Irvine Energy Share Discussion Threads

[madchick] 23/11/2012 17:36

Gosh, Barclays were even slower than mine. I received something similar maybe a week ago, but it didn't give any detail. I also will take no action. Not long now until the final chapter or the next chapter!

[osammyboy2] 23/11/2012 15:32

At last have now received email from Barclays. Needless to say I will not be responding.

Dear Client

Irvine Energy plc (Irvine) intends to raise up to £1 million by way of an Offer for Subscription for 200,000,000 new ordinary shares.

PLEASE NOTE WE MUST BE IN RECEIPT OF YOUR INSTRUCTION BY 26 NOVEMBER 2012 AT 12 NOON

TERMS OF THE OFFER FOR SUBSCRIPTION

OPPORTUNITY TO APPLY FOR NEW ORDINARY SHARES AT A COST OF GBP0.005 PER SHARE SUBJECT TO A MINIMUM OF 200,000 SHARES.

THE COMPANY WILL DEAL WITH APPLICATIONS ON A FIRST COME FIRST SERVED BASIS.

There is no limit to the number of new shares you can apply for, however, if the Company gets applications for more than it has available, then they may 'scale back' the application we submitted for you. This means that you may get fewer shares on your application than you were expecting. As you hold your shares with a nominee you may have your election scaled back by a greater or lesser percentage than you would if you held your shares in your own name.

OPTIONS

OPTION 1. SUBSCRIBE FOR NEW ORDINARY SHARES

Provide your instruction online by logging into your account at www.BarclaysStockbrokers.co.uk and following the steps below:


Please ensure that there are sufficient funds available in your account by 12 noon on 26 November 2012

OPTION 2. TAKE NO ACTION

ADDITIONAL INFORMATION

No application is being made for any securities in the Company to be admitted to trading on any securities trading market.

[upthediff] 21/11/2012 19:45

One day left to hopefully NOT reach the magic £30k.

[medved5] 13/11/2012 21:46

our assets were stripped and sold off through the backdoor one feels

[rs2ooo] 12/11/2012 23:11

Oops, Just 3 Years too late unfortunately:

OPEC, in its World Oil Report, said there's an overall sense that developing shale oil and natural gas could start to redefine the global energy mix. In the United States, the cartel said shale natural gas production alone grew by more than 60 percent from 2010 to 2012. For shale oil, supplies in the United States have already passed the 1 million barrel-per-day mark. Though shale reserves may ultimately be a game changer, said OPEC, outside the United States, the sector is in its infancy.

[medved5] 12/11/2012 10:15

Farcical, all of it

[upthediff] 09/11/2012 12:34

I've got money doing nothing in the bank. I'd rather withdraw it and burn it than waste any more here.

[paulie1] 09/11/2012 11:13

i aint got any money, and i have not been called

[tommo41] 06/11/2012 19:09

Has anyone else been called again today? Don't know why they persist in chasing me as I'm not exactly a big-time-charlie when it comes to money and I also wouldn't mind knowing where they got my landline number from, seeing as my shares are in a nominee account. Should have asked.

I did ask if any of the new people were stumping up any money of their own. After a slight pause and a brief conversation with someone else at the other end I was told that one of the new Directors is putting up £8,000 of his own cash. I was also told that one of my fellow shareholders has agreed to invest £15,000 in the new venture.

I did re-iterate that they wouldn't be getting any more money from me but the guy did press on about the unique investment opportunity this new venture offered, seeing as there is only one other company currently involved in the peer-to-peer lending market.

You've got to grudgingly admire their tenacity but I think that if they're targeting the likes of me, with my very modest means, then they must be pretty desperate.

The guy, Ben, who called me comes across as polite and personable and is obviously doing the cold-calling on behalf of the bigger players. But I don't think any of them fully appreciate what went on at the old Irvine Energy or the level of anger and bitterness felt by the wronged shareholders.

[paulie1] 05/11/2012 19:28

agreed i have moved on..

[upthediff] 03/11/2012 18:24

Here Here.

[bearhug2] 03/11/2012 15:04

Had my letter and phonecall....Not getting a penny more from me either.

[upthediff] 03/11/2012 11:46

Do you hold yours in a nominee account? If so, you'll probably receive it electronically like I did. It was under Corporate Actions in my TDW account.
A shame really as you 'vote' electronically too, so theres no way to add any comments to tell them exactly where they can stick their offer!

[paulie1] 03/11/2012 10:28

never got a letter

[soulseeker] 02/11/2012 18:12

I've had the letter but regard it as junk mail as i have already made my investment and lost it,no point putting more good money after bad.

[madchick] 02/11/2012 17:42

UpTheDiff - forgot to say thanks for posting what you received in your share account. That information hasn't entered my account yet (so you are not alone osammyboy). Ranald, I posted a link to Robert Allen's previous and current directorships (many in dissolved companies) - you might be able to find it if you use search on this thread for his name. USOP are listed on GSX, but my online broker doesn't deal with GSX, which is another problem. Mind you, since it's all worthless anyway, I don't suppose it really matters.

[yorgi] 02/11/2012 15:55

Yep spot on !

[iiwarm] 02/11/2012 15:53

Looks to me like they just want someone else to pay off the creditors for them

[ranald] 02/11/2012 15:02

I have never heard of Alberto Gil but I have heard of a Robert Allen from the dim and distant past, but cannot recall whether good or bad. From the letter it is not clear if they are shareholders OR if they intend to subscribe (if they do how much?)to the new issue. Have never heard of GXG exchange. It is all very vague and a MOU with the FSA that they will consider any application is hardly a sound bases to proceed so and on that basis it would seem to be an invitation to "throw good money after bad".

[acca] 02/11/2012 14:49

The balance sheet accompanying the letter shows creditors (mainly unidentified trade creditors) of £22K and assets of £700! So who are these creditors who would pick up the first £22K of the £30K minimum subscription? Not exactly open with the info are they!

I agree that they don't seem to have too much idea about what they'd do on the P2P front. They quote the huge amounts that Wonga and co have made but they also point out that P2P lending is likely to be regulated by the FSA soon which should impact on the outrageous interest rates being charged.

So we have £22K going straight into someone else's pockets, directors with only a vague idea of the possible market and tighter regulation pending. Looks like a great business opportunity for someone but definitely not for me. I'll just nurse my existing loss.