Amerisur Resources Share Discussion Threads

[quidnunc] 06/5/2019 07:58

Looks like someone has set a Fox and smells a bit like a red herring. If not taken at face value, what might this article distract attention from or flush? Q

[foiledagain] 05/5/2019 22:59

19503
19504
19505

Yes strange indeed, and much to commend the thought processes in the above posts.

What is fact is that Michinoko moved out of Virgin Islands after the Panama Papers situation, seemingly re registering the same name as a new company in Jersey.

The ONLY people that could tell a reporter how Michinoko was voting, was an individual acting for them, so reporter knows.

But what an ideal deflection from a company who seem to be so dedicated to keeping who they are secret, let alone if there are conflicts of interests?

When have they EVER made known their voting intentions before the event....It could easily be diversion.

Would hope the powers that be think full investigation of these offshore companies take place and they could start with Mich

What is an irony and could be seen as comical is that there is a Giles Clarke International Limited registered in Jersey which provides Offshore tax planning with the CEO being a Giles Clarke....a common name, so nothing inferred and no doubt its a different person, but quite comical

[davwal] 05/5/2019 22:39

Well Tomorrow’s pricing will be interesting. Up, down or sailing serenely onwards in its rut, we shall see.
I’ll go with up.

[bigwavedave] 05/5/2019 22:23

No doubt the original story was much longer. For anyone not familiar with Amerisur, the final, subbed-down version lacks explanation and is probably all a bit ho-hum.
My first question is this: is 14% enough to force a change? The usual rule for picking a fight is to make sure you have a good chance of winning.
Second question: if not Giles Clarke, then who? The usual rule for staging a coup is make sure you have a replacement in the wings.

[gemlotte55] 05/5/2019 21:02

aceuk. Yes very strange making the Times. As you say not often a aim minnow gets a mention,heres hoping it has a good knock on

[aceuk] 05/5/2019 20:58

Who put that article there and why? Not very often (if ever) you see an article on an AIM minnow page 2 Sunday Times Business.

Have to say I got interested when I saw the word "Michinoko" and lost interest by the end of the line when I realised the ST doesn't care - probably got enough on their plate trying to nail Sir Phillip Green!

[kaos3] 05/5/2019 18:36

one just does not know. If GC knows that he will be voted for by institutions - what better opp to vote against himself with cca 15 % of total to put Michinoko at a distance once and for all. politicians, spies etc - its how they operate day in day out.

one just can not say or conclude by such "trick". more telling as a fact is where does Michinoko invest than how it votes when vote does not impact the outcome.
(may be London this AGM - that institutions will come for sure and vote for GC)

[foiledagain] 05/5/2019 18:29

Be careful for what you wish for

Giles may not be everyone's favourite, but he does have connections in high places and those connections have I am sure helped with Ecuador OBA.

If you get rid of Giles do you also get rid of Nick Harrison?

I'd prefer they started to deliver shareholder value other than director value, but interesting that Michinoko must have been talking to reporters, so they know who the spokesperson is for Mich.

I too though feel its a bit convenient that Michinoko being the brunt of much concern on this BB, and where it cannot be a vehicle for RH, suddenly appears to be taking to journalists about intention to vote against Giles?

Doesn't feel right somehow and I can see how some think I might be a ruse to distance themselves from comments asking as to whether there was a connection with Giles.

[kaos3] 05/5/2019 16:27

knowingly not telling the truth (not 9 revolver speed drills) is lying. do I trust my money to a liar? yes I do. is it sensible? why would I do it? because of the promised reward !

thinking about ponzi - people know but they still do it because of the promised reward - it is modus operandi by the professional liars.they get money and time. they even provide some evidence that all is on track by some little payouts that can be checked. a step that can be seen in order to make a foundation to the dream. a must in a ponzi operation.

not boring, emotional roller coaster, huge reward at the end of the long march ....

all ingredients are there.
and if a liar gets removed all dreams will crush ? please - let him be!!!! always personal ! not systemic - another ponzi fact.

not relevant to the amer of course

[responsible investor] 05/5/2019 16:25

Production has fallen over the past three years. CAPEX has been significant. New reserves are minimal. Throughput on the OBA has been way below what we were promised and I cannot see any corporate deals which have helped the AMER share price! Change long overdue!

[grahamburn] 05/5/2019 15:09

Brief news article in Sunday Times Business News about a shareholder revolt against (a) Giles as a director and (b) executive pay with a final line that the director brought in to deal with the latter was killed in a skiing accident.

