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And if you havnt been following the lng (gbs design to be used in moz) it doesnt work
https://thebarentsobserver.com/en/arctic-lng/2023/12/message-market-russian-arctic-lng-will-not-be-delivered
thats the lng design that is required for the moz project for the 1.5 billion for the BIT
humm...
So AAG website still looks mothballed
https://www.acumenadvisorygroup.com/about-1
and the aptly name safari new guys are 36 days old company wise?
humm......
I don’t have access to this article but it looks like the launch of the BIT is starting to get picked up https://www.iareporter.com/articles/mozambique-sees-new-treaty-claim-after-investor-sells-bit-rights-to-asset-recovery-firm/
New one for me but other may have seen it https://furtherafrica.com/2023/09/29/chinese-co-starts-of-heavy-sands-mining-in-mozambique/
Companies House now list Silvertree Partners ww.silvertree-partners.com/en/ as "People" in the PFP fold working as company secretary. Presumably taking over from David Taylor, I don't recall seeing any announcement of this
29th Sept 2022 RHS ..... " .... James R Stothard, Chairman of AAG, commented:
"I am proud to announce our Option Agreement with Pathfinder to acquire 100 percent of the share capital of IMM in order to vigorously pursue the Claim against the Government of Mozambique. AAG has a proven track record of international claim enforcement. Working with our international legal team at DLA Piper, which also has considerable experience in these types of disputes, we are confident of a successful outcome which will benefit Pathfinder and its shareholders." .... "
https://www.linkedin.com/in/james-stothard-7ba079227/ Director of IMM since Aug 2023.
Luangwa Resources LLC incorporated on Boxing Day last year, so its a couple of years younger that AAG with their vast international arbitration history. I had previously dug deeper on the ICIS website for AAG and my $20 got me little more than a postal address and that they owed $515 in back taxes. I think that the important part of these companies is not necessarily the history but the people behind them and their experience in the area concerned. Wouldn't surprise me if it's the same names as behind AAG. However this detail is elusive, at least when AAG was first introduced we had the Chairman's name.
Hi Edzi
Just checked AAG is also registered in Delaware https://icis.corp.delaware.gov/ecorp/Entitysearch/namesearch.aspx
There are no taxes in Delaware on foreign owned companies doing business outside of the US.
I don't understand why there would be an assignment from AAG to the new company and both in Delaware. Any clues?
The Directors recognise that the Original Deferred Consideration Clause provides limited economic exposure to AAG in the event that the Claim results in an award lower than US$30 million
err?? 1.5 billion claim and under 30 million?
and err Luangwa is basically a safari park iin zambia is someone having a laught?
Old Blue Eyes
I think you will find that you have to make a claim in MOZ as well as going to the Courts in the Haugue.
It is IMM that owned the licence so that's why they are doing it. Also, Veloso is well gone now so he does
not have anything to do with it as far as IMM are concerned, that is not to say that the MOZ Government
won't be going to talk to him however he is still a very powerful guy. The Reason AAG has transferred everything
into a Company in Delaware is I think because that is the state with the best Tax system GLA
And also they have split up imm and pathfinder which maybe now question the validity off the high court judgement now...again no lawyer just my interpretation off it
I still have no idea why they are transfering a vechile or legal vechile for use in mozambique...the licence was in pathfinders name and imm is just the mozambuque company required to hold the licence...the licence is in my opinion or was in the cadstre in apthfinders name last time i checked....so why they are transfering the shares for a redundant mozambuqe company is beyond me...also high court judgement is for imm and pathfinder vs veloso and co not moz gov
i see the new lawyers in manchester are doing well LEGALLY....ouch
All contract are renegotiable, just needs both parties to agree. In this case looks like AAG couldn’t equate the effort/cost verses the reward/time and PFP agreed. Seems to me that they see a smaller, pre-BIT conclusion, settlement as a more probable outcome. Lower costs, quicker time. Key point is the BIT is launched so will be on MozGov radar. Would still like to see more details of the SPV.
If we get anything it’s a bonus personally we might get a few hundred quid after they take massive fees out
Although it's frustrating it's super interesting to see all the shenanigans going on behind the scenes, just shows that whatever is on an RNS re agreements don't have to be followed if you have all the cards you can strong arm other parties. I suggest AAG have done their feasibility study and due diligence and come to the conclusion that if the claim is likely to be settled it would be for the lesser amounts, hence the re negotiated higher rates.
This is concerning as it may work out more financially profitable for them to settle for a lesser amount to get the 40% rather than a higher amount, if have to run the numbers to confirm this but just my off the cuff tin foil hat commentary.
So the claim is in and we have started the ball rolling, so between now and 5 years we should know something
Let’s just hope it’s 7p a share
My reading of the RNS is to get £30 million for PFP the case will need to settle in excess of £120 million. If the case settles for more than £120 million PFP will get 22.5% instead of 25%. There is now a sliding scale for lower amounts.
Read the latest RNS !! Claim has been filed for Request For Arbitration - this should appear on the ICSID website within 3 weeks, if approved. As for the introduction of Luandwa Resources, this smells fishy to me. I have never trusted the Americans. First they default on the £2M, now a new entity Luangwa Resources LLC - filed Dec 2023 - is picking up all rights to IMM ? AAG were supposed to be the experts in recovering International Assets & agreed to do so under the SPA, not sell out. What the hell is going on?
Any your not paying them they are paying YOU or pathfinder!!! the 1 million (which more than half went to expenses)
they have probably forked out 5 million plus to try and put this in (over the year)
Err stuck in after the due dillegence? was 2 million wasnt it? now its a claim not BIT....hummm .....
Why would they pay £1M then do nothing?
Humm is the acumen advisory group having problems?
there website seems to be shut down as such.....or closed off.....no people off folk displayed and no projects almost like its mothballed
https://www.acumenadvisorygroup.com/about-1
Afternoon All,
I think your name sums up the current situation!
I expect neither to go ahead as a tortoise is quicker than AAG. As regards s the RTO I would be very disappointed as they already had the RTO lined up before the 6 month deadline started.
Keep the faith as I am losing mine.
Adamsky
So the latest deadline for the filing of the BIT is Jan 31st 2024 and the deadline for the RTO completion is Feb 17th 2024 -what are the odds ? anyone taking bets?
My understanding and primary concern is PFP will be delisted if the RTO is not completed before CoB 17th Feb. Secondly that there has been no details of the SPV or any confirmation that NewCo will set up a SPV or that the agreement between PFP and AAG at the sale of IMM is valid within NewCo. As always very happy to be educated.