Jkx Oil & Gas Share Discussion Threads

[jaka] 21/12/2021 14:44

Yet another eastern junior oil company, Russian, ZOLtav being tendered but at a 10% premium before AIM delist. Same lame reason blaming lack of institutional investors. Hey, who can blame them. Small free-float and I expect others listed on the LSE. If it looks to good to be true......https://investegate.co.uk/zoltav-resources-inc--zol-/rns/proposed-aim-cancellation-and-tender-offer/202112200700071141W/

[glavey] 21/12/2021 10:14

That one was taken from HSDL. So same would apply to iWeb and Lloyds.

But maybe one shouldn't expect too much of them right now, if at any time...

[themadstork] 21/12/2021 10:10

Can you say which nominees have stated this? It's wrong according to all my information, but I want to be absolutely 100% sure, obviously. Cheers.

[glavey] 21/12/2021 10:02

TMS, Thank you for your input. There are nominees who have not confirmed this and have instead stated that they are acting on the basis of consolidated holdings and thereby issuing the warning of risk of scaleback. (FWIW.)


"...all elections to tender will be treated on a nominee level and MAY therefore be subject to scaling back... ...to a greater degree than that of an individual shareholder."

[themadstork] 20/12/2021 11:41

I have spoken to share price Angel this morning and confirmed beyond a shadow of a doubt that all nominee accounts will be entitled to 500k *per beneficial holder* and not per nominee.

[jaka] 20/12/2021 11:38

You will now have to contact your broker to either sell before their deadline date, instruct them to to tender all or part of your stock at 42p. I don't think holding or transferring is worth it so I've opted to tender my entire stock at offer @0.42p

Part of my instructions from my broker, ii.

Latest Response Date 23:59 31/12/2021

OPTION 1: Do nothing (Default). You will keep your current holding if you take no action.

OPTION 2: Tender any or all your shares. You will be issued with GBP0.42 in exchange for each share. Elections above the basic entitlement of 500,000 shares may be subject to scaling back.

As the shares will no longer be trading on a stock exchange, if you do NOT
elect to tender your shares through the Tender Offer you may instead choose to sell your holding prior to our response deadline date OR transfer your holding to another broker.

If you do not wish to tender, sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should certificates be issued by the company in the future.

[glavey] 18/12/2021 02:16

"Well there it is. Can't see any risk now. If this 5% remains on offer up til the end of the year I'll fill out the 500k. Why not?"

TMStork, Your post [3346] would seem to suggest you are holding via a nominee account with HL. In which case do you really think it likely that you are the sole holder there and thereby guaranteed to be able to tender up to 500k shares and be certain of 100% acceptance?

Personally I think it quite likely that many brokers acting as nominees could be holding over 500k shares in total and thereby are at risk of acceptances being scaled back.

Unless you (or anyone else) are in a position to get your nominee broke to declare their total position which, of course, they won't (and in any case the stock is still trading) anything held via a nominee still carries an unknown level of risk due to the ceiling being placed on the tender amount.

Only individuals with holdings not exceeding 500k are guaranteed acceptance. For example, certificated shareholders or those with crest accounts in their own name.

For everyone else, the only certainty would be to sell in the market whilst they still can.

Surely, you carry on if you wish, but I don't think it sensible that you should encourage others to do likewise, do you?

[themadstork] 16/12/2021 11:44

Well there it is. Can't see any risk now. If this 5% remains on offer up til the end of the year I'll fill out the 500k. Why not?

[jaka] 15/12/2021 20:42

The announcement of the tender offer should be tomorrow like you say as long as the Court did confirm the proposed Capital Reduction. Last day of trading 5tg of Jan.

[vk1971] 15/12/2021 18:20

are we to assume courts approved everything in last few days as per schedule and that tomorrow is the announcement of the tender offer?

[jaka] 14/12/2021 09:26

You did well to ignore the doubters! He who dares...

[themadstork] 14/12/2021 09:21

Got a message from HL on Friday saying that the company have now confirmed that all holders under 500k will be tendered in full. Still 5% on offer if anyone fancies it.

[researchcentre123] 13/12/2021 10:05

Yes he's the worst negotiator ever. Tell the world you're going to give up before the battle even begins......you can love or hate trump but he understands how to negotiate and keeps his position to himself

[jaka] 10/12/2021 23:49

Looks like Biden as already folded.https://www.zerohedge.com/geopolitical/us-officials-tell-ukraine-no-nato-membership-least-decade

[researchcentre123] 09/12/2021 14:18

Shouldn't void it. And if Russia just wants the disputed territory then as far as I'm aware this isn't in it.

[themadstork] 08/12/2021 09:12

I think there is an understandable mistrust of everyone involved, given what's gone on. Having read every word of the circular, though, I cannot see a way in which small (sub 500k) holders could be properly screwed over. I also think there's probably a bit of nervousness re the Ukraine/Russia situation, but I don't think a Russian invasion voids the tender offer. They have the cash in the bank already, after all.

[undervaluedassets] 08/12/2021 08:45

Is there a feeling in the Shareprice that perhaps they find a way of not giving us our 42p ?

or perhaps for not all of the shares?

[jaka] 30/11/2021 14:58

They could but they are making about 10M a month along with the proceeds of from the sale of of the Hungarian, Russian assets along with increasing production they're not exactly stretching their finances to do the buy out. Just going under the wire so they don't need to be transparent anymore. We'll see.

[themadstork] 29/11/2021 20:59

I don't see how they could do that since there is a Basic Entitlement for each individual holder of up to 500k shares, which will only be reduced if sufficient numbers of holders (enough to have a basic entitlement exceeding 40m odd tender offer shares) all try to take their max offer shares. And in order to get it down below my 350k there would need to be holders claiming a basic entitlement exceeding a total of 55m shares. Seems very unlikely given that the total amount of shares in public hands is less than 40m and the totally-not-a-concert-party spivs are only 5 individual holders. There's no way they could engineer a purposeful massive scaleback.

I think. If you can see any way they could, do speak up. I certainly do not want to have any risk of holding untradeable shares post tender offer.

[1knocker] 29/11/2021 20:27

It looks a very easy and profitable arb trade. That is what would worry me! 9% on the turn seems high, and the only reason I can see for that is risk that not all the shares offered will be bought in. As unlisted shares in a Russian outfit any you are left with will be damn near worthless.I do not entirely trust this bunch not to arrange matters so that they buy the minimum they need for control at 42, and look to mop up the rest afterwards for peanuts from holders desperate to be rid of them.

[jaka] 29/11/2021 19:14

42p is the default position wether you voted, not voted, been in hospital with covid, jail, out of the country etc, etc, or can't even be ar$d anymore, your nominee account will be your 42p X the number of shares you hold...I think.

[themadstork] 29/11/2021 14:53

I agree he is dodgy as hell, but it's to his advantage for this to go through properly so not too worried.

[researchcentre123] 29/11/2021 13:53

Good luck! I'd have bought more but just find them an unsavoury lot so don't want to be too exposed...a warlord oligarch pulling the strings and being investigated for fraud in multiple jurisdictions is not encouraging ......