(UEN.L) Urals Energy PLC Buy/Sell

The trend is heading that way?

---

More |  View thread (1) |  Respond |  Login to Vote up

Shareholders requisition ZincOx general meeting

LONDON (SHARECAST) - Two shareholders have requisitioned a general meeting to remove the five executive directors and one non-executive director of ZincOx Resources.

US SDR LLC and Aldersgate Investment Managers own 5% of ZincOx, which is a zinc miner and is developing waste recycling plants to recover zinc and iron from steel industry waste.

The rebel plan is to remove chairman Andrew Woollett, managing director Peter Wynter Bee, finance director Simon Hall, technical director Jacques Dewalens, project development director Simon Mulholland and non-exec Gilles Masson.

They would be replaced by Russ Robinson and Barry Hamilton.

Robinson has three decades of experience in the zinc industry and is the main owner of US SDR, which owns Steel Dust Recycling. SDR was founded in mid-2006 to recycle electric arc furnace dust. The zinc contained in the dust is concentrated into Waelz Oxide, which is sold to zinc smelters. A plant at Alabama plant was opened in 2008 and sold in October 2009 at a profit.

Hamilton took over from Robinson as president of US Zinc at the beginning of 2002. The Robinson family sold US Zinc to Imco in 1998 for $75m.

Robinson says that ZincOx’s rotary hearth technology is unproven on a commercial scale in the electric arc furnace dust recycling business. He also believes it will find it difficult to secure contracts for the supply of steel dust.

Robinson says that ZincOX announced its intention to build a steel dust recycling plant in Ohio before SDR’s Alabama plant was conceived.

Robinson favours the Waelz kiln technology and believes that ZincOx will waste its cash resources trying to develop its own technology.

A failure to secure finance means that ZincOx’s Jabali zinc mine in Yemen is still not in production even though $60m has been committed to it.

Robinson wants ZincOx to concentrate on steel dust recycling.

Shares in ZincOx rose 6.5p to 56p each.

---

More |  View thread (1) |  Respond |  Login to Vote up

Maybe more, Spec, Neft posted a Rencap note advfn for another company producing roughly the as Urals, that was valuated at £1.33, good find on BTC. A possible precedent for what happens when issues are resolved.

---

More |  View thread (3) |  Respond |  Login to Vote up

Yup, time to switch off. Doesn't bear looking at today.
One day I'll learn not to buy on spikes...

---

More |  View thread (3) |  Respond |  Login to Vote up

I presume when the debt is settled it might do a BTC.

Hope it will come sooner rather than later after all these waits.

Still waiting in anticipation.

---

More |  View thread (3) |  Respond |  Login to Vote up

Good point, well made, I look forward to your next tidbit of enlightenment.

---

More |  View thread (2) |  Respond |  Login to Vote up

Being patient......this really is the key. If one thinks this through logically we must all be bonkers for being invested in this share. But, someone who is either even more bonkers...or maybe a little bit shrewd, is Alexei Maximov.

Who in their right mind would have spent months negotiating with Sberbank and the authorities to keep this business afloat....in fact, re-list it, if it was not worthwhile. At the moment its all a guessing game, but a producing oil company for 12 million quid, most of its debts covered in one way or another........looks like a bit of a bargain to me.

---

More |  View thread (1) |  Respond |  Login to Vote up

News should be out soon with regards to resolving small debt issue which will have a very positive impact on the share price.

Remain patient and keep the faith as fundamentals always rule.

---

More |  View thread (2) |  Respond |  Login to Vote up

Folk need to see this out and see what happens. Jumping ship at these sort of levels is pretty pointless. Yes it could all go wrong but surely thats a risk worth taking. If the news is positive these could easily treble in a matter of weeks - nevermind the longer term gains. I still think we have more than a 50% chance of that happening. However If the news is bad you might lose say half of your cash if you decide to sell up but there would be nothing to stop you still sitting tight and waiting for things to get better. Yeah okay there is a slight chance you will lose the lot but the shares were not extremely expensive in the first place and I reckon most holders won't have all their eggs in one basket.

All am saying is probability strongly favours being patient here. There is a very strong possibility some holders will panic or get bored and sell up. Often the biggest mistake many investors make and one that I fear a lot of people might just live to strongly regret. Imagine what you would feel like after all this time if things suddenly take off and you ain't in. Am not the most knowledgeable of investors in some respects but I play the percentages and I think the sums represent a no brainer here guys! Its a strategy that pays over time.

If folk sell up and the price dips further I will most certainly buy a few more as the potential upside will increase further. Lets say if you bought shares in 5 companies like this one and were patient you could make loads of cash. 1 or 2 might go bust and another might do next to nothing but you only need 1 or 2 to rise significantly are you would make a cracking profit. You only need to look at how quick GKP and CHAR moved once things kicked off.

GL to ALL holders!

---

More |  View thread (2) |  Respond |  Login to Vote up

This share is dying slowly with no news and updates...

---

More |  View thread (2) |  Respond |  Login to Vote up

Looks like this is going to take as long as it could.

The only difference on the wait now is we're relisted. I would expect the same sort of wait whislt we're suspended i.e. not major movement or news.

