Irvine Energy Share Discussion Threads

[madchick] 10/5/2012 21:03

Does anyone know what happens if you have your account with a broker that doesn't trade on PLUS (I'm in Switzerland, and it's hard enough to find one that does AIM!)?

[tekket] 10/5/2012 13:45

Hey People - I emailed Anthony Samara (AS) from the IVE board with some questions a few weeks back. I hadn't received the letter about the re-list proposal before i mailed him so a lot of the questions were actually covered in that.
Anyway, here are the questions and his responses, which will be of interest:

Is IVE effectively just a shell now with absolutely no assets?
Irvine is a shell with a small cash holding only and approximately 1,300 shareholders.

Is there a prospectus-type document detailing how you plan to spend the proceeds of the fund raiser?
Not at this stage. The Board is evaluating the support for the Company raising further equity by way of a future placing. In order to undertake a placement of new equity, it will be necessary to reorganise the share capital of the Company. The Company is currently preparing the AGM notice and it is intended that resolutions in respect of the reorganisation of the share capital will be proposed at the next annual general meeting, anticipated to be held in Q2 2012. We will update shareholders once we are further progressed in assessing the level of shareholder and other investor support for the Proposal. It is expected that a disclosure document will be provided for the Proposed Placing.

How much is the fund raiser for?
The Proposed Placing would be for approximately £500,000 to enable the Company to make an application for admission to trading on the PLUS Stock Exchange as an investment company or "cash shell".

When will the fund raising close and when would you hope to re-list? Further details on the timetable for the proposed equity raising and listing will be provided to shareholders as soon as possible once support has been sufficiently gauged, however it is anticipated that completion of the fund raising and PLUS listing within Q3 2012 could be achievable.

As an existing shareholder, what dilution can I expect for my current holding?
The existing issued share capital of the Company would be anticipated to represent no more than 10% of the enlarged issued share capital of the Company following a capital restructure and the proposed fund raising and listing on PLUS. The current issued share capital of the Company of 1,037,674,846 ordinary shares of £0.001, implies a value of the Company in excess of its current value. Accordingly, for the Proposal to be successful, it will be necessary to re-organise the share capital of the Company to attract investors for new shares at par value.

The update states that the company intends to invest in/acquire resources – can you tell me what type of resource, e.g. oil, oil shale, gas, etc?
The Company will consider the evaluation of oil & gas assets, but intends to also consider evaluation of a broad range of natural resources.

What country/countries are the company looking to invest in?
The Company will have a global investment focus, assessing projects on their merits rather than on their geography.

Who is currently on the Board of Directors?
The Board currently comprises Ross Warner and Anthony Samaha. The website includes an update to the corporate details.


What is investor appetite for this proposal at the moment? Have you targeted institutional investors to secure some of the placing? I would expect it to be very difficult for the placing to be successful if we are relying solely on private investors, especially given the history of the company and the current market conditions. I would appreciate hearing your thoughts on this matter?

The completion of the reorganisation of the share capital will be a key step before we can move to firm up investor appetite. The reorganisation is proposed for the next AGM, expected to be held in Q2 2012. Accordingly, we would anticipate firming up investor interest and commitments in Q3.

The market conditions are currently challenging. We envisage targeting private investors and private client brokers for the proposed Placing, with the minimum fund raising set at an achievable level, subject to market conditions at the time. It is envisaged that institutional support would be sought post completion of the Proposal, in the subsequent phase of the investment strategy.

I have no objection to you keeping other Irvine shareholders informed.

[sharewinner2] 08/5/2012 07:20

Yes, many thanks Glenman. Again I would not be willing to invest any more in this but if something happens then it will be a bonus. Your efforts were appreciated.

[manicboy] 05/5/2012 12:04

Glenman, unfortunately had no extra money to get your proposition off the ground, but believe that your efforts have focused others on possible benefits of getting this co back up and running. Thanks for your time and effort.

[magician2001] 05/5/2012 06:37

Its a thanks from me too Glenman

[drrichard] 04/5/2012 23:40

Glenman, thanks indeed. At least you tried-a lesson for our BoD perhaps
But Joe8472 has a point, maybe you have lit a small fire

[joe8472] 04/5/2012 21:05

Glenman is the reason this new initiative has come about i would say. It has made them move into doing something

[paulie1] 04/5/2012 20:48

yep supported you have no money to put into anything see how this pans out

[osammyboy2] 04/5/2012 16:23

You did what you could Glenman. Sorry it didn't work out.

[glenman] 04/5/2012 15:54

Presume all shareholders received the latest communication about relisting. I received about 5% support in my quest to be a director, not sufficient for what I wished to do, so will now bow out gracefully. Don't know whether this move is good or bad – hopefully we can get something out of the mess.

Thanks to all who supported me – I am very grateful for your support and trust in me. I will get in touch by email to you all.

[osammyboy2] 03/5/2012 09:54

Dreaming more like

[come on] 03/5/2012 07:40

they might even make money one day
oh sorry just thinking aloud

[izzymiyaghi] 02/5/2012 15:00

If IVE can can raise the money from alterantive sources - specifically, IIs - then I'd have no complaints.

The company does have some positives going for it - as mentioned before, it's listing and a £5million tax buffer...somebody out there might well be interested...

10% - even perhaps 5% - is better than nothing...

It'd pay for a good holiday................which might be enough to help me get over over this fiasco :-))

[abudhabitrader] 02/5/2012 10:45

I dunno way I see it say your shares were worth 10k in Ive at least they would be worth 1k if they listed with same market cap etc.

Better than a kick in the teeth.

[paulie1] 02/5/2012 08:33

oh i see....lol sorry to laugh but that sucks i written them off years ago

[medved5] 01/5/2012 19:57

The whole of the current shareholding will only represent a 10th of the value of the company therefore if you owned a tenth of the company origionally say 100 million shares they now will be worth only a tenth of a tenth of the company so small shareholders will own not enough to buy a bogroll

[upthediff] 01/5/2012 14:04

I really hope they manage to get the £500k they need, then blow the lot. To mess this up once could almost be forgiven, but if they do it twice, hopefully it will serve as a stark lesson that these guys need to get out of this business. Better they lose £500k of institutional money than ordinary peoples savings...again!

[upthediff] 01/5/2012 13:58

Looks like everything this shower of xxxx touch turns to xxxx.

Mr Anthony Samaha, guilty by asscociation!

[yorgi] 01/5/2012 13:03

Either way any previous investment is all but written off and does one want to put further funds up to keep the directors in paid office and give them their loans back.

Makes no sense to me to put any more money into this set up !

In my view it would be as close as putting money on a bonfire.

[upthediff] 01/5/2012 12:58

paulie1, no. Initially they'll be looking for institutions to raise the 500k, and if we do relist, your shares will be worth a tenth of what they were worth.

[scoobydoo99] 01/5/2012 12:55

The way I read it, the existing shareholding still stand.

'In the event that the Proposal is successful, the Board estimates the existing issued share capital of the Company at the date of this letter will represent no more than 10% of the enlarged issued share capital of the Company on Admission as a result of the proposed reorganisation of the share capital of the Company and the Proposed Placing. Consequently, the existing shareholdings in the Company will be heavily diluted'

And if the placing fails, we'll get final closure rather than the current limbo (mind you, it says they'll explore winding up, not a definate)

'We wish to reiterate that Irvine is at a crossroad and in the absence of adequate support from investors for the Proposal, it will have no other choice but to explore the option of winding up the Company'

[paulie1] 01/5/2012 12:31

thanks for that.if i dont partake in any further funding does that mean i lose my shares