Timan Share Discussion Threads

[the dogsbody] 11/7/2020 09:14

Anyone have access to this?

On the IPS Portal from Smith & Williamson LLP

Document Timan Oil & Gas plc - Progress Report 2020 published on 09/07/2020

[excell1] 27/2/2020 19:04

You could always email him Debbie. I have often had an update from him.
his address is [e-mail]

[debbiegee] 27/2/2020 17:16

My guess is that the situation is very awkward for Miami to say the least.
However an update if possible would be most appreciated !

[arthurdaley69] 17/12/2019 09:35

The irony is Miami, that the minority shareholders have, for the most part, written off our investment years ago.
The Directors needn't have exposed themselves to accusations of fraud if they made a bid at any level to the remaining minority holders.I do not speak for them all, but personally, I would welcome 5p a share like a lottery win; money found.
I do agree that staying on is a more sensible option rather than jumping. As long as you have recorded all concerns you have listed in internal memos then you I very much doubt you could be held responsible for any action that ends up being investigated by an outside agency. In fact, having been a director during the time such alleged activity took place and then walking away might be construed in a very different light.
Either way, an end to this debacle would be welcome. As much as I do enjoy checking on the patient that has been on life-support for 10 years plus, it would surely be kinder to eventually switch off the machine.

[cashandcard] 06/12/2019 20:13

My thoughts for minority shareholders, get the serious fraud office involved. You may have to convey the sense that a huge 'Russian' led money laundering type scam is going on here. Literally force them to get involved. There is no other way. Otherwise, prepare to lose that last little flicker of hope you have. As this saga is almost concluded with PI once again being screwed by the entire food chain of corruption here.Cash

[kaos3] 03/12/2019 11:04

we call it - salami technica - slice by slice all gone - while looking at it lol

and when the salami is finished - ups

[kubok012] 03/12/2019 10:59

It has been 10 years now since timan has been delisted. Again i see no clear action plan from miami how we minority shareholders can exit, while the company has lost most of its assets and we are facing risks of a fire sale of our remaining assets. Over the past period miami has done nothing and there is nothing to thanks him for. Liquidation should have been done years ago when our interests were aligned with timan’s majority owners. 12c 10years ago was more valuable than theoretical 25c today

[kaos3] 03/12/2019 10:33

writing above posts by miami gives a clear indication how high or low we are put in his mind

[kaos3] 03/12/2019 10:30

Telling us all what was going on years ago and not "feeling" good about it is absurd. Director is there to act!

As one is rewarded (or should be) for it - taking on directorship means taking on responsibility on the move.

Late regrets are just .......

Present us the minutes. Votes. .....

Otherwise - words, words, words

instead of

action, argument, fact ....

[excell1] 03/12/2019 08:06

Apologises Miami.I mistook your post as though you were leaving the sinking ship.While you are there we have a least a little hope.

[miamisteve] 03/12/2019 02:51

excell1 - I wont leave until the minority settlement is in place and can remain as a conduit between the company and the shareholders there after, just not as a Director. It is not a case of me leaving in so much as I am being shut out and not given the essential access to information to carry out my duty.

[fsu gold investor] 02/12/2019 23:43

Thank you for the update Miami/Anteo. Hoping for the best outcome possible.

[excell1] 02/12/2019 13:54

Why are some ticking up Miami's post? The guy is leaving as a director and it's looks as though even after all this time,the minority shareholders have not been considered.We will get to know nothing after he has gone,better the occasional post than nothing.

[kubok012] 02/12/2019 11:42

Liquidation was and is the only viable option here, otherwise no assets will be left within Timan’s perimeter

[jaynealex] 02/12/2019 09:08

25p would have been nice , but hey they seem to act with impunity , so are never going to pay us anything

[miamisteve] 02/12/2019 04:05

As a director I have a number of legal obligations. Although I am the minorities representative, in general terms I have to treat all shareholders with parity.

For me to act in the best interest of all shareholders I must be provided with information from the company that has not been forthcoming. Without the full disclosures I require, I am unable to rule out criminality on a number of activities and would be negligent to overlook it in the capacity of a director, leaving no choice but to resign on these grounds.

A number of deals have occurred during my directorship that were essentially presented to me at the last minute on the basis that there was no alternative, and required my pragmatic approval without the due diligence that I would have required in normal circumstances. I now consider these deals as highly suspect and requiring serious investigation. All information requests have so far been denied.

These transactions have resulted in significant dilution for the original LSE shareholders and created groups of large shareholders who now act as insiders.

The first transaction concerns Levant. $10m was invested into the company, which triggered a winding up order on the company, and a unclear paper trail back to Chinese companies under fraud investigations. Levant have ties with Kuanyshev and may have merged their interest in the company, under the Greatex umbrella. The deal at the time was packaged that minority shareholders would be bought out at 25p a share, but in reality their only interest was to dilute the minorities and use the investment to book reserves in an attempt to boost the valuation of a special purpose vehicle on the Norwegian stock exchange.

The second transaction concerns Lebedev. Who brokered the sale of 75% of NGPT to his friend on the understanding that we would have a free carry and they would develop the asset. Greatly enhancing the value of our remaining 25%. In reality they again solely seemed interested in booking the reserves and borrowing against it for other activities.

The third transaction concerns Gateforth, which is associated with Kapalin, who appeared out of the blue at the last moments of drafting the CVA and on the basis of debt that they had acquired for possibly as little as $50,000 was able to leverage the CVA process and demand 20% of Timan PLC and 20% of Geoterm.

I have not spoken to the auditors, but I have concerns that the 10yr + delay in filing the accounts is due to irregularities which I am being shielded from.

There have now been recent proposals to fire sale the remaining assets of the company and all of the above entities are involved in this in someway. Any such deal would likely leave the original LSE shareholders with nothing.

While I represent all shareholders, I am not in a position to recognize certain parties on parity with the original holders with the suspicions of criminality hanging over them.

I am aware that resigning will make the minorities position more vulnerable and before I formally do so, I will press for an iron clad undertaking that protects the interests of the minorities to be agreed by the company and the new era shareholders in settlement for the damage that their activities have caused.

[miamisteve] 01/12/2019 20:54

I am in good health and am sorry that there have been no recent updates.

I have to inform you that I am considering tendering my resignation as a director of Timan. I think once I have explained you will be supportive.

I will go into detail on my reasons and what I intend to do before and after in my next post.

[excell1] 27/11/2019 19:02

Well he is either dead or not but he has certainly stopped informing minority share holders.

[fsu gold investor] 26/11/2019 21:15

Any updates available from Anteo?

[753690] 26/11/2019 20:47

Anteo is alive, well & kicking.

Who on earth is spreading these rumours?

[richie1218] 25/11/2019 11:11

Is this information about Miami being dead correct?

[kaos3] 19/11/2019 08:10

astor - karma?

died in the best years

[excell1] 19/11/2019 08:08

That's not good news.I didn't consider him to be that old.

[astorcourt] 19/11/2019 07:24

Miami is no longer with us. He died a month or so back, sorry to report.