ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

Upland Resources Takeover Rumours (UPL)

Upland Resources Chart

Upland Resources Takeover Price

Upland Resources Takeover Forum Posts

02-11-2023
The current share price reflects the reputational damage the fake takeover news has caused. I suspect contrary to previous plans they are now having to raise finance via the issuance of equity. That is what is probably holding the stock back. As I previously posted there was never anything to gain from them orchestrating a spoof takeover. There may yet be more ramifications from the FCA on the grounds of negligence and a legal claim from Mr Bollinger.
31-10-2023
richsifInterims to 30/06/2023 are due now. Normal accounts include a post results statement. Given what has recently happened the takeover fiasco should be added to the interims. The FCA may give a bit more time. Shareholders will have to wait and see.
apfindley - "So where did they get his name appear from?" That is the sophistication of the scam. I am not aware of his name appearing anywhere prior to UPL naming him in the second RNS. Somebody had done their homework for the offeror had to be someone who had loose change of £167 million down the back of the sofa. Whoever was involved in the scam was also passing on information about the offer price of 14p because this appeared in a tweet on 20/10/2023 prior to the offer RNS on 23/10/2023.. The FCA will get to the bottom of it as £20 million has been wiped off the company's value and the FCA's reputation has been dragged through the mud again. For the reasons I have rehearsed I am as certain as I can be that UPL were not involved in the fake takeover news. They haven't gained anything from it but egg on their faces.
loglorry1 - "The vehicle is used to transfer wealth from the mug punters like you to the insiders." That's correct but it applies to all AIM/Smallcap companies and is a completely different subject. As the company said in its retraction - "RNS announcements were formulated and/or vetted by our Rule 3 advisors and lawyers (SP Angel & Hill Dickinson respectively) and subsequently reviewed by the Takeover Panel." Two sets of advisors and the Takeover Panel would need to have been in on the scam. Furthermore worse can still come from this if William Bollinger decided to sue UPL for damages if the news had a deleterious effect on his or his company's business plans. UPL, their advises and the Takeover panel were all taken in by the scam and none had anything to do with it.
loglorry1 - "They managed to spoof the price up for a whole week and dump a lot of stock onto PIs at massively inflated prices." Companies don't dump warrants. It is the warrant holders who exercise their rights at the warrant price in this case 0.4p (best scenario) and sell their stock. So if all the warrant holders exercised at 0.4p the company would have received £400k that's all - 100 million x 0.4p. The company did not gain anything financially from the fake takeover news. The damaged caused to their reputation and the share price was far worse than a miserly £400k they may have banked. Told you before the people who you blabber to are third rate. I am not.
And in The Times Business Commentary hxxps://www.thetimes.co.uk/article/ascential-s-real-value-hid-in-plain-sight-sm08wst63 Upland Resources one week, Downland Resources the next. It was only seven days ago that, after a flurry of updates over the exercise of warrants and directors’ options, the Malaysia-focused oil group said it had not only received “an unsolicited, very preliminaryâ€￾ takeover approach from SEC Capital at 14p a share, but turned it down; a punchy rejection, too, given it was at a near-400 per cent premium. And now? Well, after the market closed on Friday, Upland disclosed that a chap it thought linked to the bid, Egerton Capital co-founder William Bollinger, said it had zip to do with him. And Upland now says the offeror was not “bona fideâ€￾, so taking the fizz out of the shares, down 41 per cent to 2¾p. Quite a lot here for the regulators to drill into.
30-10-2023
In the UK it's very,very rare for a company's shares to be suspended when a 'takeover offer' is made.. Australia yes but not in the uk..
oilisgold - "A large number of shorts were opened on Friday before the fake RNS." Which Friday are you talking about. If it was Friday 20th why would shorters open shorts knowing a fake takeover RNS was coming Monday 23rd raising the price. If it was Friday 27th how would shorters know the company was going to put out a retraction on Friday when they had a whole month to play with the fake news. Too many people talking absolute rubbish.
