Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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There never seems positive information of substance posted by this bod, do we know if as mentioned by the ceo intervention by oga possible in the light of the current distressed situation. Now we are at this stage could that be triggered?
To avoid impression of a conflict of interest/fiduciary situation arsing as the basis of any shareholder action against the bod they'd better be sure they are not tied in as subsequent beneficiaries of any bondholder action against the company. Having screwed this up to the extent they have apologetic action and exit forthwith might be their best strategy.
Yep, as usual from this useless bod we never seem to get the full or real story, so much innuendo w/o substance put over as intelligent action.
So basically the exact same info as in the RNS that was released early this morning and already posted here?
Ok here is the position as I see it. I have followed this for sometime but not previously posted. I am a shareholder in XEL. This will be familiar to many of you: 1) XEL is a BVI incorporated company that wholly owns Xcite Energy Resources plc (XER) a UK incorporated company. All relevant filings for XER can be found at UK companies house. XER has issued $135M of senior secured bonds. The bonds are secured by the assets of both XER and XEL. The bonds are listed on the Oslo stock exchange and relevant filings can be found on the Oslo stock exchange news web. 2) The bonds are due for repayment and negotiations as to an extension in the repayment date have failed. Neither XEL nor XER have been able to refinance the bonds. The bond holders are therefore pursuing their legal rights to enforce their security following what will constitute an event of default. It appears that they are seeking to keep XER as a going concern and therefore seeking enforcement against XEL and not XER. They are likely to have that right. 3) Bond holders have requested the bond trustee to pursue XEL into an insolvency liquidation by petitioning the Courts in the BVI for the appointment of a liquidator. From the latest RNS it appears that a provisional liquidator has been identified. Options available to shareholders: The bond holders position is likely to be strong and it seems hard to see that a liquidation will not follow. Shareholders should ensure that the proposed liquidator is appropriately arm's length. This is important for a number of reasons: a) to ensure that an appropriately robust negotiation takes place between the liquidator and bond holders in seeing if any assets or rights can be preserved for shareholders; and b) to ensure that they consider appropriately whether any rights of claim lie against the directors for their prior conduct and, if they do, that such rights are pursued. If shareholders do not believe the liquidator is appropriately arm's length this should be raised with the BVI court and an alternative unrelated and willing liquidator should be identified. The only other option seems to be to pursue a claim against the directors. Most directors of listed companies now maintain directors' and officers' insurance to cover such circumstances. This means that if a claim is successful there is an insurance policy to make a payout. It may well be that either no policy exists or if it does, the cover is not hat large. Shareholders are only ever really successful in these circumstances when they coalesce behind a shareholder action group that has some funding. Hope this is helpful.
A recent news release states that the Advisor has stepped down and explains why http://www.dailyrecord.co.uk/business/business-energy/xcite-energys-nominated-advisor-steps-9142450
How sad...like a divorcee spouting all the woes of a failed marriage...its over move on!
Good morning Toxic. They have kept the SER bb going for many months after its de-listing . Still going.
Surprised this BB is still up & running, I guess as its officially delisted from the market LSE will close it later today?
09.38 Have similar thoughts Less risky for the BH's then having to spin out shares and might even be worth a bit of a haircut to them
Yep, via the bondholders sadly, not this useless management who have not succeeded in same for years. If there had been something there the bod wd have had to have both notified and taken it up, rather than descend to the current self inflicted shambles over which they continue to preside.
The short answer to that is NO! Another BIG question that needs answering.
Jonjo - I don't believe a word he writes. BOG boy (blaze of glory), Legends etc. can't be for real. God help society if they are genuine.
Point 2 wd be nice but petitioning oga for suspension too much left field to succeed, as inept bureaucrats these guys will work to the limits of their remit which is sfa anyway. Better as national treasure we are told via expense and delay put to by decc by whichever clo•n there at the time was persuaded to revise xer's draft fsp/ssp to expensive ewt, not to say the morons in xer at the time were not complict by non existent operations and licensing pre planning of said fdp submission.
Rushed to the end? This has been dragged out for years!! They've effectively been in default on the bonds since June and as of the 31st October will be insolvent upon non-payment of the bonds.
Contrary to what you might think I feel sorry for him, anyone who loses out of this peice of cr4p after what has been promised by the BOD needs some leeway but it is truly difficult in his case to hold any lengthy simpathy - still not going to comment further on the man as it's pretty obvious what place he is in !!
I am still of the opinion that there may already have a low ball offer in place but we should see this pretty soon - probably why they are waiting a few weeks before appointing.
For the nominal asset to have any value they need ro get the fdp in and approved otherwise due to insolvency of xel/r for sure lease will be cancelled and open for bids with all the data there free compliments of xel and the incompetents managing same.
HB - absolutely correct mate , the IP will be looking to maximise return on the assets - should prove interesting when they are appointed what there opening statement will be - the one point that is surprising is the 4 weeks plus to appoint - why not now??
Overtrousers, Mr Karma & the OAP gang are after Jonjo.
They need to rush because of the countdown to expiry of the leaae.
Overman - don't threaten me - your a stupid old fool who has been one of the main contributors to people investing here with your contant drivel ramping the hell out of this share. You come across with this holier than thow b0110cks and the only person you care about with your Karma cr4p is yourself so my last word to you is go and have a good long hard look at yourself in the mirror because you are an utter disgrace - out of anyone who has lost here you and 13 I have no respect for and feel no sympathy- bye bye Numptie !!
Anyone get the feeling this is being rushed now to the end? Wouldn't you try and drag it out and see if a buyer materialises against odds? The BOD aren't even waiting till deadlines just throwing in the towel for a quicker handover. This stinks.
Jonjo you never give up do you,you go on and on gloating do everyone a favour jog on do you realise a lot of holders have lost a lot of money and they could take you on once they find you which is easy to do these days just let it lie a bit friendly advice from a old tired man
Blue Eyes - the term Blah Blah Blah comes to mind ! It won't make the slightest bit of difference - the liquidation process will proceed normally and any assets available will be sold for the best price, the rest is just waffle - the license will either be transferred to a new owner which will have to be able to demonstrate they have sufficiently deep coffers to develop the field or alternatively the license will be mothballed until poo recovers or sentiment changes. At the price of oil just about any prospect in heavy oil is IMO toxic and there are far better prospects out there at bargain prices already producing!!