Urals Energy Share Discussion Threads

[martyn9] 25/10/2018 08:07

FFS mm's eager to drop this on a small sell.

[theclangers] 24/10/2018 22:25

Well said Nick Rubens. Sums it all up perfectly.

[nick rubens] 24/10/2018 21:16

Not a comment on UEN, but the stock exchanges in general.

This is AIM, and it seems that anything goes here, it's a con mans dream to list on AIM. The main market is not that much better IMO as we've had Chinese Frauds on the main market and was anyone held to account, and did anyone intervene?

I'm still shocked at the whole system of blatantly forward sold placings.

It seems that most listed companies are not generally suitable for investing in, but instead provide a Poker Playing facility for Gamblers (who likely were investors prior until they realised what is really going on) while the companies themselves continually drain the investment cash and simply convert it to exhubberrant director 'salaries'.

ie Investors are continually being stuffed.

[the bottom sniffer] 24/10/2018 17:24

Time to join the party here.

[gaffer73] 24/10/2018 17:18

They are not insolvent either, yet.

[darren81] 24/10/2018 17:13

The company is listed on AIM, not LSE, so it would be overstretching LSE's remit more than a tad for them to "put a stop to it"

[chavitravi2] 24/10/2018 16:52

reholder Q&A

Today 16:27

The Shareholder Q&A bit of UENs website has been updated and says this:

Please clarify the total amount of money loaned for purchase of shares in Kholmsk Port and loans to the Port itself.

A: To the knowledge of the Board, the total of loans is the equivalent of approximately US $3 million, of which US$ 1.5 million has been lent to the Port and 1.5 million for share acquisition by third parties. The Company itself owns 23.1 % of the shares of the Port. As announced, an independent audit is to be undertaken of all such payments, as part of a working capital review.

From my point of view both loans could be called in if they are shown to be unauthorised.
The third party loan was definitely shadey. The value of those shares would soon be worth much more if there was going to be a lot of money spent on the port to expand it for increased trade.
It all points to a very shifty move by Kornonthecob.

[darren81] 24/10/2018 16:21

in order to allay some of the disinformation from toon and the like, the total amount missing is $3m, if the loans aren't novated to Kononov/Adler the dividend will not be paid, given this amounts to $782k, working capital will be down $2.18m.

That's 59% less than the amount mentioned by toon (£4m)- never let the truth get in the way of a sh1 t story

[chavitravi2] 24/10/2018 15:43

It reads that "part OR all" of the group may go into insolvency. That could mean the port and or JSC LDC. Which the money was used for. Not UEN or JSC PET.
Who knows right now.

[thetoonarmy2] 24/10/2018 13:53

ChaviThey have said they are insolvent they cannot meet commitments, then by law it needs an insolvency process unless someone wants to bail them out with £4mill to cover everything and I can't see that can you?No they now doing Cashflow for IP to be appointed also to do a pre pack admin having agreed a price already I am sure that's how it works, shareholders will be lucky to get 5p back if that.I feel for you guys I sold out a few years ago before the consolidation and did quite well from UEN but always kept it on secondary watch list see if it was worth getting into again, obviously not though good luck you all have to make decisions to suit your own circumstances.

[whu0319] 24/10/2018 12:47

I strongly believe that 44% shareholder is implementing a well planned strategy of taking control in the cheap! The Current Board was deeded as incompetent long ago, but just charge a lot of management fee but doing nothing (check the history, merge filed with group for charging the management fee ), two previous major shareholders attempted to force BOD out back in 2014-2015ish if I recall correctly but failed, so they sold to the Mr Mr Kononov, who happens also a banker ! So he is the one planing a total control of UEN, easily done with 44% now! This is well planned move with controlling the cash generator (the field) , and the control of port , then build to 51% in next few days, then openly challenge the BOD to step down , a new management team was ready back in 2015-2016! I put my money where I mouth is by adding more. GL All. PS: All can be checked as facts and no advice intended but a personal position.

[chavitravi2] 24/10/2018 11:45

It makes sense that Kornonov/Adler take the loan on. However, it make one wonder if this hasn't been orchestrated by them to take out UEN,it's subsidies and the port on the cheap. That's my fear.

[djmoggy] 24/10/2018 11:36

Just to clarify as it is not easily apparent from the 3 RNS's.

The working capital deficit of $3million is directly attributed to the $1.5m loan for additional share acquisition and $1.5million loan to the Port - both of which were carried out by Konanov and unauthorised by the UEN BOD.

As per the RNS the company are working on the reversal of both or for Konanov/Adler to take on these loans. If this happens and assuming there are no other unauthorised transactions then there will be no shortfall.

The UralsEnergy.com website Q&A has now been updated so that shareholders have clarity. (bottom of the Shareholders Q&A - 2018 page).

[darren81] 24/10/2018 11:31

I don't think they were potless greg - they paid the money for their announced 23% stake in the port through available funds but Kononov has subsequently granted loans on top of this - $3m in loans given our current Mcap is not an inconsiderate amount!

[martyn9] 24/10/2018 11:24

Yes chav and time is running out,i'm sure we will know very soon.

[martyn9] 24/10/2018 11:11

Selling off the port interest might not be a good idea at this time chav, as what price would we get with them knowing uen's dilema.A loan secured against the asset imo the best option.

[gregpeck7] 24/10/2018 11:10

joking aside why did they buy into the port if they were potless.. Bizarre...

[chavitravi2] 24/10/2018 10:58

I think maybe trick is to get the $1.5m back for the port development that wasn't authorised and sell off the port interest.
Or get a loan secured on the port interest.