Irvine Energy Share Discussion Threads

[glenman] 30/11/2011 14:23

Thanks for your messages of support - I will pursue all avenues and keep you updated - it may be forlorn but still worth a try. Will add further comment when I have further news.

[izzymiyaghi] 30/11/2011 13:01

Medved - good point. Whilst the company is delisted - it still exists and remains to have these directors. None of them have been bothered to raise their head above the parapet, leaving us with no idea of where things are...

Glenman's recent efforts are amazing - didn't know anyone could get that far with the company in terms of dialogue...

Agree with the point that if someone could be supported onto the board, we should support them...but I can see why the present directors would be really nervous about such a move. It forces them to be considerably more transpraent than they have been, and perhaps even work on this with a little more urgency...I don't think they're up for that...

[medved5] 30/11/2011 09:55

If the shareholders wish for a change of directorship and try and rescue the company and advertise the shell as an initial tax saving for a new company wanting to list cheaply - then how can the current director/s refuse. Any assistance such as us (the shareholders) nominating Glenman for instance, to sit on the board and give constructive advice and look seriously at moving forward should not ever be resisted by the current director/s who seem to be wrapped up like mummies and buried with all their treasures in the desert somewhere. About time there was an issued statement from the director/s to the shareholders just to say they are not dead and actually still breathing.

[abudhabitrader] 30/11/2011 06:16

Thanks for all the info and effort people are putting in. Isnt our tax that can be offset alone worth 5 million to someone so surely some value to be add. I dont think we will ever see any of it but who knows.

[moormoney] 30/11/2011 01:50

Glenman thanks for sharing your efforts. I hold shares in eel another painful investment but a group of the larger investors formed a shareholders fighting group and all put their combined holding behind the main spokesmen. It has been a long hard road and is still not resolved but I'm sure you may well get some valuable advice from for example Mr K and On the Up it is worth asking.
I hold a smallish number of ive so wouldn't have much clout! good luck.

[izzymiyaghi] 29/11/2011 21:36

Like I said, if I get back even £1k I'd be over the moon - however, if they wiped 95% shares out, I'd use what's left over to go on a stonking holiday...

On a serious note; not sure there is enough of a company left at the moment, or even a trail to pursue, to chase down to prosecute...given difficulties, including also the economics surrounding pursuing a legal case etc, would rather find ways where I can get some of me money back...I know others feel differently, and I fully understand and appreciate why - some folks have lost a hell of a lot here - but after all this time, some money back is better than what I'd actually resigned myself to...

If this comes back, then Easter time would be perfect timing :-)

Good luck to all...

[dorset64] 29/11/2011 19:46

Thanks for the nod DrR.

Personally i too have written off anything of a return here and to be honest, as I was 'lucky enough' to take a hit and sale 3/4 of my holding just prior to suspension I am not a big enough holder now to sway any conversations or attempts to place pi's on the board.

My heart felt thoughts go out to those that lost money they can ill afford to and with that I just trust all others that still hold shares get something back from this debacle.

However I do believe that certain ex directors of this and many other aim companies should be brought to task for the lies & dishonesty they have shown to pi's whilst also being employed by those very same pi's. If something could be started with respect to criminal proceedings or such then I would happily give my time & some money towards such a movement.

GL all.

[bam bam rubble] 29/11/2011 18:52

To come back at only 95% dilution would be a very good result for shareholders, almost too good to be true so I have doubts the rumour is true. LDP re-listed this year with 97% dilution just months after suspension so IVE coming back years later with existing shareholders retaining as much as 5% of the enlarged share capital should be welcomed with open arms. The alternative is a 100% loss on investment.

[izzymiyaghi] 29/11/2011 18:40

Glenman...

Huge thanks for havng the done the work you already have and for sharing your experiences and thoughts...I thought this one was deader than dead...but clearly, it isn't...

Regarding the below for 95% write off and other investors joining;

"I do not see why we as shareholders should accept this – either we simply fold the company and take our tax loss or restructure and relist and then try to add some value for shareholders."

I can understand why they're looking to follow the option of relisting but with a 95% share write off - which I'm sure yourself and others are acutely aware of too. Folding the company negates what value there is left in the company as an investment shell [ for someone else ] - the value particularly lying in its listing. The present directors want to keep this going, and are happy to sacrifice us PIs [ by decimating our holdings ]. We know that we stand to gain more by having this fold, which would afford us that tax loss buffer for any given year [ up to 10k?! ]...which would be a far greater return for any one of us than having a relisting followed by a 95% write off in the number of shares we hold...

My holding is 1.4million. Right now, though, I'd gladly take back even £1k...

Huge thanks Glenman...please do keep us posted...

[medved5] 29/11/2011 18:26

Glenman I also am in this mess for £40k+ 4,000,000 shares you have my blessing - If you get on the board may I offer suggestions as and when appropriate ? I am sure we would all settle for 50% dilution but 95% is taking the gypsies kiss.

