George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Who would sell 6% of LOGP at this exciting juncture - or is there more to this than meets the eye? Any ideas out there?
It is not just that LG can afford to be generous in the circumstances, he will have to be to get LOGP on board. It is my understanding that being delisted in no way precludes LOGP from initiating or concluding legal action on behalf of shareholders. It is just as much a legal entity whether delisted or not. I stand to be corrected if I have got this wrong.
I agree. Lansdowne have a nice percentage of Barryroe (20%). They are also based in the UK which gives them the option of the legal action in Europe. Larry Goodman cannot take the European legal case without Lansdowne. Surely it is a good insurance policy for Larry to have the option of taking legal action under the European Energy Charter in case the Government block the development of Barryroe. The case taken against the government under the ECT would be in the hundreds of millions and Lansdowne makes up 20% of that
Would you all agree that LG would only make an offer for LOGP now if he knew for sure that the LU will be forthcoming at some stage? Of course if the LU suddenly arrived he would have to pay a lot more for it than at present in order to gain full control. There are many options for LOGP: they could be bought out, LG may now be (if he wasn’t earlier) willing to accept a RTO or go the ECT route alone if unable to reach terms with LG, always bearing in mind that an ECT claim would put pressure on the government to award the LU after all.
I agree. There will definitely be no settlement with the Irish government. I think they have to go through the motions with the Irish government, as it will be part of their case when they take the case to Europe under the Energy Charter Treaty. They have ticked the box as regards informing the Irish government of their intentions and giving the allotted time for the government to engage. Lansdowne have to get some result by the end of March of this year or the shares will be delisted, as it is a cash shell at the moment.
I don't want to burst any bubbles but there will be no settlement with the Irish Government expect one forced on it after every possible legal avenue is pursued. I am betting on that outcome but I am shelving this thing for 10 years and hoping against hope that by the time there is a result, that shareholders have not been diluted to nothing... I suspect everything else are fantasies.
Hopefully we will hear something soon. The sequence of events so far.
On 19 June 2023, Lansdowne's legal advisors, Ashurst LLP, initiated arbitration proceedings under the Energy Charter Treaty ("ECT") by submitting a letter giving notice pursuant to Article 26 (2) (c) of the ECT requiring Ireland to participate in discussions with a view to settling the dispute. Submission of this letter triggered a three month "cooling-off" period during which time the parties are expected to seek to settle the matter amicably
Lansdowne received a letter on the last day from the government saying they would be in contact soon.No news so far.
Lansdowne are in discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government. The rasing of the two hundred thousand pounds with fund these discussions.
Updates will be provided as appropriate
Hopefully there will be an update this month if only to say discussions are moving forward
Is there no update on the ECT claim because no agreement has been reached with Vevan?
Why can we not be told if discussions are taking place?
Problem with LOGP at H/L now resolved.
H/L say that Key Investor Information has not been made available to them and therefore you can only sell and not buy LOGP shares through them. Can anyone confirm that you can still buy these shares in Dublin without the same problem?
Nothing yet. Hoping for news soon !!
Anyone heard anything?
Hello there MB. With luck things will move along at a quicker pace shortly. Like you we are all fed up waiting.
Even if Ryan’s demise is certain at the next election, can we afford to wait that long?
Maybe LG is prepared to wait that long, leaving LOGP no choice but to start their action right now with or without LG on board.
Hello Makeabundle. I think ER is going to end up in deep doo doo !!
If they are waiting for Ryan to arrange talks they may wait a long time.
I agree Spuddymadrid. There is simply too much money that can be claimed in a legal action against the government on the table, and Larry Goodman will need Lansdowne to take that legal action, as they are the ones that have been based in the UK from the beginning .
Either way, Larry Goodman is going to develop Barryroe, but having the option of insurance by way of the Energy Charter Agreement would be sensible
Morning Battle. I imagine we should be hearing sonething very soon. My guess is BOE reversing into Logp. Wonder where Swizz is. Would like to hear his opinion.
We should hear some news in January now that they have tidied up the share capital and raised £200,000. Lansdowne will remain a cash shell until the end of March, by which time unless they raise six million pounds or do a reserve takeover, the shares will be delisted. So hopefully they will take legal action against the government soon, or maybe a reserve takeover by Larry Goodman
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.