Urals Energy Share Discussion Threads

[nick rubens] 27/12/2018 14:06

Does anyone know how 3LOI works (Boost WTI Oil 3x Leverage Daily ETP)?

It's based on the oil price movement and leveraged but are any losses limited to just the value of the position held?

[whu0319] 27/12/2018 13:53

Its obvious that current BOD is extremely desperate knowing the forthcoming EGM will take them out so using fearmongering tactic to save their job and public humiliation, would not work!!! Oil is cash flow and I cant see bank will not make a loan!!

[ripvanwinkle3] 27/12/2018 13:53

At least we've still got our rusty old boat to sail into the sunset on

[nick rubens] 27/12/2018 13:48

It's not as if AIM is otherwise a safe and rewarding place to invest, is it. Fits the AIM standards perfectly.

[sportbilly1976] 27/12/2018 13:27

Loans repaid of $170,000

Loans outstanding $5,000,000

Working capital deficit in the coming months - $5,000,000

Hmm...

[nick rubens] 27/12/2018 13:24

RNS out. So called 'unauthorized' loans still outstanding. What a mess.

[djmoggy] 21/12/2018 16:17

Below are the prices per Share that were paid for the port holdings

1. 23% purchased by Ural's for $1.9m in June = $83k per 1% of port
2. 19.9% purchased by Y L Freidis via $1.45m loan = $73k per 1% of port
3. 11.9% purchased by Ural's for total consideration of $870,000 = $73k per 1% of port

according to the Nov 22nd (and prior) RNS's that 11.9% was transferred to JSC Lipetsk Distillery for around $340,000 = $28.5K per 1%.

So effectively Ural's took a $0.5m haircut on the purchase price.... I would think it would be in Mr. Kononov interests to explain this discount (assuming if the facts are true) to gain some measure of credibility.

EDIT

Note the combined holding is c54% which gives Kononov (via his various connected parties) control over the port.

[djmoggy] 21/12/2018 14:51

As SpagBoll says the repayment of the loans is a small positive as to rectifying the financial position.

However it would be good if Mr Kononov could provide some more clarity and detail to the below loans prior to the EGM which were revealed by the Crowe report. I've summarised the 22Dec RNS into a table for ease of reading (although it's not worked very well!)

Principal Rate Loan recipient Maturity Date Additional Detail
$1,450,000 7.50% Mr Y L Freidis Jun-19 Employee of Petrosakh
$170,000 unknown JSC Lipetsk Distillery unknown Loan for disposed shares (50%)
$530,000 N/A Discount given to Distillery N/A - this is not a loan but loss on port shares
$1,500,000 17% Port Jun-Sept 19 Loan for Port liabilities
$360,000 11% IgrovoyKontinentProArts N/A Owned by S.Kononov(??)
$1,440,000 9.50% Maxitrans LLC Jun-Nov19 No information

[spagboll] 21/12/2018 14:16

180k repaid out of 5m doesn't seem that big a deal other than there is activity to rectify the situation as the RNS's implied we would be bankrupt by now. I still hold, even topped up a tiny amount when it crashed. Am tempted to get more although I did tell myself not to invest in Russia again. Lets hope I don't have too many xmas brandies.

[lalria] 21/12/2018 14:02

A nice update from kov. The company must be close to giving us a date for the egm

[lalria] 21/12/2018 14:01

The board really need to confirm if they have been paid and confirm no impairment is required as they were quick enough to announce that they may need to.

[darren81] 21/12/2018 13:26

Great news dj, this needs to be announced via RNS by the board ASAP!!

[steve73] 21/12/2018 13:15

Any more of these dodgy loans get repaid early, and we might get our dividend in time for Xmas........ (joking, of course)

[djmoggy] 21/12/2018 13:08

More news from Petrosakh.ru - re repayment of a number of (minor) loans.

Petrosakh press release



21 December 2018



To the shareholders of Urals Energy Public Company Limited:



Dear UEPCL shareholders,



I, on behalf of JSC Petrosakh as its President, would like to keep you updated on a number of matters raised by the UEPCL Board of Directors (the "Board") in various RNS announcements issued on and after 10 October 2018 concerning JSC Petrosakh and its management.



On 22 November 2018, the Board published the results of Crowe's report (the "Report") and raised an issue with various loans totaling Russian Roubles 12 million (equivalent to approximately US$0.18 million) issued to "the individuals associated with me". In particular, there were two loans to Bondaruk Alla Borisovna which amounted to Russian Roubles 5 million and Russian Roubles 2 million, and a loan to Shvets Roman Viktorovich which amounted to Russian Roubles 5 million (the "Loans"). The interest rate on all the Loans was 7.5%. The Board was reviewing whether an impairment was required.



The Board failed to disclose the fact from the Report that both Bondaruk Alla Borisovna and Shvets Roman Viktorovich were employees of UEPCL Group since 2016.



Hereby I inform you that the Loans were repaid today, with accrued interest thereupon. Moreover, the loan issued to Shvets Roman Viktorovich with December 2022 maturity was early repaid.



Sergey Kononov

President of JSC Petrosakh

[amargosa] 20/12/2018 13:14

Hi dj, it's only what I remember from a previous situation, but the 21 days as I recall is necessay to allow dissemination of info to all parties, and leave adequate time to arrange proxies, arrange travel etc. They must have received the letter on or before 11 Dec, so without a set date there cannot be a legitimate EGM within 11 days. I'd need to check the relevant documentation again, but it seems logical to me that there would need to be a set period by which a company must call the EGM after they receive the request, otherwise they could drag it out for months.

We'll see how this plays out, but my feeling is that it was never meant to come to this - actually calling the EGM will be like signing their own death warrants. Perhaps there is yet another twist coming?

Edit: A quick search and I see the section you're talking about. No doubt the lawyers are all over this, it's not that clear (to me) - it could mean 7 days to call the meeting and 14 days to hold it from that date. Best leave it to the high-paid help!

[djmoggy] 20/12/2018 12:50

I read the 21 days is between receiving the requisition at the company address and holding the EGM. After that any party representing greater then 51percent of the total voting rights can arrange an EGM without approval or even attendance of the BOD within 3 months. I didn't see reference to 7 days anywhere but I may have missed that. I Irrespective we are in agreement the EGM will happen either way...

[amargosa] 20/12/2018 12:43

The 21 days is between calling the EGM and holding it - they haven't even called it yet..

[djmoggy] 20/12/2018 12:27

It's 21 calendar days for Cypriot Based companies. So I would say early Jan

[amargosa] 20/12/2018 12:23

Still no EGM announced- I thought they had to do it within 7 days of receiving the request. We are way past that; I think that means Kononov can now call his own EGM.

[martyn9] 20/12/2018 10:59

All buys so far today and still kept down!!

[chavitravi2] 19/12/2018 17:04

My suggestion is the old favourite of mine SOLG. The big boys are circling.one bought in at 45p recently. It's proving up has one of the largest finds in the world. I think a big offer will be make before long.

[calmtrader] 19/12/2018 14:17

Good luck Topicel. I have also bought a few AYM ..a UK commodity play..looks very under valued and s/be mining within 12-18 months

[topicel] 19/12/2018 14:02

Thanks Calm. A wise move. I was out but for small change at a more costly 60p, but also could see the writing on the wall here.

Not as bad as it's turned out mind you! Moved into gold related plays for what it's worth with just one tiddler in O&G with NTOG as they have cutely hedged at $60 so are protected somewhat to that macro picture these days.

Good luck to all others who hold still; it often turns on little on AIM!

Topicel