Today Cad's web site is offline.
They are changing the name of the company.
ByeBye |
Cadogan Petroleum (LON:CAD) said its former chief executive, Bertrand des Pallieres, has resigned as a director and chief trading officer of the company with immediate effect.
Des Pallieres has been an executive director of the company since August 2011 and initially served as chief executive. |
Basically these big holders have seen their investment dwindle. Surely someone must ask a few questions!! |
Do we know much about SPQR capital holdings (Luxembourg)?
I think the issue with this vote is given the large holdings below any PI's will have negligible impact.
It seems there's no reason for CAD to pivot and go green. Least of all now. Any ideas why this is being proposed or who is behind that? Given recent share price performance I can see why they might want a change, but what really is going to change? No increased transparency I expect!
Major Shareholder % of total voting rights
SPQR Capital Holdings SA 27.57
Mr Michel Meeùs 10.65
Veronique Salik 7.36
Devola SA 7.13
Kellet Overseas Inc. 5.74
Mr Fady Khallouf 4.27
CA Indosuez (Switzerland) SA 4.13
Mr Pierre Salik 3.26
Cynderella International SA 3.14 |
Not expecting Cadogan to embark on any capital intensive work. No need to borrow money when there is already the cash within Cadogan to acquire and grow a consultancy and project management business. The clue is in the name Cadogan Energy Solutions. |
Every day this story seems to be more similar to Futuren/Theolia...
fady, isn't it?
For itsriskythat..
After 3 years of do nothing scenario and after Cad paid 2,5$ Milion to Ceo&Management director/board for these great results...
And new interest rate scenario will not help capital intensive & high-leveraged investments like wind energy park/plant...
ByeBye |
His position is not that safe. The changes to the constitution suggest he is mindful of the views of the largest shareholders. So I am expecting him to deliver. |
I'm wondering if Fhady has lined up an amazing deal for us shareholders. Odds are his going to get rich before us! |
their horse has already bolted. |
Thanks for that clarification - appreciated! |
Says not to worry about the Board doing making another Proger type investment:
"Sensitive to the fears and questions that could arise from the name change, and subsequently the implementation of the strategy, the Board of Directors propose to deepen the interpretation of article 204 (B) of its articles of association by making it more detailed." |
 Also the change to the articles of association:
"Subject to the Resolutions being passed at the General Meeting, the Company will amend its articles of association by deleting article 204(B) in its entirety and replacing it with a new article 204(B) as follows:
(B) Save in the circumstances set out in Listing Rule 5 2 7R (Cancellation in relation to a proposed transaction which is necessary to ensure the survival of the company), Listing Rule 5 2 10R (Cancellation in relation to takeover offers) and Listing Rule 5 2 12R (Cancellation as a result of a scheme of arrangement etc.), the board may not, unless so authorised by an ordinary resolution of the Company, apply, or resolve for the Company to apply, to (I) the Financial Conduct Authority for the cancellation of the admission to Listing, or (II) the London Stock Exchange plc for the cancellation of the admission to Trading or take any decision that will or is likely to result in the cancellation or suspension of the admission to Listing or admission to Trading or the suspension of trading in the Company’s securities.”
This means the board cannot act without shareholders approval for any corporate activity that would result in the shares being suspended or delisted.
This will protect the assets ie. the cash of the company from being stripped out by a larger company. This is precisely what happened with the Proger loan that was intended as an equity investment. Board does not want to do another equity investment. |
Better to be diversifying the activities of Cadogan into clean energy in 2022 than being caught up in the scramble for renewable energy that occurred in 2020.
More from the calling notice:
"As previously anticipated as part of its strategy, the Company wishes to expand its activities along the energy value chain, beyond current activities in the oil and gas sector, to new forms of energy with a reduced impact on the environment.
The unprecedented constraints encountered with Covid-19 and the war in Ukraine have delayed the implementation of this strategy. However, the Company now plans to execute the strategy by exploring new business opportunities and in new geographical territories.
To this end, the Company wishes to make its name and image in line with this strategy.
Shareholders are required to approve the new name for the Company: Cadogan Energy Solutions plc.
