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Is no news good news? Nothing unexpected here. Can we expect any real news shortly?
If the same deal was on the table next month I would be confident that the main shareholders would take it, considering that they will receive two hundred million new shares at the current price of one tenth of a penny with associated warrants at the end of this month. They must feel that something is going to happen as "The Company has entered into an agreement with LC Capital Master Fund to extend the repayment date of its outstanding loan (the "Loan") currently due for repayment on 31 December 2023 to 30 June 2024 (the "Loan Extension"). The amount of the Loan on 31 December 2023 is expected to be £1,132,797. " All this in spite of the fact that the shares are due to be relisted at the end of March as the company is currently a cash shell.
There is also the fact that only Lansdowne can take the action in Europe against the Government.
We should find out pretty soon what is going to happen.
If LG obtained the LU tomorrow would there be any doubt that he would try to gain full control of Barryroe by buying out LOGP? I suspect, rightly or wrongly, that he was the reason the merger did not go ahead earlier this year, unless Boldy’s price was just too high.
San Leon has a 4.5 nett profit stake in Barryroe.
San Leon exchanged 30% equity in the Barryroe oil field for 30% of the equity in Barryroe aka O'Reilly.
San Leon is UK based company with registred offices at "27/28 Eastcastle Street, London, England, W1W 8DH"
If Barryroe is precluded from drilling oil and gas it is not in a position to generate profits. As such, surely San Leon have a case against the Irish Government for compensation. After, Rockhopper got their payout agreement on lost revenue so why has San Leon not got a similar demand?
I,unfortunately don’t think that’s the case . If it were ,lansdowne would be very valuable to LG and the share price would reflect that . But maybe LG with access to the finest legal minds can ….???
Hello there Flombo
I believe that BEY can still make a claim if it reverses into LPGP. The Minister`s decison was not legally binding. It was based on his subjective reading of non-binding clauses. So BEY could still rverese into LOGP and thereafter make a clain. The question is would LOGP agree. Perhaps LG decided he would like to pursue this ECT with LOGP but instead of owing circa 20% mof BEY he wanted the 80%. So he waited and went down the receivership route and will now examine ECT plan again. Obviously at the same time looking to get License reinstated in parallel.
That is how I read it. I too got shafted in BEY. Swizz might have some interesting comments to make.
Barryroe turned out the offer of a merger prior to Ryan’s decision . That was a disastrous stupid decision by the board as Ryan would have been facing a claim of 600-700m instead of €100m for refusing the licence. That decision costs us as Barryroe investors.
I don’t think a claim can be applied retroactively after the ministerial decision has been made.
Hello Atomictank. You make an interesting point. So perhaps if this jurisdiction issue were to prohibit BEY/VEVAN from going down the ECT route Vevan could reverse into Landsdowne and relist. The number of shares would be alloted to represent the 80/20 split. Landsowne has not moved jurisdiction. Think Vevan will try the Irish Courts first and thereafer other options possible.
I'm no legal expert but I doubt the ECT route will be open to Barryroe as they moved jurisdiction after the decision was made.
Since Vevan is registered in Jersey this makes Barryroe a non-Irish company. As such it is entitled to sue the Irish government along the same lines as Lansdowne.
"It is understood Lansdowne Oil and Gas plc will be pursuing damages of close to €100 million from the Irish state"
If Lansdowne are asking €100m then Barryroe can ask for €400m for Barryroe but can also claim probably another €600m for all the money O'Reilly wasted on his "red herrings" which are also reclaimable against "future" profits but what happens when Ryan precludes you from attaining those profits?
That should really stick it to Ryan.
....was in the Sunday Times yesterday championing his 'leave it in the ground' policy.
Sounds right to me. I have no idea what going to happen but we will find out soon.
So BEY is still a PLC but unlisted and therefore not publicly quoted or traded.
So it is a private company in all but name, apart from having to observe a few essential rules that pertain to a PLC, like having at least two directors for example. Anything wrong with that description?
Https://twitter.com/paulmurphy_TD/status/1734681104345649626?t=llWycNlBekZdreEZfABS8g&s=19
It is a great development really. Looks like Barryroe oil and gas field is very much back on the table. I was surprised that The Farmers Alliance were tweeting about Barryroe earlier this month especially since they would have heard that it did not receive the licence
https://twitter.com/FarmAlliance1/status/1733132316015260125?t=JYplTQPDNbHUNWL2qwGRwQ&s=19
I also noticed that the independent member of Parliament for Cork, Michael Collins ( vocal supporter of Barryroe) was seen leaving the American Embassy with another independent last week. Maybe reading too much into that. Paul Murphy of People before Profit posted the photo
https://twitter.com/FarmAlliance1/status/1733132316015260125?t=JYplTQPDNbHUNWL2qwGRwQ&s=19
Agreed Battle, it is a very important development and just for completeness, the following from section 5.8 of the SOA, which directly references the new memorandum and articles of association and there adoption on November 8th 2023, it perhaps starts to make some sense that this release coincides with senior members of the Lansdowne team being in Dublin last week?,…GL S
5.8 - With effect from the Effective date, the company shall adopt a new memorandum and articles of association in place of its existing memorandum and articles of association in order to provide, amongst other things, for authorised share capital in the amount of €1,000,000 (one million) such amendment to take effect simultaneously with the cancellation.
Thank you very much for the clarification Swizz. That is amazing news really. They are going to run the new energy project based around Barryroe exactly as before. It will be an oil and gas company. They will either have to satisfy Eamon Ryan's conditions around the lease agreement ( Three times the proposed funding needed), or they will have to take legal action against the government. Either way this looks like great news for Lansdowne who still have a 20% share of Barryroe, albeit that they need to either raise six million, or do a reserve take over in order to fully reinstate the company from its current position as a cash shell. Given they hold 20% of Barryroe, they should be able to do a deal with Larry Goodman, and they are putting themselves in a stronger position by raising funds by issuing new shares.
It is new, but it does reference the 2014 companies act, but it has just been released by Lorseden and Vevan, alongside a number of other documents that were part of the SOA,..GL S
Looking at this again, isn't this the same memorable and articles of association for BEY from 2014. Have Lorsden Ltd reissued the same plan this week?
The same line of business has to be pursued if Vevan is to qualify for tax concessions in the future, according to one poster some time ago.
Not only are they telling interested parties that they are open to do business with oil and gas companies but anyone remotely associated with the industry.
Quiet the reply to Eamon Ryan's refusal to grant the lease agreement. In simple language -
Go f**k yourself.
That’s really interesting. I had it down purely as a tax play but the article are very specific and theme is quiet clear . Hopefully Barryroe will publish scheme of arrangement before Xmas .
Interesting to note that Lorsden (Jersey) Ltd and Vevan have published the new memorandum and articles of association for BEY, it certainly does not read like an organisation that is intent on just pursuing some form of creative accounting for tax purposes,..GL S
[url=https://postimg.cc/w1ZNZzJZ][img]https://i.postimg.cc/q7MGtM7J/IMG-2737.jpg[/img][/url]
Thanks Swizz. It will be an intresting period ahead. You are a gentleman. Take care
Spud, at this stage I would suggest the focus must remain on the development of the asset and reaching a tangible agreement with the Vevan team to work collaboratively to do so, anything other than that would be a waste of time and energy, with the exception of the litigation plan which I understand is progressing,
I also understand from others closer to the granular details, that key members of the Lansdowne team are in Dublin and they are not there for Christmas shopping, I am expecting some depth and context to some key elements to be shared very soon,..GL S