Urals Energy Share Discussion Threads

[bengal1] 10/10/2018 10:32

By end of month to protect creditors...normally requires appointment an Administrator...oh dear

[tone the bone1] 10/10/2018 10:28

I'm Speechless !!!

[the_isolator] 10/10/2018 10:26

these Russians can you ever trust them, hope this works out for you guys

[darren81] 10/10/2018 10:12

a very apt word Martyn

[martyn9] 10/10/2018 10:08

If that were the case it would be a steal at this price.

[darren81] 10/10/2018 09:54

he is Adler's representative on the board of Petroshak takeachance

this all seems like a build up to an offer being made for the company to me

[takeachance1] 10/10/2018 09:49

It appears the director is related to the family who owns 44% stake (Adler??)

[darren81] 10/10/2018 09:49

The below statement is clearly just scare tactics from the BODs given we have a shipment worth more $13million if the following weeks..

"The Board are of the opinion that if the Loan is not repaid, or alternative financing is not secured, by the end of the month then the Board will have to take steps to protect the interests of the Group's creditors."

There is no way that $1.5million could result in us having issues with creditors!! Especially given how flexible Petraco have been in the past!!!

[martyn9] 10/10/2018 09:33

Second that,good luck spandy.Held these 10yrs and this is just another of many spanners thrown in the works.Will wait and see what the eventual outcome brings good or bad.

[darren81] 10/10/2018 09:18

Best of luck Spandy

I think the BODs are trying to scare Adler into repaying the loan / so they can take back some sort of control of the company.

I suspect an offer will be made by Adler in the not too distant future for the remainder of the company.

[spandy83] 10/10/2018 09:15

I'm out at a depressing 45% loss. Sucks. Bought in here purely on valuation and projection, but didn't realise there was such incompetence. A year to drill and test a well, continuous borrowing despite hefty revenues; and now a director is acting completely in their own interests and putting the company at risk... plus 1.5m shouldn't have such a threatening effect. They recently got nearly 10 times that in cash! Plus a loan... so where is the money going?Too many red flags here; worried it won't be a going concern in the not too distant future.I really hope I'm wrong for all holders' sake. Good luck all. Lesson learned.

[neftanik] 10/10/2018 09:06

Last paragraph is spot on

[darren81] 10/10/2018 09:01

The withholding of the dividend is the BODs "punishment" to Adler - their share of the dividend is ~$350k

[gregpeck7] 10/10/2018 08:58

Agree. It's the total lack of financial controls.. and for an amount which is very material for uen.. not even a drip drip that's built up.. looks like someone just transferred 1.5 million...

[gregpeck7] 10/10/2018 08:57

If he does it's a lot cheaper now!

[darren81] 10/10/2018 08:56

its appalling that he was able to make the loan and divest part of the holding in the port without having to get signoff of the board of the parent company - someone needs to be held accountable for this!!

[darren81] 10/10/2018 08:54

I hadn't correctly digested the RNS djmoggy when first released, thanks for clarifying.

Given the fact that Kononov is the representative for Adler on the Petroshak board and he was responsible for granting the loan / divesting part of the company's holding in the port, it seems to me that it would make sense for Adler to put forward an offer for the remainder of the company - I wouldn't be surprised to see one forthcoming in the not too distant future.

[amargosa] 10/10/2018 08:49

The Board is responsible for this, they gave Kononov too much power (including control of finances) within the Company, on top of his 45% holding. My guess is this is an attempt by the BoDs to regain some control - that is, pay back the loan or we'll nullify your 45%.

Or, it's part of a process of taking the company private and shafting the shareholders.

[martyn9] 10/10/2018 08:39

Agreed greg,suspend it until resolved.

[neftanik] 10/10/2018 08:38

I'm not laughing anyone's loss, I'm laughing at the situation. And the fact that people never learn

[gregpeck7] 10/10/2018 08:34

This ain't sbe vase though.. they had 100,000 bopd production to fall back on... and we're highly profitable.. I think suspension is likely.. what a mess.

[basem1] 10/10/2018 08:33

It's Russia that's the risk, doesn't matter who's money it is, if it's there you use it without asking.

[martyn9] 10/10/2018 08:29

I think suspend trading on this until we get more info,this episode needs alot more investigating.