Just stay in and wait sort of thing. What a boring share eh?!

---

More |  View thread (4) |  Respond |  Login to Vote up

Yes, we are expecting sp rise. I'm expecting it for over 1.5 year now.
Year this way or that way. Who cares LOL

---

More |  View thread (4) |  Respond |  Login to Vote up

Calm before the storm?

Are we expecting anything?

SI

---

More |  View thread (4) |  Respond |  Login to Vote up

Enjoy the peace and quite while you can as sooner or later it will end

GL all
TL1

---

More |  View thread (4) |  Respond |  Login to Vote up

Dont think so Spec


For 2006 annual accounts came out end April 2007 and for 2007 came out end of June 2008

for 2008 we know what happened:-

Annual accounts and suspension of trading in shares on AIM
As a consequence of the status of discussions with Sberbank, the Company is considering the basis of preparation of its annual accounts for the year ended 31 December 2008. As a result, the Company will not be able to meet its obligations under AIM Rule 19 to publish its annual audited accounts by the deadline of 30 June 2009. In these circumstances, trading in the Company's shares on AIM will be suspended with immediate effect.

So they have till end June to publish the full year accounts from 2009

Hold in there

GL
TL1

---

More |  View thread (2) |  Respond |  Login to Vote up

It should be out before end of Mar 10 or we'll face another suspension?

Anybody who is more experienced could kindly add some meat to the bone please?

---

More |  View thread (2) |  Respond |  Login to Vote up

Today UEN is valued by the Market lower than "fair value"

At least the "fair value" some suggest.

Still a lot of unknowns on this share but I bought some more today.

---

More |  View thread (1) |  Respond |  Login to Vote up

where did you get that graph from Dicko? It seems to conveniently forget the suspension of 6 months last year...or have I something completely wrong?

another fall today....hopefully some update due soon....

---

More |  View thread (2) |  Respond |  Login to Vote up

Just been looking through Fox – Davies website and found the following…………

The range of value is US$10-15/b for 2P reserves, using median or mean as representative

http://www.fox-davies.com/media/135315/flowenergyinitiatingcoveragefeb3rd2010.pdf

see page 8 for table anaylsis of different companies

………………………………………………………

Then we have Rencap and the following………

The 2009 interim report (released today) carries little new information given that the company issued an operating update on 7 Dec when it released its much-delayed 2008 accounts. Of interest, we note the reduction of net debt to Petraco to $33.3mn (from $41.3mn reported on 7 Dec). Although this debt is almost fully offset by a $32.7mn loan receivable by UEN in Feb 2015, the durations do not match, having caused UEN to default on its previously agreed repayment schedule. UEN has proposed amendments to its agreement with Petraco (including providing the latter with additional security), but this has not yet yielded an agreement.

New strategic priorities. Following the successful resolution of UEN's Sberbank debts during 2009, the company has identified four strategic priorities for 2010: 1) the restructuring of the Petraco debt; 2) an early production increase from the existing wells at Arcticneft and Petrosakh (from the current level of just 2.3kbpd); 3) the development of future drilling programmes; and 4) seeking possible corporate transactions to maximise shareholder value.

Up or down? UEN's last closing price - before suspension on 30 June - was GBP0.09/share. Much has changed since; most notably, the bankruptcy threat has been substantially reduced following the recent termination of the Ashmore put option for nil consideration, announced on 19 Nov. Valuing both Arcticneft and Petrosakh at an estimated EV/2P multiple of $1/boe, and accounting for Petraco debt and the loan receivable at face value, we calculate UEN's fair value at GBP0.22/share, which we now set as our target price (previously Under Review). We note, however, that this estimate is subject to revision following the pending restructuring of the Petraco debt.

……………………………………………

So the sector is $10-15 boe for valuation purposes yet UEN “fair value” is based on $1boe

Why have Rencap used this figure ? Is it just purely down to the current low mkt cap at present and using say even $5boe (50%discount to the lower end) would mean many multiples of the sp (110p)

.......................

So currently with sp @ 7.5p we're vauled @ approx $0.34boe !!

Anyone any thoughts other than fill your boots ?

Dicko

More |  View thread (2) |  Respond |  Login to Vote up

yes i agree ,there has been so much " i know something wink wink ,i should not tell you this " the simple facts are this ,firstly its producing oil at a premium ,and they have a local and international market ,the petraco loan to them is a better deal than the mugs at taas are paying for ie we borrow at 5ish % and lend to taas at 12ish% and its equal ,they have paid of large tracts of this loan and when the ices doth freeze we shall sell .

russian oilers have a tendancy of doing a mandelson is lending certain people big lumps of money to buy houses ie SBE recently ,yes we have done the same but the monies will be repaid.

Contrary to myth russia is politically stable if putin and his puppet government wanted uen they would have had it .

The big holders are still in there and may have accumulated .

Over on advfn we have seen to me 2 blatant attacks by rampers ie we have heard this and that big buy must be a russian oligarth when its been the poster and many have fell for it .

If it goes up slowly so be it a better foundation .

So as the previous poster says put them away and when you book your 2 weeks to magaluff see the sp and upgrade to tenerife or elevenarife

---

More |  View thread (7) |  Respond |  Login to Vote up