Register
Login:
Share:
Email Facebook Twitter


EXCLUSIVE: #COPL to announce a service provider agreement 'within a month'
EXCLUSIVE: Leo Koot outlines his buy and build/organic growth strategy for Columbus


San Leon Share Chat (SLE)



Share Price: 21.80Bid: 20.90Ask: 21.80Change: 0.75 (+3.56%)Riser - San Leon
Spread: 0.90Spread as %: 4.31%Open: 22.00High: 22.00Low: 21.80Yesterday’s Close: 21.05


Share Discussion for San Leon


Thread View

Please login or register to post a message on Share Chat.

Posts per page:

frus
Posts: 2,113
Opinion:No Opinion
Price:21.80
.
Today 11:30
Sunbust Oil Asks Court to Restrain San Leon Energy, Six Others from Parading Selves as Shareholders Ejlofor AUke respondent, Midwestern Oil Mining Lease (OML) 18, Suntrust Oil further alleged
Suntrust Oil Company N"Jgeria limited has asked a Federal High Co~ in Lagos to ~e a restraining order against San Leon Energy Plc and six other respondents in respect of the ownership of the third respoodent, Martwestem Fragy limited. Apart from San Leon Energy, which is tre first respoodent, the six other defendants in the suit number IHC/L/CS/?93/2018 are Midweslmt Leon Petroleum limited, Martwestern Energy limited, Midwestern Oil and Gas Company limited, Mart Resoun:es Inc; Minister of Petroleum Resoun:es and the Corporate Affairs Commission (CAC). . In the motion on notice dated May 22, 2018 and issued on behalf of Suntrust Oil by a Senior AdvOC<tle of Nigeria (SAN), Fidelis . Oditah, the plaintiff is seeking arnrng other reliefs "an ooJer ci interlocuta:y injuroioo. restraining tre sarod
Leon, from parading itself San Leon Energy Plc began that none of the sale shares as a shareholder of the third acquiring direct and indirect was offered to it whether respondent, Martwestem Leon,. inlEre;ts in~ Fn!rgy's pursuant to Clause 11 of the or exercising any shareholder shareholding from Man:h 2016, shareholders agreement or right until the hearing and axrtrary to ihe November 2013 otherwise, adding also that final determination of these ~ agreenm ~ at no point did it waive its proceedings." tre plaintiff, Martwestem.Fregy, right of first refusal Suntrust Oil also wants Midwestern ' ()jl, and Mart In its claim, the plaintiff is "an order of interlocutory Resoun:es Inc. · :' · seeking 18 reliefs, including "a injunction restraining the ''To achieVe its aim. San Leon declaration that by virtue of third respondent from paying Energy and Midwestern Oil Clause 11.1 of the shareholders to the third defendant and/ and Gas formed Midwestern agreement dated November or the first defendant, San Leon Petroleum limited as 2013 between the plaintiff Leon Energy, any dividends/ a special purpose vehicle to and the third, fourth and fifth distributions or transfers of acquire and restore the entire defendants, no shareholder money howsoever described, shareholding in tre Martwestem has the right to sell or transfer including without limitation, Fnergy outside the framework or otherwise dispose of all or any purported repayment of ci tre shareholdets' agreement,." any part of its shareholding capital or payment of interest Suntrust Oil alleged. in the third defendant unless in respect ci any purpot1ed drot The plaintiff also tcld tre oourt and until the shareholder first instrument to the first and/ or that Midwestern Oil and Mart gives the other shareholders second respondent and/ or Resoun:es Inc. transferred all a right of first refusal to their agents, nominees and/ or their~, four millkn buy such shares evidenced privies until the final hearing shares each, to Martwes
 
