Irvine Energy Share Discussion Threads

[yorgi] 30/8/2012 08:55

I would have thought the best option is being taken over as a shell for some going concern headed by some directors who have a business/business plan as opposed to directors who just want another few years on the gravy train. Sorry but I believe all a complete waste of time.

[drrichard] 30/8/2012 08:48

As far as I understand it, you only get direct mailings and Emails if you are on
the shareholders register. So if you holding is in a SIPP, for example, you do not appear-they do not know who or where you are. You can attend AGMs but your SIPP holder has to certificate that you are a bona fide holder. Magician was kind enough to Email me his copy last night.

My understanding is that the maths gurus posting above are correct.
Pretty much as Glenman predicted earlier this year

We might see a relist but we will have slightly more than diddlysquat unless they can get the share price to £1,000 a share-when I suspect we will be happy at last!

[bluesbreaker] 30/8/2012 08:40

I've had nothing either, Merlin. I just saw the info posted here. My own shares are with Barclays, nominee a/c.

[merlin55] 30/8/2012 08:15

I've had no email, from where did it originate? I have a TDW trading a/c and no info from them either.

[bluesbreaker] 30/8/2012 07:49

Just read it. So, once again please correct me here, but if they are planning on issuing shares with a nominal amount of £400,000 that means the creation of 400,000,000 new Ordinary shares (£400,000 divided by the nominal value of 0.1 pence).

What we don't know, of course, is the price they will ask for them. Once we know that we shall have an idea of the relisted value of our own holdings:

Old holding divided by 200 multiplied by the issue price of the new shares.

Please correct or add.

[bluesbreaker] 30/8/2012 07:29

Does anyone understand in plain terms what will happen? I'll have a stab at it, so please correct me. I appears to me that the two key pieces of info are:

(1) "It is proposed that each issued and unissued Ordinary Shares will first be consolidated into one ordinary share of 20 pence, and that each resulting ordinary share of 20 pence will immediately be sub-divided into one New Ordinary Shares of 0.1 pence and one Deferred Share of 19.9 pence."
and
(2) "The Deferred Shares will accordingly be valueless."

So if someone had, say 20,000 Ordinary shares, after the restructuring they would have 100 Ordinary shares and 19,900 (worthless) Deferred shares.

I presume they would then issue xxx new Ordinary shares with the face/par value of 0.1 pence to raise capital.

The result being that holders have 1/200th of their original holding in the new company.

Were they to open at the suspension price that would give me, on rough calculations, enough to buy about four bags of chips. Happy days.

That is how it appears to me. Can anyone add and/or correct?

[edit] I've just found the restructuring document on the net and am reading it now. It seems to explain things better, including the reason for the the consolidation, which is that the value of the shares is less than their par/face value.

[phillippa1] 30/8/2012 07:26

I just sign and then send back then do i? and expect nothing as usual? is that the gist of it? Not really sure i don't really understand it.

[magician2001] 30/8/2012 06:59

Thanks DrRichard. I think I will need to read that a few time too, to get my head round it. I did read the email, but must admit I couldn't make heads or tails of it.

Cheers and good luck

[yorgi] 29/8/2012 23:05

I'm quite sure it is not in anybody's interest other than the directors.....who want to continue paying themselves a salary at shareholders expense.

[kamose] 29/8/2012 22:59

Thank you for the info drrichard. I will need to read a few times to get the gist of this.

[kamose] 29/8/2012 22:40

I did not receive email as my shares were held in Nominee account although have to check there as maybe email in there waiting for me. Is it positive or negative ?

[drrichard] 29/8/2012 22:06

No Magician as my holding is in my SIPP. Can you forward please? Email in private mailbox

[magician2001] 29/8/2012 21:44

Everyone get their email? Takes some reading......

[upthediff] 23/8/2012 09:05

"Following the next annual general meeting anticipated to be held in Q2 2012, we intend to write to you again once we are able to assess the amount of shareholder and other investor support for the Proposal."


Almost 2 months since the end of Q2 and still no website update or any other type of communication!

[medved5] 21/8/2012 12:20

Come on guys don't give up

[paulie1] 06/8/2012 18:24

anyone heard anything?

[yorgi] 06/8/2012 13:43

Sooner this is wound up the better, surely nobody is going to finance these directors lifestyle again.

[medved5] 02/8/2012 09:30

I think most of us have given up and are downhearted. I think we would have attracted an interested party to a reverse takeover of IVE if we were not in this grip of the recession.There is the £5M tax loss benefit for a start which would or should attract a new start up oiler or similar.

[upthediff] 17/7/2012 20:16

Of the 2,476,461 warrants in which Michael Frayne is interested, a total of 2,327,143 are held in the name of Adelise Services Limited, a company held by a trust of which Michael Frayne is a beneficiary.



Status DISSOLVED

[upthediff] 17/7/2012 20:10

Frayne and Samaha at it again...



Share price barely above the float price and they're already feathering thier nests.

Oi, can whoever is currently "running" Irvine please do us a favour and wind the company up??!! Nobody is going to give you any more money to throw away, so get a proper job like the rest of us.