The bumbling, fumbling over at Wessex Exploration continues as the share -price tanked yet again today as it did on an RNS release yesterday revealing the “Heads of Agreement relating to its proposed acquisition of Hague and London Oil BV (“HALO”), which is significant and potentially transformational for Wessex”. It is a sign of the desperation of the Board that they’ve resorted to emotional blackmail. Ether vote down Milroy Capital or we lose this deal! Absolutely disgraceful!
Now not wanting to be one of those annoying pesky flys that keeps vomiting in the Wessex sugar bowl, I feel duty bound to call foul! And it’s a red card foul! The recent rise in the WSX share price was caused by none other than “Mr Andrew Cochran” who set about buying 3.79% or 27,473,924 WSX shares on behalf of who? Hague & London Oil BV.
The RNS from the beleaguered Wessex Board on the 8 May 2014 screaming “Statement Re: Share Price Movement” was little more than a contrivance between HALO and WSX. Wessex must have known exactly what had been pushing the sp. HALO had been buying stock up to the RNS announcement on the 8 May! This is shocking! Was this done for one reason and one reason only? To try & artificially inflate the sp pre the Milroy Capital vote on throwing out the incumbent failed Wessex Board? Of course it was! To give a false picture of just how good a deal HALO was, which was as you all know dependent on voting down Milroys’ resolutions and keeping the failed miserable Wessex Board of Andy Yeo, Dr Butler and Iain Patrick.
It was a disgraceful attempt at subterfuge and indicative of the disdain the incumBENTS hold for their share holders. Where in the name of God is the Due Diligence on the HALO assets? This is nothing more than a hastily cobbled together rear-guard action to deflect away from the WSX board failure.
Do share holders know that the operator of block SC54A, which Wessex proposes to farm- in to, has been trying to sell off these assets for years? Hardly an endorsement of its early production potential.
The permit on Block SC54A expires in August of 2014! So why would Wessex issue 241,000,000 additional shares for these proposed assets? There’s no Due Diligence on them so they are worthless and have no value other than “Blue Sky”
Well done Yellow Jersey pr, what a cock up. I will be insisting that Milroy immediately sack this lot!
I’ll remind WSX share-holders that the sp now stands at 0.75 of a 1 penny piece!
From 2010 to 2013 including the December 31 2013 interim accounts your current board has failed to bring in any revenue, it stands at NIL. Cash inflow stands at NIL, while Administration cash costs (including directors’ remuneration) : comes in at £4.5 million (£260,000 for 3 months 2014) with Operating losses of close to £13 million pounds sterling! Our proven producing reserves are zero. The Wessex cabal have destroyed our cash reserves of £15 million, reducing it to £2 million in less than 2 1/2 years with no tangible value creation to show for it. All in all the incumBENTS have totally failed to realise any value whatsoever for the last 3 years. They have been paid a Kings’ ransom for failure. It is time for them to GO!
I will be voting in favour of the Milroy Capital proposals. I believe that this is the only way to secure our Company and to repair the damage that has been done to the balance sheet.
Get this rotten Board out!
Vote in favour of Milroy Capital!