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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Timan | TMAN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 12.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 12.50 | 12.50 |
| Top Posts |
|---|
Posted at 29/5/2018 09:23 by the dogsbody The documents were published 21/05/18 on the ips-doc portal and are password protected. I believe those Timan Investors who were originally registered by Smith and Williamson may have received a password by post. I have not accessed the documents but I believe registration to do so is still available by contacting Smith and Williamson. |
Posted at 03/12/2016 13:36 by kubok012 Miami, why dont you tell everyone here, how that happened, Timan has sold its main assset (NGPT) to sort out the debt problem, but we ended up in the same situation where we were all these 8 years, but now we are without KNG and NGPTThe second question: A few investors approached the company to buy our Kaspi assets, but the management declined all of them and preferred to focus on selling NGPT. How do you and the management plan to restore the value of timan with the only remaining asset? |
Posted at 26/1/2016 14:47 by richie1218 Copied from the Timan web site.TIMAN OIL & GAS PLC (the "Company" or "Timan") MINUTES OF THE GENERAL MEETING HELD ON 4 DECEMBER 2015 IN THE ELECTRA MEETING ROOM, FIRST FLOOR, THE CAVENDISH LONDON, 81 JERMYN STREET, ST JAMES'S, LONDON SWIY 6JF AT 10.00 A.M. DIRECTORS PRESENT: Dmitry Chalov (in the Chair) Anteo Quintavalle Mikhail Preobrazhensky Bill Roberts IN ATTENDANCE: Stephen Page, Company Secretary Dominic Prentis, Wragge Lawrence Graham & Co solicitors to the Company Freddie de Boise, Wragge Lawrence Graham & Co solicitors to the Company Oleg Shvander, Clyde & Co, Wragge Lawrence Graham & Co solicitors to the Company Shaun Hand, Capita Registrars, the Company's registrars Tom McCulloch, Capita Registrars, the Company's registrars Colin Hardman, Smith & Williamson, Nominees and proposed Administrators Konstantin Turtsevich, Timan finance director 1. CHAIRMAN AND MINUTES Omitry Chalov was elected to take the chair, declared that the Meeting had been properly convened and that a quorum was present. It was agreed that Stephen Page would take the minutes of the Meeting. Filename: Timon Oil GM 2015 Minutes 04 December 2015 Puge I of 4 2. MEETING 2.1 The Chairman reported that the Meeting had been convened to vote on the proposed ordinary resolution ("Resolution"): "That for the purposes of an investment agreement ("Investment Agreement") between Verelton Holdings Limited (the "Investor") and the Company, the contribution by the Investor of the aggregate sum of USD $16,500,000 (sixteen million five hundred thousand dollars) to the charter capital of the Company's wholly-owned subsidiary, Limited Liability Company Neftegazopromysloviy 2.2 The Chairman invited Anteo Quintavalle to elaborate on the post-notice events, which he outlined as follows: (a) the Company had filed a notice of intention to appoint an administrator ("Notice Of Intention") as a negative General Meeting outcome on the vote to approve the Resolution and inability to complete the Transaction (as defined in the Notice of General Meeting) could result in Timan being unable to pay its creditors and becoming insolvent. Should that be the case the Directors therefore may have no other option but to place the Company into administration. Anteo Quintavalle further explained that the Notice of Intention introduced a 10 business day moratorium during which any creditor was prevented from starting a legal action against the Company without the permission of the court; and (b) the Company had received an indicative farm-out proposal on its Caspian off-shore blocks from Levant Group, the terms of which were not disclosed at the Meeting as they were at a preliminary stage. 2.3 Following this report from Anteo Quintavalle, the Chairman opened the Q&A section of the Meeting. All of the Directors participated actively in the Q&A session, with the majority of the questions being taken by the Chairman and Anteo Quintavalle. Technical questions on the Development Programme and other technical matters were taken by Bill Roberts, and Russia-specific questions were taken by Mikhail Preobrazhenskiy. 2.4 The Directors noted the following highlights of the Q&A session: (a) The consensus amongst the majority of shareholders present was that: (i) the farm-out arrangement available under the Transaction heralded a new era in the ten-year history of the Company; (ii) the Directors currently in office should be praised for achieving such a remarkable transaction in the current unprecedented oil price downturn and overall climate of political instability; and Page 2 of (iii) the Board was championing the cause of creating shareholder value, whilst at the same time preserving the rights of minority shareholders and being mindful of Timan's creditors. (b) The Directors also noted that the minority shareholders of Timan had requested that the Board should report to the shareholders on the terms of the loan agreement to finance the Development Programme once signed by NGPT and the Investor or such other party the Investor procures such loan from, and on progress of the Investor, or such other lender, in providing timely funding in line with the necessities of the Development Programme. (c) The Directors further noted that the minority shareholders of Timan had requested that the Board should report to the shareholders on a regular basis on whether the Investor and Neftisa Oil Company were complying with their obligations under the Investment Agreement and relevant operatorship arrangements, and in particular that neither was abusing its majority position or infringing the rights of Timan, which would become a 25% minority in NGPT following the completion of the Transaction. (d) The Directors noted that a solicitor representative of a larger shareholder had inquired on the details of the Transaction at some length and voiced a critical view and his concerns as to the benefits of the Transaction for the shareholder he was representing. 