Debt Providers. Does anyone recall whether BAE Systems Pension Funds were a part of the debt structuring?
Re: The first time.. Correct GC. That's a pretty fair assessment of AF. He was bought in to do a deal - I think we just thought it was the other oneI wonder where the likes of Bower ended up. I don't have any warm fuzzy thoughts of wishing him well. As Xcite was in it's death throes he was very much looking forward to taking the field to production alongside other guff.. He probably doesn't remember the email he sent or even the person he sent it to but did he have to be quite so bullish? Maybe that person who he knew was in a tough situation might not have felt so reassured . Maybe he didn't know, possibly he believed the "we and the bondholders are closely aligned, more so that you might think" said with a secret smile at the last AGM. I just find it hard to believe, by that time even most of the shareholders weren't sipping from that cup anymore,I needed some expensive medication for my dog so I wasn't there quite at the death . He gives me far more pleasure than holding Xcite shares ever did. so at least my shares did something useful albeit they didn't buy as many pills as I would have hoped for.From the sound of the article it seems they have dropped RC's oft quoted "doing it like a major" for a return to phase 1B or whatever it was!We can at least learn from the education they gave us..............and likewise nice to hear from Tag. etc and always going to be interested in whether and when Bentley ever makes it to production
Re: The first time.. 'Cole and Fairclough at Whalesay. Disgraceful.'---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -----that's not quite true Mike... good old US of A bloomberg and stratospheric (for being a very naughty boy posting the link up) are both behind the times...according to companies house (UK not USA) the Whalsay current directors areaul Cyril Warwick - Chairman & Chief Executive - appointed 30 June 2017Carlo Egon Heinrich Mattoni - Director (ex Investment Manager) - appointed 30 June 2017Shanil Sanjay Shah - Director (ex Investment Manager) - appointed 30 June 2017Andrew Fairclough - Company Secretary - appointed 30 June 2017whereas previous directors (of note) just prior to XEL going bust were:Andrew Fairclough - Chief Financial Officer - resigned 30 June 2017Barnaby Hugh Brennan - Director - resigned 30 June 2017Matthew Edwin Bower - Operations Director - resigned 30 June 2017Jonathon Adam Dale - Finance Director - resigned 30 June 2017Rupert Ellison Cole - Director - resigned 22 March 2017so in essence...Cole, Brennan, Bower, and Dale all got the boot whilst Fairclough (second most useless decision making director at XEL at the time) managed to cling on (probably for pulling off the liquidation in favour of the bond holders) albeit he got demoted in the reorganisation to company secretary...anyway that is all in the past so looking to the future here's a much more interesting link for those who haven't yet seen it...[link] knows... IF they ever go public might be worth a punt... and further still... it could even herald another round of those once infamous chants...WHALSAY aka the best share on AIM...
The first time.. ,, that I have looked in here for many years, having written off a considerable £'s sum.Unbelievable to see what has transpired. Cole and Fairclough at Whalesay. Disgraceful. Don't know how they sleep at night....probaly very well in a super king size bed paid for by us!Recognise a few posters.. Tagnol-hope that you are well,..enjoyed our meals in the City... Eagle,.. great posts.Good luck to all. An expensive learning curve for me. In future follow the money!Best
Re: Whalsay Energy You couldn't make it up. If at first you don't succeed, start another company up.
Whalsay Energy Reading some of the posts below? I did some searching on Bllomberg.[link] my coffee out.Big lesson here in it would appear a certain individual has come up trumps. The message is clear in that even smart private investors will vet manipulated if they get too big cor their boots!Stewards enquiry please.
Re: Bentley news 'Whalsay is a new company with new owners, but some figures from the Xcite days have been kept on, including chief financial officer Andrew Fairclough.'
Bentley news For anyone still interested:[link]
New Discussion Boards coming soon..... Guess it maybe time for iii to close down this XEL board when they introduce the new discussion boards ? However like Facebook they may like to keep an account going for several years after death. I always thought it would make a great book to pick out some of the key posts on this XEL BB over the years. To illustrate the highs and lows of private investors thoughts and actions. Along with the ramping and negative opinions of course.Has anyone managed to archive the years of XEL BB contributions, it would be a shame to lose this historical and hysterical reading matter ?Many times things are changed for the worse rather than the better I find so waiting with great interest to see the iii 'improvements'. SJPS - Facebook reminds me every year of the birthday of an old college mate who died many years ago.. RIP - Have to laugh when people still wish him a Happy Birthday !