bluerill
Posts: 63
Opinion:No Opinion
Price:21.80
RE: Bet
Today 11:23
counter-offer: why doesn't everyone on this board - from the informed to the benighted - who have at least attempted to engage on one topic or another and risk the attendant criticism and even mockery, fart into a bag and gift to your patronising self?
Brotherseven
Posts: 1,096
Opinion:No Opinion
Price:21.80
RE: Bet
Today 11:22
Shorts always win here .Lol
fracker
Posts: 188
Opinion:No Opinion
Price:21.80
Bet
Today 11:03
Why don’t we all put £100 pounds into a fund and have a bet on who can predict most accurately the time when fund goes below 20p.
Winner gets all.
bluerill
Posts: 63
Opinion:No Opinion
Price:21.80
RE: Minor Detail?
Today 10:20
um, you're getting a bit muddled, blackswan. Point 1. sle have provided that their clear legal advice was/remains that because the share transfer was on an INDIRECT share of the asset (basically affording the owner an ECONOMIC share in the returns from that asset rather an a direct EQUITY ownership), that NO permission was required or sought.. That remains the prevailing view; and 2. if it had been sought, it was Suntrust and not sle, that would have been required to do so. In effect therefore, ST are busting themselves, which on its face is ridiculous, and not the actions of a serious complainant, rather someone trying to undo a transaction they now regret.
quelfromage1
Posts: 537
Opinion:No Opinion
Price:21.80
RE: Minor Detail?
Today 10:14
BlackSwan
"consent to transfer shares was never made by SLE as simple as that"
Nobody said that it was!

I know what SLE have said.
The DPR letter says it's the Assignor's responsibility to obtain consent from the ministry - which implies that it was ST's omission, not SLE's.

Overall, I think we agree !

QF
BlackSwan
Posts: 768
Opinion:Buy
Price:21.80
RE: Minor Detail?
Today 09:13
Jeez - how many times must this be posted - consent to transfer shares was never made by SLE as simple as that - SLE claim that because of the nature of the business dealing it wasn't required - let's hope retrospective approval can be obtained if in fact it is required despite Suntrust determination at this late stage to follow through with trying to block the entire proceedings - a case of bitter loser syndrome combined with bank pressure to repay loans maybe.

http://suntrustoil.com/file/2018/05/DPR-LETTER-TO-MARTWESTERN-ENERGY-LTD.pdf

Surely Suntrust actions of transferring share to SLE makes them as responsible before the law if not more so than SLE - let the legal battles begin.
Alaric
Posts: 89
Opinion:No Opinion
Price:21.80
RE: Minor Detail?
Today 08:48
just before I dive out for the day....on the face of things QF, that would appear to be correct. think the one party who definitely isn't the assignor is us. so we can begin to see the unhealthy circularity of the evidence and circumstances of Sun Trust's case. 2 years after these events took place (or didn't as the case may be) Sun Trust appear essentially to be asking a court to have sympathy for the fact that they are now losers. and this in circumstances where they willingly and on legal advice transferred their shares in Martwestern for a stated consideration (cash and shares in San Leon) all written in formal legal documentation signed by them. and one of the principal strands they appear to rely on is that they failed to apply or to at least join in the application for consent to such assignment from the statutory authorities at the time. their retrospectively fitted construct on all this may be seen therefore as inherently distasteful. does that matter legally? will return later on why, particularly in injunction proceedings, the merits of a case matter very much indeed.
quelfromage1
Posts: 537
Opinion:No Opinion
Price:21.05
RE: Minor Detail?
Today 07:27
The assignor is ST ... And as stated in the DPR letter it is the assignor who should apply for ministerial consent.
Alaric
Posts: 89
Opinion:No Opinion
Price:21.05
RE: Minor Detail?
Today 06:55
this is what junkie advised us all back on 21 May:
'Re-reading DPR's letter to Suntrust, it does state that the Assignor (in this case SLE) is the party to gain ministerial consent. It doesn't mention getting agreement of the Assignee (SunTrust) . Good news but does beg the question why SLE didn't just retrospectively look for consent as soon as SunTrust started their antics?? Judiciaries anywhere, not just Nigeria, don't take kindly to avoidance of legal procedure.'
More later from me when I get back but in meantime perhaps you can look at this and spot what may be badly wrong and what might be right in his statements?
quelfromage1
Posts: 537
Opinion:No Opinion
Price:20.50
RE: Deutsche has SLE up for 405p
Mon 19:16
I guess they are happy with the 5.96% drop ...
SkullBone
Posts: 66
Opinion:No Opinion
Price:21.05
RE: Deutsche has SLE up for 405p
Mon 19:05
Thanks it’s nice to get normal conversations going on here without the usual “team ramp it up” and everything is negative about about SLE yet I don’t own many shares anyhow brigade..
quelfromage1
Posts: 537
Opinion:No Opinion
Price:20.50
RE: Deutsche has SLE up for 405p
Mon 18:48
I suspect this is the target price for US ADRs which are a bundle of 5 shares traded in the US:
"After the Share Capital Reorganisation, the ADR ratio was adjusted such that each ADR now represents 5 San Leon ordinary shares."