3. VOTING AND MEETING RESULT 3.1 Following a coffee break the Chairman invited the shareholders to cast their votes on the Resolution. The casting of votes was administered by Stephen Page, the Company Secretary, and Shaun Hand and Tom McCulloch, the representatives of Capita, the Company's registrars. 3.2 Once the votes had been cast, Shaun Hand informed the Meeting of the following voting statistics: (a) 29 members had attended the Meeting, in person, by proxy or by a representative, representing 386,026,259shares out of 437,223,905 shares in issue, representing some 88%; (b) one member holding 76,232,715 shares abstained from voting its shares; (c) of the 309,793,544 votes cast at the Meeting by 28 members, 27 members, representing some 189,724,361 shares, voted for the Resolution, and one member voted 120,069,183 shares against the Resolution. 3.3 Shaun Hand informed the Meeting on behalf of the Board that the Resolution had been passed by 61.24% of the applicable votes. 4. CLOSE The Chairman thanked the shareholders for their attendance, input and voting, and gave a special vote Of thanks to the Companvs advisors for supporting it in bringing the Transaction to the shareholders. There being no further business, the Chairman brought the meeting to a close. Dmitry Chalov Chairman of the General Meeting of Timan Oil & Gas Plc of 4th December 2015 |
Posted at 23/11/2015 09:26 by backtothesoil jaynealaxNo mention of time of loan. It says 12% simple interest which suggests it's open ended. It does mean the investors get 75% of a very large oil field for nothing but it also means tman now have 25% of an asset that could be worth a great deal. As things stood, the licence would have been lost and worth nothing. |
Posted at 23/11/2015 09:11 by jaynealex Interesting .... so the investors are in such a strong position that they get 75per centof NGPT for a loan of 16.5m at 12 per centAnybody got the numbers to hand as to the value of the NGPT reserves , and therefore what they're getting and what our 25 per cent is worth BTTS .... whats the time period of the loan vs the time period to get the reserves out etc .... Will this lead to a listing , shareholders getting money back etc Would have thought shareholders would need " the story" and future plans to be able to vote on this We keep getting something is better than nothing .... but strangely I've still got nothing ! |
Posted at 21/11/2015 18:12 by backtothesoil chris catmy take for what it's worth and happy to be corrected. tman to farm out 75% of NGPT, its subsidiary that owns the huge NCHM oil field, to investors including Neftisa Oil company, one of the larger Russian oil companies. The investors will be responsible for all ongoing costs at NGPT leaving tman as a pure holding company. Tman to receive loans from the investors of $16.5m at 12% interest. This cash to pay creditors and also to pay for seismic programme for Geoterm, another tman subsidiary, in the Caspian sea so securing licence retention of this asset. Tman board believe the 25% of NGPT still retained, and now operated and developed by Neftisa, is worth more than the 100% currently held as it is impossible, with the political situation in Russia, to raise the money to develop the asset with the almost certain loss of the licence. The proposal requires shareholder approval. The vote will take place at a general meeting on 4th December. |
Posted at 29/8/2015 11:57 by kubok012 Should get some clarity on their strategy with respect to their stake in Timan24.08.2015 Araca Energy ASA has, in collaboration with a Kuwait-based investor group, signed energy-sector specialists Clarksons Platou Securities ("CPS") as the new corporate advisors. The objective is to expand and grow the business significantly and to do an Initial Public Offering (IPO) on the Oslo Stock Exchange in due course. CPS and the new investor group will be key enablers in raising capital and preparing for the planned IPO. CPS is a leading player on the Oil and Energy focused Oslo Stock Exchange, with decades of experience with similar cases; bringing in solid strategical support, market understanding and placing power. More details will be released in due course. |
Posted at 26/4/2015 23:29 by excell1 Thanks for the update Miami.This has been now going on for years. What are the chances for small investors and has your personal position as an investor changed? |
Posted at 01/2/2015 13:28 by oli12 some say no news is good news... that was until Timan... how long can this go on for...? I cannot even write this off as a tax loss.Please can someone tell me whether Araca Energy will make an offer to private investors locked in here? to be honest SO fed up of waiting I would accept anything. As mentioned previously can private investors approach Araca directly to buy us out? I have a list from smith Williamson containing the names / holdings of all holders ? |
