Without checking back to post it exact, ron stated something along the lines that the bods would be partaking in the rights, I don't recall them taking the full entitlement and as you say some none, in particular our cornerstone investor. NONE. If I recall ron didn't take his full entitlement, sure span will correct me if I'm wrong, I'm getting old and brain overloaded with this one and all the boolicks I've seen since investing here. But from memory rons part was pittance from his salary to take up in full.
We always have to live in hope that theories of things being destructed by those enjoying wealth from it along the way to the millions and intentions for the future, could never be possible and that we must have faith in the bods of shares that we are invested in are working for our benefit and telling us the true score all through. If we lose they will be gutted that we lost. But what do they ever lose, what did these ones actually buy more to the point. and would any seen loss ever reach 1% of salaried , rewarded gains and the gains that we would never even get close to knowing, with nominees cfd's and future reward in another entity
I think we have all had that same thought over and over again. I've heard many say that the whole thing is like legalised embezzlement and undetected corruption (not simply just aims) but I couldn't agree with that because I believe that scrutiny and legal teams are constantly monitoring evry book and every deal and every trade, especially from offshore accounts and nominees etc, So I feel that's all conspiracy theories. Boy you should have followed what went down with afr. but that was all in the best interests off shareholders I believe, rather than even put the seplat offer for shareholders to vote upon.
I heard people say that bhandari and watts are great buddies, and well connected across the network in india and that thee pair of them are as bent as two bob bits. I of course could not agree with that because despite bhandari and watts having had their fingers in this longer than ron and others, that would mean that they have all colluded for eventual gain and great rides of wealth along the way and that would surely be illegal and somehow detected wouldn't it? people also say that it all could have been worked behind closed doors, I cant agree with that either as that surely would be governed in india wouldn't it? No its just probably bad luck with timings and inexperience of bods. As for bhandari and watts come to that, why would they buy rights or support a zeta deal? they must have had better ideas of raising money for drills hence return on their investments Ihl spud (ot the non exec) and magna.
The writing was possibly plain to see.. Bhandari never taking opportunity of rights issues.. never buying shares when other Directors did. Not too sure, without sifting back, how he managed to get 860,000 of the buggers to start with but my guess is he never put his hand in his pocket.
I'm somewhat concerned that Saloman has been parachuted in by Max and Ron to feed at the gravy trough as his appointment seems rather swift. Anyways.. 3 days to go ... guess the natives will be circling the wagons..
one of which that bhandari and watts/magna, have had this in the incubator for 5 to 10 yrs. Many people state that magna will be peed of by their loss here Fact, magna raised over 5 million by way of their own share issue and ended with a balance sheet of their initial investment. Basically, somehow that leaves that values their 10% shares in oilex their only recorded investment at around 4.7p per share, backed by a bottom line statement that any purchase of magna would be in excess of 6 or 7 million, cant remember exact but that's the true jist of it. Should, and its a big should, what better way for watts/magna along with a past pal on board would there be than to destroy it together. then pick it off, even if years down the line making a success of it as they did with command. where guess who was also on the board. Hope that is a million miles away conspiracy theory, but mega millions talk and those already having them talk the best deals and make more of them.
And I doubt we will ever know the full or real truth whether it comes out good or bad. But if you look at everything we have heard Magna partakes in neither sp or voting for zeta (how else would their investment lol, procure without money for drills) Magna gets backed with 250 million with a further 250million committed, announcing its intention to invest in india. zeta wanted 5 months to pay not 3 Just prior to agm, election voting, and the 3 months not 5 for zeta to pay, news comes out regards zeta and gspc at the same time. Hugely coincidental timing I think
Thank you for that summary, so am I correct in concluding the following;
1) Zeta have always been 'reluctant' to pay cash due to Oilex? 2) The case with Zeta revolves around the due-diligence that they would have undertaken and whether or not they were deceived with regards to the position of other partners?
The evidence that Zeta will have submitted presumably is anecdotal, as I have absolutely no doubt that any balance sheet or accounts provided to Zeta at the time would have included gspc as a debtor. From this perspective, Oilex will have a very good case as Oilex cannot be held responsible for any deficiency in the quality of Zeta's due diligence process.
The joker in the pack is the communication from the directors. The fact that there have been changes in this area is possibly the biggest concern as it might suggest that there was communication at this level that influenced Zeta's decision.
Clearly this is not what Oilex needs, nor any company, however I would not conclude that they are at fault simply by the facts that I have seen. What is the consensus of opinion here?
Bhandari stated that he would not stand for re election after gspc info came to light and zeta's intentions regerds it. Bhandari ( iwont express my views on him) Was non exec here and director / shareholder of his ihl, ihl being oilex's advisory agent and possibly advisor to many others. he was supposedly the main main for our dealings in india. Bhandari either knew all that was to transpire with gspc prior to his departure. but mho is so did many others along side him. Possibly this was on the table since 77 was completed or even prior
Are claiming they made their investment and deal of such on the strength of gspc as a solid partner. They now claim that at the time of such deal that they were not fully informed regards the state of play with gspc. They are requesting that any further payment of the above be void and along with that they want compensating. Whether they have a case is uncertain. a comment I also keep making is that they initially wanted / needed 5 months for the second tranche and only 3 were authorised (yes they have filed to court but this is aims) Regards gspc / zeta . gspc are behind on certain cash callsa, and owe us over $7million, how much of that is default? But the main question is, was it default or hidden when zeta signed. What also happens if zeta are ordered to pay (getting their 5months lol) and still refuse. Next point. whilst its possibly this destruction has been a long awaited plan, but if gspc are not going to fund, and whether zeta pay or not, where are we going to get money for further drills. Someone to the rescue, or all retrace yet again and we are back to normal.
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