Stonefold
05 Jun 2016
Re: In the next month or two Whoops replace$180 arbitration hearing with$180 Million arbitration hearing
Stonefold
05 Jun 2016
In the next month or two As the AGM is due soon = 28th June, and the $180 arbitration hearing is expected to occur in July, and there was mention of talks between JKX and Ukraine Gov to attempt to resolve matters I thought I would have a wild guess at possible outcomes.After adjusting for current cash, including possible early repayment Feb 2017 of the bonds, assuming that any increase in CapEx is met by the slight (but IMHO expected) increase in oil and gas prices over the next year. Then approx. £9.5M of the current market cap of £36.85 M is IMO due to the expectation that the Ukraine Gov will pay £9.5M to settle all the tax issues.That is to say that if all the court cases and arbitration case were to reach there conclusions, it would result in a net payment to JKX of approx £9.5m. But that this payment is already factored into the current share price of 21p.It would be quicker and avoid legal costs if an out of court settlement were reached and payment were made by a tax credit or tax bond. If the worst case occurs then JKX lose all court and arbitration cases and would be forced to sell up everything to try to cover the debts giving a share price of zero.In the best case, then replace the net payment to JKX of £9.5M with one of £126.7M to give (eventually) a Market cap of £154M, which results in the share price of 87pThe economic conditions in Ukraine are steady and improving for instance ForEx controls are being lifted, including soon the lifting of restictions to transfer funds from Ukrainian to UK banks.
The Crazy Russian
29 Jan 2016
Re: Proxima win the day the oil price has little to do with current SP of JKX. it was at these levels well before oil dropped. the directors oversaw the drop in SP whilst blaming Ukraine, etc etc etc, indeed anything and everything but themselves.
LoadsaDosh2
29 Jan 2016
Re: Proxima win the day I expect I'll hold due to losses also but I thought the current BoD weren't doing too badly in the light of the oil price. Stated assets are at least three times the share price but probably need writing down unless the new lot can get a better return on them. Like you say, wait and see.
Kenj2
29 Jan 2016
Re: Proxima win the day I am reluctant to sell out at a near 80% loss, so sitting tight and watching for now.Good luck with whatever you choose to do.
LoadsaDosh2
29 Jan 2016
Re: Proxima win the day Best to sell whats left then (after the share price dropping for the past year) or hang on for the unlocking of value?
Kenj2
29 Jan 2016
Re: Proxima win the day "Proxima Capital Group PCG is an independent investment firm that focuses on providing complex financial solutions and turnaround management acting as both a principal and an adviser. It consists of a team of professionals experienced in investment banking, commercial banking, corporate finance, and law with singular experience of operating successfully in Russia, Ukraine and the broader CIS."I guess that's a big NO, to your question LoadsaDosh2."Founded in 2013, Proxima Capital Group is an independent proprietary investment and advisory firm. Our independent status, without any external affiliations, ensures that and it helps us to seek out the most effective solutions without any vested interest constraints.PCG employs a team of highly skilled professionals, including four partners. Each of the partners has had at least 15 years of successful practice in their sector. Members of our team have completed more than 100 M&A and fund-raising transactions."They seem very big on M&A ie: take-overs and mergers, so expect major changes."we always act in the best interest of clients" unfortunately that refers to Proxima investors, not to JKX shareholders. I fear that we are merely their latest prey.
LoadsaDosh2
28 Jan 2016
Re: Proxima win the day Do Proxima know much about running a Ukraine oil outfit?
Kenj2
28 Jan 2016
Proxima win the day Well even with 40% of votes withheld Proxima have still won all resolutions.So we now have a completely new board.
Kenj2
28 Jan 2016
Director resignations Two of the seven JKX directors have resigned 40 minutes before today's EGM.Guess JKX counted the votes, and they decided to jump ship before being deselected.The other five directors will no doubt be voted in, with Proxima and associated parties 40% of shares unable to vote. But, this decision is subject to a judicial challenge, so the true result may not be known for some while.
The Crazy Russian
25 Jan 2016
40% barred from voting well if our directors cannot win now, having barred the 2 biggest sharehoilders from voting. they never will!
Kenj2
21 Jan 2016
Proxima call EGM to sack BoD Proxima have returned with an attempt to take over the company by stealthSHAREHOLDERS HAVE ONLY A DAY OR TWO LEFT TO VOTE THIS DOWN.[link] JKX Oil and Gas (JKX LN – 25p) – Does ISS support the JKX Board?: We aren't sure that the Institutional Shareholder Services report supports the existing management. It does however, oppose the recommendations proposed by Proxima. We agree. The management team have had a poor show in the past, but they have rectified the issues and are trading admirably in the face of what has been an exceedingly trying period to be an operator generally, let alone in the Ukraine. While we believe that there needs to be greater urgency surrounding how management take the Company forwards, we do not believe that the Company's owners are well served by the wholesale removal of the existing team."
Stonefold
26 Nov 2015
Sluggish JKX sold 195 tonnes of the resource at the price of 12 500 UAH / t.Prices falling.[link]
Stonefold
23 Nov 2015
Re: Possible hurdle That first part is a bit messy - I'll try again.On the page[link] are Hyperlinks to download documents in Word format.In the second paragraph dated 18.11.2015........ no: 374 ............ [331.5 Kb] : 349) .....The Hyperlink to the second and larger file 331.5kb gives 374d.docWhich lists the decisions of order no. 374
Stonefold
23 Nov 2015
Possible hurdle On the page[link] are Hyperlinks to download documents in Word format.Íàêàç Äåðæãåîíàäð Óêðà¿íè â³ä 18.11.2015 ¹ 374 "Ùîäî àíóëþâàííÿ, çóïèíåííÿ òà ïîíîâëåííÿ 䳿 ñïåö³àëüíèõ äîçâîë³â íà êîðèñòóâàííÿ íàäðàìè òà âñòàíîâëåííÿ òåðì³í³â äëÿ óñóíåííÿ ïîðóøåíü" [55 Kb] (cêà÷óâàíü: 371)Äîäàòêè [331.5 Kb] (cêà÷óâàíü: 349)The second and larger one 331.5kb is 374d.docWhich lists the decisions of order no. 374In Annex 2the order Derzhheonadr Ukraine on November 18, 2015 ¹ 374LIST of special permits for subsoil use, which are stopped(And have 30 calendar days to correct violations)Examples that have been commented onAnnex 2 List numbers:12) = Velta[link] and 18) = Ukrgazvydobuvannya[link] comment6) = RPT7), 8), 9), and 10) = JKXIt would be nice to know what the alleged violations are.