[plasybryn] 29/11/2011 18:16

Glenman: Sounds more like someone using some initiative and being prepared to take whatever action is necessary to try and unlock this situation. I applaud your efforts wholeheartiedly and thank you for sharing with us the work you have already undertaken. It is interesting that the current Directors have not taken you up on your offer. Could this be because they have information to hide. An independant, qualified outsider, but with aligned shareholder interests, sounds very appropriate to me and should be encouraged. I wish you well with your further efforts.

[drrichard] 29/11/2011 18:07

Glenman
Well, what an intersting post. Thank you for you efforts. I have 200k valued at £7k (on paper) in my SIPP so a tax write of is not an option for me

Even if it was possible to get tax write off I would object to the 95% mark down and would urge you try and get a running total of investor's holdings so that you can "speak for them" and ask for another meeting. You have my vote as a director:)

[camelot5] 29/11/2011 16:05

GLENMAN

Many thanks for sharing this valuable information.I am down approx. £11k and have more or less given up any hope of seeing anthing back.I am out of my depth trying to understand what is going on here but fully appreciate the time and effort that investors such as yourself are prepared to give.Good luck with the cause and I wish you well.

[glenman] 29/11/2011 15:45

I am an investor in Irvine Energy, to the tune of £45k! Earlier this year I contacted Ross Warner and offered my services free of charge to see if there was any way the company could be relisted and thus try to get something back for my shares. I had two meetings with both Ross Warner and Anthony Samaha but rather than take me up on my offer they took on another person to help them. I then informed them that I would like to be a director – again with the intention of seeing if there is any way to get some value back into the company.
In my latest conversation with Ross Warner a couple of weeks ago – this is my understanding of the proposal, and I hope I have gotten this right - he said they are planning to propose a restructuring of the shares (to have much fewer shares in issue), which I agree with, to re-list on the Plus market (I think) and then to write off 95% of our stake in the company by having other investor(s) join.
I do not see why we as shareholders should accept this – either we simply fold the company and take our tax loss or restructure and relist and then try to add some value for shareholders.
I am a Chartered Accountant (ICAEW) working in the E&P sector (I have my own consultancy company which installs and runs financial reporting systems for small to medium sized oil exploration companies) and am basically retired (64). I am willing to become a director and, with my contacts and experience in the sector, look to bring another director(s) on board to see if anything can be done. I would do this on the basis of being given share options or such like with no money being paid at this stage – we haven't got any! It may be that I will fail and we simply fold but at least I will have given it my best shot and tried my best for the shareholders.
I would welcome comments/suggestions as to how to proceed.

[paulie1] 28/11/2011 14:45

have a look at the EEL thread and see what they are doing, i am in eel as well, you never know group of shareholders get together and piece it all together and see what they are planning..come on someone else email him i did it last!

[bluesbreaker] 28/11/2011 14:30

tommo41 - 12 Sep'11 - 19:56 - 19317 of 19341
"Out of interest, is anyone else using IVE as a write-off against profits elsewhere for the 2010/2011 tax year?"

Haven't looked in here for a while. Yes, tommo, my accountant is going to write off the loss on my 300,00 IVE shares (about £10,000 or £11,000, I think) against 2010/11 profits elsewhere.

[ranald] 28/11/2011 12:52

Fatgreek

Your options are probably limited to either legal action or complaint to the FSA. The legal action would be hugely expensive with no guarantee of positive outcome and the FSA complaint will, judging by other complaints of this nature, be largely ineffective.

Did investors in this company get screwed? Yes.

Can anyone try and do anything about it? Not unless you have a VERY large wallet.

This was a high risk/high reward situation and the risk half of the equation won.

Learn the lesson and move on.

[fatgreek] 28/11/2011 00:51

we need to collectively tarnish and seek justice in my opinion. we have in effect been robbed. we cannot go out without getting some satisfaction imo.

I don't know what to do but an investigation is necessary. If any one has any suggesstions or something on what to do I think as a collective we should as this is theft in my opinion. From 40 producing wells etc to 0.

What do you all say??

[madchick] 27/11/2011 22:03

Last news, I thought, was that they might relist if market conditions improve. Ha ha ha ha.

[spartan666] 24/11/2011 15:35

Camping outside St Pauls seems to get the message across???!!! ;-)

[paulie1] 24/11/2011 11:37

what can we do? collective email perhaps i dont know

[haff1] 24/11/2011 08:57

...
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....... pretty well yes .... seems out of our control....

[medved5] 24/11/2011 08:42

ANYONE HERE ? BLIMEY HAVE YOU ALL GIVEN UP FOLKS ?

[paulie1] 10/11/2011 19:31

i still knocking about, he did email me back all those weeks ago so perhaps someone else ask him directly

[medved5] 06/11/2011 20:34

Any more news Xena ?