Posted at 14/12/2014 10:39 by richie1218 CORRECTIONS TO THE NOTICE TO THE EXTRAORDINARY GENERAL MEETING DECEMBER 22, 201412.12.2014 In the previously sent notice to the extraordinary general meeting December 22, some minor errors were unfortunately overlooked and in good order the errors are hereby notified and corrected. To view a correct and complete updated notice to the Extraordinary general meeting December 22, please visit the company website www.aracaenergy.no . In the notice to the extra ordinary general meeting, two proposals for resolutions are marked with no 5. This should be corrected so that the second proposal 5 should have been proposal number 6 and proposal no 6 is proposal number 7. The reference in sub-paragraph (g) of proposal number 5 shall also be corrected so that it refers to number 3 and 4 and not 5 and 6 whereafter the wording shall be: g) The resolution is subject to approval by the General Meeting of the proposals set forth in agenda items 3 and 4 in the notice. In the notice the proposal number 6 (as mentioned numbered with 5 in the notice), includes a proposal for a resolution to obtain USD 400,000 in a private placement. The number of shares required to be issued is due to an error set to low and consequently the proposal should read: 6. Proposal to approve placing of up to 12.000,000 new ordinary shares of Aladdin Oil & Gas Company ASA for cash. The Company needs to meet cash obligations for its existing operations in Ukhta. The Company has therefor entered into agreements with chosen investors. Pursuant to these agreements, the investors are committed to subscribe for new shares in a share issue of up to 12.000.000 new ordinary shares of the Company at NOK 0.25 per new share to raise up to USD 400,000. The Board of Directors therefore proposes to the Extraordinary General Meeting to adopt the following resolution: i a share capital increase in the amount of up to USD 12,000,000 by the issuance of up to 12,000,000 new shares, each having a nominal value of NOK 0.25, at a subscription price of NOK 0.25, directed towards chosen investors. No further corrections in the proposal are required. Please refer to the original notice to the extra ordinary meeting or visit the Company’s website www.aracaenergy.no to view the entire calling with corrections. Minutes from an Extraordinary General Meeting, December 5th 2014 12.12.2014 On December 5th 2014, at 2 PM (CET), the Extraordinary General Meeting was held in Aladdin Oil & Gas Company ASA, at Scandic Fornebu, Martin Linges vei 2, 1364 Fornebu, Norway. The Chairman of the Board of Directors, John Richard Shaw, opened the Extraordinary General Meeting and performed registration of the Shareholders in attendance and of the powers of attorney. Present at the Meeting was 31,542,404 of the Company's 73,106,907 total shares issued, corresponding to 43,15% of the Company's share capital. The following items were on the agenda: 1. Election of a person to chair the meeting and election of a representative to co-sign the minutes. Chairman of the Board of Directors, John Richard Shaw was elected to chair the meeting. Annar Bjørn Ursin-Holm was elected to co-sign the minutes. 2. Approval of the summons and the agenda. There were no objectors to the summons or the agenda, which where duly approved. The meeting was thus lawfully convened. 3. Resignation of, and appointment of new directors. From the current board, John Richard Shaw, Claude Henri Emile Gueant, Stine Fjell and Olga Helen Lady Olga Hay resigned. The Shareholders Nomination Committee proposed the following new board members: Atle Torbjørn Karlsvik, as Chairman of the Board of Directors Adv. Monica Malm Kirsti Beate Ballangrud Prestmarken, as Alternate Director New members of the Board of Directors was elected: Atle Torbjørn Karlsvik, as Chairman of the Board of Directors Adv. Monica Malm Kirsti Beate Ballangrud Prestmarken, as Alternate Director The Board of Directors will comprise the following members after the shareholder Meeting: Atle Torbjørn Karlsvik, as Chairman of the Board of Directors Adv. Monica Malm Annar Bjørn Ursin-Holm Kirsti Beate Ballangrud Prestmarken, as Alternate Director 4. Proposal to reverse two General Meeting resolutions made on August 29th 2014 to increase the share capital of the Company. The Agreement referred to in paragraph 6 of the Minutes from the Extraordinary General Meeting held on August 29th 2014 was not implemented. The agreement referred to in paragraph 7 of the same Minutes therefore has lapsed. No liability for the Company arises from either occurrence. Accordingly § 4 of Aladdin Oil & Gas Company ASA's Articles reads: "The share capital of the Company is NOK18,276,743.03 divided into 73,106,907 shares with a nominal value of NOK 0.25 each." 5. Proposal to change the name from Aladdin Oil & Gas Company ASA to Araca Energy ASA. It was elected that § 1 of Aladdin Oil & Gas Company ASA's Articles of Association would be amended from: “The name of the Company is Aladdin Oil & Gas Company ASA. The Company is a Public Limited Liability Company.” To: “The name of the Company is Araca Energy ASA. The Company is a Public Limited Liability Company.” 6. Proposal to approve two SPAs with Levant Energy Limited The proposal was not put to the Meeting as the new board will present new SPAs in the near future. 7. Proposal to approve an increase of the share capital by issue of consideration shares The proposal fell as result of the outcome of paragraph 6. 8. Proposal to approve the issue of 10,000,000 new ordinary shares in lieu of fees. The proposal fell as result of the outcome of paragraph 6 and 7. 9. Proposal to approve placing of 2,000,000 new ordinary shares of Aladdin Oil & Gas Company ASA for cash. The proposal was not put to the Meeting as the Company had agreed new funding arrangements to meet cash obligations for its existing operations in Ukhta. Bærum, December 5th 2014 On behalf of Aladdin Oil & Gas Company ASA's Board of Directors John Richard Shaw, Chairman of the Board of Directors |
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