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SBE Sibir Energy

174.75
0.00 (0.00%)
15 Jan 2025 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sibir Energy LSE:SBE London Ordinary Share GB00B04M0Q71 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 174.75 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sibir Energy Share Discussion Threads

Showing 10826 to 10845 of 11425 messages
Chat Pages: Latest  445  444  443  442  441  440  439  438  437  436  435  434  Older
DateSubjectAuthorDiscuss
20/2/2009
15:49
Bethany at £1.25-1.50 per share I feel would be too low a bid even considering the debt.The current production of 81,000 bopd and rising ,plus the huge proven reserves coservatively puts this at a much higher take out bid.
squintyflinty
20/2/2009
15:08
squintyflinty.......resident ramper is that individual/git whose username sound like a half brother to Horlicks - a famous drink - and starts with a C _ _ O.

Mr T would not have been able to obtain a loan from Sberbank unless it was 'guaranteed' by Mr Kasaev or his holding in SBE used as collateral.

Hopefully between now and a return from suspension a lot of 'horse trading' are going on in the background. Mr T would not be part of SBE when SBE returns from no doubt and Mr Cameron be gone shortly after with a Russian CEO in charge. As for share price hope it's north of 50p and maybe a deal done for the company to to taken out at 125/150pps when it returns. If not the share price would languish as credibility and lack of governance by management would deter even the diehard supporters of SBE to pump any more dosh into SBE. A fund raising is only possible if backed by the City of Moscow.

bethany3
20/2/2009
14:02
'Statement of the bleedin obvious'?!

At least the FT has some common sense despite the high brows.

edmondj
20/2/2009
13:58
can't argue with that conclusion!
banj
20/2/2009
12:20
From today's FT Alphaville:



Trading suspended after company reveals Tchigirinsky's debt to it three times higher than previously declared

Topic: Trading in Sibir Energy shares was suspended yesterday at the company's requestafter it was revealed that the company had severely underestimated the key shareholder's debt to it. After the suspension, the company reported that it now believes Tchigirinsky owes USD 325mn to the firm, instead of the previously disclosed USD 115mn. No further explanation of the error was given, prompting wild market speculations. In addition, Sibir stated that the upcoming February 27, 2009 shareholders meeting will be delayed indefinitely while the company studies its ability to recover the debt and the reasons for the material errors posted in the circular to shareholders on 11 February 2009.

Our view: While we await official disclosure on the course of events that have led to the emergence of the additional debt, we note that the amount due to the company falls in line with the total debt owed by Tchigirinsky to Sberbank. We continue to think that the debt pertains to his non-oil-related activities, although we cannot rule out that new circumstanceshave emerged, complicating the situation even further.

Conclusion: The news confirms our previous cautious stance toward the company. We reiterate our view that investors seeking exposure to Russian independent integrated producers will be better served elsewhere.
Our estimates show that the company's value estimates would decline by 21% if the firm is unable to recover the money borrowed by the shareholder. In our opinion, a strong share price correction is unavoidable, and we believe the stock may lose over 30% in value once trading resumes, as the markets tend to overreact to negative surprises of this kind. In addition, we believe the story will remain unattractive to all but the most adventurous investors, hampering performance even if the company manages to recover the debt. We reiterate our view that only a change in shareholder structure will unlock the value of Sibir's core assets.

protean
20/2/2009
10:28
guys no idea if this is true but at the last fiasco shares dive bombed to 40p...had now recovered almost 300% plus before this news...think insiders shorting hitting oout with sh*t news and then buying back at bottom???then correcting news and saying changed mind as previously or in this case will come out and say made an error??
comedy
20/2/2009
08:30
Here ,here!
squintyflinty
20/2/2009
08:16
Exactly, get rid of Mr T(osser). Short term there may be an overhang of shares, and the share price may drop. I don't care about that though, in fact I'd probably use the opportunity to top up. The sooner Mr T and his debt leave SBE the better. In the medium/long term this will be better for the company. As said above Mr T doesn't have the same importance now to SBE as his relationships with the big players in Russia has soured, and his credability is shot.
1nf3rn0
20/2/2009
08:02
Completely agree with you miamisteve.He is a thorn in the backside at the present moment.
squintyflinty
20/2/2009
07:57
Tchigirinsky's intangible value was his relationship with the city of Moscow major and securing the moscow refinery.

Clearly that relationship is now soured as it was the city of moscow who vetoed the real estate transactions. They used words to the effect that they were protecting UK investors.

Aside from the credibility issue there is a great deal of uncertainty.

