JKX - wah gwaan?

[BobGe]

London main market listed JKX https://www.jkx.co.uk/ has been living through some interesting times recently. Operating in Ukraine and Russia the old guard at JKX spent quite a lot of time and money trying to block voting from their major shareholder Eclairs as they feared there was a concert party intent on acting against their interests and trying to aquire the company by stealth. JKX came under the scrutiny of various authorities in Ukraine with associated legal disputes. Eclairs raised their case to the Supreme Court in UK and JKX lost. A Russian outfit, Proxima, built up a 20% holding and ousted the old guard on the basis of sorting out relationships and getting things back in order. It was reported that, defeated, the old guard quickly delved into the cash box and ran out of the back door. Eclairs continued their attempts to stir things eventually getting their own man on the board whilst various directors came and went, being appointed then dismissed. After a couple of years Proxima cashed out, divesting their holding to Cascade another Ukrainian outfit. JKX had been doing quite well lately on the back of higher gas prices, better production outcomes and reducing local hassle in Ukraine. Then at the recent AGM (23rd May) the chairman and a senior non-exec were voted off the board, an insider was voted on and shortly after two further NEDs stood down.
https://www.jkx.co.uk/investor-centre
Yesterday there was a bit of a sell of, perhaps due to some badly phrased (and maybe poorly informed) journalism floating around the twittersphere over the long weekend which mentioned the possibility of a delisting, although the actual inference was one of a merger and subsequent delisting. Although the s/p fell throughout the day, someone appeared to be interested in buying.

A little colour:
https://www.telegraph.co.uk/business/20 ... ay-merger/
https://www.telegraph.co.uk/business/20 ... nter-coup/
https://www.telegraph.co.uk/business/20 ... two-years/
https://www.telegraph.co.uk/business/20 ... vate-army/

[johnhemming]

recently.

They have had "interesting" times since at least the early 2000s.

[BobGe]

Wryly so. Any view as to how things might progress?