http://www.sanleonenergy.com/investors/shareholder-information/adr.aspx

81p for a standard ordinary share seems a more reasonable target.

QF
Alaric
Posts: 89
Opinion:No Opinion
Price:20.50
RE: Minor Detail?
Mon 18:48
...really don't have time to go through all this garbage again and i wish some others for once bothered to do some elementary homework before spouting out the first childlike thoughts they have on re-seeing another of the many 'evidence' leaks that Sun Trust has seen fit to spew out, as it vainly attempts to keep afloat its badly listing case, even before it gets to any kind of a hearing. (this ship has so many holes in it, it will frankly be lucky to get to port). talk about prejudicial engineering and btw typically courts do not warm to claimants who indulge in this kind of inappropriate behaviour. nor do they typically see merit in claimants who cry foul in circumstances in which the claimants were themselves key, willing and, at the time profiting, participants in the alleged foul. so you may just have spotted a circularity in the correspondence that Sun Trust has conjured out of DPR on this current topic ? ok i will spell it out : it was entirely instigated by Sun Trust, even though at least some of the supposedly illegal share transfers were their own. For the moment though let us at least remember, in the interests of balance, what our company had to say on this subject a couple of months back:

'San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, has been provided with a copy of correspondence between SunTrust Oil (“SunTrust”) and the Nigerian Department of Petroleum Resources (“DPR”). The correspondence relates to a requirement under Nigerian law for the Minister of Petroleum Resources to consent to any assignment of interests in oil and gas assets in Nigeria and the fact that such consent was not obtained prior to the purchase by the Company of its indirect interest in OML 18.

San Leon obtained legal advice prior to the purchase which confirmed that, owing to the way that the transaction was structured (and specifically the nature of its indirect interest in OML 18), it was not necessary for Eroton to obtain prior consent from the Minister. Furthermore, San Leon and its partners have today re-confirmed with their legal advisers that this position is correct and the DPR will be notified accordingly.

As previously announced, the Company remains of the view that the purported allegations by SunTrust are without any foundation or merit. The Company will provide further updates in due course.'

More tomorrow if I have the energy and anyway suspect that's enough for fragile intellects tonight. Ps for junkie, we can also revisit the important subject of 'assignment', with which you have historically struggled , so that should be fun!
SkullBone
Posts: 66
Opinion:No Opinion
Price:21.05
RE: Deutsche has SLE up for 405p
Mon 17:59
https://enbulletin.com/2018/08/13/equity-analysts-at-deutsche-kept-their-buy-rating-for-san-leon-energy-lonsle-the-pt-is-set-to-gbx-405-00-marshall-wace-llp-has-trimmed-bank-of-america-bac-holding/

