Victoria Oil & Gas Investors - VOG

Victoria Oil & Gas Investors - VOG

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Stock Name Stock Symbol Market Stock Type
Victoria Oil & Gas Plc VOG London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 3.75 08:00:00
Open Price Low Price High Price Close Price Previous Close
3.75 3.75 3.75 3.75 3.75
more quote information »
Industry Sector

Top Investor Posts

speny: There looks to be very little to stop the share price falling back to 3p and below. Based on facts from the latest RNS, it contained little more than bad news, hence the massive share price drop. Even if they manage to find a buyer for West Med (which is 50/50 at the very best) the share price will unlikely even trouble last years intraday high, as they are burning cash at such a fast rate, I cannot see how this company will make an annual profit within the next two years. There may had been gamblers who don't do much if any research who may had been buying shares over the past few months, but who in their right mind would buy any now? Roy may not be a crook compared to previous management, but I don't see quite how he will turn this around before again running out of cash, which will likely spell the end for private investors.
appychappy: Malcy: Victoria Oil & Gas Victoria Oil & Gas has announced that it has entered into a definitive financing agreement with Meridian Capital (HK) Limited (“MeridianR21;) (“Facility Agreement”) to raise maximum gross proceeds of US$7.5 million through the issue of unsecured loan notes (the “Facility̶1;). The proceeds of the Facility will be utilised for general working capital purposes, including long lead Items for the proposed well on the Matanda licence. I am reproducing the details in full so that investors can make appropriate calls, after I have spoken to the VOG management I will add further comment. The Facility is comprised of two series of loan notes – A Loan Notes and B Loan Notes (together the “Loan Notes”). The key terms of the Loan Notes are set out below: A Loan Notes: unsecured loan notes with no conversion rights total principal amount of US$3.3 million, fully drawn on signing of the Facility Agreement two-year term with early redemption permitted at no additional cost interest at 10% per annum accruing daily from the date of issue and compounding monthly B Loan Notes: unsecured convertible loan notes total principal amount of US$4.2 million, which can be drawn down in tranches at the Company’s option term expires on the second anniversary of the date of the Facility Agreement with early redemption permitted at any time at no additional cost, with Meridian having the ability to convert the outanding B Loan Notes interest at 10% per annum accruing daily from the date of issue and compounding monthly principal and interest convertible wholly or partially into VOG shares at the Noteholder’s option from the first anniversary of signing the Facility Agreement and on certain other specified events conversion price of £0.078 per share (being a 30% premium to the volume weighted average trading price of VOG’s shares as traded on AIM over the 10-day period immediately before the date of entry into the Facility Agreement) draw down conditional on The Takeover Panel (“Panel”) agreeing to a waiver of Rule 9 of the Takeover Code (“Code”) and independent shareholder approval being obtained (see below). Meridian (owned equally by Askar Alshinbayev and Yevgeniy Feld) is an associate of Askar Alshinbayev and YF Finance Limited (a company controlled by Mr Alshinbayev) and they are all deemed to be acting in concert as defined in the Code (collectively, the “Concert Party”). The Concert Party holds 60,913,330 ordinary shares of £0.005 in the Company’s share capital (“Ordinary Shares”), representing 23.7 per cent. of the issued share capital of the Company. In the event that the Company issues the maximum amount of B Loan Notes to Meridian at the likeliest earliest opportunity under the Facility Agreement and conversion occurs at the latest date under the Facility for the full principal amount and all accrued interest, the Concert Party would have a resultant holding of 106,848,390, representing 35.3 per cent. of the then issued shares (assuming the current £/$ exchange rate), assuming no other shares are issued. The Company will apply to the Panel for a waiver from the obligation for the Concert Party to make a general offer that would otherwise arise as a result of the issue of the Ordinary Shares in the event that the Concert Party were to convert the B Loan Notes in full, subject to the approval, on a poll, of independent shareholders (the “Whitewash Resolution”). Accordingly, with the consent of the Panel, the Whitewash Resolution will be proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which will be set out in the Circular to be distributed to Shareholders shortly. Given Askar Alshinbayev’s and YF Finance Limited’s current interest is more than 10 per cent. of the issued ordinary share capital of the Company, and they are therefore a substantial shareholder, the entry into the Facility Agreement is deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies (“AIM Rules”). For the purposes of the AIM Rules, the Directors of the Company, having consulted with the Company’s Nominated Adviser, Strand Hanson Limited, consider that the terms of the transaction are fair and reasonable so far as its shareholders are concerned. Roy Kelly, Chief Executive Officer, commented: “We are delighted and appreciative that our major shareholder is backing our efforts to resolve legacy issues and increase our working capital. The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in.” A flash blog as I am away from my desk, and finally really only about England v Scotland at Wembley tonight and Royal Ascot in the rain…
