In Sept. 2016 I shorted XEL at around 3p (having already lost around 30K going long, before some folk start throwing bricks) the spread betting firm is still refusing to settle, although the administrators stated months ago that there would nothing for shareholders, blaming whoever they laid the business off to.
I am just wondering if any other share gambler has been paid up or not for their short.
When it was good they couldn't have been more open and friendly. I believe that somewhere along they way as they realised they couldn't pull it off and maintain control they shelved their morals and decided to just get as much out of the company in other ways before the wheels came off completely.
What they lost by not being able to sell the rest of the shares (it surely would have been a massive red flag to shareholders) you can gain back in large salaries, pensions and perks. The initial sale secured them for the rest of their lives the rest was a bonus. In hindsight I expect that they wished they could have sold more but I think that even that sale was a sign to the very astute.
As they did so the RNS's became evermore tricky to interpret as they hid behind semantics.
If they could have pulled that last massive dilution off I think they would have - heck with AIM there's always the consolidation to do down the road. It hides the bodies and you can always sweeten it for yourself by just issuing a load of options.
As directors of a failed company I would say that it gave them all a very good living and retirement. You could say that they fulfilled their duty to the company itself by keeping it going for longer than it would have. I certainly think the two years of full dance cards, "the rig" and partners could have been dispensed with let alone all the OGA guff.
The only benefit of Xcite existing to those that didn't trade the backside off it has been the learning curve - it might have made some a lot more canny. I also now know to trust my instincts and that I can tell when someone from the company isn't being entirely honest even over the phone............you know who you are!
Writing was firmly on the wall for XEL once Steven Kew resigned in July 2016
But also in December 2010 when Richard Smith, Rupert Cole, Stephen Kew divested (part) shareholdings in XER (as I remember it) to tax efficient Company(s) in the BVI.
On December 24th 2010, an RNS stated that Directors Rupert Cole (Finance Director), Richard Smith (Chief Exec.) and Stephen Kew (Head of Exploration) had sold 1,101,666 shares each with a total value of £12.79 million. In hindsight this was a clear signal to sell off. In the directors defence they retained 80% of their ...
This piece by Contrarian Investor in April 2011 brings back the best of XEL achievements...
Guess we'll just have to register with an Institutional Investor for a share in any future Whalsay/Bentley fundraising....
My "shares" are with HSBC Invest direct. They have informed me that the shares cannot be removed until HM tax person says so!!!
However as I have transferred all other stocks out to another bank, they will not make any charge on the account. Therefore in the proverbial "limbo".
Appleby the law firm have offices in the British Virgin Islands
Would be interesting to find any mention in the paradise papers
Regarding Whalsay Energy Ltd /Excite Energy Resources Ltd/Bentley field etc.
Based on Mr Warwicks statements and considering they have had access to all XEL data and papers, does it prove that when Cole et al were touting to shareholders that all that was required was finance and that OGA were happy with the technical side of things? They were lying to those shareholders?
Noticed that ''Wordf of the year for 2017' was Fake News.
Then realised that's what the Xcite BoD, and particularly Mr Rupert Cole, had been giving us shareholders in XEL for quite a while as the sp was dropping in recent times.
Also another potential word of the year, namely Echo Chamber could also apply to XEL.
This being when any statement is greeted with approval because it will be read only by those with similar views.
I plead guilty to believing that Cole and his motely crew who were issuing positive statements and videos, along with encouraging news at the AGM's and with most RNS's, were to be trusted and my shareholding would come good in the end.
How wrong was I to keep the faith - It wad almost all bulls**t.......
Whalsay Energy Ltd is Xcite Energy Resources Ltd by registered name change. It always was the Bentley field operator and still is. What changed was the ownership of the shares to the XEL bondholders. Energy Voice is not the most reliable of sources.
Could not help but notice one statement in the article :
It comes one week after he was appointed non-executive chairman of Ardyne a provider of plug and abandonment and slot recovery technology. Mr Warwick is also the executive chairman of Whalsay Energy, which snapped up the Bentley heavy oil field from Xcite Energy.
