Sirius Petroleum Share Discussion Threads

[solarno lopez] 14/1/2025 12:41

Carr its not bad news it just means, as it says the net assets are below the issued share capital in sterling terms.

[htrocka2] 14/1/2025 12:17

'To consider section 656 - is it me or does sound like bad news'

Good news with this company is called B/S...Bad news is covered in 'smoke and mirrors'

[sirianbotham] 14/1/2025 12:08

It's the same phrase in previous agm 2021

[rajraj b] 14/1/2025 12:03

Is there a register we need to complete if we wish to attend the AGM? Or just turn up?

[carrbradshaw] 14/1/2025 11:37

To consider section 656 - is it me or does sound like bad news

[astralvision] 14/1/2025 09:37

That's true, noticed the 12 startSeveral of us complained 10am was too early for us in the sticks, necessitating an over night stay.Have they actually listened?Nah, must be some other reason!

[oliversanvil] 14/1/2025 09:32

and another 13 January 2025
Dear Beneficial Holder

Tende Energy plc (or ‘the Company’)

Notice of Annual General Meeting ( Beneficial Holder)!

[vatnabrekk] 14/1/2025 09:20

And we're still waiting for answers to the questions that were put to them.

[vatnabrekk] 14/1/2025 09:19

Thanks astral.

Does this mean that they expect to have Angola completed before the AGM? I can't imagine they would want to hold an AGM with that still hanging over their heads!

[astralvision] 14/1/2025 08:57

It's on the web sitehttps://s26.q4cdn.com/336972478/files/doc_downloads/publications/2025/AGM-Notice-Feb24.pdf

[sirianbotham] 14/1/2025 08:49

I got a broker notification to vote from II ... it's on their platfirm

[vatnabrekk] 14/1/2025 08:48

That would have been a logical place to look, but no, it's not there!

[oliversanvil] 14/1/2025 08:39

Look in your Junk mail!

[vatnabrekk] 14/1/2025 08:32

Where can the AGM announcement be found, or has it been sent out as an email?

[bestdeal1] 14/1/2025 08:12

Hayward up for reelection - no
Right to allocate more shares for cash - hell no

[oza1000] 14/1/2025 08:11

What is the meaning of that text in the middle paragraph in quotes below? does anyone know, please?

Tende Energy plc
(Incorporated and registered in England and Wales with registered number 05181462)
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that an annual general meeting of the members of Tende Energy plc (the “Company”) will be held at 12:00 p.m. on Monday 24 February 2025 at the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG ...




"to consider in accordance with section 656 of the Companies Act 2006 whether any, and if so what, steps should be taken to deal with the situation that the net assets of the Company are less than half its called up share capital."




In addition, the meeting will consider and, if thought fit, pass the following resolutions of which Resolutions 1, 2, 3 and 4 will be proposed as ordinary resolutions and Resolution 5 as a special resolution.

[futureisbright] 14/1/2025 07:51

AGM date has been issued

[dr rosso] 13/1/2025 23:03

"Tunisia: Following the signing of the Sale and Purchase Agreement (“SPA”) with a strategic investor in ATOG Group, the Company will have de-risked its Tunisian portfolio."


Does de-risk mean A) Perenco is buying Tende's 100% ownership, via ATOG, of the Cosmos oil field lease? Alternatively B) Perenco is buying ATOG and thereby all of its assets.


Ah, here it is :-
"Agreement for the acquisition of the 90% shareholding in ATOG.
Post the year end, a decision was made to divest this holding to a third party.
Following a reorganisation the Company decided to de-risk its exposure to this investment and has now a remaining royalty agreement in place and a result of this action removed the incumbent debt exposure and a resulting positive effect to the Group’s balance sheet."

In other words, Tende will retain a passive 10% equity interest in ATOG and receive certain royalty payments. A royalty agreement re Cosmos production would likely be at the same 10%, not bad actually.

All of this has been brought about by the zero revenue Nigerian fiasco. If Angola does go through, is Tende going to line the pockets of ETU, as they did with COPDC? In which case, BoD get their personal annual reward, whilst shareholders get nothing.

[oliversanvil] 13/1/2025 17:26

Algebra Bods + shareholders -

[vatnabrekk] 13/1/2025 17:24

Makes sense Doc!