Like an insurance company, they always claim to have difficulties when required to pay out, crooks. |
Ah, so it sounds like it still has the nominee's name or their custodian's name on the certificate, e.g. Halifax Re Manmania, hence why the Admin is dealing with so many individual claims rather than a few bulk claims from nominee companies. Difficulties also arise if shares were held in a SIPP or ISA wrapper so the JHI certificates can't just be posted out to the ultimate owners. JHI shares will have to go to the registered name at the registered address for them to sort out.I think it high time the Administrator explained the process and how they will deal with any difficulties. |
They still have it |
Did Halifax send you the certificate or do they still have it ? |
My shares held by Halifax,have been converted to certificate what’s the next step will JHI contact me? |
Based on 7/4/21 Capital raise there are approx 235m Arg shares, and based on 15/8/24 letter from Opus there are 8m JHI shares available for distribution worth £4.9m.So 1m Argos = 34000 JHI worth £20,851According to 15/12/22 RNS at 31/12/21 JHI had net assets of $30.2m including $27m in cash and 17.5% of the Canje block.- correct me if I'm wrong ! |
 https://oilnow.gy/featured/exxon-due-to-relinquish-portion-of-canje-block/Exxon had invoked force majeure during the COVID-19 pandemic and secured a one-year extension. OilNOW understands that the application for a second relinquishment of 20% of the acreage is under review. Following the relinquishment, the Canje license is expected to be renewed to enter another phase."By 2026, the Canje Block would be back with the government, should there be no progress on announcing a development," the Vice President stated.In the final phase, the Canje petroleum agreement requires the drilling of one exploration well.At Canje, Exxon has a 35% operating stake, with TotalEnergies (35%), JHI Associates (17.5%) and Mid-Atlantic Oil & Gas (12.5%). The extension also pushed the expiration of the petroleum agreement for the Canje Block from 2025 to 2026. Jagdeo confirmed that a similar extension applies for the Kaieteur Block to 2026. This means that for both blocks, the operator would be required to return the entire license area to the government at the end of the license period unless they discover enough oil or gas to develop it commercially. |
From what I have seen, JHI are not listed.
So no one knows what they are valued at, until there's an ipo.
Also, first we have to be told how many each of us have. |
I have 1 million ARG shares. Does anyone know what it is worth in JHI shares |
Very quiet on the JHI website which is why I'd rather like to be a shareholder. But if Navitas finally get to FID in the middle of 2025 then the whole Falklands Oil situation will become very real globally (politically, environmentally and economically). In a favourable scenario they could well seek an AIM listing to seek funding to promote and partner up their South Atlantic blocks. |
Any views on JHI Associates next move, many years ago there was stories of them floating, if a exploration rig arrives in the FIIn the next couple of years, one would imagine they would like a crack at the Argos acarage |
JHI - sorry |
c2b
Yes, I thought the same: not a "trade 'creditor'" so didn't lodge a Form. Got the letter anyway, which shows I was correct.
Manny
Certain custodians (i.e the likes of Halifax etc.) that hold shares as Nominees, require the stock to be 'materialised', i.e. converted to paper certs (in individual holders' names), upon de-listing.
.....................................................
My understanding is:
Basically, the Administrators should just corroborate what the purported holder claims, with what the Registrar has recorded. If the holding is NOT on the Register, it doesn't exist.
Unless there has been an error, in which case the party making the claim, must provide a legally binding letter of indemnity, i.e. if information comes to light which disproves the claim, then the claimant must indemnify the wronged party. |
FIH shares ? |
The huge problem here is that these FIH shares could be worth anything. Argos had an area of the Falklands that could be just as valuable and prospective as Rockhopper, it's just they didn't get a chance to drill a hole because Premier withdrew the rig early. As Rockhopper shares rapidly appreciate in value so theoretically do these FIH shares, but their rightful owners are denied the opportunity to participate in the affairs of FIH. It is in this context we receive a letter which does not properly identify the problem or a timescale for its solution. The problem gets worse for the Administrators as shareholders die or attempt to trade their interests. |
All shareholders holding their shares directly (rather than by a nominee) received a claim form, but I didn't send mine in because I assumed it was only in case I was also a trade creditor rather than just an owner of the company (a shareholder):-[But there was no guidance on this point]I suspect that the Administrators have written to the Nominee holders advising them that they are about to receive 'x' FIH shares on behalf of 'y' Argos shares and 1 Nominee holder has raised an objection (which could cover a range of things) and it could be that the Nominees have now provided lists of their account holders, which is how we get to 775:-If shareholders holding their accounts in nominees have also made paper claims, I'm not surprised there could be a grand old muddle. |
Yes sorry,what I was trying to say is that those of us that have shares that are with the likes of Halifax etc ,and not on the register ,hence we have had no letters or any sort of contact since the takeover ,in theory we don’t exist,so how will they deal with us ,do we need to prove our holdings if so how. |
Manny
your question isn't clear.
Can you clarify? |
Are they aware of all names of shareholders nominee only,if not then what do we have to do/provide ? |
Indeed.
Doesn't really make sense.
If it's only the one shareholder whose holding is being queried, it should be quite straighforward to provide supporting, verifiable, documentation to clear this up.
It doesn't really matter what this holder asserts: the Registrar's records are the definitive ones.
I have NOT made a claim, and yet have received the 16 Dec 24 letter.
What are these documents that the 775 shareholders have sent in? |
Three questions:-What documents have 775 shareholders sent in, and why - if they're on the register, or their shares are in a nominee account -Why is this one shareholder holding everything up as we're outside the cut-off for making claims - Why should the claim take an indefinite time to substantiate - |
Received this additional piece of information from Tim Harrop one of the Administrators on Friday:-"Please be advised that the Joint Liquidators have been through documents from circa 775 shareholders to ensure that the shareholding position is correct before 'clicking the button' on the distribution of JHI Associates Inc, which would be irreversible. The query which has arisen from this shareholder carries a significant discrepancy, which the Joint Liquidators are duty bound to review." |
Got the letter.
I would have thought the Shareholders' Register would have been clear and accurate by now.
Still, not much can be done at the moment.
They cannot ascertain how many JHI shares each holder should receive, until they know how many ARG shares each one has.
Quite likely the issue is regarding Nominee Accounts, or instances where Nominee holding(s) has/have been converted into certs, but the Nominee figure has not been amended (thus ? doubling up).
In any case, the Registrar's record must be the definitive one, surely? |
(cont) It could be that it's a complication over shares that have been lent and shorted, but I would say that 1) the time for making claims had passed by the time of the time of the summary of the Administration dated 15th August 2024 and 2) what it says on the share registers gives title and should rule.Clearly the explanation for the delay is not sufficient and having sent out the form by which the creditors have agreed to the charges on the Administration, I would be furious if they attempt to take more charges at their rates up to £425 per hour.The main problem here is that the delays are preventing legitimate shareholders receiving information from and participating in the affairs of JHI. |
My shares are mostly held in a nominee account (probably most shareholders the same) but I did take the precaution of buying some via my stockbroker on a paper certificate, thus I'm on the register and get real mail, thus I got the recent letter that I just shared.I rather suspect that the letter got sent out to all shareholders with addresses on the register as a result of my enquiry and my posts on this site.It could just be that the Administrators just haven't tackled the problem of distributing Canadian shares to a variety of different holders in different jurisdictions (which is my best guess) and this is just an excuse.And |
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