PetroLatina Energy Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9478053 "The Independent Directors, the Tribeca Group and the JCR Group recognise that the proposed De-listing will make it considerably more difficult for the Minority Shareholders to sell or buy Ordinary Shares. Accordingly, in order to assist those Minority Shareholders who wish to dispose of their Ordinary Shares and realise their investment in the Company, TOGI and Rorick have engaged the services of Optiva Securities Limited to operate the Third-Party Trading Facility to acquire, on behalf of TOGI and Rorick, Ordinary Shares held by those Minority Shareholders who wish to sell, for a period of two months from the date of the Circular, ending on 16 April 2012 (subject to extension by TOGI and Rorick, acting in their absolute discretion), at a set price in cash of 19.5 pence per Ordinary Share representing a 23.12 per cent. premium to the volume weighted average Closing Price of 15.84 pence per Ordinary Share for the six months up to and including 15 February 2012, being the last Business Day prior to the date of this announcement. A total of US$5.35 million is being made available by TOGI and Rorick to acquire Ordinary Shares pursuant to the Third-Party Trading Facility."

My broker had these notes;
"Regrettably we are unable to facilitate trades using the Third-Party Trading Facility. As a result of which should you wish to use this facility you will be required to withdraw or transfer your shares from our nominee service."

"Details can be found on the PetroLatina website as shown below and on Optiva's website, www.optivasecurities.com."

Then back to the RNS;
"Following receipt of a Sale Notice, Optiva will contact TOGI and Rorick and the relevant Minority Shareholder concerned, and subject to sufficient funds remaining available within the Third Party-Trading Facility, then effect the transaction. In these circumstances, Minority Shareholders who do not have their own broker may need to register with Optiva as a new client (subject to Optiva's usual terms and conditions). Such registration can take a certain period of time to process and, accordingly, Minority Shareholders who consider that they are likely to use the Third-Party Trading Facility are encouraged to commence registration at the earliest opportunity. The service provided by Optiva will cost each Minority Shareholder Optiva's standard charges, which currently are a 1.75 per cent. commission charge up to £10,000 in value, and 0.5 per cent. thereafter (a minimum charge of £25 applies). No stamp duty or SDRT will be payable by Minority Shareholders in connection with the Third-Party Trading Facility, which will be payable by TOGI and Rorick as purchasers of the Ordinary Shares.

Following expiration of the period during which the Third-Party Trading Facility is to be made available, any Minority Shareholders who subsequently wish to buy or sell their Ordinary Shares should notify the Board, which will, where possible, seek to match potential purchasers and sellers."

The decision whether to hold is your choice, bearing in mind things like;
- It may not be possible to sell (or buy) shares.
- The price of any sale(purchase) may not be what you expect. Potentially no buyer, or one buyer who will offer a price that suits them at the time.
- Less information will be in the public domain, making it harder to understand the value of your investment. By twobeers ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9478053&action=detail Mon, 26 Mar 2012 18:39:00 GMT twobeers tag:iii.co.uk,2003:tst.9471846 By dontudare ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9471846&action=detail Sat, 24 Mar 2012 11:17:00 GMT dontudare tag:iii.co.uk,2003:tst.9443437
I sold my main holding, good luck to anybody who has decided to brave it out (assuming a forced sale doesn't beckon). Going to be a real kick in the teeth if their fortunes turn around but following recent events I had little confidence of getting a fair price off market even in that scenario.

Kept a few in another trading account, they now show as ticker "7537" instead of PELE. I've seen this before with other shares which eventually became worthless or wound up and were removed. Just wondering if 7537 will remain forever, or if my Halifax nominee service will remove them / ask me to do something else with them. By twobeers ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9443437&action=detail Sat, 17 Mar 2012 00:14:00 GMT twobeers tag:iii.co.uk,2003:tst.9441296 "With regards to your recent query. I can confirm the customer deadline date for Petrolatina Energy Corporate Action is Friday 16th March at 5pm. Once we receive all of our customer’s options we will forward to the company registrars to action. At the moment I am unable to confirm on what date your shares will be sold. Please do not hesitate to contact us, if you have any further queries."

There seems to be a timing conflict in cancellation from AIM and the selling of shares to the third party by III, also that there was only a certain amount in the pot to buy the shares. Taking all this into account I decided to chance my luck and sold out the other day at 19.4p as I was also concerned that the third party dealing cost may be greater than IIIs.

