Petrel Resources Share Discussion Threads

[hawki4] 12/6/2021 22:23

Well done everyone. It's time we had a better idea of what's happening, this stagnation has gone on for far too long. That said we may not be happy with the answers but better to know than to be forever in the dark.

[kdickson] 12/6/2021 22:16

Its over to f31 now to send the letter out Monday.

[ander] 12/6/2021 21:49

Thanks Ken and good work ' rallying the troops ' (so to speak )again as you did before when our votes were needed.

[the sage] 12/6/2021 21:26

Nice one Ken. Many thanks.

[kdickson] 12/6/2021 21:10

Today has been quite extraordinary in that 16 more shareholders have given their unreserved support including all the ones I contacted directly - several 'million plus' holders have bumped up the totals to:


Shareholders = 54
No. of shares = 24,031,314

%age (157.034m) = 15.3%

Excluding the 32m that have no voting rights, due to the injunction, improves the numbers even more:

%age (125.034m) = 19.2%

This must surely give us a strong enough voice/backing to impress upon the board that we want change to happen.

[kdickson] 12/6/2021 21:09

Yes I did ander :)

[the sage] 12/6/2021 21:07

I think it would be an idea to send the letter to all three of the main directors. Hopefully we'll get a reply back in plenty of time to discuss their response or lack of it. I'm well aware of commercial confidentiality. That is actually another line that they've fed us in the past.

[ander] 12/6/2021 20:57

Hi Ken, did you give my details to f31 ?

[kdickson] 12/6/2021 19:46

Well, it doesn't matter really. Ive had a large number of supporters contacting me today and 10% has been broken!

I'll post the actual numbers shortly.

Any last minute supporters out there? :)

[bountyfull] 12/6/2021 19:21

I always thought it was 5% to

A shareholder or group of shareholders representing at least 5% of voting rights can request the directors of the company to call a general meeting (section 303, Companies Act 2006).

[kdickson] 12/6/2021 18:13

I thought it was 5% TCE but I stand to be corrected :).

[fenners66] 12/6/2021 10:36

La La Land seems like their gamblers are finally waking up , after 25 years without success as they put it....

f31-
"there are seemingly no other realistic opportunities available to finally create some value for shareholders."

We have been saying the same for years , but were disparaged for saying so.
Now he's(she's, they's) virtue signalling some of them for finally waking up....!!!

However the BOD (which they say has presided over 25 years of non-success (lets simplify that to failure)) reject the "offers" from the CP as without substance and title, they should know.

But La La Land want to now put faith in the CP that the BOD have no faith in!

A BOD that has had faith in so many written off projects over the years , must have more skill and judgement !

Just when you thought the gamblers were realising there was nothing here and coming to their senses , instead they want to jump out of the frying pan and into the fire !

[f31] 12/6/2021 09:55

Thanks KD!

This formal communication to the Board does not shy away from some necessary points that have to be made.
Because of this, and also considering the seemingly almost unbreakable loyalty to the Board as has always been given by most shareholders despite the lack of success, I truly did not expect this level of support to this letter.


I also understand from KD that people often did not only "just" sign-up, but in their PM actually emphasized how much they are fully behind this action!
This tells me that actually an important change of heart is happening amongst long term holders, with now an increased feeling that without further explanations the Board can’t just go back to do the same thing again that has brought no success - and especially not when meanwhile hard-fact license offers are available from Tamraz Group, who in addition to these licenses (no matter even how these licenses might be evaluated), would also bring a world of extremely important decision-making contacts with them, therefore also bringing a lot of future potential.
It seems as if an increasing number of shareholders want to properly discuss with the Board now why the intended moving away from this group is indeed in the best financial interest of shareholders, especially when there are seemingly no other realistic opportunities available to finally create some value for shareholders.

The vast majority of shareholders were unreachable by us, as we simply had no way of contacting them.
So 9.4% of total shares in circulation, reflects the result of the relatively only small percentage of all shareholders that we could actually reach out to via the board and private contacts.
And in fact, when you take the CP shares under injunction away (as they have no voting right), then KD’s total actually represents 13% of all shares.

So this is an important result, which should be recognized by the Board.

[kdickson] 11/6/2021 18:57

The tally this evening now stands at:

Shareholders = 38
No. of shares = 14,739,642

That's about 9.4% of all shares. Pretty strong numbers to move forward with submission of the letter and questions.

If there's any last straggglers who want to pm me with their support, you've still got until our self imposed cut off on Sunday at 6 o'clock before the letter is sent on Monday.

[holdingtight] 11/6/2021 16:30

Their listing and the debt they're carrying.

[the sage] 11/6/2021 16:11

If, as has been suggested, decent oil and gas players would look at Pet for their listing, that begs the question, wouldn't they have a listing of their own? Although, if that is the case, a bit of competition might be healthy. Interesting couple of Months ahead.

[kdickson] 11/6/2021 12:59

Any more of you out there who want to pm me with your support?
We're going to 'stop taking orders' later on Sunday.

I'll be posting the latest tally this evening.

Cheers
KD

[american idiot] 11/6/2021 10:09

The shareprice looks poised to rise....

I await the reverse takeover !

[palace pete] 11/6/2021 10:03

Very good sentiments in the letter and long overdue after last year's debacle. A resolution is needed that will help every shareholder be given the opportunity to voice their opinion on the future direction.

[bountyfull] 11/6/2021 09:48

I hear you loud and clear TCE and wish all the directors well in their retirement when it comes. That's the crux for me though - when it comes. If they are waiting for Iraq it could, and most probably will, be never! 25 years hoping and wishing does not cut it for me anymore.

Like f31 I think the directors played a blinder with the injunction and have done their best to protect shareholders at some considerable cost looking at last years accounts. However, I think it is time to let another team have a go at creating long lasting shareholder value. Given we have Tamraz on the doorstep with all of his contacts I'd like to know more about what is on offer and vote on it.

We are clearly up for sale and the market seems to like that thought. Like many others I just want an end to this particular never ending chapter in PET's life that continually fails to create an investment opportunity.

[f31] 11/6/2021 09:44

Chairman - post 19344:

I fully agree and that is our full intention.
We have extensively reviewed our draft letter and where necessary self-censored, but we felt we should not deliberately avoid mentioning important hard facts, e.g. 25 years of no success.

We also feel that the questions are honest, and legitimate for shareholders to ask.


Ps: I have given your post a green tick :)

[the chairman elect] 11/6/2021 09:31

Yeah aye know - it was a TROLL