the bod have said they will take salary in shares , but have nt done so yet as they are waiting for an sp revival , as you said two years and they have not taken a bean . so what does that tell you ? waiting to hear of this elusive 10% coupon you spoke about ? the money owed in peru will also be converted to shares , again there appears to be no hurry , they don't appear overly concerned . the bod have said there will be a fund raise in which they will participate . you appear to contradict yourself , and clearly don't understand the management approach here . as you are no longer invested , maybe you should turn your attention to your own choices , and maybe not critise other peoples with your opinions , which have little relevance . management have made mistakes for sure , but one thing you can say is they don't run before they can walk . they obviously believe that Ghana has a good chance of ratification , divestment of the other parts of the company have made that option their only focus . we have put our faith that that is a realistic outcome , therefore your talking down the share bears no relevance to any probable outcome for those who remain .
if you read the recent rns it say the bod have not taken a salary since listing and they now have debt with a company in peru. the overall bill could be a million pound. how can u be positive after that deal in peru and the bolivia assets? i wouldnt be so sure about ghana ratification yet....it will happen at some stage. the company could of raised funds at 4p earlier in the year
can you explain who is on the wage bill and where this legacy debt is . for someone who sold out @4p you certainly have a negative interest , so maybe you would like to explain that as well so we all know where you are coming from, I look forward with interest to your response .
i think you miss the point. clon dont have a choice when they need to raise money. they need it asap! the debt raised has a 10% interest yeild...no income or assets now. clon will struggle getting equity finance here. the majority of funds are needed for wages and debt. ghana looks a good asset but can u rely on teeling and horgan to get a good farm out deal? the peru deal is shocking after clon spent so much on it. glad i got out at 4p gl
John Teeling says in his statement that the directors will support a new fundraising so it does look like there will be a placement with dilution. However, I can't really see any point in trying to raise funds at a placement of 0.5p as even if they doubled the number of shares it would only raise £1 million and would halve the directors current holdings. I think it most likely that they will wait for ratification from Ghana and the subsequent rise in share price and then do a placement. The providers of the locally sourced loan in Peru are happy to accept shares for sums due, as are the directors, so there must be some confidence that ratification in Ghana is still on track. Definitely worth holding for the time being.
how could you ever think that dangleberry is mark , he never makes these things obvious . he forgot also that he denied fidel to be him , but dangleberry has confirmed that for him . I mean anybody that took him and his split personalities seriously must need specialist help in my opinion , as he obviously has issues . maybe j kyle could take his problems on board and help him , I think I will put a request in . he has nt much to shout about , things are better than he hoped , he knows Ghana is about to be pulled off . how can I be so confident , well without Ghana there wont be a company as we have precious little left , even a fantasist like m hardy can see the enevitable
Oilriches so whats your interest in clon seeing as your de-ramping here every time you post or just another alias of a mark hardy. Maybe your just ignore the question like mark has for a bout a year. How's trampus going mark. Still going tits up
It's the usual way Clontarf road companies do things... they tuck away bad news at the time of the results... for example this... why wasn't this told at the time ?
"There was interest from potential farminees and terms were discussed. Gradually interested parties faded away until by the end of 2012 we were left with a number of local groups and one international consortium. A Memorandum of Agreement was signed in late 2012 with the international consortium. Despite continued discussions a final deal never materialised. An agreement in principle was reached with a South American group. Once again the deal never completed. Now time became a threat. As licence holder, Hydrocarbon Exploration was obliged to put up a $500,000 performance bond by mid-March for Block 188 and another by mid-May for Block 183. We were assured by all parties concerned that a deal would be completed in time. This became unlikely. Peruvian Oil and Gas Exploration Ltd (POGEL), a private group, had approached us in early 2013 with a specific proposal related to sourcing gas for electricity generation. As the deadline for bond placement loomed, the board decided against raising funds to put up the bonds, as we were not able to farm out, so we either gave up the blocks or negotiated with POGEL. The royalty deal announced was not well received by the market because no cash was received. A royalty agreement of 3%, though capped at US$5 million per commercial discovery, has the same impact as a bigger free carry through to production because it is before costs.
How did this happen? We were running out of time and our expectation of significant multinational interest was wrong. We continue to believe that Peru is a prospective country for hydrocarbons with good commercial terms but the international oil industry appears to think otherwise. Delays due to bureaucracy, political posturing, environmental constraints and indigenous peoples' opposition are impacting badly on investor perceptions. Supporting this view is the fact that the parties interested at the end were either local or overseas companies with local interests."
They shouted about a great deal in the offing back in Nov... but as things started to turn bad.. they kept it quiet until the last minute when they announced the cr*p deal.
Shareholders are only told now why they were forced to do such a pathetic deal.
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