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How will they pay for the listing
plus suspension is outlined in March
GL
There's life in the old dog yet ;-)
GLA SR
Good to see shareholders been protected while the shares are suspended for six months. No guarantee that the company will be successful in getting a deal done in the next six months but hopefully they will
It is the intention of the Board of Directors that, in the event of a successful ECT claim outcome against Ireland by the Company and/or its subsidiary Lansdowne Celtic Sea Limited (together the "Claimants"), arrangements will be put in place in advance to ensure that qualifying shareholders will receive an economic benefit relating to their shareholding at the date of Suspension, ensuring that should there be any future changes in the capital structure of the Company, the impact on such shareholders vis a vis as beneficiaries of a successful ECT Claim, will be ring fenced.
Boldy with his feet on the ground must have had nothing but contempt for the sun-tanned one putting the cart before the horse with euphoric dreams of a mythic Atlantic oil empire.
Steve boldy is 68......not sure if he will be interested in seeing all this through if it continues for an extended time.
Was Rockhopper initial tribunal decision about 3 years from start of arbitration? Rockhopper had other interests. This is all Lansdowne have. If I was Boldy I would be looking for closure. The way he has stuck with this and tried to do the best for shareholders is testament to his good character. Unfortunately he has had to deal with the decision making of fools.
The ECT do not suffer fools gladly, in which category Ryan fits admirably. That is why this will be over relatively quickly with no complications as in the Rockhopper case. Double your punt, Mamms. If LG really wants that LU, would you bet against him? On second thoughts, treble your punt. There are two good ways to win.
I guess delisting happens on the 15th March? (or suspension and delisting on 15 September). Anyway, the point is that for most punters, that don't have access to secondary markets, they will need to decide to stay in or quit in the next days. I'd expect to see even more volatility but trending down. Personally, I am taking a punt on a successful ECT case and outcome and so will just squirrel away the shares and see what turns up (but am under no illusions, this is at least a 10 year punt). I guess many will just throw in the towel in the coming days....
As you say Swizz, Lansdowne probably should have moved sooner but on the other side of things they have given the Irish government ever chance to engage in talks, which the government have refused to do so. I imagine this actually has strengthen their case, which is a solid one. As I mentioned before, Eamon Ryan using a rarely used clause that requires companies to raise three times the capital needed, is really only a practice that would be used by a Soviet style government that wanted to shut down a company that did not agree with it. The case is now been taken against Eamon Ryan and the government in Europe.
Just a few thoughts and observations, which in part are based on conversations with others closer to the granular details,
I would suggest today is an important step forward and we are entering a very different phase of the litigation process, plus I don’t believe there is any suggestion that Ashurst’s have been dismissed, they were providing important counsel at the outset in relation to the ECT arbitration and potential discussions with the Irish government, this is very understandable as they have very strong in country representation in Ireland and also a well connected network, it is very evident that the discussions with the Irish authorities are at an impasse and It is understandable that Lansdowne are moving forward with their ECT litigation plans,
Mantle Law bring a very different and needed set of skills to the table, that Lansdowne clearly require, one could argue and justifiably so, that this should have happened months ago and time has been wasted in the hope that Ryan would enter into meaningful discussions,
I would also suggest, that it is imperative that Lansdowne press on and do so independently of what Vevan are planning, the Vevan plans will be forthcoming at some point in the future and don’t be surprised if there plans are linked to the election process in Ireland, where I suspect national interest and indigenous resources will be very topical,
Plus, Lansdowne’s compensation claim will hopefully provide a very useful counter balance to the operators and partners plans to reverse the LU decision, I hope that all makes sense,….GL S
Maybe Ashurst were being ruthless too. Maybe LG’s law firm has contacts there to put a spanner in the works. If ever S.Boldy needed the support of all shareholders, great and small, it is right now. I wonder if LG has tried to buy the big one(s) over or is that out of the question in the RoI? It occurred to me in a post some time ago that LG may have decided to get the licence by putting up his share of 140m. Of course he then asks LOGP to put up their share knowing very well it wouldn’t be possible for LOGP to raise 20% of that.Something like that, perhaps.
Boldy must be demented with this d@mn licence.
