Sibir Energy Share Discussion Threads

[leeson31] 19/2/2009 13:33

i remember i became quite acquainted with Georgia in the london office lol. re telephoning her weekly!! 36 times. :p

[wormcatcher] 19/2/2009 13:31

LOL - it probably was - I lost count after the first couple!

[leeson31] 19/2/2009 13:29

9 months!!!! lol.

[wormcatcher] 19/2/2009 13:25

LOL - you have to be amazed at the number of people that say they sold the day before the bad news.
I can say that I did sell - unfortunately at 51p after the last lot of news.
Seriously, GL to those still in - I can remember sitting through the last time this stock was suspended (for around 6 months I think it was).

[leeson31] 19/2/2009 13:19

COCO - is that yr way of saying you had sold yr stock?

yr not being clear.

[miamisteve] 19/2/2009 13:17

COCO - Don't know whose credibility is more shot, sibir or yours.

Ranting about what a bargain this was while you were allegedly dumping your shares.

There was no indication in the trading pattern that this was going to happen. The share price was performing strongly relative to the O&G sector.

[coco] 19/2/2009 12:38

It was in the trades - stock seemed to sold but yet the price was moving up and I threw the last in yesterday - I think gazprom will pick this up as I have been saying since December at what price I dont Know but to be honest if it came back to the market at a lower price I would buy - as I said before you have to think Russian.

Good luck everyone sometimes you need it.

Regards Coco

[sunquest] 19/2/2009 12:32

DJ Market talk
11.29Gmt(Dow Jones)
Sibir might sell to Gazprom or Shell according to Unicredit.

[leeson31] 19/2/2009 12:31

COCO - yr post makes no sense mate......

pls can you clarify ?

[kinloch] 19/2/2009 12:30

Coco.
Speak to us.

[coco] 19/2/2009 12:23

Trust me Im the luckiest person walking - hope to do it all again someday soon !

Best regards all.

P.s it was showing in the trades if you ask me since Monday be lucky all.

[davros006] 19/2/2009 11:25

Kinell N2BB!!!!

Lucky lucky sausage.

I think you deserve a change of name to "Need 2 be lucky". lol

[need_2_b_brave] 19/2/2009 11:19

and to top it off it was on a cfd account

[bomfin] 19/2/2009 10:46

He should sell the company!

[spectoacc] 19/2/2009 10:40

Not sure what they can draw a line under - they say Chavla's totally vital to the "Russian shareholder structure" that protects SBE. Yet his stake is allegedly pledged to the banks for loans, and now he owes SBE $210m more than they thought (in itself seemingly inconceivable).

They could write off that extra money, but they're still left with the same problem of keeping him on board, not seeing the banks dump his shareholding, and now with a debt to service and nothing to show for it.

Even if oil was still $140bbl, it wouldn't be pretty. Needs a lot more info to come out of the co, but fingers crossed for shareholders it does actually relist at some point.

[willessa] 19/2/2009 10:31

Theoretically this $210m is equivalent of 50p per share.

Hopefully, they can draw a line under this and move on. Maybe a bit optimistic.

[cyberpost] 19/2/2009 10:20

Spur, it's a matter of confidence, they've lost it for good now IMV. The company had just about recovered the trust of the city and so the shares had recovered good ground. After this debacle, it's shot to pieces, dont know whether it will regain the trust for long time, if ever.

Would you trust them ?

[topinfo] 19/2/2009 10:19

Dont think this will ever relist at all. Sorry Guys, truly feel sorry for you.

[spurberry] 19/2/2009 10:18

what will this open at now?

went to 50p when first mentioned, the value is now 3 times more than expected

[davros006] 19/2/2009 10:17

Suppose its easy to lose $210million down the back of the sofa.

[cyberpost] 19/2/2009 10:14

UPDATE: Sibir Energy Core Holder Owes Company $325 Million, Not $115 Million

By Jacob Gronholt-Pedersen
Of DOW JONES NEWSWIRES

MOSCOW -(Dow Jones)- Sibir Energy PLC (SBE.LN), a Russia-focused oil producer, Thursday requested that trading in its shares be temporarily suspended as it probes erroneous disclosures to shareholders over how much it has lent core owner Chalva Tchigirinski.

Trading in Sibir's shares on London's AIM exchange was halted at 0755 GMT, shortly before the firm revealed that Tchigirinski - who together with partner Igor Kesaev owns a 47% stake - owed Sibir almost three times more than previously stated.

"Tchigirinski (is) currently indebted to Sibir in an amount of approximately $325 million and not approximately $115 million as set out in the latest circular," Sibir said in a statement.

Like many of Russia's super rich, Tchigirinski has been threatened with numerous margin calls amid the country's worst economic crisis in a decade. He had planned to raise cash by selling several commercial properties to Sibir, a move that prompted minority shareholders to ditch the stock.

Earlier this month, the company said it had called off the potential acquisition of hotels and offices from Tchigirinski. But by that stage Sibir had already advanced him $115.4 million and was granted power of attorney over some real estate assets as security.

Sibir Energy said it would launch a probe into the incorrect disclosures, published Dec. 2 and Feb. 11, and will also assess the effects of the higher indebtedness.

A company executive declined to give further comments, when contacted by Dow Jones Newswires, and couldn't say when the stock would resume trading.

While a general meeting scheduled for Feb. 27 has been postponed until further notice, details on the situation will be published shortly, Sibir said.

Since October last year, Sibir has on two occasions said it would spend a total of $370 million to buy distressed real estate assets from Tchigirinski in order to save him from "imminent margin calls" on bank loans secured against his shares in Sibir.

When the first deal was announced in October, Sibir's shares dove almost 50%. Analysts called the deal a bailout, highlighting substantial corporate governance issues.

Aside from Tchigirinski and Kesaev, the Moscow City Government holds an 18% stake.

Sibir produces more than 75,000 barrels of crude oil a day, largely through the Salym field, where it holds a 50% stake. The company also holds a 50% stake in the Moscow Refinery

[ptolemy] 19/2/2009 09:47

I have been warning people of this for 5 years. Good luck to holders. I doubt it will ever be relisted.