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TMAN Timan

12.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Timan LSE:TMAN London Ordinary Share GB00B1FLNQ18 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 12.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 12.50 GBX

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Date Time Title Posts
08/7/202220:35TIMAN OIL AND GAS (TMAN): A NEW HOPE10,159
04/7/201019:03TIMAN OIL AND GAS SHAREHOLDER ACTION GROUP169
06/11/200919:47TIMAN OIL & GAS1
07/6/200910:07Timan -34
05/5/200911:04Timan Oil & Gas - Data4

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Posted at 17/12/2019 09:35 by arthurdaley69
The irony is Miami, that the minority shareholders have, for the most part, written off our investment years ago.
The Directors needn't have exposed themselves to accusations of fraud if they made a bid at any level to the remaining minority holders.I do not speak for them all, but personally, I would welcome 5p a share like a lottery win; money found.
I do agree that staying on is a more sensible option rather than jumping. As long as you have recorded all concerns you have listed in internal memos then you I very much doubt you could be held responsible for any action that ends up being investigated by an outside agency. In fact, having been a director during the time such alleged activity took place and then walking away might be construed in a very different light.
Either way, an end to this debacle would be welcome. As much as I do enjoy checking on the patient that has been on life-support for 10 years plus, it would surely be kinder to eventually switch off the machine.
Posted at 02/12/2019 04:05 by miamisteve
As a director I have a number of legal obligations. Although I am the minorities representative, in general terms I have to treat all shareholders with parity.

For me to act in the best interest of all shareholders I must be provided with information from the company that has not been forthcoming. Without the full disclosures I require, I am unable to rule out criminality on a number of activities and would be negligent to overlook it in the capacity of a director, leaving no choice but to resign on these grounds.

A number of deals have occurred during my directorship that were essentially presented to me at the last minute on the basis that there was no alternative, and required my pragmatic approval without the due diligence that I would have required in normal circumstances. I now consider these deals as highly suspect and requiring serious investigation. All information requests have so far been denied.

These transactions have resulted in significant dilution for the original LSE shareholders and created groups of large shareholders who now act as insiders.

The first transaction concerns Levant. $10m was invested into the company, which triggered a winding up order on the company, and a unclear paper trail back to Chinese companies under fraud investigations. Levant have ties with Kuanyshev and may have merged their interest in the company, under the Greatex umbrella. The deal at the time was packaged that minority shareholders would be bought out at 25p a share, but in reality their only interest was to dilute the minorities and use the investment to book reserves in an attempt to boost the valuation of a special purpose vehicle on the Norwegian stock exchange.

The second transaction concerns Lebedev. Who brokered the sale of 75% of NGPT to his friend on the understanding that we would have a free carry and they would develop the asset. Greatly enhancing the value of our remaining 25%. In reality they again solely seemed interested in booking the reserves and borrowing against it for other activities.

The third transaction concerns Gateforth, which is associated with Kapalin, who appeared out of the blue at the last moments of drafting the CVA and on the basis of debt that they had acquired for possibly as little as $50,000 was able to leverage the CVA process and demand 20% of Timan PLC and 20% of Geoterm.

I have not spoken to the auditors, but I have concerns that the 10yr + delay in filing the accounts is due to irregularities which I am being shielded from.

There have now been recent proposals to fire sale the remaining assets of the company and all of the above entities are involved in this in someway. Any such deal would likely leave the original LSE shareholders with nothing.

While I represent all shareholders, I am not in a position to recognize certain parties on parity with the original holders with the suspicions of criminality hanging over them.

I am aware that resigning will make the minorities position more vulnerable and before I formally do so, I will press for an iron clad undertaking that protects the interests of the minorities to be agreed by the company and the new era shareholders in settlement for the damage that their activities have caused.
Posted at 27/11/2019 19:02 by excell1
Well he is either dead or not but he has certainly stopped informing minority share holders.
Posted at 14/6/2019 17:23 by excell1
Pleased that he has replied.
I can't even remember what the delisting price was..anyone have the answer?
Posted at 14/6/2019 08:45 by miamisteve
Deloittes signed off on the historic accounts. Subject to clearing their final bill, the rest of the accounts can then be completed and this will then allow the CVA to be concluded.

