Sacoil Share Discussion Threads

[liquid millionaire] 31/5/2013 23:55

"In the latest twist (31st May 2013), the directors have resigned and the shares suspended; looks like a restructuring may be on the cards."

[bronislav] 31/5/2013 23:08

New directors already which kind of suggests they expected the shenanigans and were prepared,maybe a plan was in place and we will have news of funding in the coming weeks.It might turn out to be a breath of fresh air ,they can't be any worse than the last lot .robbing vela will not be missed imho.

[yorgi] 31/5/2013 16:56

It does not look good I'm sorry to say.

[liquid millionaire] 31/5/2013 16:21

From Fox Davies Oil Monitor today



While the news that Gairloch will accept equity in return for the cancellation of its loan (29th May 2013) is positive, it is damaging for the equity holders as it will represent a substantial dilution in the existing equity base, which will be further exacerbated by the accompanying news that upon completion, Gairloch will immediately put out a number of shares in to the market.

This will have the double effect of reducing the value of the shares further, and it will depress the price. This is a stark reminder of the obligations that come with a loan that aren't necessarily present with funding via equity, and while the day-to-day cash costs may be lower, the ultimate costs may be considerably higher.

This is the same fate that befell Equator, where a loan to post a performance bond set the clock ticking, creating a deadline which ultimately it could not deliver; the bonds were bought by Oando for cents on the dollar who then defaulted Equator and took it private. While the same doesn't appear to have happened here, it is a salutary reminder that debt is not to be taken lightly.

In the latest twist (31st May 2013), the directors have resigned and the shares suspended; looks like a restructuring may be on the cards.

A full copy of this release is available on the Company's website(www.sacoilholdings.com), or via the London Stock Exchange (www.londonstockexchange.com).

[bronislav] 31/5/2013 13:33

Colin bird is involved with lots of different companies.

[swinging_dick] 31/5/2013 12:23

Suggest you take a look at http://www.galileoresources.com/aboutus.htm
See if you can spot any other familiar faces.

[rajaster] 31/5/2013 10:34

I wish i knew something about Carina deBeer.

[bronislav] 31/5/2013 10:26

got to steady the ship first ,all seems very dodgy .money from eer seemingly to be paid today ,eer and brady to merge,no progress on assets ,no news on update from new seismic.just get the feeling they are all in it together ,vela appointed these new people onto the board.

[swinging_dick] 31/5/2013 10:25

Folks, mind what you say on these boards. Be careful.

[swinging_dick] 31/5/2013 10:15

My first alert was the resignation of Carina deBeer 31 July 2012.
Sold out soon after seeing the lengthy risk warning in last years report.
We were being warned.

[yorgi] 31/5/2013 09:56

Looks that way to me Rajaster :-(

[ghhghh] 31/5/2013 09:56

Can only assume/hope that turkeys don't vote for Christmas and there is Plan B

[kayfash] 31/5/2013 09:54

Wow.I always saw this share as nothing but an extremely risky punt.What have the BOD delivered? Fluff.Another AIM sink hole

[rajaster] 31/5/2013 09:53

i'm glad i sold 50% at 2.15p. dodgy aim.. every day there's something new.. I personally wont be surprised if the gairloch deal was voted out to rid us of the board. I really did think the new non execs brought clout but then i remember what happened to PFP and the whole general velosa mess.

Ps bronislav i saw the rns regarding resolutions today and thought they were passed too.. funny what the mind sees.

its game over imho

[rayteuptetash] 31/5/2013 09:41

You can say that again Zengas. One big almighty mess.

Personally, I think we can say goodbye to our chips.

Thats the risk you take in the AIM casino. Shame really such good potential

[bronislav] 31/5/2013 09:38

raj .i thought yesterday the rns said all resolutions passed but obviously not.whoever voted against and was big enough to make a difference will have known the consequences of a no vote so would you imagine have something in place to slip into the void.just wishfull thinking but a possibility.The company is suspended from trading but can still issue rns,s so results in theory could still be issued as could notification of eer coughing up.

[rajaster] 31/5/2013 09:33

i missed the rnss over this week.. what a shame.. looks like this is to the pots now

[zengas] 31/5/2013 08:53

A bad mess and these directors went because the Gairloch resolution did not go through and they warned of the consequences of a no vote again on the 29th May.

$17.6m of Gairloch debt and accrued interest was to be converted into equity for Gairloch in Sacoil leaving us debt free.

The interest in the original loan at 31/12/12 was set as 10% per month so the interest will pile up if this is not sorted and quickly and Gairloch will likely have security on the asset(s). The loan matures on 31/12/13 with interest racking up.

EERs indebtedness to SacOil is $26.4m and they were to repay $7.4m by today.

Need someone to step up quick and sort this out. Vela's history so will be interesting to see if someone can rescue this situation/provide an alternative strategy in the time remaining. Vela may likely have had no plan B so his position untenable imo. Of course there may be an alternative and possibly from some party that voted against this resolution yesterday.

[flyingbull] 31/5/2013 08:52

The June oil stock competition is now on.....deadline for entries is midnight on Sunday 2 June. Good luck! fb

[mcdonaldg] 31/5/2013 08:33

question is, are we f_ked or not

[swinging_dick] 31/5/2013 08:30

A good example of a company that's had it's troubles but is carefully husbanding it's cash is PAN. It's no surprise that the company and it's shareprice are recovering nicely. No plug intended, or needed (shhh).

Hopefully SAC will make a similar recovery following suspension.

[liquid millionaire] 31/5/2013 08:27

Yes thank you humbugg i have done well out of SAC despite the well over paid useless former directors!

What about you humbugg?

[humbugg] 31/5/2013 08:07

gravy train finally over for the directors imo.

another one of your winners LM?