After supporting Petrolatina for many years through good and bad times I'm very annoyed to hear that they are now offering 19.5p per share to buy back. This will leave me with a huge loss.
I'm prepared to join others to fight this in court. Anyone interested ?
Looking at the current shareholdings of the two major shareholders, they already hold just over 75%, which is the required mandate to carry the action.
From Notice of General Meeting
In accordance with Rule 41 of the AIM Rules, the Company has notified the London Stock Exchange of the proposed De-listing. This notice is conditional upon not less than 75 per cent. of votes cast by Shareholders (in person or by proxy) at the General Meeting voting in favour of the Resolutions. Subject to requisite Shareholder approval, the De-listing is expected to become effective from 7.00 a.m. on 16 March 2012.
From last RSS
Following the abovementioned purchases: (i) the Tribeca Group is now collectively interested, in aggregate, in 77,702,258 Ordinary Shares representing approximately 63.89 per cent. of the Company's issued ordinary share capital, and (ii) the JCR Group is now collectively interested, in aggregate, in 13,651,144 Ordinary Shares, representing approximately 11.22 per cent. of the Company's issued ordinary share capital. Accordingly, the Tribeca Group and the JCR Group now collectively represent, in aggregate, approximately 75.11 per cent. of the Company's issued ordinary share capital. In addition, the Tribeca Group holds warrants over a further 32,308 Ordinary Shares and the JCR Group holds options over a further 1,000,000 Ordinary Shares.
In view of this, I find it difficult to see how any sort of court action would be successful. Unless the company is trying to mislead us in anyway.
I have not looked into their Articles of Association, or other company registration documents, so if anyone has deeper knowledge i would be interested to hear from them.
