Petroneft Resources Share Discussion Threads

[carlo sartori] 09/5/2014 15:56

I also attended the meeting and left at about 1.30 and the result of the second meeting was still awaiting confirmation.

The vote in favour of the Farmout was a resounding yes and I suspect that the second vote on Natlata's proposals will be rejected - although the delay in getting the results of the second resolution back might suggest that some resolutions were close?? - The Board members seemed pretty confident that Natlata's proposals would be rejected.

The first nine resolutions on Natlata's proposal are Ordinary Resolutions and a simple majority of votes (>50%) is all that is required for each resolution - it was not a show of hands, you ticked your preferences on a polling card. The Final 4 Natlata resolutions are Special Resolutions and >75% of the votes are required for success.

Overall I felt that the Board gave reasonable explanations on the issues that they have faced over the past 2 years - basically they have been stymied hugely by the Macquarie Debt Issue. I took comfort from the fact that they have been dealing with OIL since October 2012 on the Farm-Out deal. Surely OIL know what they are getting into, and have had a huge insight into the prospects that Petroneft might hold? They had a huge number of other companies that they could have chosen as vehicles to enter the Russian Oil scene and they chose PTR?

Post the meeting ( and subject of course to the Natlata resolutions being defeated ) I am happy to remain a shareholder and see how we fare over the coming months / years.

Carlo.

[thetoonarmy2] 09/5/2014 15:41

Steel Did you attend ? Well my mate went I believe he challenged the BOD over farmin being ok only if all Directors kept posts!
Also asked about the drilling contractor why he a NED always gets the drill no tenders needed apparently both Df and Maxi people made a beeline for him anyway whichever way vote goes Maxi is not selling and PTR acknowledge they have to work with Natlatla so even if vote is all in PTR favour expect some more Russians on board.
Pity I am in Spain at moment I had been hoping to join my friend in visiting Dublin meeting my new Irish friends from this BB :) anyway whatever happens now we have to come together and make sure the BOD do the job they are paid for put the past behind but let them know they have active shareholders who will not be fobbed off.

[steelwatch] 09/5/2014 15:26

CURRY - Current Issued Shares 707,245,906

[steelwatch] 09/5/2014 15:21

Thanks s4s. 16:30 RNS?

[currypasty] 09/5/2014 15:18

I think there is 600m shares in issue


I would have thought all the votes electronically/post should have already been counted and just add on the meeting show of hands votes..

[sun4summer] 09/5/2014 15:01

50% plus 1 share since it was ordinary resolution

[oilretire] 09/5/2014 14:57

Natlata voted for the farm in? Good news IMO. I wonder if they've had communications with OIL regarding the 'way forward'?

[currypasty] 09/5/2014 14:50

thanks sun

what % do they need to keep their jobs ?

[sun4summer] 09/5/2014 14:41

I was there in the meeting, just came back to office as they were counting votes. Based on electronic voting, the farm-out was voted yes and spoke to Natalata guys who confirmed they voted for the farm-out.

The second EGM looked a bit dicey since about 25% of the people who voted electornically (about 300m shares) voted for the resolutions. Not sure if it includes Natlata votes as well but if it is not then may be a bit of trouble.

[oilretire] 09/5/2014 14:24

Surprised they are not feeding out live comment then......

[steelwatch] 09/5/2014 14:17

Dbarron said he was going. Bloodinthestreet also I think.

[oilretire] 09/5/2014 14:16

Lost track - was any regular from this thread attending the meeting?

[man1] 09/5/2014 14:06

Yep tho trades don't give anything away

[currypasty] 09/5/2014 13:58

one heck of a meeting

[fistfullofdollars] 09/5/2014 13:25

The votes have been counted and I can confirm the winner is.... join me after the break..

Worse than X factor this.

[currypasty] 09/5/2014 11:29

first egm must be finished now.. perhaps just 1 rns at end of second ?

[mortimer7] 09/5/2014 11:21

Keeping an eye on trading to see if there's any reaction to events during the EGMs : last action was a buy, 119287 shares at 10.53am.

[currypasty] 09/5/2014 09:43

Two EGMs will be held on 9 May 2014.

The Licence 61 Farmout EGM will be held at 10.30 am on 9 May 2014 at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland in order to consider one ordinary resolution to approve the Licence 61 Farmout.

The Board of PetroNeft strongly recommend that shareholders vote FOR this resolution.

This will be followed at 11.15 am by the Natlata EGM to consider 15 resolutions (11 ordinary and 4 special) proposed by Natlata in their EGM requisition request.

The Board of PetroNeft strongly recommend that shareholders vote AGAINST ALL of these resolutions.

[rockin robin] 09/5/2014 09:42

Key day today for PTR.Farm out ?Or Bobbins ?I wonder what the price will be in 4 hours time...?

[ravin146] 08/5/2014 20:48

Indeed, important day for Ptr tomorrow. With the Oil India name behind Ptr, whether with a change in the board room or not, oil will hopefully be pumping out again and with no debt to repay...imho no brainer to hold on and have faith in the future,with the new partner...gla

[rcturner2] 08/5/2014 16:39

Thanks steel, good luck to you m8 too.