Timan Oil & Gas still in talks to reverse asset transfer
24 November 2009
Troubled oil company Timan Oil & Gas gave its investors a modicum of hope today that its many and varying problems could be resolved and that it may finally get itself back on track.
Following the departure on October 21 of its AIM nominated advisor, Strand Hanson, Timan is now understood to be in talks with a new advisor, but any agreement will rely on the company reversing a bizarre series of incidents over the summer that left it without its main assets.
Problems at Timan started in June when the company’s shares were suspended after it failed to post its 2008 accounts. That was exacerbated by confusion over a funding deal with Russian businessman Timur Kuanyshev and his Kamanisk Holdings vehicle.
Meanwhile, Timan’s CEO Alexander Kapalin defaulted on a loan to London Evening Standard owner Alexander Lebedev, which led to the to Russian oligarch seizing Kapalin’s shares in Timan.
In a final twist, and shortly before Lebedev acted, a collection of Timan’s assets in Russia were re-registered by Kapalin under another company: Kaminsk. Since the end of August a newly-elected Timan board has being trying to negotiate with Kapalin to reverse the transfer of assets.
Today, the company said those negotiations were still ongoing, as were talks over new funding. It said it hoped to have resolved the discussions by December 9, although any deal was likely to require shareholder approval.
Before any resumption of trading on AIM Timan will need to post its accounts for the year to December 31, 2008 and its interim results for the six months to June 30, 2009.
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