Sibir Energy Share Discussion Threads

[jpgh] 28/4/2009 21:38

I just want to see $400m worth of SBE shares, valued at the time of delisting (£1.70 or $2.10 or say 200m shares) returned to SBE coffers in lieu of money owed. Then other Chigirinski claimants can eat up the rest of him.

500p is a minimum bar set for shares upon relisting. Thereafter its the market again who decides the value. Might see a big drop as sellers panic so might be more in this to make a good return. I'll be a buyer on any meaningful share price weakness.

JPGH

[gatdecor] 28/4/2009 21:31

davidwilkin the minimum Gazprom have to offer is £5.00 a share.

[davidwilkin] 28/4/2009 20:19

$370mln profit before, sounds like it to me, and any moneys that are returned are attributed to next years profits....seems fair to me, when i first read the RNS i was a bit gutted, but having read it again im starting to feel more positive, no more skeletons in the closet and i'm looking forward to £3.50 share or thereabouts in the next 3 - 6 months. Its like Coronation Street the way events are unfolding here, i wonder what Gazproms plan is, number 1 was to keep any other potential bidders away from the table that was for sure, they want to keep it in Russia, small PI'S will probably get shafted for £3.50 and the larger holders sell for £8. Will it ever re-list ??

[chickano] 28/4/2009 20:04

$100 m loss after $470 m write down.
so $370m before ? is this correct.

[dailos] 28/4/2009 19:35

The Board intends to seek discussions shortly with its major shareholders about their intentions with regard to the Company's minority shareholders.....

= prepare to be stuffed.

[cmabey] 28/4/2009 19:06

Banj, the other burning question. After execution, on which spikes do we stick his head - the gates of Moscow or London ? Or do we go halves and share the pleasure ?
If the Russians will buy us small PIs out at 500p then I'd be very happy to hand them Boredom Ground as a bonus - after all 2 heads are better than 1, and more symmetrical than just the 1.

[banj] 28/4/2009 18:48

LoL!
Cameron caught between a rock & a hard place should have resigned like the FD. Now he is the fall guy reading that rns & rightly so.

[cmabey] 28/4/2009 16:41

And what sentence do we all think Cameron should receive for this?
Chiggers must have some pretty exotic photos of him to leverage $400m !

[cyberpost] 28/4/2009 16:34

Market Update (Sibir Energy)


TIDMSBE

RNS Number : 3217R
Sibir Energy PLC
28 April 2009

Sibir Energy plc ("Sibir" or the "Company")


Market Update




Chief Executive Officer


Sibir is pleased to announce that Mr Stuard Detmer has been confirmed as the
Chief Executive Officer of Sibir. His experience in a senior management role
within the Company since 2003 will ensure effective management continuity for
the Company.


Investigation into Related Party Transactions ("Investigation")


On 25 February 2009 Sibir announced that it had appointed the solicitors, Jones
Day, and the accountants, Ernst & Young, to carry out an investigation into
various actual and proposed transactions with Mr Tchigirinski and interests
controlled by him in 2008. The Company has received an interim report in
relation to the investigation, a copy of which has been delivered to the
Financial Services Authority and to AIM. Although the investigation by the
Company is ongoing, the principal conclusions of the interim report are set out
in the Appendix to this announcement and the Company reconfirms the sum of
approximately $400 million as the total amount of money currently estimated to
have been diverted from the Company.


Litigation against Mr Tchigirinski


As previously announced, the Sibir Group commenced proceedings in the High Court
against Mr Tchigirinski. The proceedings are continuing and Sibir is in without
prejudice negotiations with Mr Tchigirinski to settle the claim on terms which
the Board of Sibir (the "Board") believes, having taken appropriate legal
advice, would be a satisfactory settlement to Sibir given all the relevant
circumstances. The terms of the proposed settlement are confidential at present
and if the negotiations are successful an announcement of the terms will be made
on execution of the relevant documents. The Board expects that if the settlement
was successfully implemented the Company would receive return of a substantial
amount of its total claims.


Further Investigations


Arising out of the Investigation and the routine annual audit the Company has
conducted a detailed review of the carrying value of assets on its Balance Sheet
as at 31 December 2008. It has identified two major items that will need to be
fully provided in the audited accounts for 2008, namely, a bank deposit of
$37,303,781 (which the bank is unable to repay due to its own financial
position) and promissory notes issued by certain regional airlines totalling
$34,810,596 as consideration for jet aircraft fuel sales (which it is unlikely
to recover). Although the Company has received assets in exchange for the
former, the Company does not propose to attribute any value to these assets for
the purposes of the 2008 accounts, given their uncertain value.


Financial Consequences


Although the Company expects significant recoveries from the Tchigirinski
interests in due course, the Company's intention is to provide fully in its 2008
accounts for the $400 million and the items mentioned above. It will take monies
recovered into income when received.


