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Also another option available to adme to raise finance is If the courts rules that K.O.N.H. (UK) Ltd does hold 70% of Noble Hill-Network Limited the deal with zenith could still go ahead and the new shareholding where zenith would own 42% and ADME would own just over 20% and NHNL would have 20 million to finance barracuda development.
Yes it a complex case of who owns what .If the courts rules that K.O.N.H. (UK) Ltd does hold 70% of Noble Hill-Network Limited then NHNL have no right to do a deal with zenith with out K.O.N.H. (UK) Ltd approval so ADMe would be correct in saying that NHNL deal is without merit.
? one possible scenario? - purely hypothetical of course:
some parties working with ADME began to incur expenses at barracuda…
…they thought they had undertakings from ADME that
ADME would cough up some money to help fund those
works, drawing on finance from folks like DBI in particular.
… but funnily enough, it turned out that DBI was
not really what is initially seemed to be, & wasn’t
able to produce any meaningful finance for ADME….
… so ADME wasn’t able to pay its way with
those expenses being incurred at barracuda ….
… so some works were halted (such as the CPR?) and some
of those other parties started looking down legal avenues to
pursue cash call(s) that ADME had failed / declined to meet.
my own speculation only, just considering some of
the possibilities. please do feel free to chip in, osa.
very entertaining posts today, thanks all.
so with regard to barracuda and the cpr, ginksy argues that the cpr has not
been progressed because it would not be prudent for ADME to spend money
on something which they might lose (- or be told they never really owned it!)
BUT ginksy and other rampers have also previously tried to argue that ADME had
not previously informed the market about the barracuda dispute because it was
trivial, with zero merit, not risky for ADME, & the sort of thing that happens all the
time to companies operating in nigeria, & hence it would be excessive to RNS it.
lol, doesn’t really square, does it?
if the dispute is serious enough to justify deliberately building in a delay
of more than 6 months to CPR, and hence to other aspects of exploiting
barracuda, that doesn’t really make sense if the dispute is so mundane &
utterly without merit that ADME didn’t think it needed to tell the market.
(particularly as ADME had RNS’d when the announced the CPR that
it would take 4-6 weeks, and they would keep the market updated.)
London fish , that would be up to a judge to decide ... adme can argue that if they did not sign the contract they would not have incurred the expense, also the time and costs spent by management in relation to the contract ... such as meetings with service providers should be recoverable.
Ginksy, according to the terms within the RSC the only costs that are recoverable are AFE approved expenditures conducted by the Service Provider and paid by NHNL. As you stated ADME sponsored this CPR and as you say made a deposit to XODUS therefore this is not a cost recoverable expense under the terms of the RSC and actually has no bearing or meaning to the NW OML 141 RSC
Who knows who the billing for the cpr is addressed too but I would expect adme would have paid a deposit to commission the cpr whether that deposit is sufficient cover work done to date ive no idea. The point is no point inccuring further costs until outcome of court case is known. if adme did sign a contract the would have a very strong case to recover costs incurred to date and maybe awarded damages for breach of contract ... 17 million would be a nice boost to the coffers.
Ginksy, you misunderstand my point...ADME will have commissioned the CPR....ADME will have to pay regardless of whether they own the asset or not...
Yes , i presume whoever wins the case will have to pay as part of the development costs
Ginksy, presumably a lot of work has been done on the CPR already (Commissioned by ADME) and therefore that cost needs to be paid regardless...
Its the prudent approach , cases can be lost too, why pay money on a cpr when you could lose the case . Its up to the court who is the correct owner of the contract is .
if ADME is entirely confident of its claim to barracuda and therefore of
the legal outcomes from court, why on earth would ADME want to delay
the barracuda CPR even further?? - it’s already almost 7 months overdue.