Petrel Resources Share Discussion Threads

[fenners66] 15/7/2021 12:21

Despite their now almost aggressive or passionate new found disillusionment with PET , its board and its prospects , I guess they still will not listen or tolerate alternate opinion.

You can relate "facts" to them drawn from RNS's and company accounts. Lack of anything tangible, massive costs and losses. Unsustainable spread of directors over multiple companies (5+) and admin and directors remuneration and cost everywhere with nothing to show for it... and still they claim We do not understand.

[fenners66] 15/7/2021 12:15

True to the cultural spirit of La La Land the pantomime on the other thread gets better....

After years of following the narrative and hoping , they are now converting to believing the BOD cannot deliver.

As IMDB summarise the storyline of La La Land....

"the dreams they worked so hard to maintain in each other threaten to rip them apart."

But they concede their new disgruntled group are likely to be ignored....

Should have listened many many years ago....

[palace pete] 15/7/2021 12:12

Like some of you I was in my early forties when I first invested I'm now coming up to 68 and after all the hype of 1 5 10 pound a share and a dream of early retirement which at one points in 2007 seemed on the cards but with all things pet it didn't last. So with the drip drip of my funds over the years I like some have drastically reduced my holding at a large loss and will wait for the agm to hear their response to our thoughts if as expected we're hit with the same old rhetoric I will sell the last of my holding and take it as a hard hard lesson Good luck to all of us what ever any individual does.

[the sage] 15/7/2021 11:51

Many thanks for your efforts f31, much appreciated. I believe that we have enough support to call a Special General Meeting should we ever need to.

[f31] 15/7/2021 11:37

The Poll - what next ??

The poll was very useful in assessing the opinions among the two shareholder forums.
36 out of 39 participating shareholders prefer a future with the Tamraz Group, and are prepared to put a hard Yes vote in if that opportunity would occur.
That is an overwhelming majority within participating shareholders.

The poll reached only those shareholders that actively follow the 2 forums.
However – considering the overwhelming majority within this group, it is a reasonable presumption that also many shareholders outside our forums would prefer the Board to accept the RNGG offer.
To reach these other shareholders, we have requested and meanwhile received a copy of the Shareholder Register.
But as all digital shares (139 million out of the total 157 million) are named under just one account i.e. Euroclear Nominees Ltd, the register simply does not sufficiently facilitate such approach at this particular moment.

We will now first wait for the AGM, where the Board should explain in more detail what exactly is unlawful or not acceptable to the Nomad within the current RNGG offer – which must be the Board’s position, considering David’s response to our Question 9 related to a potential shareholders vote on the Tamraz offer.

It is unfortunate that shareholders attendance at this AGM will be extremely limited, due to Covid measures.
You might have noticed the letter attached to the Notice of AGM, in which attendance is strongly discouraged.
These circumstances make it difficult to make the Board clearly sense how widespread the feelings are.
In this given situation, the overwhelming poll outcome is one of the limited options available to us to make our voice clearly heard, so this will now soon be sent to the Board, so that they are aware of it ahead of that AGM.

Considering the Board’s recent repeated failures to communicate with our very sizeable “23% of shares group” in a constructive manner, we should however not expect them to take much notice of this poll either.
But it is all we can do for the moment.
Potential next-level action will depend on the Board’s reaction and/or further explanations on the issue.

[the sage] 15/7/2021 11:30

Hi guys. Who knows what's at play here. From where I'm looking, the CP involvement is the only game in town. Whatever they have to offer, it's better than nothing as indicated by the overwhelming level of support in our recent straw poll.

[bronislav] 15/7/2021 10:09

Dusseldorf.I am of the same opinion.Whether people like it or not company directors in my opinion and experience aren't always telling the full story.

[dusseldorf] 15/7/2021 10:05

The Sage - call me skeptical, but this is either something that will never materialize (CP doing anything), or it's been a long game since start to avoid price jump prior to strategic accumulation i.e. the whole charade is a set-up so that frustration and boredom leads to more shareholders selling, bod issue more shares to themselves etc... If you were to inject something that would push the price to 30/40/50/£1, what price would you accumulate at? The rise was meteoric, and perhaps too fast - this then triggered a series of events to cool it off. Yeah, it sounds a bit far fetched, but I wouldn't rule out anything.

[the diddymen] 15/7/2021 10:00

County Dave, PET's Somalia

[lippe] 15/7/2021 08:22

County Mayo, Ireland's Somalia ...

[the diddymen] 15/7/2021 07:41

LM2 - The frying pan is the safest place.

Unfortunately the cook ia a storyteller. He does narrative not work, and storytellers are well paid.

The shareholders are equally responsible because they have traded the narrative, but not all. Trading the narrative has lured others into the frying pan; hence there is a coalition of the knowing and unknowing being quarterised.