Read the RNS FFS RNS 30/10/2023 - "Following the receipt of an offer from a potential offeror, Upland, in full compliance with the Takeover Code, liaised with its advisors and the Takeover Panel and consequently the Company was deemed to be in an 'Offer Period'. RNS announcements were formulated and/or vetted by our Rule 3 advisors and lawyers (SP Angel & Hill Dickinson respectively) and subsequently reviewed by the Takeover Panel." The RNS was vetted by SP Angel & Hill Dickinson respectively. That's two advisors independent of one another. Anyway this is all behind the company now.
The people hoping to make money are the shorters, who are pretty nervous judging by the posts. Following the receipt of an offer from a potential offeror, Upland, in full compliance with the Takeover Code, liaised with its advisors and the Takeover Panel and consequently the Company was deemed to be in an 'Offer Period'. RNS announcements were formulated and/or vetted by our Rule 3 advisors and lawyers (SP Angel & Hill Dickinson respectively) and subsequently reviewed by the Takeover Panel. Following the UK procedure for takeovers, all communications were necessitated by and aligned with requirements of the Takeover Code to ensure adherence with legal and fiduciary standard practice.
So contrary to the BS that shorters have been lying about all week the BoD followed due process and sought 3rd party legal advise before announcing this last week Following the receipt of an offer from a potential offeror, Upland, in full compliance with the Takeover Code, liaised with its advisors and the Takeover Panel and consequently the Company was deemed to be in an 'Offer Period'. RNS announcements were formulated and/or vetted by our Rule 3 advisors and lawyers (SP Angel & Hill Dickinson respectively) and subsequently reviewed by the Takeover Panel. Following the UK procedure for takeovers, all communications were necessitated by and aligned with requirements of the Takeover Code to ensure adherence with legal and fiduciary standard practice.
29-10-2023
this delusion on short attack is max copium, anyone retail could short UPL simply because it was an easy short and a blatent fraud This is exactly the problem, 90% of this board only want to sling dirt and hope some sticks on the company. The fraud was perpetrated by the scammers, understand? These scammers would know it was a fake bid, understand? Don't you think they then might short sell? And big? If they were smart enough to fool the FCA and takeover panel, don't you think they might be smart enough to open a large short? I say to the authorities, follow the money. Do your job and get these spivs locked up asap
bmwman3, "MM will play games but this is not material news that would cause the price to tank and stay down permanently." The share price went up from 3p (close Friday 20th) to a peak of 8p on the Monday after the original RNS about the fake takeover was announced. It would seem reasonable to expect the price to drop to at least 3p. But on top of that you now have a board of directors revealed as incompetent and untrustworthy - they couldn't be bothered to do the most basic of due diligence before publishing the fake takeover RNS. With that on top I'd expect it to open at 2p on Monday. Also, they're due to publish some results on Tuesday, which will confirm that they're low on cash and have negligible assets. So 1p on Tuesday? And the bed wetters calling for it to be suspended will just have to grow a pair - it's not going to be suspended. JakNife
28-10-2023
JakNife - "UPL's management were forced to put Friday's announcement out by the Takeover Panel." I don't have an issue with that if they informed the Takeover Panel they had concerns about the authenticity of the approach. The point I'm making is that if they were involved in the scam the markets would have heard nothing until 23/11/2023. Why cut short your own scam four days later when you have a month to play with.
PWhite73, "If the management were involved they would have played out the one month offer period and then notified the markets SEC Capital has withdrawn their offer. But to orchestrate the fake news on Monday and then prick their own bubble on Friday does not sound a they were involved." UPL's management were forced to put Friday's announcement out by the Takeover Panel. JakNife
grannyboy - "the management imo would have been involved in this false flag takeover offer!" If the management were involved they would have played out the one month offer period and then notified the markets SEC Capital has withdrawn their offer. But to orchestrate the fake news on Monday and then prick their own bubble on Friday does not sound like they were involved.
