Timan Share Discussion Threads

[olivercromwell] 09/10/2009 13:10

someone write lebby a grovelling letter talking about he's the best thing since sliced caviar, he's handsome, influential, philanthropic, brilliant etc etc and then a little bit of emotional blackmail about poverty, suicide of shareholders etc etc

i see stalin's grandson is taking one his papers to court! him and us as well if this isn't resolved

[olivercromwell] 09/10/2009 12:40

we need some PR and the light of publicity here.

[miamisteve] 09/10/2009 12:28

If I knew unequivocally what was going on then perhaps I wouldn't be calling an EGM.

There are enough facts in the public domain to point to the need for an EGM.

1) We have 2 directors with no oil experience who do not respond to any of the minotory shareholders.

2) They have not started the audit after 6 weeks in charge.

3) They have not had the assets returned or stated any position on the legality of the transfer. At the EGM they stated assets returned in 2 weeks.

4) We do not know what Kamanisk are demanding from the company.

5) We have been given no protection in the event of a delisting.

6) They have not stated at anytime financing

7) We are not even clear who is behind this. Who is Belik if Lebedev is claiming he owns the shares.

[whe4to] 09/10/2009 12:03

OC, can't agree more....We just want to know what stage we are at and what's happening to our investment!?!

[cestnous] 09/10/2009 11:55

d2201

Doing nothing and waiting for the company to advise us of progress has proved useless to date, and can only give further advantage to parties who could be manipulating the situation to their own advantage. There is a lot of money at stake here and I firmly beleive that the Russian tradition of underhandedness
makes such a proposition likely. The danger of de-listing is that we lose everything, as the subsequent dealings will be mired in delay and obscure wrangling. I fail to see the validity of your position and question the reasons for your 'warnings' to Miami.

[whe4to] 09/10/2009 11:38

cl2201, Sorry if I am not explaining myself properly. Again, I agree with what you have said in your post, my point being "we need to know what is going on",I have have had emails forwarded to Redbell and Mr Belik without reply, Why!?! I informed them about our (Minority shareholder group-11%)concerns regarding re-listing, Kamanisks demands and what would happen in the event of de-listing. So they KNOW how serious we are about our investment and yet they still have not had the decency to reply. This is my point! I do not want to interrupt any delicate negotiations, if indeed they are taking place! (again we do not know) I (just like everyone else) want to be kept informed on "What's happening", after all this our company!

IS THIS TOO MUCH TO ASK!!

[cl2201] 09/10/2009 11:09

My issue was not so much to do with the calling the EGM but rather with Miamisteve suggesting that asset return talks may have broken down. It is very dangerous to speculate to this degree at a time, and a place (this BB!) where emotions are running high and people are worried about their investment to the point of desperation.

I, personally, remain calm about the situation and am thus willing to see how Redbell can navigate their way through the problems that we are facing.

We may differ on our opinions and perspectives but we are all, at the end of the day, in the same boat, and as such, I hope we can all look back at this saga with a bucket-load of money and laugh about these times!

[whe4to] 09/10/2009 08:29

cl2201, I'm with miami on this! we are only requesting "What's going on?" and as shareholders I think we have a right to know.

We need public assurances that if we de-list we will be protected.

COME ON TIMAN, GIVE US AN UPDATE (that actually tells us what's been happening), OUT OF COMMON DECENCY!

[miamisteve] 09/10/2009 06:44

cl2201 - There are enough solid facts in the public domain for shareholders to call an EGM. I am not proposing some sort of revolution to topple the board. Simply to get some answers and assurances that our position will be protected.

I don't see how tabling a motion to ask that the company implement safeguards for minorities could be counter productive to our cause.

I agree that any decision on this should be made with a level head and much consideration, because make no mistake each shareholder stands to lose everything if this goes wrong.

I previously invited anyone with concerns to contact me

[e-mail]

to discuss this in more detail. You of course are welcome to do so as well.

We are not 2 months away from a delisting. The current board have not started the audits for the company which in themselves could take 2 months to complete. We have days left.

[cl2201] 09/10/2009 02:38

miamisteve, I think you need to be very careful about what you say on this BB. I'm not sure who your contacts are, and/or how credible they might be, but if you start making claims such as 'things have turned desperate' you'd better support them with solid facts/information.

I would advise everybody here to make their own decisions regarding action, do not follow those who claim to know the current siuation, even from BB veterans, like miamisteve. If you would like to support the calling of an EGM, then do so with a level-head and after much consideration as to the possible outcomes. Please do not succumb to scaremongering.

