maybe became mentally unsound after losing so much on this stock?

looks like they are taking the hit for Lime now in their books, which is prudent. next 3 quarters i expect them to also account for the losses in Lime... perhaps rm 56 mill per quarter.

aiyo... just sell and dont waste time here la..

he's been selling his shares lately

Of course la, i would also do the same.. issue share at 0.10 and sell automatically for 20% profit, good deal ma... Imagine when the shares we alot higher, wonder how much the MD made..

as mentioned earlier, how to go up when they keep on issuing millions of shares at 0.10, until they stop doing that, the shares will continue to go south.

too much to cut loss really.. only hope is to ride this storm

LPN

The following restructuring exercise was purportedly undertaken by LPN:

(a) The share capital was reduced by reducing the nominal value of the shares from NOK100 per share to NOK86 per share. The amount so reduced was used to cover losses of LPN that purportedly could not have been covered in any other way;

(b) LPN’s share capital was then reduced (by NOK77,400,000) from NOK328,520,000 to NOK251,120,000 by cancelling 900,000 shares then held by Rex InternationaI Investments Pte Ltd (“Rex”). The amount of NOK77,400,000 (created by cancelling the 900,000 shares) was then paid, by way of a selective return of capital, solely to Rex on a preferential basis (thus giving Rex an unreasonable benefit at the expense of Lime Plc, which was LPN’s majority and only other shareholder);

(c) The share capital of LPN was then reduced from NOK251,120,000 to NOK2,920,000 by reducing the nominal value of each share of LPN from NOK86 per share to NOK1 per share;

(d) LPN then issued 77,400,000 new shares to Rex for a consideration of NOK1 per share, such consideration of which was “satisfied” by Rex paying the NOK77,400,000 amount received from LPN (under the selective capital repayment under (b) above) back to LPN;

(e) As a result of the above, Rex purportedly acquired an additional 70.3% shareholding interest in LPN (an increase from 26.2% to 96.5%) without having to pay any additional monies to LPN (as the subscription monies for the new issue of shares came from LPN itself, pursuant to the selective capital repayment under (b) above).

As announced by the Company on 24 December 2015, an application has been made to the Isle of Man courts in relation to the conduct of certain directors of Lime Plc with regard to (among others) the above purported restructuring undertaken by LPN.


MOL

The following new issue of shares was purportedly undertaken by MOL:

(a) An issuance of 9,000 new shares was proposed by MOL and offered to its then existing shareholders, Lime Plc and Petroci Holding, at the first instance;

(b) The nominees appointed by the other shareholders of Lime Plc to the board of directors of Lime Plc blocked any subscription of the new MOL shares by Lime Plc;

(c) Instead, Rex Oman Ltd (an affiliate of Rex Middle East Ltd, a shareholder of Lime Plc), subscribed for the 5,760 new MOL shares which were allocated to Lime Plc.

Among others, the circumstances leading to the above new issuance of shares by MOL, as well as the purported subscription of shares by the Rex Group (and non-subscription by Lime Plc), are contentious.

guys, you need to be objective in this. You can see from the latest announcement that Hibiscus got screwed by Rex. They have been stripping assets from Lime Plc. Even from Rex announcement, they stated that they got repayment from Lime Norway and with that money bought new shares in the Lime Norway restructuring. And the shareholders of Lime Plc(majority controlled by Rex) voted not to participate in the Lime Norway restructuring?? How on earth does one company does "selective" capital repayment to only one shareholder by cancelling shares in only one shareholder???

Hibiscus has a pretty strong case. Notice that they did not sue to stop the share sale but they are suing USD 100 million for "breach of trust and/or breach of fiduciary duty". More than meets the eye here, seems like pure fraud from my point of view.

In any business venture, there is always the possibility of being screwed by your partners, this is perfect example.

expected to be completed. I dont think they have completed everything as they could issue shares worth RM 50 mill which comes up to 500 mill shares(duration 36 months from 1st issue), duration wise they can continue to issue till 2nd Sept 2016. Looked back at their announcement, i think total shareholdings if they issue all the shares would be 751 million shares. I think they still got 200 mill to go...

azta12, i dont think they have completed issuing all the shares that they can and there is no time limit on this

same crap different day, u turn again

actually i have been averaging down, bought some at rm 1.7... Average price i bought now stands at RM 0.80. i have stopped buying and lets just say that i have have accumulated quite a bit. I got no problems holding it as long as it does not go bust, if it does it will be a very painful experience for me.

izoklse, as of now, they got nothing left in Lime unless they start court proceedings to protect the company's interest in Lime. Rex has stripped the assets from Lime(publicly stated) and all Hibiscus are doing is stating that they are waiting for confirmation on the shareholdings. I am still holding to my shares, cant get out now as i was one of the few that bought when it was trading above rm 1, quite painful

looks interesting, i already see flaws in LPN restructuring from the Rex announcement, lets see what happens...

Lime Plc was the qualifying asset for Hibiscus.. if they really got screwed, take Rex to court, stop keeping quiet stating that they are clarifying the shareholding of Lime Norway and Maisarah. Rex has already stated publicly what the shareholding is.. the MD may be good and respected for his technical knowledge but running a PLC is a different ball game. Maybe someone else with experience should be running the company

looks like will test the low of 11 cents soon...

looks like Rex is stripping the assets out of Lime.. does that mean that the USD 55 mill + USD 8 mill capital injection is down the drain? Did anyone ask the management durind the AGM. I wrote an email to HIB asking for clarification about their shareholding before the AGM and i told them that it looks like Rex is stripping assets out of Lime but no reply as yet. Not too sure why HIB has not initiated court proceedings but my worse fears came true...