Wewillwin, there will be no suspension of the shares, and the FCA are about as much use as a chocolate teapot. Plus they tell you nothing and they most certainly do not work at the weekend. You are just clutching at straws, the management imo would have been involved in this false flag takeover offer!
Fake takeover yes. However what is agreed by all is that UPL are totally innocent in this. Incompetent, naïve, negligence and much more but no one can still say they orchestrated or played any part in the fake takeover news themselves.
A Comparison of AIM’s Largest Fake Takeover with the UPL Amateurs This week we celebrate the official anniversary of AIM’s largest ever fake takeover. Four years ago, on 24 October 2019, Eurasia Mining (EUA) blew the starting whistle with an RNS that would ultimately see its market cap inflated from just under £10 million to a peak of £1.2 billion. During that time, whilst supposedly seeking to sell its assets, Eurasia placed to raise funds three times, raising a total of $45m from shareholders. All that money has gone now! https://shareprophets.com/views/71188/a-comparison-of-aims-largest-fake-takeover-with-the-upl-amateurs
throwingmuses, "find ways to discredit the company," There's no need for anyone here to do that, the company's own management are achieving that under their own steam ... claiming a takeover on the Monday only to have to admit that they were telling porkie pies on the Friday! JakNife
27-10-2023
They had to release market sensitive info , it had already been leaked prior to the RNS.Anyway , before you sell let the dust settle , and research why the sp has risen over 800% over the last few months before any takeover rumours started. Try and enjoy the weekend.
Riskyinvestor did you buy in purely on the hope of a takeover? Sounds like you did, calm yourself by doing some research on UPL and then you'll perhaps understand why the sp rose over 800% in recent months. This company is not about takeovers.
loglorry1 - "I'm not at all surprised by this RNS." Yes you are, you liar. It was expected that if this was a spoof it would last at least until 23/11/2023 when UPL would report the offeror has withdrawn their offer. It was right and proper that people believed the offer was genuine including the Takeover Panel Executive. I will not be lectured to by all you 'I told you sos'. You based your bear stance from past experience as to how this end of the market works that's all not that any of you had anymore knowledge or information about the offer. Speak later
The warrant holders held 100 million shares. Any individual warrant holder that sold 12 million shares would need to file a TR1. There has been none to date. I'm not wholly convinced all the warrant holders if any are selling. The warrant holders associated with the company may have cashed in now in order to facilitate a vote. This is so that the directors can say - " we have assurances that 40% of the shareholders will vote against the takeover."
soulsauce, You have the evidence of your eyes and of commons sense. It defies common sense that anyone would pay £167.2m of cold hard cash to buy a company with negligible assets and a dream that one day it might have enough cash to buy a license, implement some 3D seismic, drill a hole and hopefully find oil. It is no coincidence that the ramp coincided with the delivery of oodles of shares bought at just 0.4p (via warrants) and provided ample liquidity for those warrant holders to dump those shares onto shareholders that have been suckered into believing the scam. And it's also probably no coincidence that the Company's broker (Optiva) was also the broker to Eurasia Mining, which started its own fake takeover scam four years ago this week. It's probably also no coincidence that the FCA are investigating Optiva and have stopped them from taking on new clients. JakNife
soulsauce, The only "scumbags" here are those people who are lying to retail shareholders in order to encourage them to buy shares at artificially inflated prices. Plain and simply it's fraud. The aim is for those scumbags to enrich themselves by suckering in retail shareholders with a fake takeover scam. There's no defence simply because you happy to be long of the shares that another group have chosen to manipulate for their advantage. JakNife
JakNife - "The "takeover stuff" has zero merit, it's so obviously a scam" If I were a company director and wanted to offload shares on the back of a takeover scam I would quote a takeover price that mug PIs would believe. If my shares were trading at 3p I would state the takeover price was 5p a 68% premium to the current price. That is a realistic price mug PIs would believe. But to quote 14p nearly five times my share price then have the audacity to claim it significantly undervalues my company just seems to fantastic to be an organised spoof. The reason why people such as yourself are calling it a spoof is because there is no tangible correlation between the offer price of 14p the share price of 3p and the assets the company has or perhaps doesn't have. The company would have known that by claiming the takeover price was 14p would have attracted screams of 'liars'. Which is exactly what has happened.