1) - How much is Mr. T's total Debt?
2) - Are there more accounting issues?
3) - I can't believe that a bank would loan him the money and not have a call on the property, only his shareholding in sibir.
4) At the half year point sibir had $276m of net debt, and around $300m of capex commitments for Salym which they can't back out of. Taking on $325m is pushing things in the current climate.
5) Mr. T's loans were charging 14% interest. the longer this drags on the more expensive this becomes.

My conclusion is - The company needs to be shot of him completely.

miamisteve
20/2/2009
07:42
By the way, who is Sbe's resident ramper?I fear that all is not lost,but the board has certainly lost credibility.Did none of them check the figures before they were released?I think that they should bring Peter Levine onto the board.I'm sure he could sort this mess out.When the shares resume trading and nosedive on panic selling,I fear that these could be taken out very much on the cheap by Shell or Gazprom.Even Sinopec could show their face.Anyway it would be a catastrophe for shareholders,because if current management would have acted properly they would have realised far greater shareholder value.
squintyflinty
19/2/2009
19:17
READ THIS




"Polonsky said he was ready to buy Chigirinsky's stake in the Russia Tower project for $43.5 million, the same price that Chigirinsky cited last week when he offered to sell to Sibir Energy. The energy company, in which Chigirinsky owns a controlling stake, did not agree to buy the tower.
"

gatdecor
19/2/2009
18:48
miamisteve......agree(2972). SBE's resident ramper is nothing but a two-face git. Ramping up the shares so that he could dump them at a higher share price DESPICABLE! Bet you he'd re-invent himself under a different name and do the same again. Remember the saying.......what's goes around comes around!
bethany3
19/2/2009
16:45
Guess that's no dividend now. LoL!

When relisted, it will have to be without Mr T.

Mr T is toast. Looks like another long wait on the sidelines for the PI's!

Great assets, one (big) weak link in the current credit climate with over leveraged positions in property and now, not even SBE's cash generation assets can save him.

banj
19/2/2009
16:44
A business model which is so reliant on one investor sounds like a risky investment
sebass
19/2/2009
16:23
Squinty. Quite agree. As long as the BOD can sort out this mess and communicate it effectively then there will be no reason for the lemmings to take us & the share price off the cliff.
cmabey
19/2/2009
15:56
If there is a change in the shareholder structure which makes it attractive for a takeover and the shares resume trading in the very near future ,why would investors want to sell out on the cheap.If there was a takeover surely it would have to be in the £3 per share region.
squintyflinty
19/2/2009
15:15
2nd UPDATE: Sibir Energy Suspends Share Trade In London





(Adds London Stock Exchange comment, analyst comment, detail.)


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.

The London-listed company, which has been dogged by corporate governance issues since announced it would buy distressed real estate assets from Tchigirinski in October last year, could make the company a lucrative target for partner Royal Dutch Shell PLC (RDSB.LN), analysts say.

Trading in Sibir's shares on London's Alternative Investment Market was halted at 0755 GMT at 175 pence each, 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.

Before Thursday's suspension, the stock was down 43% since October last year, when the planned sale of property to Tchigirinski first surfaced, and had lost almost 80% of its June peak.

Earlier this month, the company said it had called off the potential acquisition of hotels and offices from Tchigirinski worth a total of $370 million. But by that stage Sibir said it 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.

Tchigirinski declined to comment when contacted.

The stock can be suspended from trading at London's Alternative Investment Market for up to six months, before it would be completely removed from the exchange, according to London Stock Exchange rules.

A London Stock Exchange spokesman said its regulatory body is awaiting "clarification" from the company. He said a decision whether or not the LSE would launch its own investigation will depend on Sibir's ability to "keep the market up-to-date with accurate information."

Analysts at UniCredit investment bank in Moscow said in a note that the development could trigger a change in the company's shareholder structure, making it a potential acquisition target for bigger oil companies.

"Controversial corporate actions have marred Sibir's image," UniCredit said. "But the quality and stage of Sibir's assets make the company a lucrative target for a takeover.".

The bank said that Shell, Sibir's partner at its key Salym field, and Gazprom Neft (SIBN.RS), Sibir's partner in the Moscow refinery and Russia's fifth-biggest oil producer, are the most likely candidates.

"Sibir is clearly an acquisition target," said Deutsche Bank analyst Tatiana Kapustina. She expects investors will sell out of Sibir's shares once trading resumes. However, that isn't likely to happen at least for some weeks, Kapustina added.

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

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.

davros006
19/2/2009
15:07
This Russian conduct is absolutely deplorable and will severely dissuade foreign investment in future. Why do they do it?.If you play by the rules you get a far better end result!!
squintyflinty
19/2/2009
15:00
FSU . I agree,they cannot lend Mr T such a massive amount without shareholder approval.Perhaps the next RNS will shed some light on this.
squintyflinty
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