dusty101: Hi rayfenn. I’m cool with the current situation and as I’ve said before I think Rory is the real deal compared to the previous thieving barstewards. The point I was making is it would be nice if Vog confirmed the payments have been made hence it would look a better situation/confidence for new investors to come on board. I had a look on the iii board today and apparently there was only 6 trades all day. 4 trades had values of £10 or less. One was 25 shares sold for around £1-30p ffs.
dusty101: Looks like June will be the make or break for Vog. If Eneo ARE paying then it will keep the boards snouts in the trough a bit longer. West Med/Kem will be an added bonus as most investors wrote these off years ago. Vog need big power contracts otherwise it just limp along.
dusty101: deutsch4, “Investing is all about being confident with information voluntarily offered”. So true but that did make me laugh. Like most longterm holders here, I/we invested on the information Foo provided yet it was all a family scam. The thieving barsteward took many investors for a ride with that p rick Dik. Hopefully dannythelark will have him shot. I was hoping Covid would do the trick.
appychappy: been in 13 years..... unlucky or lucky for some that number - us long term investors will rise out of the ashes and reclaim our paper loses - with you both in spirit.
penetration1: Fenners, I am well aware ENEO is not the ministry. have used Eneo as an example of a dispute as opposed to repairing fences which is the case with the Minister. Are you denying fences need repairing with the minister. If so confirm when the repair took place as they were in disrepair 9 months ago. Being not on good terms with the Minister "is not a good idea" as the yank might say. Caveat Emptor applies in capital letters to all potential investors here and you would also require your solicitor at your shoulder as the Lark will testify. Only good news is that the mighty uncouth Fenn is a good man to recommend a solicitor for you - even from faraway Thailand.
penetration1: Fenners, you'd better revert to your oxford/fenn dictionary and learn the lingo.Big difference between mending fences and being in dispute. VOG in dispute with Eneo which is a hell of a long way away from having a fence repaired. To repeat - if VOG HAVEN'T REPAIRED FENCES WITH THE MINISTRY INVESTORS BETTER OFF PI..G AGAINST THE WIND - AT LEAST THEY WILL GET THEIR OWN BACK.
penetration1: has the vog board mended their fences with local govt minister. if not vog just p....g against the wind and best avoided by sensible investors - best left to gamblers.
speny: Put very simply, Vog is a massive gamble which may or may not pay off in the distant future. At the current price level the reward has very good potential, but you have to remember that they are not in great shape at the moment and without good news on selling more gas and potential payment from Eneo, they could potentially go bust. Personally and having been a long term holder, if I was not already invested here, there is absolutely no way I would look at this company as being a fresh investment, and that has absolutely nothing to do with any sour grapes. Unless you're a gambler and looking for a potential big hit, there are 100's of companies with depressed SP's, which are profitable and struggling due to covid, which could 2,3 or 4 bag in the next 1-2 years. The difference between those companies and Vog, is you have a decent margin of safety, with Vog there is no margin of safety at all. The other issue to keep in mind, is look at the trading volumes, there is very little volume from week to week, so there is little interest in the shares, and hence the large spread. Now if there is some good news, there will be a spike but most of the buyers will be traders and pump and dump merchants like we saw in the last spike, rather than investors. The other thing to remember, there are lots of trapped investors with higher averages who would just like to get out without taking a massive hit, so there is a massive supply of shares at higher levels. Even with good news, the share price can only go up once all the selling has dried up, but at what price will that be, 15, 25p, 40p, 50p? Obviously if it gets to even 20p from this level, most people will be out with a decent profit from these levels. Anyway those are my thoughts, and I don't mind sharing that my average price is 12.64p Thankfully I have a very balanced portfolio and did not put too many of my eggs in the dodgy Vog basket, but I think some people invested far more than was sensible in this highly speculative stock.
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