So the author's opinion is that Xcite was 'snapped up' by Whalsay ?
Unfortunately our TOTAL LOSS could well turn out to be someone elses BIG GAIN - me thinks......
My daughter was allowed too give hers to a charity and close her account, I'd try that I'm sure we will never get anything and I f there a slight chance then charity is better than just dumping them. I wanted to transfer mine to my partners account so only paying one lot of charges but they won't let you do that.
I am with HSBC INVESTDIRECT. Have transferred what holdings I have to another share dealer. However they have written to say "XCTE ENERGY stock is NOT transferable,and therefore unable to close my account".
As this is a paying account, is there any options to "get rid of this nightmare stock",and give me closure over this investment?
Thanks in anticipation.
Morning, I feel exactly the same, when we were nearly at £4 (I think I was stupid enough to buy some at £3.80) I saw the video where they said we were going to £8 and said to my partner he doesn't look like someone about to double his money! Then they sold and I said why would you sell when you are sure you are going to double your money! But the gouvernment and shell Bp statoil and many others had invested time and money so stupidly I took notice of people who claimed to know more than me. Intuition is not looked on as a good way to deal in shares, how I wished I listened to my self. I've given up dealing now but stuck with a few £1000 of lloyds and a few £100 in Thor mining, never going to get the £100,000 I ending up losing. A very hard lesson I don't think I did anything to make someone think I needed! Life goes on (just). Hope everyone survives.
Afternoon elsgy and all other xcite holders. Do you remember Cole saying Judge me on the final outcome or words similar?
Well I have judged you and I cannot put into words on here what I and many others think of you and your cohorts Cole
Thought we may have got some form of apology for what they finished up doing to the holders whilst they got rich . Should have taken notice of my instincts having seen him doing a presentation as I thought he looked a shifty character then. Anyway cant say this makes me feel any better writing this.
Looking at closing isa as the charges are high if you don't trade. Xcite cleared me out money wise and cured me of wanting to trade. Have we given up here and is everyone handing shares over to charities (as this seems the only way ?
See my previous post on Mr Warwick's comments.
- Background being...
Whalsay Energy a company owned by Xcite bondholders bought the shares in Xcite for a consideration of $1 (77p) at the end of June, just one day before the Bentley licence was set to expire.
It leaves Xcite shareholders with no hope of recovering any of the money they put into the company.
In some cases, disillusioned investors have lost their entire life savings or their pension pots.
I have sympathy with people who lost money, but its not our problem to solve, said Mr Warwick, who had no involvement with Xcite and was not a bondholder in the company.
Personally never looked for sympathy , only justice after being totally mislead by the XEL BoD. SJ
I contacted my Xcite Nominee shareholder, why Xcite shares were still listed on my account as I wished to close the account with them.
Their reply was
"I can confirm as a nominee service we cannot remove delisted
stock from our platform without instruction from the HMRC.".
How do I go about this, as they are charging me for "services to my account"!!!
He's got about as much simpathy as everyone else, we've been stitched up like a kipper and no one cares! Has everyone given up now, shall I close the account with my shares in and get rid of these last shred over evidence? (except my £90,000 mortgage)
Got this note from my Broker last week :
Xcite Energy Ltd
**Further to our previous email sent in December 2016, the company has announced that the liquidation is now complete. There is to be no return to shareholders thus the holding has now been removed from your account. **
We are writing to advise you that Xcite Energy Ltd shares were suspended from trading on 25 October and subsequently cancelled from admission to trading on AIM on 29 November 2016. The Eastern Caribbean Supreme Court in the British Virgin Islands has since appointed Ian Morton of FTI (BVI) Limited and Chad Griffin of FTI Consulting LLP as joint liquidators of the company.
If any further details are announced, we will notify you accordingly. Please do not hestiate to contact us if you have any queries
At least now I won't be reminded of this significant loss when checking the account portfolio.
So sad that our old Xcite BVI HQ office was hit by the Irma hurricañe last week.
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