If those provisions were to be made the Company would expect to make a loss
after exceptional items for the 2008 financial year of up to $100 million. The
precise amount of this loss could change as the Company continues its detailed
review of its affairs.


Banking Facilities


The Company has taken steps to keep all of its banking and trading partners
fully apprised of its financial and operating condition. Constructive
discussions with the Company's principal bankers are on-going and they currently
remain supportive of the Company.


Review of Financial Controls


In view of the unauthorised payments made to Mr Tchigirinski and his companies,
Sibir has engaged a major accounting consultancy firm to conduct a complete
review of its procedures, policies and practices regarding all internal
controls, corporate governance and limits of authority. It is the intention of
the Board to implement the findings of this review in due course but it has in
the interim taken steps to ensure no further misappropriation of funds.


Future Developments


In light of the recent acquisition by Gazpromneft of approximately 17 per cent
of the Company's shares, the Board intends to seek discussions shortly with its
major shareholders about their intentions with regard to the Company's minority
shareholders and the strategic future of the Company.


Further announcements will be made as appropriate including as a result of the
ongoing investigation by the Company and the progress of the negotiations with
Mr Tchigirinski regarding a possible settlement of the Company's claims against
him. In the meantime, the Company's shares will remain suspended.

[cyberpost] 27/4/2009 15:50

Holding(s) in Company

TIDMSBE TIDMPRU

RNS Number : 2420R
Sibir Energy PLC
27 April 2009

Sibir Energy Plc
("Sibir" or the "Company")


Holding in the Company


Sibir announces that, in accordance with the Disclosure and Transparency Rules
of the Financial Services Authority, it was informed on 24 April 2009 by M&G
Investments Limited that, following a disposal on 23 April 2009 of 23,399,799
shares in the Company, representing 6.05 per cent. of the issued share capital,
Prudential Plc and its subsidiary companies now hold no shares in the Company

[squintyflinty] 27/4/2009 14:49

I reckon Gazprom only moved in to thwart TNK/BP accumulation of the stock.They can now take this out whenever they feel like it.

[ranald] 27/4/2009 11:59

Join the dots, The Russian Government in a variety of guises now owns around 60%. Are they going to bid against each other? Is anyone else going to get involved under these circumstances?

[squintyflinty] 27/4/2009 08:26

I think that PI's never stood a chance with the offer from Gazprom. Having said that ,Gazprom obviously see real value and potential with Sibir and I wouldn't be surprised if they aquired another large chunk of shares in the near future.Ultimately they could buy the company out.

[zedinf] 27/4/2009 07:30

For your answer, we would need to get the revised percentages of shareholders

[noli] 27/4/2009 07:15

So would i be right in thinking that the mass majority of these shares would of been purchased off 1 holder.

[cyberpost] 27/4/2009 06:57

Sibir Energy Holding(s) in Company


TIDMSBE TIDMGAZ

RNS Number : 1876R
Sibir Energy PLC
27 April 2009

Sibir Energy Plc
("Sibir" or the "Company")


Holding in the Company


The Company was notified on 24 April 2009 that, on 23 April 2009, Open Joint
Stock Company "Gazprom Neft" acquired 65,503,947 ordinary shares of 10 pence
each in Sibir ("Ordinary Shares"), representing an interest of 16.95% in the
Ordinary Shares of the Company.

[stevest2] 26/4/2009 13:58

Its gone very quiet

there was an article that seemed to indicate TNK-BP have pulled out of building a stake in sibir and that Rosneft have also withdrawn - seems the bidding war may never materialise! Not sure what it means if only Gazprom are now left?

[davidwilkin] 26/4/2009 13:51

no newspaper leaks today then....

[gatdecor] 24/4/2009 07:42

I have been told the investigation will take a few more weeks to complete.

[bohemia] 24/4/2009 06:50

I have been told that until the investigation into the missing money is completed, the NOMAD believes the shares should be suspended. The Gazprom situation won't change this unfortunately.

[nackaerl] 24/4/2009 06:41

Does anyone has an idea when the shares will be listed again ? is the suspension period limited in time by regulators ?

[bethany3] 23/4/2009 23:03

mochi2.....thanks! In a couple of weeks ago. Did not sell on 1st share price spiked. Still holding to at least 35p if not 50p. Hugely undervalued! In SKR, GAS and HAIK - these are my three "penny dreadfuls".

[bethany3] 23/4/2009 21:21

These brokers are so unscrupulous. Even with the stock suspended they were trying to buy at a low sp/less than NAV if possible, when clearly SBE had not been approached formally and a firm offer made and accepted by SBE, instead direct to shareholders offering two different share price Never known anything like this ever happened before but stand corrected. Last trade for 49700 shares were at 500p. How was that possible on a suspended stock? No grey market, was there?
Any way any one holding must be thanking their lucky stars this scenario is real!