Timan Share Discussion Threads

[debbiegee] 01/6/2009 08:45

YES,COMPLICATED BUT IT LOOKS TO ME LIKE A t/o but mms trying to shaft weak holders ?

[whe4to] 01/6/2009 08:38

Miami so what price will we get taken out at, any ideas?

Are we to be shafted again?


Thanx Zengas..much apprieciated.

[zengas] 01/6/2009 08:38

Whetto - unless they don't takeover the rest of the company (unlikely).

"The Board of Timan has been informed that Redbell exercised its put option on 21 May 2009 at a price far in excess of the current market price of the Ordinary Shares and that on 29 May 2009 it served notice on Alexander Kapalin that he is in default. As a result it is possible that ownership of the 82,508,336 Ordinary Shares as described above will pass to Redbell.

With Credit Suisse having sold to these chaps - looks to me like a potential takeover now unless Kapalin/Royter pull a rabbit out of the hat (Credit Suisse have sold to basically get shot of them and Kaminisk and get a decent return).

Looking for a return now "far in excess of the current market price"

11p now (circa 60p t/o target).

[miamisteve] 01/6/2009 08:36

The Board of Timan has been informed that Redbell exercised its put option on 21
May 2009 at a price far in excess of the current market price of the Ordinary Shares.

Looks like a takeover is a formality now. Credit Suisse option which was passed to Redbell had an exercise price of 47p.

[whe4to] 01/6/2009 08:31

So Zengas...he is a nice guy! and he may not want to torture already fracteous shareholders!

Is our dream of the share price in £'s now gone forever??

[zengas] 01/6/2009 08:26

Seems like Credit Suisse may have helped engineer this.

Remove Kaminisk, Take control of Kapalin and Royters stakes in the company that are mortgaged against possible loans.

As you say I wonder what price Credit Suisse have gotten for their stake.

Looks like things are coming to a conclusion - bid/full takeover ?

Alexander Lebedev owns the UKs Evening Standard and is a Russian billionaire.

According to Forbes magazine, he is Russia's 39th richest man with a net worth of $3.1bn (£2.1bn).

He already owns a newspaper in Russia, has a stake in the national airline Aeroflot, and his property portfolio includes a string of boutique hotels across Europe.

Unlike most Russian oligarchs, his fortune was made through banking, not natural resources.

Indeed, the 49-year-old, who describes himself as a "capitalist-idealist", is keen to distance himself from the Russian oligarch class.

Mr Lebedev is certainly a contradiction.

He is clearly a member of Russia's establishment. He is a close friend of former Soviet leader Mikhail Gorbachev and lives in Rublyovka, Moscow's most prestigious neighbourhood.

But he has used his wealth to fashion a career as a philanthropist and an independent politician.

[tonester30ccfc] 01/6/2009 08:26

Door now open to potential deal in my opinion. This news unlocks any log jam and if there is a bigger game being played, the starting whistle has just been blown

Tone

[whe4to] 01/6/2009 08:25

Are we to be shafted again????!!!!!????

[coco] 01/6/2009 08:17

Am I thick or is it just Monday morning as I dont seem to be able to get my head round the above article.

Evo move up to 11

[miamisteve] 01/6/2009 08:09

Debbie - correct. We need to find out what price Lebedev paid credit Suisse. The Kapalin comment that billionaire Lebedev's takeover of Kapalin's stake would place the company into default, doesnt pass the laugh test. Think he is desperately trying to fight his own interest.

Kamanisk are the owns who have defaulted and are only entitled to their loan repaid along with 10% interest.

[buzzzzzzzz] 01/6/2009 08:03

Kaplin and Royter own 46% between them according to the header above.

[debbiegee] 01/6/2009 07:51

Lots of legalities in the above post to digest but surely as in a T/O situation he would have to pay other shareholders the highest price he paid per share during the last year ?

[someuwin] 01/6/2009 07:35

Alexander Lebedev, may become the owner of Timan oil & gas - newspaper
Said Ilya Pitalev07: 41 01/06/2009

MOSCOW, June 1 - RIA Novosti. In oil and gas company Timan oil & gas (TOG), developing a strategic Nizhnechutinskoe deposit with reserves of more than 100 million tons of oil may change the shareholders - the bank Credit Suisse passed by him on 60% of the company, a controlling stake in Bank NRB TOG received by Alexander Lebedev. However, the creators of TOG will challenge the deal in a British court on Monday, writes the newspaper Kommersant.

