Empyrean Energy Share Discussion Threads

[odillon] 14/11/2024 11:31

Toad - The only other substantial shareholder listed on the website apart from TK has a lower holding than Nortrust had, but is still listed.

So unless they have missed Nortrust off the website in error, Nortrust have sold out or greatly reduced their holding and I think shareholders need to know if this is the case and what date this happened.

[t350toad] 14/11/2024 11:11

Surely if you've had your holding diluted by 50%, you can soon loose position as a significant holder. Nortrust may still hold the same amount of shares, just need look down the back of the sofa to regain the title. Not looking back at dates for comparison, I could be wide of the mark as usual!

[odillon] 14/11/2024 11:08

If Nortrust have sold out or substantially reduced their holding, EME should release a TR-1 notification and disclosure without any further delay so that shareholders have full information and know what happened and when.

[odillon] 14/11/2024 09:55

The date of the update of significant shareholders which indicates that Nortrust are no longer a significant shareholder is 6 November 2024.



Coincidentally that is the same date of the RNS announcing the fundraise, capital reorganisation and retail offer.

So if the website information is correct it could be that Nortrust sold up as they disliked what was proposed by the RNS, (likely at a loss) considering that to be a better option than retaining their holding.

Assuming the website information is correct, it is disappointing that, at a time when shareholders are being asked to vote on new proposals, the company evidently knowingly chose not to release a change of holdings notification to inform shareholders that a major shareholder significantly reduced or sold out their holding around the time the proposals were made

[showme01] 14/11/2024 09:22

Good questions Curry and I'm guessing the 5% bonus of all shares in issue on a commercial find had something to do with it. Tom Kelly is an absolute 🔔 end

[currypasty] 14/11/2024 09:13

It would be interesting who Apnea bought it off, when and for how much
why didnt eme have the whole project? why is apnea involved

[showme01] 14/11/2024 09:04

As much as I'm disappointed in the lack of news on this $2m fraud as I truly believe there should be more clarity on circumstances behind it, I'm not missing the opportunity to add at these levels and bought s3veral million more on top of my 2.7m in the public placing. TK, as arrogant as he is, has the most to lose with his dilution so I'm guessing this was an outstanding opportunity. Be interesting to find out how he got it. Any ideas anyone?

[birotop] 14/11/2024 08:58

Stitched up like a giddy kipper…

[odillon] 14/11/2024 08:46

To comply with AIM Rule 26 the company need to provide accurate information on significant shareholders.

Take a look at the list of significant shareholders on the company records which were updated on the 6th of November 2024



Nortrust are not listed at the time of writing.

Either the AIM Rule 26 information is wrong and Nortrust have been wrongly left off the list, which would be a breach of AIM rules, or since 6 November at the latest, the company has failed to make a holdings notification of a change of position on the part of Nortrust by selling all or some of their stake.

Either way it does not give me any more faith in company competence.

Giddy up divi up Mako

[judijudi] 13/11/2024 19:18

Whatever spin Rose Tints put on our situation we are in the shyte up to our Necks!
Kelly is a liability and I hope Nortrust continue to buy to force the Clown to divi up Mako
imho

[odillon] 13/11/2024 15:25

Also we have the sale to Sempcorp and the domestic sale and those prices are agreed at the rates Mario referred to in the recent Stockhead interview.

[showme01] 13/11/2024 15:13

Thanks Jemjem

[odillon] 13/11/2024 15:09

In fairness to EME they have said they are resisting the CNOOC claim which I believe is being discussed under arbitration provisions.

[odillon] 13/11/2024 15:06

Isn't it the case that the c note holders have an interest in obtaining the best possible price for Mako as they get 15% of EME's share of it under the agreement? if it is sold cheap then they sell themselves short.

As far as I understand it that would be the same claim that they would be making against EME if the company went into administration (along with any unpaid interest). So why sell Mako cheap?

As I understand it they would need to work with EME to sell as soon as reasonably possible if Conrad fail to sell EME's share. So that eventuality is connected to Conrad's performance which is out of EME's hands. But again, why sell cheap?

The fundraiser is for £1.12m which is well below the extant company liabilities (even without taking the 12m CNOOC claim into account) and is "for the Company's general working capital purposes and, if appropriate, to drill the Wilson prospect"

[jemjem] 13/11/2024 14:58

showme
Tbh, I've only spent 10 minutes having a vague look at it - for two reasons

1. There's no real option but to go down this route anyway - for the moment.
2. I'm sure (I hope) there will be more info once the deal is consumated. Then we'll get to know who the JVP's are, what the drilling schedule is, and maybe what will happen in a success case (develop or sale) , what other rights might follow, is it "one and done", are there any other options floating around. Etc.

On the face of it, it looks like a pretty good stand alone deal.

Imo

Edit: Still here!

[blueblood] 13/11/2024 14:50

Where is JemJem?

[showme01] 13/11/2024 14:40

Just received this from AJBell


Corporate action detail
Reference 9880719 - 20
Investment EMPYREAN ENERGY ORD GBP0.002
Holding 3485048
Status No response required
Description Capital Reorganisation
Notes Empyrean Energy Plc has announced details of a capital reorganisation, which means there is a proposed significant change to a company or group’s structure.

Under the terms, your shares will be subdivided into 1 new ordinary share of GBP0.0001 and 1 deferred share of GBP0.0019, in exchange for each existing ordinary share of GBP0.002.

The deferred shares will have very limited rights and will be effectively valueless. As such they will not be credited to your account.

The capital reorganisation is subject to shareholder approval at a general meeting to be held on 2 December 2024.

If approved, the reorganisation is expected to become effective from 3 December 2024.

To view the announcement, please copy and paste the following link into your web browser:
hxxps://www.empyreanenergy.com/wp-content/uploads/2024/11/2024.11.12_Project-Sprint-Circular-and-GM-notice-Final.pdf

[showme01] 13/11/2024 14:35

Jemjem, your analysis on this new opportunity would be appreciated.:-))

[showme01] 13/11/2024 14:14

Agree 100% TK.

[tomthedom] 13/11/2024 14:02

And the downside is the company has no money, the loan note holders call in their security and Mako is lost to a cheap buyer and the balance to Administrators.
It's not a pleasant choice but anyone would be mad to think it proves a point to try and vote this down.

[odillon] 13/11/2024 13:41

It can be good to lower averages on a price drop (as long as there is a subsequent upside) but lowering averages at the same time as diluting the share value is significantly less attractive.

If I had more faith in the company it would be a different kettle of fish.

I'll be voting no to the dilution.

The upside I see is a Mako divi up.

[showme01] 13/11/2024 10:52

There is no chance this wont get voted through. I suspect a lot of LTH are in this placing to get their averages down.

[helpfull] 13/11/2024 10:31

Tickety Tock!

You've probably all got your last opportunity to show Tommy what you think of him and his team and his performance.

You've all complained about the lack of communication with shareholders.

It is your opportunity to communicate.

He cannot vote for himself.

He will rely on your inertia.

You're not shooting yourself in the foot.

You're standing up for yourself.

Vote against all resolutions.

"I would like to vote against all the resolutions".

Practice saying it, and then pick up the phone.

Be careful.