 "As announced on 4 January 2023, new legislation, Law No. 2805-IX, relating to the natural resources sector has been enacted in Ukraine, which will come into force on 28 March 2023. This legislation is a substantial package of new procedures and reforms designed to improve the regulatory process relating to the exploration and development of natural resources in Ukraine. However, the legislation includes provisions that if the ultimate beneficial owner of a mineral or hydrocarbon licence becomes the subject of sanctions in Ukraine, then the Ukrainian State Authorities may suspend or revoke that licence. In light of the imposition of the restrictive measures (sanctions) by the Ukrainian Authorities against Vadym Novynskyi, who holds a major indirect shareholding interest in the Company, as announced on 9 December 2022 [25.099%], the Company is investigating whether the Company's hydrocarbon extraction licences may be adversely affected by these provisions in the new law."
Smart Holding Group holds and controls the above 25.099%.
17th January. "Smart Holding, a major Ukraine-based industrial group and an international investor, today announces the completion of the latest round of its on-going restructuring.
As part of the restructuring, the Founder of Smart Holding, Vadym Novynskyi has decided to dispose of his shares in the company, placing his ownership stake into a trust. Corresponding Smart Trust and Step Trust agreements were concluded in November 2022 and registered by the Cyprus Securities and Exchange Commission. The trustees are highly qualified fiduciary administrators appointed in accordance with the licensing terms of Cypriot legislation. Accordingly, the trustees currently fully own, control and manage the Group's assets.
Pursuant to the above, as at the current date, Mr Novynskyi holds no beneficial interest in the Group, nor exercises any control over the Group's activities or processes. Mr Novynskyi, who has not taken part in the running or the management of Smart Holding since 2013, has decided to focus all of his energies to pursue his private interests."
So our licences are safe, imo, but check our January RNS's for yourself. |
So what will happen on the 28th of this month as stated in the news bulletin in January ? When a lot of shareholders abandoned ship when the price went down to about 15p ? |
Forget that. Found it. |
n13518. Where did you see this? Have you a link? |
At last the VAS licence issues resolved in favour of the company. RNS issued today. We just need the war situation to be sorted. Can't see the Russia being allowed to win here. Ukraine will look like Afghanistan, Iraq, Syria and Libya in years to come. A political solution will need to be found in the end. Feel sorry for millions of displaced citizens. The company's assets are now better protected than previously. |
New broker..thought the old one was quitting as couldn't hack the Ukraine situation.. perhaps not |
What's going on I wonder, it was all buys today at 17p, and no sells? |
Holding really well considering.. RNSs state ..."oh yeah maybe we'll lose everything!".. |
Can't/won't be distributed to SH's as the Vadym is 90%of all SH's. So if he goes on UK sanctions list ( is he yet) then this will be suspended shortly.Not sure what final solution is here. Obviously the staff are pro Ukraine from the RNSs and thought that, despite origins, Vadym was.. (staying in Kiev and meeting Zelen) ..But, seems like being in the wrong religious sect is the excuse to steal the licences . Can he switch religions to escape? Like one would in the middle ages!Not sure what the UK chairman is saying now? Maybe, they will seize and pay out a bit to the 10% of non Vadym SHs? For posterity like JKX did? Tiger, tell me how naive I'm being! Anyhow, I bow down to your better info Tiger. Real shame, been following this since 2012 in out etc |
current market cap is less than the portion of cash they hold outside Ukraine. So even if they lose licenses and cash held in Ukraine, market assumes that even cash held outside will somehow be seized by Ukrainian government which I feel is overreaction |
Is it not possible for the majority shareholder in question, as mentioned in the news, to just sell up or transfer his holdings, so ENW can move on, and be excluded from the legislation to take effect from 28 March 2023 ?? |
Hi 34!
The low volume is the only explanation for today's price action.
To be honest, I struggle to see how (given the harsh realities of Ukrainian business) there is any value left for minority shareholders here. It would be very foolish to think the cash pile establishes a firm "minimum" value for this company. Watch it evaporate now! |
Incredibly low volume given the RNS. I know it's 90% or whatever owned by the Oligarch, but still, just 817,978 shares traded? Call it £100K?
Anyone can push this thing around. |
Well, that wasn't unexpected. The Ukrainian government has decided not to let a good crisis (war!) go to waste and finally reckon up with the oligarchs. About time.
The new law is clearly targeted at Novinsky, amongst others. Essentially, he's been branded a traitor due to his close association with the Moscow Patriarchate and chief Russian warmonger Patriarch Kirill.
So what happens next? Novinsky could hurriedly sell his shares in Enwell in the hope that Enwell will get to keep its licences (though that's far from guaranteed). Enwell could accept the loss if its Ukrainian operations and become a cash shell. Or it could pay out the cash pile held abroad (the money in Ukraine is likely "lost") in a special dividend and shut up shop. Or, and this is most likely, there will be a Ukrainian twist in the tale which "disappears" the cash and leaves minority shareholders with nothing. This is a pure gamble now, and most likely a losing one.
BTW, if you want an example of the inefficiency of AIM, take a look at FXPO. They haven't RNSed anything yet, but this law applies to them as much as it applies to Enwell. And their oligarch, majority shareholder Konstantin Zhevago, is actually under arrest in France and awaiting extradition to Ukraine. I'm confident that FXPO is a better short than ENW is a good long!!! |
👆🏿👆🏿8070;🏿Sound like someone has lost their shirt on this
😂😂😂😂8514;😂ԅ14;😂😂;😂😂😂😂28514;😂€514;😂 |
Any day traders here? If so I think with the RNS this morning this drop has been way overdone I’m expecting 13p at least later
All imho DYOR |
Should change its name to Unwell Energy |
-50% today? |
Back to life!!. What has leaked I wonder. Could it be good news on the way for a change?, or could it be just a dead cat bounce ? |
www.usnews.com/news/world/articles/2022-12-11/ukraine-orders-punitive-measures-on-clerics-with-moscow-links |
Something on the news this morning about 7 individuals linked to Moscow Patriarchate having their assets seized by Ukraine. No names, so I don't know if Arch Deacon Novinsky, 90% shareholder here and leading figure in Moscow Patriarchate, is one of them.
Might be worth following up if you're a shareholder. |
Oil's well that enwell. |
FYI
Eyes on CORO!
This is the big one!
Balochistan The Last Great Onshore Oil, Gas & Mineral Resource Play On The Planet.... Coro Energy *BUY*
Dan
X |
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