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PS now the surety of costs blocking option has been removed it makes it more likely that the Slovenians will look to do a deal prior to court.
Doesn't mean that a deal can be done though.
DYOR
In broad terms it’s a ‘no win, no fee’ insurance cover…….. the insurance co. covers most of AST’s legal costs in return for a percentage of a winning claim. So, as has been stated before, this is a positive for AST as the insurance co. considers AST has a decent case and the insurance co. has calculated it’s a risk worth taking.
This will rocket once news gets out
The RNS is pretty vague in hows its worded.
Is this ATE insurance going to cover a payout of the potential €656.5 million if AST lose the case? (i highly doubt this)
Or is it simply there to cover the legal costs of this claim incurred by AST in the event of an unsuccessful claim?
And in the event of a successful claim they take a nice % for their efforts obviously.
Unimaginative,
as pointed several times over a few months by another poster: one way for the Slovenians to defeat AST's case is to ask for surety of costs. When AST failed to come up with the surety then the Slovenia would ask the court to dismiss the case.
That risk has now been taken away because the ATE Insurance will bond the surety.
You can only get the ATE Insurance when your final case has been submitted to the court, which AST did in July. Obviously, based on what they have seen, the insurer has accepted the risk.
IMHO very good news for AST: it means a bunch of people have looked at the case and think it has merit. It doesn't mean that AST will win but it does give a degree of reassurance.
DYOR
Let's hope that investors see some of any awarded compensation. I don't trust this BOD - I'm sure they'll find some way of investing it into another pipe dream in order to maintain their lifestyles!!
For a fee, this late in the game it will be a substantial fee. If they thought they were going to win why get the insurance. What risk are they mitigating? Or is it in case they are requested to prove that they can pay in the event of a loss. I'm unsure whether it's positive, negative or meh.
Very good news.
ATE insurance means another party has looked at the claim and taken a favourable view.
DYOR
Enyo Law the next to get shafted!
A quick observation on a poster from the Corcel Energy Board...
"I was looking to get in here as soon as Parsons went!"
speaks volumes that things have taken a turn for the better quite swiftly there since Mr Parsons was moved aside and a new boss was installed who actually wants to make things happen!!
Echo Energy still can't publish their accounts despite having several accountants including JP on the Board!!
If Parsons & Dennan would move on in my opinion AST's share price would increase overnight!
check out his tenureship at sound energy!!! waxed lyrical of golden tickets!!he couldn't lie straight in bed!!! absolute disaster ensued and still does....as he walked away minted into echo energy, same again.
he epitomises everything that is wrong with aim . playground for bull****ters and conmen.he must really think he's chocolate and everyone else is a fool.
well i learned hard way buy i won't let this ****house dance between the raindrops!!!!
Can you imagine being stranded on a lifeboat with Parsons & Dennan..who'd be in charge of the rations???😂😂
Your Day of Karma is coming gentlemen I guarantee!!
BingoBob...at last some accurate research on this board relates to Mr Parsons - very accurate indeed although I would add that Mr Andrew Dennan is cut from the same cloth!!!
What a shocking display all round. LSE continue to support and the FCA conveniently look the other way.
Parsons kicked out to an advisory role at Corcel and suddenly things start moving. Echo Energy remains a shambles.
One day gentleman I hope that Karma meets you both. It is scandalous how this farce has been allowed to continue!!!
More like a business parasite...IMHO
Man is a total narcissist conman. Please don't let this pure snakeskin oil dealer relieve you of your hard earned. He must think everyone is there for his benefit. Total w*****r!!!!!
@Alwaysup.....CH left in Jan 2020, the equivalent of a gardening leave period due to being encouraged to leave was being served from Oct 2019 to Dec 2019. I know as am aware what CH negotiated for AST that would have put AST in a far better position than currently in. But he was sh**ted by others.
I don't remember exactly when Colin H left. Do you?
https://www.msn.com/en-ca/money/watchlist?id=ao64p2&tab=Recent&ocid=hpmsn&cvid=b171b7056bb3461db04b2fcd121e7994&ei=12&duration=5Y
Just another move by the BOD to try to spike the SP to their, and their friends, benefit.
I agree. Get rid of all of them and bring back Colin Hutchison.
At least things got done under Colin.
What has happened to arbitration? It was around 500 million .
In my humble opinion I have come to the conclusion that investors are simply being misled by the Management and we are not being provided with a true reflection of what is actually going on. Virtually every business that James Parsons is associated with, the picture is the same.
AST have a top heavy Board of Directors and supposedly there is activity taking place on a variety of fronts. The consistent factor across the whole of the business though is that no tangible results are being achieved...anywhere. The strategy appears to be to just keep the business running to justify everyone drawing a salary. The so called leaders are not actively driving the business in any direction - that is why the share price remains where it is.
As an investor for more than 5 years, all I have ever been fed is of a compelling investment and jam tomorrow! If the business was doing so well then the Directors could not justify working on a part time roll.
They're all conveniently associated with each other in several other businesses producing the same results. Their only meaningful contribution is to drain the company.
I'll say it again...Parsons and Dennan please move on!! I'm sure there are more than a few willing candidates with a simple Accountancy background who could do a much better job on a 1/3 of the salary. If I'm wrong then produce one tangible result that your input has generated!
It is embarrassing but more a reflection of AIM as to how this pattern continues!!
I've had these shares in the bottom drawer for some time now and haven't really looked at AST sp in some time as I presumed it was dead. Just thought I'd check it out and I am amazed to see it still here. Does anyone think there is a chance of SP revival here?
The thing that gets me is that they are still drawing excessive part time salaries even though they have done nothing in 3 years.. Now what real business would or could do this. Everything that's wrong with the AIM is all over this company..IMHO
Like a lot of AIM companies, the Management operate in a way that you would be in a hurry to scrape off your shoe!
One day the FCA will grow some & do their job!!