Timan Share Discussion Threads

[shotbybothsides] 30/4/2016 19:36

TIMAN OIL & GAS PLC - Important Information



Proposed Company Voluntary Arrangement (CVA).

Important Information & Other Key Dates:

On 18th April 2016,Timan Oil and Gas PLC announced that, having regard to the financial position of the Company, it had decided to enter a CVA with its Creditors.

The Company has taken advice from its Joint Nominees and Legal Advisers and believes that the CVA presents the best option available to permit it to continue its operations. The Timan Directors also expect the CVA to return the Company to solvency.

Should the CVA not be approved, Timan's Directors believe the likely outcome would be that the Company would have to be put into Liquidation. The Directors do not envisage any realisation to Creditors or Members under a Liquidation.

The CVA is subject to shareholder approval at the General Meeting to be held on 11th May 2016.

Please note that Timan shares were cancelled from trading on the Alternative Investment Market of the London Stock Exchange in December 2009.

[fastballfifty] 29/4/2016 19:53

Just got something about a corporate action can someone fill me in ??

[nametrade] 25/4/2016 18:43

How transparent were your dealings at the time, Kubok012?
What was your "bonus" going to consist of?

[kubok012] 21/4/2016 07:30

So where is the official documentation for cva vote?
Where is the credit agreement?
This is again bla-bla-bla from your side.
Post it on our corporate web page and lets speak then

[kubok012] 20/4/2016 19:11

Neither Miami, nor Chalov... No one has put the the agreement with Neftisa/Russneft on our corporate page. Why is so secret? Where the cva proposal? Put everything on our corporate page so every single shareholder can see what they are voty for. Otherwise these are your words against mine.

[kubok012] 20/4/2016 09:11

It could have translared into 25c/share, as we had almost only 175mm shares outstanding
Now everyone would be happy for 5c i guess

[kubok012] 20/4/2016 09:09

If we did what I proposed in the past, we would have already been a very rich people. I brought Bashneft, but Chalov said 50mm is not enough for whole Timan. Just to remind we had KNG that time. I believe the main reason why the deal didnt go through was that the management wanted to pocket at least additional 10mm for themself and had no idea how to make it happen.

[kubok012] 20/4/2016 08:29

No. I will vote against cva, although i assume our vote doesnt matter much after dillution at Timan level. We need to sell now, otherwise tomorrow it will cost nothing

[jaynealex] 20/4/2016 08:13

Sounds good , lets agree CVA , and try and sell our assets for a cash distribution to shareholders ..... going into liquidation is a no no , no good to me !

[kubok012] 20/4/2016 07:13

If you mean that NGPT pays off the debt of timan in exchange of 75% stake of itself in favor of Neftisa/Russneft -> please show where it is clearly written in the agreement with Neftisa/Russneft deal. I haven't foung anything close to that.

[kubok012] 20/4/2016 06:52

when you say the words debt-free and then loan-terms, what do you mean?
The funds from Neftisa/Russneft were injected into MGPT, not into Timan plc
How much debt do we have at Geoterm level?
How much debt do we have at Timan plc level now and hou much debt will remain after cva?
Whom do we plan to sell the remaing 25% in NGPT? Why do you think Neftisa/Russneft will agree to pay fair value for our 25% stake in NGPt if they can simply dilute us?

Unless we have clear strategy i believ and i will push on voting against cva.

[miamisteve] 20/4/2016 05:01

Kibes - The alternative is liquidation which would result in nothing for shareholders. The CVA if approved will settle creditors positions at circa 5% of their original value in one final payment. We will then be in a position to attempt a sale of our remaining assets geoterm and 25% of NGPT not as a distressed seller

Kubok - The terms of the funding from Neftisa and the condition of the loan guarantee from NRC was that excess funds once NGPT level debt had been addressed had to be used to settle parent company debt and most of the debt has already been settled.

The new proposed CVA has only 5 creditors left from the original CVA. Literally tens of millions of debt is already off the balance sheet. This debt was settled at a fraction of book value.

The proposed CVA is fully funded to settle all remaining creditors and myself and Chalov have acted as personal guarantees to it.

[cl2201] 20/4/2016 04:26

Kubok - I suggest you read the fine print of the GM circular, which details how the loan money can be used.

[kubok012] 20/4/2016 03:53

The company will not be debt free as all cash was injected into NGPT entity.
Timan plc got nothing and still owes to creditors on its level.
We are in cva as we have no cash to pay off the debt which the company was overlaoded during MR.Chalovs days.
CVA will not help us unless somebody injecta real cash for equity at our level.Mr. Chalov injected his personal money by providing the loan to the company, not by buying equity. He doesnt believe the company has a chance to survive.

[cl2201] 20/4/2016 03:33

Kibes - Seems like rather a strange statement. I'm sure you are aware this has been the agenda for quite some time now.

The aim set out by the board was to agree a new CVA and pay off the creditors once and for all using part of the loan (see NGPT transaction). Once that has been completed the company will be debt free and will retain a 25% free carry in NGPT, with the 75% balance owned by a large Russian O&G company - why would that not be worth anything?

As well as NGPT, the company also has Geoterm which might be subject to a farm-out in the future.

[kubok012] 19/4/2016 19:30

Thats the point, there is no reason to keep the company in cva. Absolutely no reason.

[kibes] 19/4/2016 18:45

Have received from Smith and Williamson a letter and details of how to view the CVA proposal online. As a small shareholder it is not clear to me that there is any benefit in this at all. The directors admit that the company is insolvent. The CVA is an attempt to settle with creditors but to what purpose? As far as I can see the company will retain 25% of NGPT on a 'free carry' basis, but whether this is worth anything I cannot say nor how many new shares will have to be issued which will dilute current shareholders. I don't really see the point in prolonging the agony like this, the company should just be wrapped up. It is bust and if this is concluded and put into liquidation it can at least be used as a tax loss to offset capital gains elsewhere. Am I missing something?

[kubok012] 19/4/2016 03:50

Year 2016. We are still in CVA
Miami, tell us, do uou plan to keep the company in cva forever?
Unless you tell us how minorities can monetize what is left, there is no credibility in your words.
The management has been successful only in fighting with creditors and overloading timan with expenses and debt
I see the management has no exit plan other than just hoping to sell the remaining 25% to Neftisa/Russneft. I strongly believe they will not pay anything close to our expected fair price. The main shareholder of those companies is not inferred as a man whom you can trust.
I will not be surprised to see him trying to dilute us at NGPT

[miamisteve] 19/4/2016 02:57

The CVA circular has been officially sent out to creditors now.

Yesterday we were in court contesting a winding up petition from HMRC. This was successfully adjourned and so the CVA vote can proceed.

There will be a general meeting to gain shareholder approval for the CVA, residual debt restructuring and to reduce the number of options since the Levant deal did not proceed.

This will be held on the 11th of May.

[kubok012] 08/4/2016 08:50

Thanks to Mr.Chalov, he didnt sell timan to Bashneft few years ago when they offered 50m for the whole company