New info on USOP's website

[fightfear]

http://www.usoil.us/?q=node/223

Shares in Issue & Significant Shareholders

Date: 15 December 2012

Number of Shares in Issue: 41,682,356 Ordinary Shares

Director’s Shareholding – Direct and indirect

                                Total                    % of Issued Shares
Brian McDonnell      3,854,191            9.25%
Peter Whelan              564,118             1.35%
Karim Akrawi             100,000             0.24%

Significant Shareholders
As at 15 December 2012, the following persons and companies had an interest of 3% or more in the issued share capital

                                                            Total                 % of Issued Shares
JIM Nominees Limited                          5,680,850        13.72%
Daveycrest Nominees Limited             4,955,971        11.97%
Spurt Concepts Limited                       3,000,000          7.20%
Aurum Nominees Limited                    2,350,626          5.68%
SVS (Nominees) Limited                       1,765,137          4.26%
Pershing Nominees Limited                 1,699,317          4.10%
Goodbody Stockbrokers Nominees     1,677,412           4.05%

[Mosa]

Thanks FF, makes interesting reading if you google each and cross reference with duedil, I have not got the time right now but a quick look shows;

JIM Nominees https://www.duedil.com/company/04634540/jim-nominees-limited/people

Interesting only as it does not show as Jarvis, but rather as two directors with Jarvis Investor Management as retired?  I assume this is all the PI holdings, or at least a large slice.

Spurt still has Ring and Commerford in there

Aurum Nominees - linked to a fairly wealthy Irishman, http://en.wikipedia.org/wiki/Dermot_Desmond

SVS, say no more

Perishing linked to BNY Mellon, http://www.pershing.co.uk/index.html

and GoodBody seem to be the holding for some of the Irish PI's

Have not looked to see if they deal thro Winterfloods or the gxg side of things.

I'm sure if somebody had hours to spare they could find some links!

So they are saying all other holdings are below the 3% threshold?  Hmmmm, I would have thought TD or HL or another UK investor house, Redmayne etc would have been in there.  

[fightfear]

I was looking at duedil too - I'll try to clarify a few things with Fiona tomorrow (the list of biggest holders was provided on my request but I was hoping for a complete list of 20 biggest holders)

[dodger]

Have any of the directors numbers changed, i'm assuming not but am not sure where to find previous statements of holdings.

[fightfear]

no change - they'd have to notify the market

http://www.usoil.us/pdf/Annual%20Report%20and%20Financial%20Statements%20for%20Year%20Ended%2030%20Sept%202011.pdf

[dodger]

Cheers for that FF, i guessed so but sometimes its just as quick to be a lazy arse and ask someone!!

Thanks again

[Boddi]

Fiona not back until the 14 th from her hols...will our workover programme be ready to start.....mmmmm ! !

[Debug]

Nice one FF, will be interesting to see if any more info is forthcoming. 

[Neil Byrne]

Be very interesting to see the top 20. On September 30th two of the O'Sullivans were above the 3% thresh-hold but come December 15th they were not. Must have gotten a heads up. Were they the big seller we had at £4 for a few weeks just before THAT RNS?

[Mosa]

I have heard some of the families were offloading above £4, so into the rise, the AGM etc.  However it was indicated as more of a top slice and a protection of the vast profit that had been generated rather than a 'heard' thing.

I mean if you were starting at a profit in the millions on a initial investment in the 10's of thousands you'd be pretty insane not to be taking some off the table? would you not?  In at 5p and out at £5? 100x 

No matter how much you thought it might go, taking £5m out for safety would have been sensible. (if thats the numbers).  The rest you sleep easy on and see what happens, SP gets to £10, £25, .....etc then you have other exit points leaving a pot for eventual takeover.

[Mosa]

Neil, sorry, not enough sleep, I just saw you mentioned the 30th September list - what was that document or where was that list?

In that case yes, it's slightly more telling if that is the case.

Is there a delay in reporting this information? i.e. can the 30th September list be compiled from August data or was it a pretty 'up to the minute' snapshot of real time?

As if Brian is going to give us any clarity on that matter anyway......

[Debug]

Does anyone know if individuals still have to report significant holdings even if done via a nominee account? For instance if someone transferred a part or all of their holding from paper to a brokers nominee account for ease of trading would that also drop them off the register?

[Fisher]

Significant Shareholders - 30 September 2011

The Company has been informed that, in addition to the interests of the Directors, as at 30 September 2011 and
the date of this report, the following shareholders own 3% or more of the issued share capital of the Company:

Percentage of Issued share
3 Aug '12 30 Sep '11

Jim Nominees Limited 8.81% 0.47%
Aurum Nominees Limited 4.68% -
SVS (Nominees) Limited 4.68% 9.66%
Goodbody Stockbrokers Nominees 3.89% 3.33%
TD Direct Investing Nominees 3.66% 7.38%
Humphry O'Sullivan 3.65% 3.83%
Barclayshare Nominees Limited 3.34% 3.01%
Davycrest Nominees 3.04% 2.61%
Denis O'Sullivan 3.64% 3.64%
LR Nominees - 3.62%

The Directors are not aware of any other holding of 3% or more of the share capital of the Company.

[Mosa]

Fisher, thanks, so thats from 30 September 2011

to a current point 3rd August 2012

and then we have a new update as of Dec 2012.

Interesting to note Barclays has fallen off, so some large Barc sellers dropped it below, hmmmmm, now I wonder who uses Barc.

TD also dropped off, but that could explain the rise to Jarvis as TD did not allow buying, so could well be transfers out to allow people to more easily deal with the stock.