26-10-2023
The "takeover stuff" has zero merit, it's so obviously a scam that I'm surprised that anyone believes it. That leaves investors paying £46.6m for a company that: A. Has immaterial tangible assets B. Has a board of directors that can't be trusted as they're happy to play along with a fake takeover scam C. One day, if it has the money, might be able to pay mega bucks for a license to drill for oil (let's cross fingers that the license is awarded) after it's first commissioned some proper 3D seismic to confirm the desktop study that it's paid for but doesn't control But UPL doesn't have the money to pay for the license, doesn't have the money to pay for the 3D seismic and doesn't have the money to pay for a drill. It probably needs to raise at least £10m. JakNife
Jury is out on the takeover stuff. That is just noise -The real prize comes WHEN the PSC gets announced and the drilling begins there. The takeover stuff is a free option if it indeed has any merit
peakyblack, The only people "joining the dots" are the warrants holders who have been taking advantage of the fake takeover scam to dump their shares onto retail punters. The thing about this fake takeover scam is that it's so absurd and recockulous that you have a whole swathe of experienced investors laughing at the effrontery of the company and pointing the scam out. JakNife
oilisgold - "WRrants become useless on takeover offer." Not true. The RNS says 14p for all the issued and to be issued share capital. So warrants holders don't miss out unless they sell their shares lower than the offer price.
No, warrants be part of takeover offer. Have to be included..
TR1s are gonna start appearing soon. Yes, a lot of warrants have been sold and i cant blame them. WRrants become useless on takeover offer. So now those watrant holders will join the part and will make a killing
25-10-2023
bobo - "He cannot purchase shares privately for himself" Nos (2) and (4) refer to individuals hence the term 'he'. No 3 refers to the offeror which is the company making the takeover. Read it again.
loglorry - 09:08 - "Try calling the FCA and see what they think. I did and they told me they have no juristiction because it is Jersey incorporated."..."I also talked to the Take Over Panel who told me they don't check any detais of the bid. It's beyond their remit. In this case they accept what the company says." https://www.handbook.fca.org.uk/contact-us "We are open Monday to Friday, 9am-5pm, and Thursday 9.45am-5pm" You've done an awful lot of talking to the FCA and Takeover Panel in 8 minutes and you accuse me of believing a load of bullshit.
Sensemun - "The market is telling you what it thinks of this 14p possible bid" I disagree. The share price is depressed because the warrant holders have taken the opportunity to offload 100 million warrants into the offer news. That's why the share price is having difficulty, nothing to do with the market's belief in the takeover approach.
loglorry1 - "It looks like a big spoof by a desparate, failing micro cap" If the story is untrue this is not what I would call a spoof. Its what I would call at best market abuse at worst criminal fraud. The RNS has to be signed off by various people including the CEO and the company's financial advisors. In order for the company to be placed under the 'offer period' of the Takeover Code they have to consult the FCA who then decide if its appropriate given the circumstances for Rule 2.6(a) to apply. Like all AIM/small cap investors I too have been the victim of many spoofs but I don't put this in that category.
apfindley - "It's stake building." There is nothing wrong with stake building. Many companies have institutions that have built up a sizeable stake. Stake building can take place for a number of reasons. It can be for capital growth in the share price. It can be because the dividend is attractive. It can be to influence any decisions that require shareholder approval. These are the common reasons for stake building. Stake building at a time when a takeover has already been decided is insider trading.
24-10-2023
No its not insider trading if they buy shares at 1p or 6p and then later put in an offer at 14pHow is that insider trading?It's stake building.How do you think takeover offers start?By building up a position and then having to make your intentions know (ie at 30%)Wow, I really thought you were more knowledgeable than you're showing us.Anyway it can't be insider trading as there's not a genuine offer....so it's worse, its fraud.
