 1m gbp loan into equity in the company at 12.5p.

Prior to the EGM I had been informed that Levant had acquired Kamanisks loan and would therefore be in a position to approve a new CVA, being the majority creditor.

After the EGM, we drafted documents for Levant to subscribe for new shares in the company at 5p. They unfortunately were not able to make the necessary commitments to safeguard the future of the company.

They then used the Kamanisk loan as a device to gain leverage with their negotiations and threatened to wind up the company.

I has told that for them to be able to book the reserves of Timan they needed a 25%+ holding and they thus agreed to convert the Kamanisk loan they acquired into shares in the Company to facilitate their reverse takeover of the Norwegian shell Company.

This is where their holding in Timan originates from. We received no further money from them but the Kamanisk loan as converted.

To keep the company afloat NRC made an emergency loan and at this time we are in the process of discussing settlements with creditors and asset disposals, but the valuations discussed are a significant step down from what was previously being entertained prior to the sanctions and demise in the oil price.

On the positive side their has not been the dilution at 5p, with the Kamanisk loan being converted at in excess of 12.5p and the debt of the company has been significantly reduced with NRC, Levant and Kamanisk having converted.

I am hopefully that an EGM will be announced in the coming months.

[odvod] 22/4/2015 07:49

Was miami ever in the entertaining business? Familiar with the show running?

[john henry] 22/4/2015 07:43

ANTEO QUINTAVALLE‏ BB handle is Miami. He has joined the African Minerals Share

Holder Action Group.

I have contacted via Email and through the action group. As till now i have received no replies.

I will give him until the weekend to reply, if no reply then ill post his email.

Im guessing no replies is bad news.

[odvod] 22/4/2015 07:29

Would be better to know where he is than his email.

[johnnyvee] 22/4/2015 07:11

Can you give us Miamis actual email so that we can contact him....

[john henry] 21/4/2015 18:42

I have obtained Miami correct Email.
Unfortunately he has failed to respond.

[excell1] 21/4/2015 18:01

I really don't know which is worse, those that have been against shareholders all along or those that have made out that they are looking out for small share holders and their interests but now look as though they have been on the take all along.

[kaos3] 18/4/2015 17:28

nothing new on the araca web site

[john henry] 18/4/2015 11:47

Im guessing events have changed to the determinate of shareholders.

[richie1218] 17/4/2015 07:51

I've just tried to access the timanoilandgas.co.uk web site and I get directed to a site called godaddy where it says the web site has been "parked there for free" so looks like we have all been shaffted,

[john henry] 16/4/2015 18:22

Does anyone have any contact Email addresses for the BOD of TMAN.

[woodpecker25] 16/4/2015 13:57

Well, let's hope not, but it is strange how he has slipped away knowing how many people use this BB as their only way of keeping in touch with what is going on.

[excell1] 16/4/2015 10:18

If so, it's a shame he has been corrupted also.

[woodpecker25] 15/4/2015 11:55

Maybe he's gone fishing.

(off the back of his gin palace in the BVI).

[john henry] 15/4/2015 08:02

Excell1 it would appear that way.

[excell1] 14/4/2015 17:17

Has Miami now deserted us?

[kubok012] 10/4/2015 10:57

as i said before - the company is in liquidation process

[kubok012] 10/4/2015 10:55

OC, you are right,
the assets are prepared to be sold to cover the creditors,
shareholders will be left with nothing
I think people close to main shareholders will buy-out the assets of Timan at the "auction" and will resell them later this year for higher price.