My humble advice would be to wait for an update from the company. If talks have broken down, the company are obliged to inform us. Otherwise, any other information is pure speculation, something this BB is rife with at the current time. Do not take gossip as gospel

[peteh1] 08/10/2009 23:17

Can we all start using one thread now please.It's getting confusing having to look at both threads.

[cfccfc1970] 08/10/2009 21:57

Miami,

Should we ALL contact the papers, the Russian press, the Foreign Office, the PM, Russian PM, Strand, BBC, SFO, and last but not least Timan, and really raise the tempo big time?

None of us mind losing through our own misjudgement but none of us should lose by theft,
Just say the word and the troops will rally I am sure - we all have to much at stake to let fraudsters get away with this.

Regards
cfccfc

[miamisteve] 08/10/2009 21:56

Am waiting confirmation as to whether asset return talks have broken down. The initial signs were negative.

I suggest waiting till tomorrow and then we decide where to go from there.

[olivercromwell] 08/10/2009 21:40

edit

:(

[cfccfc1970] 08/10/2009 21:24

Miami,

Should we ALL contact the papers, the Russian press, the Foreign Office, the PM, Russian PM, Strand, BBC, SFO, and last but not least Timan, and really raise the tempo big time?

None of us mind losing through our own misjudgement but none of us should lose by theft,
Just say the word and the troops will rally I am sure - we all have to much at stake to let fraudsters get away with this.

Regards
cfccfc

[whe4to] 08/10/2009 20:27

Things are sounding strained Miami - What's going on behind the scenes. What's changed in a day? can you enlighten us please? We are all in this together!

[futureearner] 08/10/2009 20:23

Miami, What's happening?

CAN YOU POST PLEASE, AND LET EVERYONE KNOW WHAT YOU KNOW!

I will email you if this is more appropriate to answer!

[coco] 08/10/2009 19:54

From the information that I have received things have turned desperate

Any chance of an update on here please Miami

[miamisteve] 08/10/2009 19:47

inv3stwise & anyone else who is against calling an EGM - You are welcome to contact me to discuss this.

From the information that I have received things have turned desperate and I firmly believe that we should start the procedure to call the EGM.

Send me an email at

[e-mail]

and I will forward a contact number.

[olivercromwell] 08/10/2009 10:56

UEN not mentioned but any relaxation in the regulations can only be a good thing :)



Ministry of Natural Resources eases regulations for oil and gas companies
VTB Capital
October 7, 2009

News: According to Vedomosti, the Ministry of Natural Resources has introduced amendments to the Regulations for Conserving Mineral Resources, which increase the allowable discrepancy between actual and planned production levels. Previously, oil and gas companies' production could only differ from the level stated in the licence by 10% or less. Production levels can now be regulated depending on the size of the field, with the permissible discrepancy set on a sliding scale. For oil fields with production levels of 25mtn per annum, the deviation can be up to 50%, from 100mtn to 1,000mtn it is 27%, from 10,000mtb to 15,000mtn 12% and from 15,000mtn to 25,000mtn 10%, while for fields with production levels in excess of 25,000mtn the difference can only be 7.5%. For gas fields, the unified level of deviation, regardless of the production level, is set at 20%.

Our View: The amendments are a logical step aimed at resolving the situation which many companies have faced in recent years of being unable to comply with licence terms and having to renegotiate them. The news could also be positive for small-scale producers, which would otherwise have been in danger of losing a licence.

Lev Snykov

Rencap writes: Several precedents in the past of licences being revoked due to lower production have made investments in Russia's upstream look riskier and have discouraged producers from undertaking more upstream work, in our view. This change is clearly more material for smaller companies. However, we do not see an immediate impact on companies under our coverage, given that none of them currently have issues with compliance. But in the long term, we think, the impact on the whole sector and the companies we cover could be positive, resulting in more investments into upstream and potentially higher oil and gas production.

Ildar Davletshin

[miamisteve] 07/10/2009 23:01

whe4to - Our priority is to get the assets back and ensure we maintain our listing.

Not wanting to jeopardise this by causing unnecessary noise or bureaucracy.

At the same time we need to have everything in place to respond if final discussions were to break down.

I understand things are completely in the balance at the moment and that we will find out shortly.

[inv3stwise] 07/10/2009 20:50

Olly - I agree. I'm not up for calling this egm. I believe Mr Lebedev will be doing his upmost, retreiving the licenses, getting the audit carried out, re-listing, re-structuring and re-financing the business.

However I do understand the concern of various holders.

[olivercromwell] 07/10/2009 20:30

hold your horses guys. after what ive read, if anyone can sort this out our Alex can. just read the article ive posted on t'other thread