Black Rock Share Discussion Threads

[hardie1961] 29/12/2008 15:26

maxk. Existing shareholders will be diluted big time. Sorry for you folks who have lost some £

[maxk] 29/12/2008 10:58

Is the 'crock suspended, or is it stasis?

[futhark] 28/12/2008 10:35

Morning all, Ill all over xmas 'great!' catch you all later.

Fut.

[dr jekyll] 24/12/2008 21:36

Fut.

I hope the recent news has cheered you up a bit. Have a good Xmas and a Happy New Year.

[jimarilo] 24/12/2008 19:27

Thanks Fut, Seasons Greetings All !

[futhark] 24/12/2008 18:32

Don't buy any over Christamas! Buy the way Merry Xmas Everyone!


RNS Number : 7350K
Black Rock Oil & Gas PLC
24 December 2008


For immediate release
24 December 2008


Black Rock Oil & Gas Plc

('Black Rock' or the 'Company')

Annual Report and Accounts for the year ended 30 June 2008

Suspension of trading in the Company's ordinary shares

The Board of Black Rock (the 'Board') announces that the audited report and accounts for the year ended 30 June 2008 (the 'Accounts') have not yet been completed. Under the AIM Rules the Company is required to publish the Accounts on or before 31 December 2008. The Board has experienced a number of delays to the completion of the Accounts while the arrangements for the new equity subscription announced on 17 December have been concluded to stabilise the Company's financial position. The Board expects to publish the Accounts towards the middle of January following completion of the audit. Accordingly, the Company's ordinary shares have been suspended today from trading on AIM pending publication of the Accounts.

Enquiries:


Black Rock Oil & Gas Plc
Tel: [phone]

Dr John Cubitt, Managing Director
www.blackrockoil.com


Beaumont Cornish Limited (Nominated Adviser)
Tel: [phone]

Michael Cornish

ENDS

[safesite] 24/12/2008 17:11

Why suspend trading before the release of the annual financial report?? Is that normal? Or is that a vane hope that existing share holders will not dump all their stock because the report is soo bad??

This link might work to the BLR websites last shareholders circular re. "Extraordinary General Meeting" being held on 15th/Jan09. If not cut/paste into your browser.



The intro on page nine contains the following:
Should the Proposals not be approved by the Shareholders at the EGM then the Company would urgently need to recommence previous discussions with parties who had expressed an interest in providing finance to the Company or purchasing its assets. There could be no assurance that
these parties will have any continuing interest nor that an investment or asset sale could be agreed in a timely manner or on acceptable terms. In such circumstances the Company may have no future and could become insolvent by virtue of its financial position and the Directors may have no choice but to appoint a liquidator.

It also says the same in section 4, page 12.

It also says on page 15 : Following Completion, the Company will no longer be considered to have its place of central management and control in the United Kingdom by virtue of the overseas residency of the majority of the New Board. Accordingly, following Completion, the Company will not be subject to the City Code.

This indicates that BLR (Woebetide PLC) will not be a UK comapany anymore or obliged to follow any previously regulated codes of practice. This could also translate to "we will then be able to screw anyone and everyone we can with no course to UK regulations or control".

Maybe I am being too cynical but the previously fishy smells are now overwhelmingly pongy! Any ideas anyone??

[kellydog2] 24/12/2008 12:43

bad news today

are we stuffed ?

kd2

[enamel] 24/12/2008 09:01

To be honest,I do not share in the acclaim for the existing management. They have kept us in the dark.

[jimarilo] 24/12/2008 08:21

Agreed Oilretire and maybe SIA will have paid off before then ;-)

[oilretire] 24/12/2008 08:17

Oh well, that's the decision whether or not to top up made easier for me. Until mid Jan anyway.........

[jimarilo] 24/12/2008 08:15

Looks like the deal is been passed then lol as BLR were just about to have run out of time phewwwwww

Close shave or what ;-)

"The Board has experienced a number of delays to the completion of the Accounts while the arrangements for the new equity subscription announced on 17
December have been concluded to stabilise the Company's financial position."

[jimarilo] 23/12/2008 23:29

Hi DJ, EGMs are normally a very quick affair, will read the circular first, maybe email PK and take it from there

[dr jekyll] 23/12/2008 17:34

I will consider going Jim but odds are I won't. Not sure I would gain much by attending. If there is likely to be something to learn there then I might go. Your thoughts? Re voting I will obviously back the company.

[jimarilo] 23/12/2008 15:47

Should get the circular in the post tomorrow as it hasn't turned up today

Anyone going to the EGM in January ?

[jimarilo] 23/12/2008 10:49

In addition, the Company will employ the following senior employee:

Peter John Kitson, Chief Finance Officer (aged 56), FCCA

Peter Kitson was admitted as a member of the Chartered Association of Certified Accountants in 1975 and he has some 15 years experience in the oil and gas sector in both upstream and downstream operations having held finance positions with BP Africa, BP Oil International, BP Exploration and Elf. In addition to his background in finance, Peter has worked in financial services with Merrill Lynch and in general management roles with, amongst others, The Commonwealth Development Corporation.

The CV could be extended by adding his Biblical feats !

Indians and Scots are probably on a par with each other when it comes to money, so for PK to be kept on as CFO thats a feather in his cap for sure ;-)

[dr jekyll] 23/12/2008 10:35

Glad to see they are keeping Peter Kitson on board (pun intended) as he has done a very good job imho. Also, the new directors, on paper at least, look to be competent and experienced.

All systems go for a better future for the new company and therefore for us long suffering and generally good humoured investors. Merry Christmas to all.

[typhoid mary] 23/12/2008 10:28

lol Tricky :-)

[trickyboyfish] 23/12/2008 10:23

Well, we got rid of the cowboys (Kappa) now lets give the Indians a chance ;)

[jimarilo] 23/12/2008 09:58

It's a shame they have to lower the tone of their website with music from a porno film ;-)

At least if all approvals are met at the EGM the new directors are locked in with the rest of us for 12 months

So if they are not performing we can all get out ahead of them, but being locked in gives a signal to me that they are serious

The deal also gives them access to an LSE listing, so there is more to come imo they are clearly a very ambitious company that want to expand

The oil business is more about Indians and Chinese these days in a quest for resources

[steelwatch] 22/12/2008 19:01

Part of a conglomerate now:



As an interested bystander, I will continue to monitor for now. Good luck to all the longtermers here.

[trickyboyfish] 22/12/2008 18:22

I think i have the new name ;)

CaFFFFFFFFFFFFFFFFsh PLC


My reasoning is this

There was no F in Cash, but now there's plenty ;-)

[maxk] 22/12/2008 18:13

What does it actually mean tho?

Are we diluted to hell and gone? Cos the shares were worth next to nowt before the so called new equity got thrown in.

How do we punters stand? (bent over hoping that they use something slippery?)