Deutsche’s target would suggest a potential upside of 1,875.61% from the company’s stock close price.. wonder why they still think this price?
Callasjunkie
Posts: 344
Opinion:No Opinion
Price:20.50
RE: Minor Detail?
Mon 16:36
No, not SunTrust nonsense........if it is nonsense it's official Nigerian Government nonsense (which I concede is not unknown!). Illegality mentioned in two separate letters on official DPR letterhead (so unless someone at SunTrust wants to go to jail, it's not a forgery and not fake news, as some on this board would have us believe.
Jacko91
Posts: 7
Opinion:No Opinion
Price:20.50
RE: Minor Detail?
Mon 16:32
And as we often know with legal opinion, sometimes it's wrong and hence why it gets challenged and goes to court to be settled. I hope Alaric that you are right and this problem is legally unfounded and vaporises quickly, otherwise there will be more legal expenses and a dragged out, not to any shareholders benefit.
BlackSwan
Posts: 768
Opinion:Buy
Price:20.50
Ref my post 29 May DPR/Martwestern
Mon 16:09
Ref my post 29 May concerning approval for transfer of shares in a Nigerian entity- I thought Suntrust were hiding so to speak behind the fact that the DPR had not given the approval for the transfer of shares to SLE so any transfers that have taken place were null and void -

http://suntrustoil.com/file/2018/05/DPR-LETTER-TO-MARTWESTERN-ENERGY-LTD.pdf

and that was the crux of the matter here - or am I out of date amongst all the legal discussion going on here Thanks?
Alaric
Posts: 89
Opinion:No Opinion
Price:20.50
RE: Minor Detail?
Mon 15:33
CJ - this subject has had lots of airtime already as you know. another bit of Sun Trust nonsense. will explain more
later. In the meantime maybe ponder how smart a move it is to enjoin a Govt department in proceedings in attempt to restrain them from exercising their statutory powers?
BlackSwan
Posts: 768
Opinion:Buy
Price:20.50
Deutsche has SLE up for 405p
Mon 15:25
Rumours posted by a venerable source - no prizes for guessing who - have Deutsch posting SLE a buy at 405p - it makes one feel good for a nanosec.
quelfromage1
Posts: 537
Opinion:No Opinion
Price:20.50
RE: Minor Detail?
Mon 14:56
CJ Yes but the defendants legal team reponse is that the transaction didn't require permission ... so somebody is wrong.
QF
Callasjunkie
Posts: 344
Opinion:No Opinion
Price:20.50
Minor Detail?
Mon 14:39
Whilst I'm on record as saying that SunTrust's action is very questionable given the time lapse from the original transaction, something that all contributors, pro and con SLE are ignoring is the not inconsiderable detail that the Nigerian Department of Resources has deemed the share transfer between SLE and SunTrust to be illegal as not in accordance with Nigerial law.

http://suntrustoil.com/file/2018/05/DEPARTMENT-OF-PETROLEUM-RESOURCES-NIGERIA-OIL-INDUSTRY-REGULATOR-%E2%80%93-POSITION-REGARDING-THE-SAN-LEON-V-SUNTRUST-MATTER-1.pdf

http://suntrustoil.com/file/2018/05/DPR-LETTER-TO-MARTWESTERN-ENERGY-LTD.pdf

What is particularly interesting is that the Minister for Petroleum, to whom the DPR reports, has been enjoined as a Defendant in SunTrust's action. You couldn't make it up!

OF would surely have had a successful career in the entertainment industry.
Alaric
Posts: 89
Opinion:No Opinion
Price:20.50
RE: Suntrust Oil Injunction Doc Nigeria
Mon 14:26
Thanks QF for your kind comments. Am not pretending this wasn't a complex reconstruct of the beneficial ownership rights in OML18 but maybe i've been a bit more used to seeing complicated contractual structures in my work. what I object to is inference by some that complex somehow suggests dodgy or legal oversight. in my experience on deals where 100s of millions of dollars are being injected by a fund, ( here initially Tosca) the legal stress testing is significant and expensive: it has to be otherwise the lawyers get sued. for Sun Trust's arguments to hold good, the legal teams for all the parties involved wouldnt just have been naive, they would have had to have been asleep at the wheel after a big night out on the town! yep we need to get shot of this now sooner than later.
quelfromage1
Posts: 537
Opinion:No Opinion
Price:20.50
RE: broker rating
Mon 13:39
Mmm, you know it makes sense!
SkullBone
Posts: 66
Opinion:Buy
Price:20.50
broker rating
Mon 13:34
I haven't seen a new broker rating in a while..... seems new but with an old figure???

13-Aug-18 Deutsche Buy 415.00 405.00 Reiteration




Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.