JakNife - EUA is a completely different kettle of fish. That was merely talk of a sale of the assets. UPL claims it has been approached for the entire issued and to be issued share capital and even quoted a price of 14p. If this is untrue then I repeat its not just fake takeover news or a scam but a financial crime of the highest order.
If bollinger is serious, make offer of 14p official, i can bet shareholders agree to it.I dont think the board has over 50% of the votes, hostile takeover can easily be achieved.Upl can not develop the block they have to get a partner which will take years to develop. Panr finding it difficult to find a partner too.
.
There is no takeover guys. It’s a scam for insiders to dump their shares on numb nuts like youOh and shorters to profit as wellEnjoy your evening
"Likely a verbal" offer???Whaaaaaaaaat?You cant be serious.So if I goto a pub and bump into a ceo and say i'll offer you 180 million for your company, then the next morning he's going to wake up and issue rns that he's spoken to someone about a preliminary approach, and the exchange invokes takeover code.Wow we really are in a paperless world.
What next I wonder:.1) SEC Capital make their offer official at 14p.2) SEC Capital make an official offer at a higher price than 14p.3) SEC Capital TR-1 as they try a hostile takeover by buying the stock in the open market (including possibly taking out big holders directly).Be mad to sell these with what's going on
From experience i fully expect either next bid to be at a premium of 20% or same offer but formal as per takeover rules. There will then be negotiations and offer put forward to shareholders to accept the offer or reject. Quite shocking how some posters thought why the board didn't accept. There is always a strategy and rules you need to follow during takeovers.
Had a good conversation with one of the well known Asset managers. They were in shock as many others yesterday. Initially a lot thought it was a joke but the 2nd RNS absolutely was shocking for them. No one was exoecting a takeover offer at all. This came out from no whete. To be honest i didnt expect it as well.
23-10-2023
truant2tb1 - "Total nonsense. Go and read rule 2 of the takeover and mergers code" https://code.thetakeoverpanel.org.uk/tp/ps/ps-20.html#:~:text=Those%20provisions%20of%20Rule%202,possible%20offer%20for%20a%20company. "The requirement to consult the Executive. The Executive must be consulted by the offeree company or potential seller of the interest, or its financial adviser, at an appropriate stage in order for it to be able to determine whether an announcement is required under Rule 2.2(c) or Rule 2.2(f)(i). Consultation will not necessarily lead to a requirement to make an announcement; this will depend on all the relevant circumstances."
Total nonsense. Go and read rule 2 of the takeover and mergers code
Unsolicited means the offeror has approached them without any prior discussions. Is the unsolicited offer real? YES. They would have needed to present the full details of the offeror to the FCA in order to trigger the Takeover Code 2.6(a) or any scam company could boost their share price by claiming they've been approached. Why won't the management accept the offer?. That's because they'll be all out of jobs and any buyout would put a halt to their lucrative pay packages for the next 10 - 20 years. Buy at this price.
22-10-2023
Potpot1980, On the face of it you're saying: "Do me a favour JakNife, I need it to be ramped to the moon so I can sell my shares to some unsuspecting mug punter who believes the fake takeover rumours." It's almost as if you don't care about those poor unsuspecting retail punters? JakNife
Potpot1980, Are you saying that I should simply ignore the anonymous avatars that are posting takeover lies? Would you like me to leave them unchallenged? Why? JakNife
LOL! I remember in the good old days when rampers had proper ramps rather than just the tired old worn fake takeover rumour! FFS, UPL doesn't own anything that's worth taking over! Why would a major, for example, takeover UPL paying £25m+ when they could simply outbid UPL to buy the license? All that UPL have is a minority stake in a tinpot company that's done a desktop study on a bit of rock. I could knock you up a dektop study on the whole of the North Sea for half the price but it would still be worthless - I don't have a license to drill the North Sea, in the same way that UPL doesn't have a license to drill Sarawak. Come on guys, try harder! JakNife
It’s curious that a broker would ask an investor a question like this if no actual bid had been made to the company management. If it’s a hostile takeover situation then presumably we would have heard something from the company.