Timan Share Discussion Threads

[richie1218] 16/11/2009 23:18

ok cheers miami - I will email Mr Belik and ask for clarification on what has happened and his thoughts on it,
and then maybe we will be able to make a decision on what's going to be the next move in this chess game.

[cfccfc1970] 16/11/2009 23:16

Miami,

Thank you for all your efforts - you have done us all proud in opening a dialogue with all interested parties and trying to protect all shareholder interest in this whole sorry episode.

I cannot understand why Redbell don't get the assets back (latest RNS stated they had reached agreement with Kamanisk)and then sell the company to the highest bidder, Lukoil, Gazprom, etc.
I do not understand why Redbell would want to be diluted to such an extent, and why they would want to give Kamanisk double what they were legally entitled to had they honoured all of their financial obligations to Timan, which they clearly did not.

Alternatively, could Kapalin not go back and increase his offer, on the basis that he was previously setting up financing with a strategic partner prior to Redbells introduction. Go back to that strategic partner and outline his intentions and value of the company. At EGM I think he said the value of the company in a fire sale was $300m.

Did Redbell purchase shares at a price "far in excess of the current market price" from Credit Suisse. What was that price and should that not that be the value that should be placed on the company by Redbell and associates.

Finally are you able to equate rough ball park figures of what the value per share is under both options.

As I said initially, however this pans out you have done us proud.

cfccfc

[753690] 16/11/2009 23:08

M S

Sorry to sound judgemental - my apologies; I know how proactive you have been with the movers involved with Timan .
I must say that it is very apparent that now the dead-line is drawing closer, the parties are now dancing a lot faster and closer than in the past few months - they are obviously aware that a solution is needed, otherwise all is lost and everyone is a loser. The dancing is just like musical chairs - who can position their posteriors closest to the biggest chair without losing their balance.

[miamisteve] 16/11/2009 22:50

753690 - Not asking for unequivocal support for Kapalin, but worth asking Belik for more info.

What I was told was that Belik was supportive of the Kapalin deal, and Kudimov vetoed it.

[miamisteve] 16/11/2009 22:47

tergifts - I asked the same question so I should clarify. The investors are influential individuals who can have the licences transfered back by a few phone calls. Lebedev in the oil sector is not influential as we have seen. They would settle with Kamanisk on their terms rather than what Kamanisk dictates. The indication is that the settlement would be in extending the loan rather than conversion. This is a point however that needs clarification.

Kamanisks stance today was that they don't really own the assets and they are just stuck with them because of the bureaucracy in transferring them back. Of course this is not true, but it shows an admission that they know they shouldn't be in possession of them in the first place.

[coco] 16/11/2009 22:45

Why did Kaplin transfer the assets in the first place is the main question on my mind, any thoughts on that Miami, because if he hadn't have done that then he/we would not be in this position now. Can he be trusted now ?

[753690] 16/11/2009 22:41

M S

Thanks for the emails.
Unfortunately, without full details of the proposals, it's very difficult to make an informed decision of who is exactly offering what to whom in return for what!
I do think that Kapalin's email paints a distorted picture of his management during his role as C O, and furthermore, his behaviour at the end does not portray his trustworthiness in any future resolution.
Belik, to his credit, did display transparency and frankness in his earlier email: which gave me confidence that his endeavours would be beneficial for all share-holders.
Essentually, I think it boils down to the two options:

[tommyttrades] 16/11/2009 22:39

If we back Kapalin over NRB/Lebedev I'm concerned that any potential JV partner will be "scared off" and future prospects for the licences may be harmed

Just how are we to believe Kapalin's credibility now.

What does the early exit plan entail if PI's want to sell out?...

The other offer is derisory and they need to up it considerably..Look at the upcoming IPO for Exillon with a valuation figure of up to $500million

[blue85] 16/11/2009 22:37

good work MS. will check my maail tomorrow. was quite an email from ex-owner, in-line what i was told by former brokers to be fair.

[tergifts] 16/11/2009 22:35

miami thanks for your efforts.

I have sent you an email requesting clarification.

[miamisteve] 16/11/2009 22:34

Anyone who received my email is welcome to forward it to recognised names on the BB.

[olivercromwell] 16/11/2009 22:25

MS

Who owns the assets at present? Is it still Kamanisk and are they still holding out for a bigger equity stake?

cheers

oc

[backtothesoil] 16/11/2009 22:24

Those like myself who are not on Miami's mail list may also want to add supporting emails to Belik if the outlines of the proposals can be made public.

[olivercromwell] 16/11/2009 22:20

MS,

done and thanks for your efforts to date

Regards

OC

[miamisteve] 16/11/2009 21:56

I have sent an email to Belik and copied everyone on my email list in.

It is extremely important that you check it out. I was able to speak to the head of NRB and Kamanisk and Kapalin today.

NRB and Kamanisk want a resolution, but on terms which I considered to be poor and limited.

Kapalin sent an email today, outlining a proposal that financiers had made to him and I followed this up with a phone call to him. His offer seems to be on better terms and may allow minority shareholders the chance to sell out immediately. It may be B/S, but I see no harm in expressing conditional support for what I consider a superior deal.

If you agree with the comments I make in the email, please forward a short personal email to Belik to show your support. These will be conveyed to Yuri Kudimov and Lebedev who are the real decision makers here.

[blue85] 16/11/2009 19:50

oof. earth calling miami? need your thoughts

[buzzzzzzzz] 16/11/2009 17:26

Pete

Nothing to do with Tman.

He has no reception where he lives...hence over the hill!

[peteh1] 16/11/2009 16:18

Surely you don't have to be aged over 75 to ring him.
About time the rest of us knew what was going on here.........
What is the secret.

[eelbuoy] 16/11/2009 15:44

will do soon as im over the hill

[buzzzzzzzz] 16/11/2009 15:38

Eely

Ring me.

[eelbuoy] 16/11/2009 15:24

Please say something positive happened today ?!?!?!?!?