The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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LLL, that UK position on trading while insolvent won’t touch CEG. CEG is an Isle of Man company where the rules are less clear cut. The company can apparently continue to trade if the directors have the get-out that they are acting in the interests of all creditors.
https://dq.im/important-considerations-for-company-directors-during-the-covid-19-crisis/
"Generally, company directors owe legal duties to the company and are obliged to act in the best interests of the shareholders of the company as a whole. However, directors are under a continuing obligation to consider whether their company is insolvent or is likely to become insolvent with no prospect of recovery. If the directors believe this to be the case, their duties change in nature because they are then under an obligation to act in the best interests of the company’s creditors as a whole."
Page of cups - do you mean to say the Red BMX stopped BPC finding billions of barrels and BHP farming in?! Lol.
LLL
Do the directors believe we will become insolvent?
Maybe they do, maybe they don’t. But until either position becomes apparent we are still solvent.
Cheers
Patoir
It is only the sad trollers who think we are insolvant as they haven't got a clue about the company. 1 failed well in P1 and all over - what a joke.
Perservance is bigger than 1 well.
Production in 5 fields in Trinidad + more to come brillant set up for a small oil company.
“Maybe they do, maybe they don’t. But until either position becomes apparent we are still solvent.”
It’s Schrödinger's insolvency then?
Why wouldn’t it be apparent yet - the last of P1 bills were due 6 months after completion according to Eytan.
So with all these praises your singing them willec how much have you made here? Or better yet how much have you supposedly lost ?
Because I know most are around the 96% down yet your swinging from roof tops how great this is ? Why is that ?
And a lot are open about there investments here yet you never have been which tells me you either have something to hide, or don’t want to trip up over your own lies as figures can be worked out and used against you, and your messeges have always been the same constant ramp even 97 percent down and still falling and ten to 1 consolidation and nearly back where they were before that and still constant ramp doesn’t make sense at all.
All in my own opinion but feel free to DYOR and look at his ever ramps comments every single one of them and also look at the sp tank while he does
Just to add to my comment about UK/IoM insolvency, while CEG is an IoM company, Columbus Energy Resources is a UK company and as far as we know still holds the T&T assets. It would be governed by UK insolvency law.
Interestingly CER is late filing its own 2020 accounts, and Potter & Proffitt have just resigned as directors leaving just Eytan standing. https://find-and-update.company-information.service.gov.uk/company/05901339
Hello Thebhoys,
just to be clear, Potter has resigned from the Columbus Energy subsidiary, not from the board of Challenger Energy.
Good morning Bohemia
Apologies, I have just discovered that. I was looking for the RNS mentioning this and discovered through your link it is was as mentioned.
Either way, although no longer holding shares, my opinions have never changed towards S.Potter.
There is no point going back into that discussion.
My partner is still invested here so I have to be careful what I say as it does cause some heated debates.
Yes Bohemia
All hypothetical until we know what payment terms our creditors have or will accept.
Cheers
Patoir
At the end of the day all it takes is just one creditor (of many) to go to court to recover their debt and make ceg bankrupt, they obviously have far more debts than assets and still need an additional £15M to service those debts and future operational costs, so technically they are insolvent.
At some point soon those debts will need to be paid and until they are ceg really is on a financial cliff edge. They probably only have two options left, death spiral funding by a wonga lender (Darwin) or more likely massive dilution at a huge discount of the current sp, either way it's not going to be pretty.
Antha
I don’t disagree with any of that.
But surely if any of the creditors were going to call in their chips, they’d have done so by now? Which leads me to believe discussions have taken place regarding remittance, that would be mutually agreeable. Just conjecture on my part.
Cheers
Patoir
I wonder if Predator are about to pull the trigger?
I suspect I know what Heritage will do if Predator isn't repaid. This from the PRD RNS today
"It is expected that a negotiation will ensue with FRAM regarding recovery of the Loan. Until negotiations are concluded with either a positive or negative outcome and given the uncertain financial status of the parent company of FRAM, the Directors have made provisions in the Going Concern forecast that the Loan may never be recovered and no profits from enhanced oil production in Inniss-Trinity will be forthcoming. This provision was only reflected in the Going Concern forecast to ensure that the Company had sufficient resources to continue operating for the foreseeable future even on a worst-case scenario. It was decided by the Directors that the loan was not to be provided for until further discussions are held. In order to potentially recoup some of its investment in the Inniss-Trinity CO2 EOR Pilot Project, the Company has lodged an expression of interest with the licence holder Heritage to, at its sole discretion, take over the Inniss-Trinity IPSC should it become available."
"given the uncertain financial status of the parent company of FRAM"
Would this be ceg by any chance.
Quite a statement from one company about another companies financial status.
Wonder if this will be addressed in tomorrow's interim report, I think it should be.