[acv74] 05/5/2019 15:09

It's May again and so far we've only had 1 unsuccessful drill (again)

[acv74] 05/5/2019 15:05

1p a year dividend costs only £12m pa and would represent a tasty yield at the current share price It seems the pressure is on GC to produce something this year. I personally still think he is an asset for corporate deals and the eventual sale, but surely we need to see operational progress in 2019 and get to 10k bopd minimum.

[responsible investor] 05/5/2019 14:57

The comments on this blog over the years about RH's holdings and the beneficial owner of Michinoko have been way off the mark.

RH is an experienced and professional investor and will have conformed with all legal requirements on disclosure. His current holding in the company, if any, will certainly be below the reportable level.

And the conspiratorial comments about the beneficial ownership of Michinoko were clearly all wrong - why would the news surface in the reputable Times that Michinoko will vote against the re-election of GC at the coming AGM on 14 May 2019 unless that is true?

We have to hope that the institutions, which cannot be happy with the operational, corporate governance and share price performance over the past 3-4 years, will get off their proverbial a…s and vote accordingly to the logical views of the beneficial owners of the funds for which they are responsible.

Shareholders should vote against resolutions 2 and 4 i.e. against adoption of the Remuneration Report and against the re-election of Giles Clark as a Director. I have already voted.

[the drewster] 05/5/2019 13:56

3.3 Resolution 12 (Capital reduction)
As many shareholders will be aware, the Company’s early years were largely focused on oil exploration and development. The level of oil production is now greater than in the early years and the Company and its subsidiaries on a consolidated basis (the “Group”) has been profitable since 2017. However, as would be expected given the Company’s historical operations, the balance sheet of Amerisur Resources plc on a standalone basis continues to show an accumulated negative retained earnings position of $76.1m and share premium of $144.9m as at 31 December 2018.
For technical reasons under the Companies Act 2006, the Company would be unable to pay dividends until such time as the retained earnings were positive and showed sufficient distributable reserves to permit such payment. The majority of the Group’s trading has historically taken place in the Company’s subsidiary companies and, whilst the consolidated accounts of the Group show positive distributable reserves, it is the reserves of Amerisur Resources plc (i.e. the parent company of the Group) on a standalone basis that determines its ability to pay a dividend. The Board does not currently have any plans to pay any dividends; however, the Board is of the view that it is now an appropriate time to restructure the Company’s balance sheet so that the Company will have the flexibility to pay dividends in the future, should the
Board consider it to be appropriate.

[the drewster] 05/5/2019 13:49

you can vote online with most brokers ... deadline at ii is 8th

[davwal] 05/5/2019 13:24

And then there’s the fact that this particular AGM was brought back to London out of the blue...

[davwal] 05/5/2019 13:18

Michinoko holds 11.06%, so if shareholders holding 14% are going to vote who else from IIs is involved with the other 3%..? Only Jarvis hold that amount in the published holdings. Maybe RH is still there with a holding that’s one or two shares below the threshold.

[ppceh] 05/5/2019 13:03

It’s a rallying call for the rest of us to join forces and bother to vote.

[treasure] 05/5/2019 13:03

Tyler,totally agree, with all the negative posts about the board on this and LSE BB's and then you get that article in The Times. Far to much of the same people that ruin capitalism are drinking out the same pot. Anyway, maybe it's the kick that is needed to protect the share price and some juicy RNS's the next week or so. The article of course refers to the share price drop of 80 percent but conveniently forgets that the oil price is still down about 50 percent since the high in 2014 despite the strong run of the past 2 years. Hey ho, maybe the days of picking up cheap shares here are ending and we will get the if only I type of posts saying wish I had bought more.....

[lucyp00p] 05/5/2019 13:02

Still not convinced GC is not Mich. Perhaps he senses it's time to step down but gets a better deal if he is voted off and has put out some news to that effect. As RH is already a Monaco based tax exile, he doesn't need another offshore entity to shelter his money.If GC is not Mich, why has it taken them so long to express an opinion?

[lucyp00p] 05/5/2019 12:54

Why do you care?

[tyler durden1] 05/5/2019 12:34

Seems too convenient that after many posts questioning Mich, we get a press release mentioning them voting against reelection.

They invest heavily in GC companies?

If they were as transparent as to be in contact with a newspaper, which they must have if the article quotes their intention, why not be totally transparent in who owns what?

This is more Rex Hunt, (FISHY), than Rex Harbour