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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Graham Stuart, the energy security and net zero minister, said: “The energy charter treaty is outdated and in urgent need of reform, but talks have stalled and sensible renewal looks increasingly unlikely.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.
Indeed, SM, Swizz’s latest views would be welcome. These large share transactions every so often are a concern if they are going to LG. Could there be a difference of views among the large shareholders about how to proceed, for whatever reason? Perhaps they disagree on the level of acceptable settlement - or whether to take less sooner than more later? Just some thoughts.
Hello there Makeaboundle. Yes it requires a lot of patience waiting for something to happen here. There has to be an advantage to waiting for LG and Vevan. If not why not just advance the ECT case. One possibility is that LG and Vevan are in discussions with the DECC regarding their future plans. LG might be telling the DECC that unless the license is restored they will begin litigation in the courst to have it reinstated. LG and Vevan might also be examining whether they can go the ECT route now that Vevan is a Jersey based company. If Vevan have no legal right obviously then the next area to examine is whether Vevan can reverse into LOGP and put in an ECT claim for 100% of the damages. If in the end only LOGP can make a claim I see the Irish Government settling quickly so as to shut down the whole afffair and not get bad publicity. Perhaps LOGP and the Irish Government can agree to a decent but modest settlment. 50-75M for example. Anyway let us see what Swizz thinks. He has a better handle on all this !!!
Would it be newsworthy if the 20m shares traded yesterday are now in LG’s hands?
Or is that only to be expected? The alignment process is taking rather a long time with too much deference being shown to LG in my opinion. I would have expected stiffer resistance and solidarity among all major shareholders, to put it mildly, and news about our ECT case by now.
News?
More movement in Irish gas investments & they may well all be connected !!!
"Corrib gas field Operator expands into biogas" (Vermilion is operator)
https://www.irishtimes.com/business/2024/02/01/corrib-gas-field-operator-expanding-into-biogas/
My thoughts are that Ryan may be part can kicking, to avoid being sued under the ECT &/or is being pushed by reality of low carbon native gas & its programmed use beyond 2050. Maybe too, Nephin's/Canadian Pension Fund's (43% shareholders Corrib field) new bio-gas investments that have moved the permitting forward, hopefully for a triple Corrib, Inishkea West & Corrib South partnering.
The Green Party has been accused of facilitating fossil fuel expansion in Ireland when oil and gas production should be phased out rapidly following a decision by Minister for Energy Eamon Ryan to extend an exploration licence for a large area adjoining the Corrib gasfield off north Co Mayo.
“Eamon Ryan’s decision to extend the exploration licence for the Inishkea gasfield is another historic sell-out by the Green Party in Government that has abandoned its environmentalist roots,” said People Before Profit climate and environment spokesman Paul Murphy. “Environmental activist groups like Safety Before LNG are vehemently opposed to this decision.”
[ Corrib replacement could produce gas by 2028 ]
Mr Murphy said that as recently as 2017, when he was in opposition, Mr Ryan “introduced the Prohibition of Fossil Fuels (Keep it in the Ground) Bill, which sought to completely ban the renewal, reinstatement or extension of any licence for the exploration of all forms of petroleum, including natural gas”.
“Now in Government, as the Minister with sole responsibility for making the decision, he is doing the exact opposite and extending Europa Oil & Gas’s exploration licence to 2026. This one decision could lock us in to fossil fuel use for decades, and completely undermines the Government’s own climate action plan. Europa Oil & Gas claims the Inishkea gasfield is potentially bigger than Corrib and could keep the [nearby] Bellanaboy gas terminal open until 2050 – long past its scheduled closure date of 2030-2035.”
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He called on Mr Ryan to “reverse this terrible decision immediately, and commit to extending the existing ban on new licences for fossil-fuel exploration to a complete ban on existing licences as well”.