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Paragraph 12.5 in the Articles of Association of CERL is interesting ...
Notwithstanding any other provision of these Articles, the Company shall have the power and authority at any time to purchase all or any of the Deferred Shares for an aggregate of £1.
OK, thanks very much LayLadyLay and Bohemia, much appreciated.
Full details of Shareholders
The details below relate to individuals/corporate bodies that were shareholders during the review
period or that had ceased to be shareholders since the date of the previous confirmation statement.
Shareholder information for a non-traded company as at the confirmation statement date is shown
below
Shareholding 1: 943040487 ORDINARY (0.0005) shares held as at the date of this
confirmation statement
Name: CHALLENGER ENERGY GROUP PLC
Shareholding 2: 418379981 DEFERRED (0.0095) shares held as at the date of this
confirmation statement
Name: CHALLENGER ENERGY GROUP PLC
Statement of Capital (Share Capital)
Class of Shares: DEFERRED
(0.0095)
Currency: GBP
Number allotted 418379981
Aggregate nominal value: 3974609.8195
Prescribed particulars
NO RIGHT TO PARTICIPATE IN DIVIDENDS OR OTHER DISTRIBUTIONS MADE BY THE
COMPANY NO RIGHT TO RECIEVE NOTCE OF, ATTEND NOR VOTE AT A COMPANY
GENERAL MEETING. ON WINDING UP OR OTHER RETURN OF CAPITAL, OTHER THAN BY
CONVERSION OR REDEPMPTON ON PURCHASE BY THE COMPANY OF ANY SHARES, THE
HOLDERS SHALL BE ENTITLED TO RECIEVE THE AMOUNT PAID UP ON THEIR SHARES
AFTER THE DISTRIBUTION OF £MILLION IN RESPECT OF EACH ORDINARY SHARE HELD
BY THEM RESPECTIVLEY. NO FURTHER RIGHT TO PARTICIPATE IN THE ASSETS OF THE
COMPANY
Class of Shares: ORDINARY
(0.0005)
Currency: GBP
Number allotted 943040487
Aggregate nominal value: 471520.2435
Prescribed particulars
RIGHT TO PARTICIPATE IN DIVIDENDS AND OTHER DISTRIBUTIONS MADE BY THE
COMPANY. RIGHT TO RECEIVE NOTICE OF, ATTEND AND VOTE AT EVERY MEETING OF
THE COMPANY. ON LIQUIDATION, SHAREHOLDERS WILL CONTINUE TO BE ENTITLED TO
PARTICIPATE IN THE ASSETS AVAILABLE FOR DISTRIBUTION PRO-RATA TO THE AMOUNT
CREDITED AS PAID UP ON SUCH SHARES.
nic - Columbus Energy Resources Ltd is not a new company. On 10 Dec 2020 Columbus Energy Resources PLC was re-registered from a Public Limited Company to a Private Company.
Columbus Energy Resources Ltd has two classes of shares, Ordinary and Deferred
As recently as 10 Aug 2021, a Confirmation Statement was filed at Companies House which showed the number of shares of each class allotted, the prescribed particulars of each class and full details of shareholders.
The creditors of CEG (talking about the P1 and Bahamas creditors) cannot reach inside a subsidiary company just because CEG owns that company. The only exception would be if a specific sub-company gave a CEG creditor security or a guarantee as a condition of a CEG loan/contract. However the creditors of CEG can try and have the debt enforced by seeking to take CEG's shares in CERL.
CERL is not a new company, it is a new name for CERP, now wholly owned by CEG. I don't believe it is profitable, though assets like Goudron and I-T may be. In CEG's favour, the government of T&T would cancel contracts if some third party "took" those assets, so they won't be taken as individual assets.
I believe CERL may well be insolvent, which is why its 2020 UK accounts have still not been filed ( 5 months late). It has S2 debts itself than any near-term profits cannot cover, so it needs a commitment from CEG to fill that hole. The director of CERL (Eytan) know very well that such a commitment from CEG could not currently be relied on: if he filed that he could be personally liable to CERL's creditors.
I'm intrigued to see what happens first. Maybe CEG raise some money or go bust. But maybe CERL will run out of time/cash first. If CERL continues to fail to provide its accounts, eventually Companies House will strike it off. CERL will no longer exist and all the operating companies (in T&T, Cyprus, Spain, etc) will belong to the Crown instead of to CEG.
Following the merger with CERP, Columbus Energy Resources Plc, a new company was set up called CERL, Columbus Energy Resources Ltd as a subsidiary of CEG.
I understand that CERL are responsible for the
T & T producing and almost profitable assets. Does anyone know if this mean those assets are safe from the creditors BPC entered into contract with Stena, Baker Hughes, The Bahamian Government etc?
Oh
Still falling this one
I wouldn't be surprised to see this de-listed and go private. Perhaps that's why a seperate company named Challenger Energy was set up in June alongside the existing PLC.
Challenger Energy 028910B 22 Jun 2021
Challenger Energy Group PLC 123863C 25 Aug 2009
I think the company will eventually sell ALL of it's assets to pay as much of it's debts as possible and then turn in to a shell company whilst the bod still get paid a full wage but at some point it will go bust.
If the BOD ask for a pay rise then listen for the Fat Lady singing.
Antha
You could ask Willec, but alas he has gone into hiding with the other fella Star thingy!!
Wonder how that's going?