For information on the possible change of shareholders TOG publication confirmed the founder, owner and CEO of oil and gas company, Alexander Kapalin (he owns 25%). Last week he learned that Credit Suisse, who owned 14%, the company gave them RedBell, registered in the British Virgin Islands. This Kapalin written by director RedBell Pampina Votsi.

Together with a 14% stake in Credit Suisse has given way to a new owner and the trading obligations reported Votsi. Now in the mortgage from the bank is 45% TOG: this proportion Kapalin Alexander and his partner, Boris Reuter, who has 20%. By agreement with the bank Kapalin redeem it before the end of 2009, 14% TOG. Otherwise, Credit Suisse became the owner of 45%.

Over 14% Kapalin asked to pay 102 million dollars, reports Pampina Votsi. The market value of the package - $ 5 million. The agreement with the bank provided a formula for determining the price, admits Kapalin. But the bank has promised many times that it will be reviewed, and the entrepreneur has evidence of this. The businessman is preparing a lawsuit in British court, where it will challenge the transaction, and Credit Suisse RedBell.

Mrs. Votsi refused to discuss with Ком;ерl9;ан 90;ом "whose interests are represented RedBell. Pampina Votsi - Cyprus Lawyer, member of the board of directors of subsidiary companies Transaero "and" Dixy Group ". Both of them are not relevant to the RedBell, say their representatives. Mr Kapalin, "based on information received from Credit Suisse", confident that the new owner submits the National Reserve Bank (NRB) Alexander Lebedev. In UXO publication reported that the bank in a consortium with Western European Bank for several years was a creditor "TOG. However, loan agreement, it is not fulfilled, including payment of interest, therefore, "the lenders have decided to exercise its right" to convert debt into shares of the company-borrower. "As a result, creditor banks have become owners of a controlling stake TOG. When converted, it representatives did not explain. In Credit Suisse did not want to discuss the situation. UXO has never been a creditor of TOG, and the company has no overdue debts, says Alexander Kapalin.

If TOG change in controlling shareholder, it could face bankruptcy, says Kapalin. In fact, 51% of the company promised a strategic investor - the Kazakh company Kamanisk. Before the fall, it should provide TOG $ 50 million and had already paid more than 11 million dollars. When Kamanisk learns of a change of owner, the funding stops and TOG will be obliged to declare a default, said Kapalin.

TOG has a license for strategic Nizhnechutinskoe field with recoverable oil reserves of 102 million tons of categories C1 and C2. As well as a license to Hudoelskoe field in Komi with recoverable reserves of C1 and C2 are 17.6 million tons, the license for geological study of plots "Izberbash-2" and "Sulak-4" in the Russian sector of the Caspian Sea shelf with 3 billion tonnes of resources.

In 2006, Alexander Lebedev, was going to deal with the oil business. But before the start of industrial production in TOG need to invest significant resources, notes the analyst IR Metropol Alexei Kokin. Most likely, the NRB pereprodast TOG, believes Denis Borisov of IC "Solid", because if oil prices rise, the company went from two to four times.

[debbiegee] 27/5/2009 11:07

Hoping they took it right down and have for once and for all flushed seller out.
Very sorry for those that caught with stop losses.

[need_2_b_brave] 27/5/2009 10:35

cant someone here just buy this company off, i just dont have that kind of money but belive me il buy it! come on some must be rich

[debbiegee] 27/5/2009 10:21

Having this intraday reversal is cool but will show as another down day on the long term chart.

Lets hope we can retrce from here though.

[need_2_b_brave] 27/5/2009 10:20

looks like those whos stop lose triggered or panicked sell have lost out cause these mm taking this up! 4 v 2

[coco] 27/5/2009 09:54

Miami, if Hakim Rad were to be selling out I think he would have bought first at 6 - 8 pence. Sold at about 12 - 18 pence then used profits to take up holding - just my thoughts.

[coco] 27/5/2009 09:50

I,m almost convinced that the market gives a stock a good rinse before any major up - down on no news ! Did anyone read anything bad in the ops update ?

Our one problem is tman seems to go hand in cap for money - were seem over a barrel but its ok we have possibly 3 billion of them !

Maybe more - time and money thats all we need a stategic partner will come.
Definatly not one for the impatient.

[miamisteve] 27/5/2009 09:47

Can't personally see the logic in Hakim Rad offloading and scalping maybe £15,000, if it undermines the share price and the strategic negotiations.

From what I heard there are now several strategic partners options under review not just 1.

[need_2_b_brave] 27/5/2009 09:41

going back up now 2 v 1

[need_2_b_brave] 27/5/2009 09:27

l2 looking very good 2 v 1 this company has more p2 reserves then some majors!