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What great progress with just weeks before suspension of shares ..
On Dec 7th ,an rns told us ..
“Accordingly, the Company is continuing discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government for breach of terms under the Energy Charter Treaty.”
And yet todays rns tells us
“Mantle Law and the Company are in the process of contacting litigation funders, with a view to providing third-party finance to fund its ECT claim and the resulting arbitration process.”
I presume from this ,Amhurst, who were involved in rockhopper successfull ECT claim is now out of the picture .. why is that ?
It seems the so called eagerness of funders we were told about was a bluff to the government that has not worked.
Clearly Boldy has given Ryan plenty of wriggle room, and enough rope to hang himself. Had he not given him time then the case would not be as robust. It is interesting to note that the UK plan to withdraw from the ECT, but recognising they have no choice but to honour contracts made up until next year. The ECT was drawn up to protect large investments, quite right. If the authorities extracted decades of revenue to line their own pockets, it isn't fair that they can simply break a legal contract without recourse. These contracts have to be honoured. I do hope that they take the Irish government to the cleaners. That government is in danger of becoming an authoritarian dystopia.
I think I confused "suspension" with "cancellation" - presumably delisted shares are not welcome within an ISA?
"In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six-month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six-month period, admission to trading on AIM of the Company's ordinary shares would be cancelled." What happens then? Any remaining shareholders will hold shares in a private company.
Beardozer, you have that wrong I am happy to say. It’s in your isa and that’s a tax free wrapper. The shares don’t get cancelled because of suspension
Can't see the suspension of the shares making the slightest difference to the eventual compensation.
But it will have huge implications for individual shareholders.
For my part, all the losses within my ISA will count for nothing while all the gains from 0.09p will be taxable!
What I was hoping for was a takeover of LOGP before suspension but it doesn't appear to be happening.
Seems like a missed opportunity but WTFDIK?
Perhaps the final step of suspension of the shares will add weight and even increase the amount of damages that LOGP can claim. Possibly the advice from Ashurst was to delay formal action until 19th March, thus putting the final nail in ER's coffin.
I would hope all existing disputes are unaffected and will run their course.
Do you think that is relevant to LOGP, beardozer?
The UK is pulling out of a treaty that lets fossil fuel firms sue governments over their climate policies.
The UK will quit the controversial energy charter treaty (ECT) after efforts to align it with net zero emissions plans failed, the government announced late on Wednesday.
The treaty allows fossil fuel investors to sue states for lost profit expectations in an opaque corporate arbitration system set up to protect fossil fuel investors in the former Soviet economies in the 1990s.
Graham Stuart, the energy security and net zero minister, said: “The energy charter treaty is outdated and in urgent need of reform, but talks have stalled and sensible renewal looks increasingly unlikely. Remaining a member would not support our transition to cleaner, cheaper energy, and could even penalise us for our world-leading efforts to deliver net zero.” Treaty protections for new energy investments will cease in one year’s time when the withdrawal takes effect, the government statement said.
Swizz, thanks for that. Delisted companies retain all their rights as a legal entity. I am happy to know that LOGP can and will pursue their case under ECT, with or without LG. We do not want to be beholden to him and he needs to know a waiting game will not work. It seems then that no acceptable common ground exists for a deal as yet. We will know by the 19th of March after which LG and LOGP will go their separate ways, if no agreement. That is how I see it.
I hope so. I would like the company to issue an RNS to that affect.
Battle, just for clarity, the shares will be suspended, it will be far from over and I am sure measures will be put in place to facilitate the buying and selling of LOGP shares, the future of Lansdowne is certainly not dependent on its Aim listing and neither is the ECT litigation process, ..GL S
There are at least three good reasons, therefore, why the ECT will not allow frivolous, time-wasting appeals. The case is clear-cut in the extreme. It is more than 6 weeks since we had an RNS from Boldy. Why is this, I wonder? Is LG giving him a hard time?
Barryroe Energy raised the forty million needed to proceed with its drilling programme, but Eamon Ryan did not want the company to drill for oil and gas, so found a rarely used clause that started that Barryroe Energy needed to raise three times the amount necessary for the drilling programme, forcing the company out of business. That sort of Government action is only seen in Putin's Russia.
As for the future, Lansdowne have only three weeks before been delisted, so hopefully they can get a foothold in the next week or two, otherwise it is over.
I agree they should be actively pursuing compensation.
However political figures come and go and decisions can be overturned on the grounds of illegality, procedural unfairness or irrationality. On all 3 of those grounds I would say that ryan is on a sticky wicket. His subjective assessment was not based on law, the length of time taken and the principles applied were not in accordance with standard practice and based on current and future energy requirements for rhe republic the decision is definitely irrational.
Some parties on here seem to think that the LU is still under active consideration ('in the bag' has been said) - I don't think that is realistic. That ship has sailed and the Government will not reverse themselves. LOGP is about to leave the stock market - it is taking a legal action for compensation which may result in a payout 10 years from now. I think anyone who thinks LOGP will still be actively trading in a few months is kidding themselves (at least).
LG’s argument is probably along the lines that considering recent developments with PRD and EOG the LU is in the bag at some later stage and that therefore LOGP stand more in need of him than vice-versa. Boldy needs to send him packing by proving he can get funding from another and more desirable source. Some one suggested a while ago that LOGP have a case for compensation of one kind or another, whether the LU is reinstated or not. Anyone else agree with that?
Another cave-in a la Nick Furlong? Surely not with very supportive shareholders?
I cannot see that happening here because we have a route that was not open to BEY. Surely all shareholders must support the ECT route and do everything necessary to see it happens through a placing. 6m from LG is, or ought to be, unthinkable. Time for Boldy to tell us now about funding - not on 19th March.
We are just weeks away from delisting and not a word .I normally like to view things from a positive 1/2 full glass but can’t muster any positivity anymore for this share .Looks like Barryroe,it will be another writeoff
Hello Swizz. How are you keeping ? Do you think we will hear some news soon. Very quiet at the moment. Nothing from Vevan either !!
It was the Barryroe board that refused to open dialogue with Lansdowne, in regards to the possibility of a merger, it was nothing to do with LG, …GL S
Like Spud, I’d settle for $50-55m and let LG have the remaining billions. Any chance he’ll try a hostile takeover!? - Maybe a stealth raid with inside support is more his style. You do take such thoughts the more seriously, the longer we go without news. I’m sure I’m not suggesting any course of action that Larry has not already considered! I do think it likely he opposed the RTO
early last year. Probably he is still opposing it, as leverage in negotiations with LOGP and their lack of cash. I think more onerous terms from a funder, considering how strong our case is, would be preferable to any likely terms proposed by LG but maybe I do the man an injustice.
Yeah, I think LOGP is yet another of my investments to go down the pan.
Or will it be worth £billions eventually?
Maybe LG has offered £6m but on onerous terms, which has split the major shareholders down the middle - we know that LG as a profit-orientated business man (to put it as politely as possible) would regard it as quite normal to proceed in this way. Possibly some are minded to accept his money. Divide and conquer etc. On the other hand, however, he would have to be certain that the LU is in the bag before parting with the money. My musings could be wide of the mark, of course.
I do not know what the average is for some of the major shareholders. Historically I was of the opinion that they would want at least 7p/ share but after the past few issues i am not so sure. LOGP have 5 or 6 weeks to decide on a way forward. i.e reverse t/over or admission as an investment company. If the latter then my worry is that existing shareholders are diluted to **** when they raise 6m.