The events of the last 48 hours with the derisory offer from Zenith Energy to AAOG shareholders from Andrea Cattaneo that seems to place a value from what we can see of just 1-1.5p on the stock has galvanised us over this festive period into action.
Andrea Cattaneo is a man that has spent the last 4 years perpetually diluting shareholders in his own company and it beggars belief that Ms Cope should even entertain this proposal. Leaving AAOG shareholders with just 11.2% of the AAOG Congo subsidiary given the sheer magnitude of funds raised and spent this last 12 months is an early April fool’s joke come 3 months early. You should hang your head in shame Ms Cope.
The pathway that all shareholders should be insisting on by Ms Cope is very simple:
- Suspension of the so called “ISA” sales of AAOG shares with immediate effect that is only serving to exacerbate the weak negotiating position of the Company ironically through forced selling of AAOG shares into dire sentiment. This is madness in extremis.
- Slimming of the BoD down to a de minimis level with Ms Cope and one other NED (Brian Moritz) remaining and the remaining 3 Sefton placements being “retired” from the Board with immediate effect.
- The appointment of Alexander MacDonald & Matt Thompson to the BoD with immediate effect to negotiate with SNPC.
- Pursuement of the monies owed by ATOG to AAOG with a Statutory Demand served on ATOG if the full sum that has been agreed to be paid is not and explore potential action against Sefton & Berwick should this be warranted.
- An independent forensic examination of funds spent under the Sefton & Berwick watch.
- Carry out an interim capital raise of upto £1m on less onerous terms than that which ZEN are offering in order to allow for the position in the Congo to be properly explored by MacDonald & Thompson. Such a raising would allow AAOG to negotiate with other potential suitors from a position of relative strength and competency. We can aid in this raising and on terms that are at a premium to the current stock price.
You dear shareholder have the option to bring pressure on Ms Cope to not sell AAOG down the river and into the arms of Mr Cattaneo who has been a monumental failure for shareholders at ZEN – the fabled 1000bopd from 3 years ago that he promised his shareholders still being nowhere near this. To make a difference to the outcome I suggest all shareholders that wish to try and save their company do 3 things:
- Email me at Richard.Jennings@alignresearch.co.uk if you support our actions with your contact details and shareholding
- Email a copy of this to – Sarah.Cope@aaog.com stating your support for our proposed actions
- Should the company proceed ahead with this derisory offer – vote AGAINST it at the forthcoming GM.
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