By Tom Winnifrith, The Sheriff of AIM | Tuesday 25 May 2021
Last week, I noted that a campaign to oust fat cat Lyin’ Steve Sanderson as CEO of uber dog Uk Oil & Gas (UKOG) was underway and that the owners of 1.12% of the equity had already pledged to back it. Just five days later there are now 81 investors together owning 3.01% of the 12.96 billion shares in issue who want Pinocchio out. It gets worse.
It appears that the rebels only need the support of 5% to call an EGM and so diffuse is the shareholder list with directors owning just 0.07% of the equity and the rest ALL held by private investors almost all in nominee accounts, that 5% of votes cast against Lyin Steve would almost certainly see him booted out at an EGM. And rebels have widened their demands. They now also want FD Kiran Morzaria to go as well as chairman Allen D Howard. And the rebels have made contact with law firm Lanyon Bowdler LLP to arrange legal support to boot the three fat cats off the board.
But Lyin’ Steve has called a separate GM seeking authorisation to issue new shares which, if it goes ahead, will see the rebels diluted severely just at the point when they might be at 5%. Thus it is imperative that those wanting grossly overpaid Sanderson out:
a) Lodge a proxy vote via the registrars before 5 June voting AGAINST all resolutions at Lyin Steve’s GM
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