This reflects Cadogan's mission to be a diversified group in energy with the will to make investments offering energy solutions and alternative services with a lower environmental impact." |
Suspect that no option but to accept Proger shares |
No mention of the company becoming less opaque. Well done Fhady |
changing name - brilliant new strategy, give Fady another bonus. |
Probably lining up a cheap bid with his mates! |
Where is Fady? |
Some news
Cadogan started the process of dissolution of Astrogaz LLC (ex pirkivska license) - link:
hxxps://youcontrol.com.ua/en/catalog/company_details/35193263/
Astro-invest Energy LLC won the supreme court appeal against Poltava Regional Taxes Office - link:
hxxps://opendatabot.ua/court/106264357-72f1f034ba37634599c944d6341538c6
Cadogan Petroleum Holding Ltd (direct sub-holding of Cadogan Petroleum Plc) published FY2021 on 21 september 2022 -
During 2021 some Cadogan Petroleum Holding's subsidiaries repaid loan for 2,3 Usd million - at the end of 2021 CPH Ltd had 7,295 Usd million of cash at bank.
In consolidated balance sheet FY2021 cash was 15,011 Usd million, in Cadogan Petroleum Plc balance sheet FY2021 cash was 3,860 Usd million.
On page 4 of Cadogan Petroleum Holding's FY Report you can read 'Future Developments'..
1H2022:
Crude Oil production in the 1H22 60.816 Bbls;
Crude Oil production 380 Bpd (based on 160 days of production - it stopped oil production for 3 weeks in march);
Hydrocarbon sale revenue: 4.632.000 Usd;
Cadogan Crude Oil average sale price 76,16 Usd/Bbl;
1H22 Brent Oil average price: 106,92 Usd/Bbl; (in the first 3 months of 2H Brent Oil average price: 100,72 Usd/Bbl)
Discount applied: 30,76 Usd/Bbl;
'CO2 emissions level in H1 2022 increased to 124,99 tons of CO2,e/boe
produced compared to 82.47 tons of CO2,e/boe for the same reporting period of the last year driven by the increase of associated gas volume recovered during oil production.'
They could reduce CO2 emission with a CHP plant (400-800 kW), using associated gas (methane, butane, ethane, pethane) recovered during oil production and in the same time producing heat and electric energy.
The ceo and management board are ridiculous.
'The structural tectonic and petrophysical modeling of the area, hydrocarbons reserves & resources reassessment as well as hydrodynamic model refining is planned to be conducted afterwards.'
hydrocarbons reserves & resources reassessment... maybe new CPR released in the 2050?!
'As at 30 June 2022, the development and production assets balance which forms part of PP&E has decreased in comparison to 31 December 2021 due to the Hryvnya devaluation against the US Dollar by 8% at the end of the period.'
We will see what happens in the 2H2022... Today Usd/Uah exchange rate is 37;
Ceo & Management Board remuneration (Fy2021) was more than 800.000 Usd... I think it will be the same this year.
800.000 Usd/yearly for this wonderful ceo and management board. They are paid to do nothing or less than nothing. Last but not least, from 19th november 2019 the share price performance is -64%, a fabulous result yeah! Great job of meeus' management board and his requisition letter.
Taken directly from 'Members’ Statement':
...RESTRICTED - 1
Members’ Statement
Continuous underperformance of the Company
The Company’s share price has fallen by more than 80 per cent over the last eight years (based on a closing share price on 20 September 2019 of 6.25 pence compared to a share price in September 2011 of 40 pence). This represents significant underperformance against sector indices over the same period and cannot therefore be accounted for by the difficulties facing the Oil & Gas sector as a whole (the FTSE All Share Oil & Gas Index has increased by approximately 16 per cent over the same period). The Company has been left with less assets and a diminished cash balance as a result of this underperformance.
In addition, the current activities of the Company are both capital intensive and leading to significant net cash outflows. We believe recent developments, in particular a potential partnership with the Italian company Proger, are not fully addressing this issue. The potential synergies with Proger have still to be identified, analysed, developed and integrated on an adequate and fair basis for both parties.
We believe that a company of Cadogan’s size and standing requires a more developed strategy in order toaddress its current situation.
Proposed New Directors
We believe that the appointment of the proposed directors will revitalise the board and allow the Company to implement the necessary reforms to address the underperformance described above. Further details of the experience and skills of the proposed directors are included below.
...
wowww!
Thanks Mr. meeus, in the last 3 years we saw more than 1000 new business ideas, a great execution of the plan (which plan? is there a plan? really?) and a fireworks performance of Cadogan's share price!
...But my smile, still, stays on...
Just gimme, gimme, gimme fried chicken! |
Lol the state of this |
Cash in bank mainly dollars and hopefully only a few euros. |
Paint is drying. |
Never ending , so we have a 60 day wait now |
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