Ballard, yes do more research and you just maybe staring in the face of a quick gain !! In my opinion The Bank of the West will not forclose on Sefton and Hawker will complete the deal possible with the aid of a third party !!
Yes my friend I think this good news. JE pulls out, finance being sourced, bank now to be cleared .... That's really good news. Reason, why would anyone give a draw down facility for no result. Things are still ticking along here and the BOD are working hard to keep this on the straight and narrow. The only disappointment as far as I can see is they have not given us any update on the new pump that was due for delivery last Sept. Did it arrive? Has it been installed? Is it working ? Or did it get cancelled? But re finance I think YES, this is positive news...
of the new pump unless I am missing something. JE backs down on his greedy claim so I guess we await his next move on trying to extract for cash from the company although maybe he now even realises that SER has no cash I cannot see this deal being completed now and even if it is there is no sign of working capital to take it forward. Rubbish RNS basically although no doubt SIFC will punt it as a springboard for the future can't wait to see his new rational for his desperate ramping rants
The only bright spot is that they have arranged the finance to replace the bank loan although if they have why don't they just get that done. But it does mean that they also have to find the money to pay Sefton the one-off amount and then they have to start paying back the finance and interest as well as 25k to sefton every quarter. we know the production even if it improves a little can never generate that sort of cash, so if they are cash strapped now how will they ever live up to their commitments later. What a mess! Yet another chapter to write in the very interesting book to be written about Sefton. People who read will think it is fiction from a very imaginary brain but it isn't. Just cant decide if I shall promote it as a thriller or a comedy.
"The arbitration hearing which had been requested by Mr Ellerton, the Company's former Chairman, has been dismissed, without prejudice, at his request".
Had he of carried on with this im sure me along with many others would have been looking to bring him to task over his lies and deceit, in fact I still feel he should not be able to walk away from this mess scott free and no criminal charges!!
you really think so! You are reading this with coloured glasses now. The people who are supposed to bail sefton out and pay us all the money that we are going to invest in pipelines and Kansas and get rich over the next few years doesn't themselves have enough money to pay the partial payment the bank has asked for. It is clear to me that the delay to the deal has nothing to do with paperwork or legal wranglings. We have just found a rich uncle to bail us out who seems to have no money. You couldn't make it up, could you!
Now we have we wil have another 10 days of SIFC saying December 1st we will see a complete change and I think I will top up, while we all now he would sell out like anyone else on the slightest move upwards, No word in the RNS about the whole deal being executed. in the world of finance this is a very small deal and for it to take this time is just very difficult to understand. as I see it the whole battle now is about keeping Bank of the West from closing us down, not about the future
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