Urals Energy Share Discussion Threads

[nick rubens] 10/10/2018 15:19

So, a representative of main shareholder Alder has lent UEN company money to some guy to buy shares in the Kholmsk Port, then this same representative has additionally sold some of UEN's stake in the same port for a 'deferred' consideration? Free?

and now UEN may need to protect the interests of Creditors before the end of the month if they don't get the money back? What exactly does that mean?

[thetoonarmy2] 10/10/2018 15:10

Here it is I knew they had form for this! The question you must ask did they actually get the money back or was it written off. They are an incompetent bunch always have been actually that or just bent (IMO) of course.
But if these people try to do a take over the stock market will kick off but it wont mean a thing.
.................................................

RNS Number : 1694G

Urals Energy Public Company Limited

26 June 2012

Urals Energy Public Company Limited

('Urals Energy' or the 'Company')

Settlement of arbitration with Vyatcheslav Rovneiko

Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that its longstanding dispute with a former Director and manger of the Company Vyatcheslav Rovneiko has been settled in Urals' favour.

As previously announced to the market, the Company instituted arbitration proceedings in London against a former Director and manger of the Company Vyatcheslav Rovneiko to recover amounts advanced to him pursuant to a Loan Agreement, the principal sum of which was US$3,730,000.

Following hearings in the arbitration, the arbitrator issued a Partial Final Award on Preliminary Issues on 21 June 2012 pursuant to which the respondent is liable to repay to the Company the entire principal sum due under the Loan Agreement, plus interest. The final quantification of the respondent's liability to pay accrued interest and the question of costs remain to be determined by the Tribunal within the next several weeks.

The case was vigorously defended by V. Rovneiko who asserted several defences in order to avoid his legal liability to the Company. However the Company has prevailed and intends to seek all available measures to recover the amount owing to it, including seizing assets of the former Director if that is necessary.

CEO Alexei Maximov commented: "We are pleased with the outcome of the arbitration, recognising the former manager's obligation to the Company and are happy to report to our shareholders that yet another legacy issue has been resolved as had been promised by the management in the beginning of 2010".

[takeachance1] 10/10/2018 15:01

Darren, I’ve just rung Allenby, both Nick and Alex are in a meeting. I will try again later and post here if i manage to speak to them. You try aswell pal and others if you all can. Thnx

[thetoonarmy2] 10/10/2018 14:55

Of course they need board approval the least thats why I call it Fraud, simple.

What about this bit, interesting.:)

nvestment in Kholmsk port

The Company's Petrosakh subsidiary has acquired a 23% voting interest in the Kholmsk commercial seaport, which is situated on the Western side of Sakhalin Island. The Company's interest in the Kholmsk commercial seaport is comprised of 17,858,826 ordinary shares (out of a total of 64,940,000 ordinary shares that are in issue) and 2,262,000 preference shares (out of a total of 21,646,000 preference shares that are in issue).

The seaport has bunkering facilities to supply fuel oil to shipping fleets and ferries, which are the main users of the seaport. The Group's refinery at Petrosakh on Sakhalin Island refines all of the Company's crude oil production on the island, including producing fuel oil. The Board has therefore made the investment in the Kholmsk commercial seaport to assist with marketing its diesel and fuel oil directly to end users. The Company already has a bunker fuel sales operations at Kholmsk and this will benefit from the investment.

The Company intends to seek to appoint three representative directors to the seaport's board (out of a total board of seven directors) at a forthcoming general meeting to be held on 27 August 2018.

The Company purchased its 27.5% interest in the ordinary shares and its 10.45% interest in the preference shares from an individual, Mr. Dmitry Vasilevich. In addition, the Company has acquired Russian Roubles 8.46 million of the Kholmsk commercial seaport's outstanding debt under an assignment agreement from its creditor, Enhance NDS LLC. The total consideration for the Company's investment in the seaport is approximately Russian Roubles 119.5 million (which is currently equivalent to approximately US$ 1.9 million).

