Providence Resources-Shareholder Rights.

Does anyone know of an IRISH shareholders association for shareholders who invest in Irish companies?
There is sharesoc and uksa.org.uk and shareholders associations in England,shareholder associationsin Denmark,Sweden,Germany,and other European countries.

I would lose 90% of life savings investment in Providence Resources if cashed out now-1st Jan 2014.
CEO executive renumeration is 500,000k per annum,10 k per week.

Is anyone interested coming together here on this board or does anyone know of existence of Irish organisation to fight for shareholders rights?

Thanks

Hi ShareAction

Best of luck with your campaign.

I would lose 90% of life savings investment in Providence Resources if cashed out now-1st Jan 2014.

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You should never have put 90% of your wealth in one highly speculative company.

I don't think that there is a group such as you suggest. However, the guys in the Irish ProShare Association might know.

You could contact the UK groups and ask if they would circulate Irish members on your behalf.

You have the right to view the share register of any public company. So why not contact Providence and get the names and addresses of maybe 100 or so shareholders close to where you live and try to set up a meeting.

Well,thanks for replyingI will certainly follow up 2 things unknown to me and what you have kindly provided.
Believe you me,I know better than anyone my mistake,I'm suffering dreadfully from it.
What distresses me is the guff(polite word)that is continually churned out by this company.
What's often promised is just not delivered.

WHY is Ireland ALWAYS backward in having(e.g.its own shareholder rights association(s)?
We copy others(sometimes) but never lead.
I will return to subject soon,thank you very much.
Happy New Year to all!

As a small country, we don't have many individual shareholders. Most probably realise that there isn't much that they can do as most of the companies are dominated by the institutional shareholders.

While I commend your efforts to set up a shareholders' group, you might be better running a media campaign. Of course, you could do both.

Brendan

I invested quite a lot of money back in the early 1980's in various oil companies. Some of these were run by family dynasties. History is just repeating itself. The share price is hyped by stories in the news, radio, shareholders meetings, glossy brochures etc There are numerous rights issues, then share consolidations, various bits/acreage is then sold off to other, supposedly at arms length companies. At some point even the name of the company is changed. At the end of the day the ordinary is lucky enough if they even know the number of shares that they own in the company, let alone the name of the company. A couple of years back I went to an AGM of the named company in the Hilton Hotel. The only thing that was missing were the cheerleaders parading up and down the aisles. At the meeting I turned to my wife and said that I would love to see the share register of this company to see who is SELLING their shares amid the hype.
Yes it's all about large salaries, expenses, exotic trips, tax write offs for the few on the backs of the fools that listen to this crap.
As I say it all happened 30 years ago......Atlantic resources share certs for sale....anyone?

"Yes it's all about large salaries, expenses, exotic trips, tax write offs for the few on the backs of the fools that listen to this crap."

It is indeed,that's what it's all about.
30% of FTSE are ordinary Joes(Retail Investors),in Ireland I don't know percentage but they haven't a chance of preventing shortchanging of investors.
In 1 deal alone,Providence Resources paid 110m US dollars for Singleton oilfield and sold it for 66m US dollars couple years later,a loss of nearly 50m US dollars.INCREDIBLE!
There are MORE such disasters.We hear constantly of "Jam" tomorrow.
Yet CEO gets 500,000 k per year,10 k per month and I can do NOTHING about it.
My family are physically sickened.

All I seek is decency and fairness.I am an ordinary (impoverished)Joe.
I will keep posting and thank you for reading.
ANY advice appreciated.

ShareAction said:

In 1 deal alone,Providence Resources paid 110m US dollars for Singleton oilfield and sold it for 66m US dollars couple years later,a loss of nearly 50m US dollars.INCREDIBLE!
.

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ShareAction

There is nothing at all incredible about this. Investing in oil is a highly speculative activity. This could have turned out to be a hugely successful investment.

You should look at investing in blue chip shares which pay dividends if you can't handle the volatility of oil exploration and development.

You can always speak out at AGM. You will at least be heard by all in attendance and if you're lucky, it might make the business pages the following day.

I would have to agree with Brendan though. If you'd lose 90% of your savings by selling now, then you have invested way too much in the one company.

Anyone know difference between "nominee account" with stockbroker and personal CREST account?I think many have a nominee account like me and are unaware like me that they are not members of companies they have actually bought shares in.
This means they do not have rights/protections afforded under company Law,they cannot attend AGMs,receive annual reports or shareholder perks unless they take action to dematerialise their electronic holdings into(totally impractical/costly)paper certs.
You'd need to be a genius to figure it all out/understand it which is to advantage of company which is badly managed/has excessive and bumper pay for its execs.
I dont even claim to understand aforementioned on nominee/crest accounts.
Any one who can throw some light to help?