Small shareholders always seem to get a raw deal on the AIM market; I hope you get some of your investment back.
By 1bat ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9441296&action=detail Fri, 16 Mar 2012 13:37:00 GMT 1bat tag:iii.co.uk,2003:tst.9437376 http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9437376&action=detail Thu, 15 Mar 2012 20:18:00 GMT hulk999 tag:iii.co.uk,2003:tst.9427955 http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9427955&action=detail Wed, 14 Mar 2012 09:25:00 GMT Bill1972 tag:iii.co.uk,2003:tst.9388332 Don,t you think the dealing charges on the 3rd party dealing service are a bit excessive at £25 + 1.75%.
As a long term small invester with a bombed out (£2.34 average price) the dealing charges are 30% of the proceeds. Any other firm that has been taken over/delisted in my investing career has had a free service for small shareholders.
As a result I am selling them through my normal platform and just to annoy them I am leaving 1 share in all my accounts (private/wifes/SIPP).

Good luck all
Michael By aimforthesky ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9388332&action=detail Tue, 06 Mar 2012 07:48:00 GMT aimforthesky tag:iii.co.uk,2003:tst.9358332 http://www.formacompany.com/en/uk/uk-companies-act-2006/companies-act-2006-notes-969-973

The point I was making was holders hoping to benefit from the 19.5p price may not be able to do so if the guaranteed money ran out AND the company did not put in alternative arrangements for holders still wishing to sell.

However, it seems likely that they would want to get rid of all small investors if they could. My article also talks about "sell-ou" which enables a minority investor to force the 90% holder(s) to purchase any outstanding shares.

RD By Raindancer ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9358332&action=detail Mon, 27 Feb 2012 21:39:00 GMT Raindancer tag:iii.co.uk,2003:tst.9358171 Unless my calcs are wrong $5.35m is just about enough to get from 75% to 90%. At 90% it is likely they can do a compulsory purchase of all outstanding shares. Sample link below and I'm fairly sure I experienced this 15-20 years ago, possibly for Eastern Electricity (later Eastern Group).

http://corporate.practicallaw.com/2-107-5970?source=relatedcontent By twobeers ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9358171&action=detail Mon, 27 Feb 2012 20:49:00 GMT twobeers tag:iii.co.uk,2003:tst.9312755
1) Options, warrants, etc could be issued to some holders for "services", effectively diluting minority shareholders
2) Pele could issue a 2nd set of shares which are the only ones with dividend rights - then share out the cash between the holders of these preference shares - leaving the standard shares as near-worthless
3) Various corporate restructurings that reduce the value of the company you own shares in, whilst creating new companies with shares held by the majority shareholders.

By the way, I presume people have noticed that the fund set aside for buying shares at 19.5p isn't big enough to buy all the minority shareholdings. Small PIs hoping to benefit from that may find themselves at the back of a long queue, and unexpectedly holding shares in the new private company.

Raindancer By Raindancer ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9312755&action=detail Sat, 18 Feb 2012 09:09:00 GMT Raindancer tag:iii.co.uk,2003:tst.9311123 BTW my first attempt at a post was much more detailed but was not accepted because of the expletives! By theprior ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9311123&action=detail Fri, 17 Feb 2012 17:40:00 GMT theprior tag:iii.co.uk,2003:tst.9311076 Btw, are you having trouble with the caps lock today? By PaloCortado ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9311076&action=detail Fri, 17 Feb 2012 17:28:00 GMT PaloCortado tag:iii.co.uk,2003:tst.9311026 http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9311026&action=detail Fri, 17 Feb 2012 17:13:00 GMT theprior tag:iii.co.uk,2003:tst.9311024 http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9311024&action=detail Fri, 17 Feb 2012 17:12:00 GMT theprior tag:iii.co.uk,2003:tst.9309738 So in theory you could buy shares on line now and then get them transferred into a certificate in your name.
I've no idea what sort of tranparency you would get into the company performance or how you would go about selling those shares in the future following their delisting. By PaloCortado ]]> http://www.iii.co.uk/investment/detail?code=cotn:PELE.L&display=discussion&id=9309738&action=detail Fri, 17 Feb 2012 14:18:00 GMT PaloCortado