The cook is now living the narrative and is mentally imprisonned by it and unable to move the frying pan from the heat. Not a good place to be, but far from screaming the shareholders go silent.

Meanwhile Dave is getting the Mayo out.

[bountyfull] 12/7/2021 23:43

Thanks kd. I hope the Board is listening and taking note that we are not pleased with their performance. I am sure if you were able to contact all the shareholders the outcome would be the same. I hope that is not lost on the Board.

[fenners66] 12/7/2021 19:47

The Sage
12 Jul '21 - 19:36 - 19577 of 19577



"When all this started, the object of the exercise was for the CP to take control of the company. From our limited but none-the-less emphatic vote, it shows that the vast majority still want them involved."

They think they have 13% support and possibly 6% against.

"vast majority"........ the VAST majority have completely ignored them !

c 81% (+) ignored them
c13% is a tiny minority

[the sage] 12/7/2021 19:36

Nice work KD. We now need to convey this to the BOD. When all this started, the object of the exercise was for the CP to take control of the company. From our limited but none-the-less emphatic vote, it shows that the vast majority still want them involved.

[kdickson] 12/7/2021 19:34

Cheers smcl. I agree we're not at any SAG stage but would be interested to hear your experiences. Feel free to pm me.:)

[kdickson] 12/7/2021 18:38

Below are the final stats on the straw poll which I'm now considering closed.

Thanks to everyone who responded!

The poll clearly evidences that the vast majority want to accept the Russian asset and would like to see PET managed by a new team.  We expect if we could reach out to more shareholders their view would be the same.

Straw Poll - FINAL stats (12th July)

41 shareholders responded (Advfn and Proboards).

36 shareholders believe that changes are long overdue and feel that Roger Tamraz offers the better chance of recouping shareholder losses and want the Board to proceed with the Russian licences.

3 shareholders do not want changes and believe the current Petrel board offers the better chance of recouping losses and do not want the Board to accept the Russian licences.

2 shareholders abstained from the poll.

The 36 hold a total of 16,280,093 shares (13%)

The 3 holders represent no more than 6 million shares (4.8%) (holding unknown for one responder so estimated figure based on maximum possible 3% holding)

(Above %ages based on 124,947,462 shares with voting rights i.e. excludes the 32,086,538 under injunction)

[lippe] 12/7/2021 12:49

The French used petard (from pet to fart)"a loud discharge of intestinal gas"

To be hoist by ones own petard, to blow oneself up with ones own bomb ...

Dave of The Clontarf and his trusty legal sabre ...

[the diddymen] 12/7/2021 11:55

Silence frequently says more about a share than chatter on these BBs.

The silence speaks very eloquently.

[kdickson] 10/7/2021 14:28

bit coin, if I may answer that. In a word, Yes.

[the sage] 10/7/2021 13:45

I also agree. With a little more than two weeks until the AGM, we need to show the result of the poll to the BOD. It might not represent all shareholders but the vast majority of those who took part agreed on which direction we should take.

[fenners66] 10/7/2021 12:45

f31
10 Jul '21 - 10:25 - 19568 of 19570


"But what people need to understand that this loan was required because the Tamraz Group cash at that time was all in Lebanon (their origins), where in October 2019 suddenly banks imposed a capital control (without a law voted by the Parliament), forbidding to take more than a few hundred dollars from the ATM and forbidding to transfer money abroad.
So, exactly at the time of the 2nd phase of the 2019 take-over, completely out of the blue, they could not access their own Cash to pay for the upcoming 2nd tranche of shares."


" Out of the blue "
October 2019 capital control

"Petrel Resources PLC Results of EGM and Issue of New Ordinary Shares
21/11/2019 1:56pm
UK Regulatory (RNS & others)"

"Petrel is pleased to announce that at the EGM held earlier today the ordinary resolution to approve, on a poll, the waiver under Rule 9 of the Irish Takeover Rules was passed.

Accordingly 64,035,976 Ordinary Shares of 1.25 cent each ("New Shares") will be issued to the Tamraz group at the placing price of 1.25 cent each. Following the allotment of the New Shares the Tamraz group will hold 51% of the Enlarged Issued Share Capital of the Company. "


Furthermore and this is important - PAYMENT for those shares was not due until JAN 2020

So they already knew about the capital control - which you are now saying was out of the blue ....and already knew they would therefore have to borrow the money ?

"Billionaire" living in Paris , or was it Dubai ? Has no access to his own money?
The rest of the "French based" concert party had no access to their own money?
The loan was taken out - full in the understanding that they had weeks to pay - or was this a loan facility they already had ?

Then some shares were sold at a massive profit.
Who are EYCP?
Who owns them ?
Where they are based?


Have you got a job with the CP as their press officer ?