Has anyone please got any info on this one? It was supposed to start trading again in July and then August - almost end of August and nothing!

.

iam still holding this company for 6000 worth of shares !! do i stay abit longer with this company?

Morning to anyone interested in SBE. Cracking set of results today and it looks like there could be resolution to the Sibneft dispute. I left this one in February but time to now re-examine I believe.

Any views?

This Russian oily is plunging like a brick.

No support at 400p. Expect SBE to reach 250p as oil price and demand are low

238p currently. Looks like it would go below 200p as oil price going down towards $65 soon

Unbelievable now less than 40p.

Corruption of the first degree...shareholders are suffering just to cover Chigirinsky's losses.



Sibir market value halves on real estate buy
AFX


By Dmitry Zhdannikov and Gleb Bryanski

MOSCOW, Dec 3 (Reuters) - The market value of London-listed Sibir Energy halved on Wednesday after the Russian oil firm said it would buy more distressed real estate assets from its key owner for $340 million in cash and debt.

Sibir had already outraged minority shareholders when it said in October it would buy some $157 million worth of real estate from its key owner, Russian businessman Shalva Chigirinsky, in a clear departure from its core oil business.

The new deal foresees the purchase of various real estate assets including Russia Tower, a 6OO-metre (1,970 foot) steel-and-glass symbol of new Russian wealth designed by Norman Foster to be Europe's tallest building, which was halted last month due to a lack of funding.

'This is a corporate scandal of the first class,' said Carl Merling, CEO of Swedish hedge fund Emeralt Investments, which has a big exposure to Russia but holds no Sibir shares.

'It is difficult in such a situation not to be negative towards Russian small caps with majority owners like Chigirinsky. When such things happen there is no mechanism for minority shareholders to protect their rights,' he said.

Sibir asked the shareholders to approve the purchase of additional real estate assets from Chigirinsky, spelt Tchigirinski by the company, at a general meeting on Dec. 18.

'Difficult times call for uncomfortable decisions to be made,' Sibir Chief Executive Henry Cameron said in a statement.

'Doing business in Russia has never been for the faint-hearted and sometimes requires difficult calls in the boardroom,' he added.

The company said the global financial crisis and consequential drop in share values have had 'a domino effect' on Chigirinsky's financial position.

Chigirinsky and his partner Igor Kesayev control 47 percent of Sibir and the government of Moscow owns another 18 percent.

The company produces oil in West Siberia and has a refinery and a petrol station network in Moscow.

Most of the projects that Sibir will acquire from Chigirinsky have been put on ice like many other real estate developments in Russia. Heavily indebted developers have been among the worst hit by the global liquidity squeeze.

The company said it will nevertheless have to spend $128 million on limited development and studies of some of the projects, including New Holland and Passage in St Petersburg, thus taking the sum of Sibir's support to $625 million.

Sibir had a net profit of $238.5 million in the first half of 2008.

Sibir has earlier denied reports that Chigirinsky and Kesayev could lose their stakes in the company after local media reported the businessmen were facing margin calls after putting their stakes in Sibir as collateral against bank loans.

'As the preservation of the company's shareholder structure was paramount, the board of Sibir has concluded that the company must take over the bulk of Mr Tchigirinski's remaining real estate business,' the company said on Wednesday.

Sibir said in a separate statement its finance director and member of the board, Alexander Betsky, resigned on Tuesday.

At 1050 GMT, Sibir was trading at 45.025 pence, down 55 percent on the day.

that is absolutely outrageous, but probably technically allowed under the company's mem and arts ..... that being so, there is bugger all anyone can do .... interestingly, sp is up a bit this morning, but surely not for long

am also amazed to see that the spread is just 0.25p

Well you got your rebound cynic.

SBE won't last long...investors are keeping away from such crooks.

nor does it deserve to, though i see sp jumped 11p yesterday

Dead cat bounce

53/53.5 this morning, so up a tad again ..... can't really disagree with you, and shall be sorely tempted to short shortly - well within the next few days anyway - if that proves possible

strange happenings at SBE this morning ..... up another 9p ..... shall avoid doing anything as it all looks too manipulated for comfort

updated at 11:52 - now +12p

Not bad a 50% since Thursday dont get many of them do you..rises that is.

shan't touch them

share performance has been quite extraordinary ..... shall watch out of curiosity but sure as hell wouldn't touch with my money, or what's left of it

Sibir Energy suspended after 210m discrepancy revealed - MoneyAM


Sibir Energy says its main shareholder Chalva Tchigirinski owes it $210m more than the company revealed in two recent circulars to shareholders.

Trading in the shares has been suspended at the company's request.

Sibir says its nomad, Strand Partners, was informed late yesterday that 'various Tchigirinski interests are currently indebted to Sibir in an amount of approximately $325 million and not approximately $115 million as set out in the latest circular'.

The company had previously announced that Tchigirinski was to repay $115.4 million advanced to help him avoid margin calls on bank loans secured against Sibir shares.

The money was advanced as partial payment for the purchase of two properties in Mr Tchigirinski's real estate portfolio, the Sovietsky Hotel and New Sovietskaya. Sibir said this had averted 'a sudden and uncontrolled change to Sibir's shareholder structure'.

However, the arrangement was called off after Sibir's major Russian shareholders asked the board not to proceed with resolutions related to real estate. Tchigirinski had undertaken to sell the properties and repay the debt 'as soon as reasonably practicable'.

The company's board would 'now assess the effect of this increase in the indebtedness on Sibir's ability to recover the indebtedness and the consequent impact on Sibir's financial position'.

It says that along with the major Russian shareholders who control approximately 67% of its share capital, it will conduct an enquiry into how the errors happened and make a full statement as soon as possible.

A general meeting scheduled for 27 February has been postponed until further notice.