Overseas Territories I see new legislation has been proposed to make public the registers of those companies in overseas territories such as Cayman (Whalsay), BVI (XER), Bermuda etcThis should remove the cloak of secrecy these companies work under.
Re: Hey Tagnol - do you reckon they intend to IPO it? Surely a cert if Brent gets to $80.Bet you haven't got an Xcite Energy golf umbrella. Even if it rained occasionally in the far SW I wouldn't use it. It's one of those things that cost so much you're afraid to use it.........
Re: OGA Letter GC Trader - I have no axe to grind with you but there were some 'unusual' arrangements put in place that led to XEL being liquidated by a BVI insolvency practitioner after an application was made to the HIgh Court in BVI (XEL - ie the quoted vehicle was registered in the BVI) by the bondholders for it to be wound up.The Bentley licence was held by Xcite Energy Resources (XER) - a UK registered company - to which the loans secured on the licence were made.Shareholders were not told the full story about a guarantee given by XEL to the bondholders to pay to the lender the amount of any loans and interest unpaid by its subsidiary when the loans fell due for repayment. It was not possible (I tried) to examine this guarantee agreement because the BVI doesn't appear to have the equivalent of UK Companies House, at which key documents must be filed and available for inspection by interested parties.The bondholders never served XER with a formal demand for repayment because it was clear they wanted to gain ownership of Bentley in a 'tax wrapper'. Tax losses automatically forfeit on a company's liquidation. IMO there would have been a much better chance of a UK licensed insolvency practitioner, whose conduct would have been subject to scrutiny by all kinds of people, selling Bentley on terms that, after repayment of the outstanding loans, left something to distribute to the parent and thence to shareholders. As it was, the whole liquidation process was notable for its total lack of transparency - no real surprise as the bondholders got to appoint the liquidator and no were accommodating when it came to agreeing fee levels. In the end, the bondholders agreed to buy XER from the BVI liquidator for $1, in return for the bondholders forgiveness of the debt. Shareholders were told there were no better offers made (ie no-one had bid as much as the loan outstanding). There was no way of confirming this as far as I could tell.So it isn't as simple as you present, GCT. I asked a senior lawyer who majors in insolvency for his view on the BHs winding up XEL under a residual guarantee, when no demand had been served on the debtor. There were some technical reasons he put forward around Bentley clearly being the only asset owned by the group and whether the legal niceties had been adhered to or not wasn't really the point, the main thing he pointed out was that it would cost a fortune in lawyers and barristers fees to find out a BVI's opinion on the matter (in court) and the results of such an action were totally unpredictable because BVI judges know which side their bread is buttered and always follow the money.XEL's directors must have given their blessing to all this. They might have said: 'stuff off - we're asking for an administrative receiver to be appointed in the UK and you can trump that by petitioning a UK court for a UK liquidator to be appointed. Pay XEL for the tax losses and give us 10% of the action going forward and you can have XER, along with Bentley and your debt. It (or something like it) would have been worth a try.But they didn't. A number of XEL's senior people, including that expert fund raiser Andrew Fairclough went with XER (now called Whalsea Energy.Is all this smelly enough or have I missed something. The OGA were imo unprincipled cowards, who told a version of the truth only people from a different planet would have understood.Realistically. Rupert Coles' conceit, matched only by his rank incompetence and greed (in the latter he was not alone), combined with a catastrophic and lasting fall in the oil price sunk XEL in the end. That said, the whole company should have been de-risked by a big fund-raise when the price was around £4 on the back of false promises about the next reserves upgrade. But Smith, Cole and Kew were more interested in trousering £4 each from sales of their free shares to see them ok in the event of failure. Shareholders should have run a mile but hindsight is a
Re: So the coward Rupert Cole got his last drop of blood before his holiday.
Xcite/Whalsay posted their 2017 results to companies house on Monday. Theres a bit of background on what happened leading up to Xcites reemergence as Whalsay and more details of their current funding. Also details of just how much money the employees managed to get out of the company. Rupert got an £80k or so payoff for resigning.