Timan Share Discussion Threads

[shotbybothsides] 18/11/2009 17:54

Haven't looked in for a while, could someone send me a copy of the email and also the original one from Belik. I sent my email address to Miami when the letters were getting sent to Simon Raggett and Rory Murphy ages ago, thanks

[e-mail]

[miamisteve] 18/11/2009 17:25

cl - Everyone will get to voice their opinion on the proposal before the EGM. I wanted to first make sure that Redbell and Kamanisk are in agreement.

They will need 75% approval to push through any new share issue so minority support is essential.

[fsu gold investor] 18/11/2009 15:21

Thanks for your efforts Miami.

[cl2201] 18/11/2009 12:54

Miamisteve - That's fair enough. I was just hoping that you would share the general details with the PIs at the same time as putting the proposal to the company.

On a side note, that would be good news to get your brother onboard as an independent director. I would certainly vote for him at the EGM (if required). I feel his lack of experience in the oil industry would be irrelevant. It is more important that we have someone who represents the PIs and, like Buzzz says, has at least a modicum of common sense!

[buzzzzzzzz] 18/11/2009 11:05

Miami

I am sure he has bags of common sense which is all he needs.

Also my broker was very impressed with him at the EGM.

[miamisteve] 18/11/2009 10:55

I've proposed also that my brother is elected as an independent director, which Belik has provisionally accepted. He does not have oil experience. He will be able to assist with sorting out creditors claims and any frivolous lawsuits that maybe launched against the company by Kapalin if this deal goes ahead. This will be other than ensuring that no further underhand activity goes on at the company.

[miamisteve] 18/11/2009 10:20

cl2201 - The proposal will be made to the company and Kamanisk. If they are in agreement then it will be published and all shareholders will get to vote on it at an EGM.

[buzzzzzzzz] 18/11/2009 09:27

cl2201

Best left to Miami.

He will not roll over.

[cl2201] 18/11/2009 08:48

Buzzzz - true, perhaps e-mail would be more appropriate

[buzzzzzzzz] 18/11/2009 07:29

cl2201

These proposals/negotiations should not be splashed all over the BB.

Tergifts

TMAN is delisting full stop.

If kapalin has the dosh he can buy us.

[cl2201] 17/11/2009 23:55

Miamisteve - Would you be so kind as to give a detailed report of the current situation?

I'm sure you're busy, especially given the recent activity, but I would be very grateful if you could shed a little more light on the items discussed in your meeting with Belik.

Also, yesterday, you referred to a 'proposal' you were thinking of putting forward. Could you publish this?

Many thanks for the time and effort you have already spent on moving things forward. At the moment you're the only valuable asset the company has!

[tergifts] 17/11/2009 22:51

miami can the audits be still done in time without Kaplins help or are we destined to delist.

I am not convinced that Kamanisk will take any less than 2% even with the Kaplin deal so the decision would be for who can move us forward.

Redbell just seem to want out for a quick buck, but Kaplin can't be trusted after his transfer of assets trick and funds seem to disappear without being used for what they were intended. I presume most of the post April debt incurred by Timan was in trying to defend Kaplin against Redbell and not for the benefit of minority shareholders.

I presume Kamanisk could convert 12-14M$ of loan for 2% per $M of the company. So could take 24-28% this would then dilute Redbell holding to 50% but the Kamanisk debt would then be wiped out. Based on the current market cap 25% of the company would cost 8.1M$ so they are certainly paying more than the suspension price. The main problem would seem to be where a partner/ further funding would come from and at what cost?

[miamisteve] 17/11/2009 20:42

inv3stwise - Firstly I didn't arrange the meeting. This I believe was instigated by Kuanyshev.

Redbell are happy to get diluted so long as they resolve the Kamanisk issue and don't get sued by shareholders for negligence.

The price 'far in excess' question has been dealt with previously. Redbell didn't buy the shares or option for an excessive price. The put option forced Kapalin to buy the credit suisse stake for $102m (that is where the price far in excess of the current market price came into the discussion).

I am not able to give an estimate on either option as the NRB proposal is not for a buyout, it is simply refinancing with substantial dilution, and the Kapalin proposal has too many blanks.

[cfccfc1970] 17/11/2009 20:32

OC
You seem a good man - hang in there.
Loved your post about having people behind you - debt collectors!
Your under pressure like most of us, but you still maintain your sense of humour.
Well done...keep it going....maybe just maybe!!
cfccfc

[olivercromwell] 17/11/2009 20:24

how can Kudimov/Lebedev/NRB veto any deal when they haven't even got the bloody assets back yet? Isn't that a tad presumptious of them or are they completely confident they will get them back and then sell them back to Kapalin and his backers!! ahaha.....oh no, my head can't take this anymore!!

i shall leave this to those who are infinitely more intelligent and perceptive than I am!

oc

[inv3stwise] 17/11/2009 20:18

Miami,

Well done on behalf of all shareholders; this post sums my feelings too.

Fantastic Post!!!!

cfccfc1970 - 16 Nov'09 - 23:16 - 4695 of 4728


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

Miami, please could you get answers to as many questions from the above as possible; because this post is exactly the route which would be of most benefit to the shareholders of Timan.

Well done Sir.

[zappa5] 17/11/2009 19:06

Me too please,

[e-mail]

Thanks in advance

[trotting12] 17/11/2009 17:09

and me please,,,[e-mail],,,,thanks.

[kaos3] 17/11/2009 16:59

and to [e-mail]

thank you

[carl19] 17/11/2009 16:54

Hi ya, would be really grateful if someone could forward the email as feeling a bit in the dark now!
Thanks
[e-mail]

[jack parlabane] 17/11/2009 15:45

An email to [e-mail] would be appreciated.

[bahamasoil] 17/11/2009 13:12

Just checked it was $14m

From my post #3540 25.08.09 $14 million required to cover contractors, advisors, salaries, lawyers and taxes due at the end of September, puts the Company $26 million in debt.

[bahamasoil] 17/11/2009 12:43

Kapalin memo commits to

From my side I additionally suggested that I will invest up to $10 m directly into the Company immediately on signing with NRB for current cash flow needs of the Company.

From memory at the EGM in August Kapalin said that they required $17m to cover costs upto the end of September. Perhaps someone else can confirm?