Opec keeping oil low trying to kill the US shale producers not a very wise move.I believe the shale produces will be able to last longer with low prices as its an OLD field and these guys got no acquisition cost involved.Cant blame OPEC entirely also as why should they limit productions when Russia, S.America & the US Shale produces keep on increasing production.

Be prepared that low oil prices could be here for a long time.

so did anyone here attend the AGM?

yup.. whoever is going should question them. Different if they are generating a profit, besides that, question them also on the striping of assets from Lime Petroleum

something is seriously wrong with the partnership with Rex... they seem to have screwed Hibiscus of Maisarah Oil Field and now getting screwed in Lime Norway too? Based on this release they now claim they own 74.16 stake in Lime Norway. I believe Hibiscus paid USD 55 million for Lime for a 35% stake. http://rex.listedcompany.com/newsroom/20151202_223549_5WH_YHQKX0VOI7H353P8.1.pdf

for a company that has RM 128 million in cash, asking for a cash call now seems weird. proceeds will be to repay rm 200 mill of borrowings which currently stand at RM 2.3 billion and rm 63 mill in working capital

looks like they will have to take REX to court to sort this out as it looks like REX is screwing HIB out of the shareholding in Lime

lol

way too many "experts" in this forum, my source of entertainment in the mornings

HIBISCUS PETROLEUM BERHAD - PRESS RELEASE
INVESTMENT INTO HIBISCUS PETROLEUM BY POLO RESOURCES LIMITED
 Polo Resources to acquire 8.40% Hibiscus Petroleum shares via private placement
 Polo Resources best placed to become a strategic shareholder of Hibiscus Petroleum
Kuala Lumpur, 2 December 2015: Hibiscus Petroleum Berhad (“Hibiscus Petroleum”) is pleased to
announce that it has entered into a placement agreement to issue 90,000,000 new ordinary shares of
RM0.01 each in Hibiscus Petroleum (“Hibiscus Petroleum Shares”) at RM0.235 per Hibiscus Petroleum Share
to Polo Investments Limited, a subsidiary of AIM listed Polo Resources Limited (AIM:POL) (“Polo
Resources”). Upon the completion of the issuance, Polo Resources, via its subsidiary will hold a strategic
8.40% of the enlarged issued share capital of Hibiscus Petroleum.

lost 50% of its share value in nov itself.. very painful

"In the current quarter, the Group recorded higher net gain on foreign exchange by RM21.7 million mainly due to a net positive impact on the Group’s available USD-denominated balances and funds arising from the appreciation of the USD against the Ringgit" . Only good news here is that they are sorting out their cash flow problems with USD 20 million in loan for operating expenditure. They still need to find USD 52 million for the Anasuria Cluster.

as previously mentioned, this counter will never go up if they keep issuing millions of shares at 10 cents..

am certainly not subscribing to their rights, still got some shares there but i dont see the point in selling... just going to ride it out

last year dec was a bad month for ingenco, hope history does not repeat itself

due to reduced current liabilities by rm 25 mill, means they have been paying off their loans and debts...

seems like a rollover from 20th Nov volume...

you need to take things into perspective, even if they find oil today, they will continue to make losses for another 3 years as that's how long it takes for a site to go online.. if you cant take the heat, get out...

i am stuck for the long term, my average down price is 82 cents.. :(

their partner Lundin has got a pretty good success rate of finding oil, 40% to be exact with is pretty good. Fingers crossed.

i dont think there is such thing as free $$, market will adjust itself.. i see it going down to flush people out before going up again.

I am surprised that Hibiscus did not make any public announcement on this, whoever is going for their AGM, pls ask those idiots what happened.

so they got screwed over Lime Petroleum in Oman. I read that the UAE fields are not very promising. They had a chance to subscribe but did not have the $$ to... guess it was a managements call. A bit dumb as it was a proven field.

stay away for a while, looks like selling still not over...

gives you a better understanding of what the other well is currently being drilled is... https://www.lundin-petroleum.com/Documents/ot_co_presentation_e.pdf

i wonder who is dumping the stock, i dont think its the retailers. My suspicion is its one of the shareholders who is getting out.

think in total 500 million shares... RM 50 million of 10 cents.. not too sure how much they have already issued...

issue more shares at 0.10... they are issuing 10 million shares every month. I suggest dont buy this stock until they finish issue all the shares.

prices not as bad as some expected, then again it has already dropped by 40% the last round of margin call.

http://www.asx.com.au/asxpdf/20151110/pdf/432vw3d0fbr614.pdf

3D Oil reported no zones of commercial hydrocarbons were encountered, oh well, the search goes on...

different banks will have different times to sell...Affin sells it at 4pm. If CIMB says they sell in the morning of T4, there is nothing you can do about it.

they did say that the results are expected by the end of the week. Either way, still 50-50, if the results prove the deposits are commercially viable, can rejoice and it would be easier for Hibiscus to source for funding. If not, it will be an uphill battle for them.