Discussions continue with a number of parties on our two remaining assets. 25% interest in NGPT and 60% interest in Geoterm.

Should funds be realised from either of these assets, after clearing certain historic loans, the intention is to return funds to minority shareholders as a priority, with a number of mechanisms being considered. Although best efforts are being made, there is no guarantee of a successful outcome and if so, it is unlikely to result in a distribution in excess of our delisting price. There are also currently a number of non CVA related debts that need to be settled and we are in discussions with NRC as well as further Director loans to address these.
Posted at 04/1/2019 07:25 by kubok012
Miami/ and Mr.Chalov are beginning to prepare us/minorities for a very low buyout price... roughly 1p/share which equals the price at which they sold 75% of NGPT
Posted at 04/1/2019 06:57 by miamisteve
TIMAN UPDATE

Dear Shareholders,

Going forward I will be posting to this bulletin board with updates when anything material transpires.

During December I participated in a conference call with Deloittes, and was subsequently informed from Konstantin, that they have signed off on the historic accounts of 2008-2011.

The next phase of bringing the accounts up to date, concerns the period since our delisting, for which all accounting information is on record and is not envisaged to be as problematic and can be handled for the most part in-house and with a new auditor.

By remaining in the CVA, the company is protected from being struck off for our late filings, and therefore we envisage remaining in the CVA while this risk is present.

Once however the filings of accounts are up to date, the final sign off of the CVA will be a formality.

Going forward, the company is facing significant headwinds, with a declining oil price and ongoing geopolitical concerns. There are ongoing discussions in relations to our remaining assists with a view to maximising value for our shareholders.

Given that there are a number of outstanding NRC loans to the company, any successful conclusion to these discussions will result in limited funds being available for dispersing to shareholders, although the understanding that a buyout for the minorities being prioritised remains in place, albeit at a lower price than previously envisaged.

I cannot give any assurances on how things will play-out this year, although resolving the accounting issue was an important milestone, which allows Timan to move forward on a number of fronts.
Posted at 07/9/2018 17:21 by excell1
Email from miami
With his permission to post on this BB



Dear XXXXX,



My apologies for not getting back to you and the shareholders earlier. I do not check the bulletin board, but anyone is welcome at any time to email me or call, as some do for an update.



I share everyones frustration with this and bearing in mind the endless false dawns, am reluctant to give any more "maybe" news.



What I can say is that the historic debts were successfully accounted for from the cva process, though a small amount remains to 'friendly' creditors, which can be addressed by director loans in the near future. The long outstanding accounts seem to be in the final stages of being signed off and general meeting should be coming in the coming months, which will have the usual Q&A with Dmitry and myself and Konstantin.



We are actively looking to dispose of our remaining assets and it is something of an understanding that in the event of some further funds entering the conpany, the minorities will be given an choice to be bought out. I cannot give guarantee on such an event occuring or what the price will be. But obviously will fight our corner on this, if we get there.



Now all we can do is wait, but given the neftisa deal removed the huge ongoing liabilities of maintaining NGPT, we no longer have the concern of a declining enterprise value from these costs.



Please feel free to repost this communication on the bulletin board.



Best



Anteo
Posted at 24/1/2018 16:03 by excell1
What assets do Timan retain,I have lost track unfortunately?
Thought that with the oil price very much higher now, that it would make our assets worth notably more than over the last few years.
Posted at 15/7/2017 11:00 by kibes
I couldn't get a copy of the CVA report on the website but I have got a hard copy. Total claims against the company are £7.6 million. There is only £105,000 cash to pay them with. Any assets not realised (if any) which the company continues to own are not included in the CVA. The CVA will shake off the creditors, but it is not clear to me whether TMAN will continue to own or have rights to anything afterwards.
Timan share price data is direct from the London Stock Exchange

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