[takeachance1] 10/10/2018 14:46

Would he not need shareholder approval to dispose?

[darren81] 10/10/2018 14:22

the RNS suggests he signed off on a loan of $1.5m and also sold some of the company's stake in the port - with payment not to be received for some time.

The terms of the loan and how much of the stake in the port was sold should have been announced!

[theclangers] 10/10/2018 13:55

What does this mean, sounds like he has sold some of the port off as well!

Furthermore, the Board understands that Mr Kononov has made an unapproved disposal of part of the Group's original shareholding in the Kholmsk Port to a third party, on deferred payment terms.

[darren81] 10/10/2018 13:50

if they withhold the dividend then its just over $700k theclangers - I sincerely doubt that's enough to warrant worries about "creditors"

if it is then the BODs shouldn't be in their jobs imo

[theclangers] 10/10/2018 13:45

I think the loan will get paid back. The BOD are giving out a dire warning if it Don't. Hope It's just poker they are playing! But they are saying there is no cash in the pot to cover $1.5 working capital! I think I have to believe them when they say that.

[gregpeck7] 10/10/2018 13:32

I don't think they have a clue what's going on here.. posters here probably have a better idea..

[darren81] 10/10/2018 13:08

Tried calling Allenby, apparently no one around to answer questions - you would’ve thought that after today’s shambolic RNS, if they were actually interested in promoting the company, they’d ensure someone would answer the phone to discuss investor concerns!

I’ll try again later today.

[martyn9] 10/10/2018 12:57

Clangers, this company always gives badly informed RNS.Will take a long time to untangle this mess now and give confidence back to the market as topicel mentions re-instate dividend will help once sorted.

[theclangers] 10/10/2018 12:37

Agreed darren81, the wording in that RNS is way over the top! Could be scare tactics as you say, but surely they could of discussed the matter privately? A badly written RNS that's damaged the company's reputation now.

[loser7] 10/10/2018 12:27

few more buys @ current bid @ 52.50 will take these above
.60p in no time imo

[darren81] 10/10/2018 12:20

12.25p is correct which represents £2.45 given consolidation - taking nto account fx rate change from usd/gbp since time of the offer, due to brexit et al, the same dollar offer would amount to >£3.00

[topicel] 10/10/2018 12:08

Anyone made a killing at 40p? A nice 25%-plus for some I'm sure...

I'm reminded of pre-consolidation times when we rejected, what was it, 12.25p? Consolidation was 20:1? So the BoD turned down 245p or so in today's price terms...

More games I wouldn't wonder. It needs the divvy reinstated of course for a complete re-rate to 60-70p. Without that it is way too risky imho. Holding whatever for now.

Topicel

[darren81] 10/10/2018 12:08

the clangers, the last set of accounts did not include the July payment as it was made after the accounting period - we should have a much healthier balance sheet in the next accounts.

I believe the statements in today's RNS are scare tactics, I will be calling Allenby later to question the wording of the RNS as net reduction in working capital of little more than $700k should not have a material impact of the company doing business.

[martyn9] 10/10/2018 12:05

I would love this volume on a daily basis obviously on positive news,which is where we should be at.

[theclangers] 10/10/2018 11:56

Money coming in from the next shipment is way more than the market cap! Where has money gone from the last two shipments? We still have debt And don't seem to be clearing it! shipments are only half the production, the rest goes through the refinery, where is the profits going from there? You have to wonder if the scallywags have fallen out with each other, over who got their hands on the 1.5 first!

[loser7] 10/10/2018 11:50

yes- unauthorised illegal, market over reacted expect bounce back
next couple of hours or early tomorrow

[lalria] 10/10/2018 11:24

Darren - I haven't spoken to them at the moment - Im in India at the moment. 1.5M is nothing with the income we have coming in. I think the loan will be paid back in the short term. The family associated are not short of a few bob so this is all being worked to what I believe Darren has suggested of a buy out to many things going on in the back ground that will push this on.

I will be freeing more funds in the next few days to plough them in here so this price will bounce.