Iog Share Discussion Threads

[andimonibags] 28/9/2023 14:25

CdfYet again you sure do know how to pick them.How is boil going I don't see you bragging about you holding anymore

[billybunter1970] 28/9/2023 14:18

Does this mean my holding is worth zero now?

[blackhorse23] 28/9/2023 14:16

Switched to GATC other day which was rewarding

[blackhorse23] 28/9/2023 14:15

Bankrupt !!! I have told many times

[dunderheed] 28/9/2023 13:34

I just don't understand - I don't understand - they had "one of the best in the business" - Rupie Newall - what can have happened?

I have been following a story by ColdSpy over on LSE who was talking about challenging the BoD in court if this scenario occurred - so there may be some BIG recourse soon?!

I am really interested how they are going to pursue this.

All IMHO, DYOR of course.

[goforgold1] 28/9/2023 13:33

Another Scam Unbelievable

[tomboyb] 28/9/2023 13:16

No..

That's market makers leaving hence the spread -

[rwells4474] 28/9/2023 13:14

Well at least it went with a bang 116% up ?

[tomboyb] 28/9/2023 13:13

The end..

But it was coming for quite some time -

[tomboyb] 28/9/2023 13:12

IOG PLC Intent to Appoint Administrators &Share Suspension (0405O)
28/09/2023 2:10pm
UK Regulatory (RNS & others)

Iog (LSE:IOG)
Intraday Stock Chart

Thursday 28 September 2023

Click Here for more Iog Charts.
TIDMIOG

RNS Number : 0405O

IOG PLC

28 September 2023

28 September 2023

IOG plc

Notice of Intention to Appoint Administrators and

Suspension of Trading in the Company's Shares

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) announces that, after extensive consideration of the Company's current financial situation following underperformance of the developed assets and the resulting creditor position, the Board has now regrettably concluded that IOG plc should be placed into administration ("the Administration") in order to preserve the value of the business for creditors. Accordingly, a notice has been filed with the Court today notifying the Company's intention to appoint administrators of IOG plc as soon as reasonably practicable.

In the context of the existing bond waiver which expires on 29 September 2023, discussions have been held with a representative group of senior secured bondholders and their advisors regarding a potential additional capital injection and associated restructuring of the Company. Discussions are intended to continue during the Administration with a view to a potential restructuring solution that protects the operating subsidiaries, which are not being placed into administration.

In light of the above, the Company has requested a suspension of trading in its ordinary shares on AIM with effect from 2.10 pm on 28 September 2023. The Interim Results for the six months ending 30 June 2023 will not be released.

Esa Ikaheimonen, Chair of IOG, commented:

"The Board are extremely disappointed to draw this unavoidable conclusion, having worked exhaustively to overcome the Company's financial circumstances. We have not found a viable solution that would provide a return to shareholders. We regret the impact this outcome will have on our many stakeholders. I want to thank everyone involved, especially the IOG team, for their efforts through this very challenging period."

Enquiries:

[yateska] 28/9/2023 13:12

Wow that was quick even for me….

[yateska] 28/9/2023 13:10

Brian Clough used to say he believed in fairies and went on to win 2 European Cups. Next stop on this one 2p…

[bountyhunter] 28/9/2023 11:53

Common sense says this is a dead duck ;)

[mam fach] 28/9/2023 11:14

Common sense says lets get to 2p first.

[mam fach] 28/9/2023 11:12

Best fairy story today on LSE rumour BP buying them out for 20p.
Bring it on!

[bountyhunter] 28/9/2023 10:49

Another bored observer lol. Are they expecting to get paid? I can't help wonder what the wages and other outgoings bill is each month (ignoring debt repayments which not being made).

[yawn1971] 28/9/2023 08:03

Phoenix from the ashes

[babbler] 28/9/2023 07:26

Gamblers. Or insiders. Guess we will know tomorrow.

[tomboyb] 28/9/2023 07:17

13% up -

Who is buying>>> -

[dunderheed] 28/9/2023 04:54

It's a board observer not a board member, lol.

[rental] 28/9/2023 02:38

putting someone to work with the board is key here, says to me they want to make IOG work,

[bountyhunter] 27/9/2023 20:39

Yes it was a dead cat bouncing as it's nine lives were up ages ago. As for the old dog I suspect it will be joining the dead cat soon, possibly on 29th September? Or does today's small rise indicate that the ball will be kicked down the road again? Imho, nai.

"The Waiver Agreement is intended to provide a further period of stability for the Company to address balance sheet challenges, with certain items under the Bond Terms to be waived or deferred for the period to 29 September 2023, including inter alia:

-- the payment date for the interest payments due to be made on 31 July 2023 and 20 September 2023 is deferred to 29 September 2023

-- the obligation to fund the Debt Service Reserve Account is waived until 29 September 2023 (however existing funds shall remain in that account)

-- the minimum Liquidity covenant and minimum Interest Cover Ratio requirement are waived until 29 September 2023

-- certain other technical potential events of default
Subject to approval of the proposal, the repayment price of the Bonds will be increased to 105% of par value and the Call Option and early redemption prices increased by 5 percentage points. It has also been agreed to appoint a Board Observer to attend IOG board meetings and advise the Company on short and medium-term financial measures."

[mam fach] 27/9/2023 18:40

I thought it was a dead cat that bounced.
There's life in this old dog yet!

[tomboyb] 27/9/2023 15:09

NT at 0,95p -

Bond holders pull the plug thats it -

Oil is looking like it will go past $100, and perhaps a difficult winter ahead -

[wh123] 27/9/2023 15:06

Will this dog bounce