Cheers for that

[rbale1977]

Debug

VERY good point mate

 

The only thing I have on significant holding disclosures is direct from the GXG rule book which as far as I can recall doesnt specifically mention shares held via nominee accounts but logically the rules relate to the shareholding of the individual so I would like to think the medium by which the shares are held is irrelevant for this purpose (but am not 100% sure)?

 

For those who've not read them: From GXG Markets MTF Rules for Issuing Companies (Oct 12)

 

10.5 An Issuing Company must issue notification without delay of:

 

b. any relevant changes to any significant shareholders, disclosing, insofar as it has such

information, the information specified by Schedule 2;

 

Schedule 2: Interests in Securities

The following information must be included in announcements concerning changes in substantial

shareholdings (under DTR or applicable overseas regulation) made to the market:

a. the name of the person subject to the notification obligation;

b. the nature of the transaction triggering the obligation (such as the acquisition or

disposal of shares);

c. the resultant number of voting rights held by the notifying person, expressed also as a

percentage of the total number of voting rights of that class of shares. In the case of a

person ceasing to have a substantial shareholding, confirmation of that fact shall

suffice;

d. the date on which the applicable threshold was reached or crossed;

e. the date on which the issuer received the notification;

f. for a UK issuer, any other required particulars contained in an applicable DTR

notification; and

g. confirmation of whether the interest relates to a legal or beneficial holding.

h. when a change in the issued share capital of the Issuing Company is as a result of the

transaction, the new total number of shares in issue must be stated.

Where the announcement relates to interests held by a director, it must also contain the following

in addition to points (a) – (g):

i. the number and class of securities acquired or sold in the relevant deal;

j. where the notification relates to an indirect holding, the announcement should include

the name of any family member or connected person; and

k. the price paid or received per security for the that transaction.

 

 

Also: 

  

16.2 For Issuing Companies, the disclosure regime in relation to major shareholdings is set by

Chapter 5 of the Disclosure and Transparency Rules of the Financial Services Authority (which

is set out in full at www.fsa.gov.uk). The DTR requires shareholders to notify Issuing

Companies of holdings in their shares above an applicable threshold, which provides a

mechanism for Issuing Companies to announce such holdings to the Trading Venues. The

DTR is set and administered by the FSA to whom any queries should be addressed on

+44(0)20 7066 1000. All announcements should be made via an RIS.

 

 

Broadly, the DTR rules require the major shareholder to notify both the market and the issuing Company simultaneously of a change in their holding (see link below).  Clearly any major changes not notified could be down to a large holder not having communicated any dealings to USOP (and GXG) in accordance with the rules as opposed to a failure on behalf of the company

http://www.fsa.gov.uk/pubs/ukla/disclosure_transparency.pdf

[fightfear]

I'm actually in the process of clarifying that. Will post findings on here

[Debug]

I suppose we might conclude then that a fall below 3% probably should have been communicated, but possibly not if it was a transfer to another holding vehicle.  In any case its the shareholders responsibility to make the initial notification to the company and they may not have known about this or have taken the correct steps to do it.

[rbale1977]

Debug - my thoughts exactly!

[Neil Byrne]

My mistake, not enough sleep either. It was as of Sep 2011 not 2012, so nothing really suspect, just slicing, i thought it had been during the WO which would have been a bit fishy.

[Mosa]

Neil, it was good to raise it as I feel all shareholders SHOULD be paying attention and knowing that these things are going on.

Looking at the level of debate on the forum there is sadly a handful of people - mostly mirrored on here who actually talk about this stuff, the geology, potentials, problems.

[Trading Faces]

Good morning all.

Firstly, how refreshing to see considered debate amongst like minded adults! Well done!

Thank you to FF for highlighting the holders list. It makes for interesting reading. 

I suspect BARC's holding is aligned with the Marlborough fund and Harwood. The O'Sullivans remain on board but did slice all the way up from 60p previously. Their original investment was £1500 - I kid you not.....

What is intersting is the confirmation that the BOD hold all their stock, not that I doubted it but many did. BM has the most to gain and lose of anyone. I know for a fact he remains very very bullish on the outcome of Eblana. The fact that we are holding above £1 on no news and a mickey mouse exchange is testament to the fact he is not alone. 

I remain fully invested and happily so. 

All we need is some positive news on the workover and/ or CPR for this to get moving again. 

Back on sleep mode for me!

[Mosa]

What on earth would £1500 have got them?  Surely they could have got a bank loan for that.  We are talking the 21st Century and not the 1950's?! raising £1500 in Ireland, pre 2008 crash whilst there was plenty of Euro money sloshing around I find pretty odd.

I mean, how far did or does that go?  It's not even a deposit on office rent, even above a pub.  It might cover one air fare to America etc etc

[Mosa]

Sorry, bit rude.

Hello TF, Happy New year and nice to see you again!

[Axus]

Mosa

 

I can only speak for myself.  I read all the post and am very appreciative of all the valuable information received,  just I am not knowleable enouth to make any difference to the debates.

 

Please keep up the good work all, it is much appreciated.

[tetchy]

Mosa - Many of the posts here are very informative and much appreciated, but really better for some of us to say little and learn something. Let's hope as we get news that there are more posts from the better informed.

[Mosa]

I was talking about the debate on USOP forum guys, not here, sorry, should have made that clearer.

Don't think you do not know enough, I don't, I just ask a lot of questions

[tetchy]

We are lucky to have these boards and I can understand the lull at the moment as we await concrete factual news. It looks like we are entering a positive phase although it is all up for grabs until we see oil flowing. GLA