Dealing with the tanned providence buffoon that frittered away all of the capital raised on other ventures other than barryroe.
Then having to deal with the green goblin who looks for any excuse possible to legitimise blocking of essential and logical developments of indigenous reserves. ' Its not the airport expansion we object to its just that the roads are not adequate. Its not the development of barryroe we object to its that we do not think you are financially capable of seeing the job through' How have we let this happen? All of this eco agenda is coming to a head very soon in a cataclysmic collapse. Europe is finished.
Its easy to judge things in retro but the game was up in 2020 when this green spanner was given so much power.
He is driving us towards the edge of an abyss just like has happened in Germany.
I also think boldy is having to deal with vevan ruthlessness now. He is a good guy who is genuinely concerned about logp shareholders.
If I am worn out with it then he surely must be.
I absolutely agree, Flombo. There is something not right here. No mention of Vevan, possible joint action on a JR or anything else. They have not informed us of Ashurst’s departure. I immediately thought about that 7th December RNS as well. Has Swizz any comment to make or does this come as a surprise to him as well?
What great progress with just weeks before suspension of shares ..
On Dec 7th ,an rns told us ..
“Accordingly, the Company is continuing discussions with potential litigation funders with a view to their appointment ahead of pursuing damages from the Irish Government for breach of terms under the Energy Charter Treaty.”
And yet todays rns tells us
“Mantle Law and the Company are in the process of contacting litigation funders, with a view to providing third-party finance to fund its ECT claim and the resulting arbitration process.”
I presume from this ,Amhurst, who were involved in rockhopper successfull ECT claim is now out of the picture .. why is that ?
It seems the so called eagerness of funders we were told about was a bluff to the government that has not worked.
Clearly Boldy has given Ryan plenty of wriggle room, and enough rope to hang himself. Had he not given him time then the case would not be as robust. It is interesting to note that the UK plan to withdraw from the ECT, but recognising they have no choice but to honour contracts made up until next year. The ECT was drawn up to protect large investments, quite right. If the authorities extracted decades of revenue to line their own pockets, it isn't fair that they can simply break a legal contract without recourse. These contracts have to be honoured. I do hope that they take the Irish government to the cleaners. That government is in danger of becoming an authoritarian dystopia.
I think I confused "suspension" with "cancellation" - presumably delisted shares are not welcome within an ISA?
"In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six-month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six-month period, admission to trading on AIM of the Company's ordinary shares would be cancelled." What happens then? Any remaining shareholders will hold shares in a private company.
Beardozer, you have that wrong I am happy to say. It’s in your isa and that’s a tax free wrapper. The shares don’t get cancelled because of suspension
Can't see the suspension of the shares making the slightest difference to the eventual compensation.
But it will have huge implications for individual shareholders.
For my part, all the losses within my ISA will count for nothing while all the gains from 0.09p will be taxable!
What I was hoping for was a takeover of LOGP before suspension but it doesn't appear to be happening.
Seems like a missed opportunity but WTFDIK?
Perhaps the final step of suspension of the shares will add weight and even increase the amount of damages that LOGP can claim. Possibly the advice from Ashurst was to delay formal action until 19th March, thus putting the final nail in ER's coffin.
I would hope all existing disputes are unaffected and will run their course.
Do you think that is relevant to LOGP, beardozer?
The UK is pulling out of a treaty that lets fossil fuel firms sue governments over their climate policies.
The UK will quit the controversial energy charter treaty (ECT) after efforts to align it with net zero emissions plans failed, the government announced late on Wednesday.
The treaty allows fossil fuel investors to sue states for lost profit expectations in an opaque corporate arbitration system set up to protect fossil fuel investors in the former Soviet economies in the 1990s.
Graham Stuart, the energy security and net zero minister, said: “The energy charter treaty is outdated and in urgent need of reform, but talks have stalled and sensible renewal looks increasingly unlikely. Remaining a member would not support our transition to cleaner, cheaper energy, and could even penalise us for our world-leading efforts to deliver net zero.” Treaty protections for new energy investments will cease in one year’s time when the withdrawal takes effect, the government statement said.
Swizz, thanks for that. Delisted companies retain all their rights as a legal entity. I am happy to know that LOGP can and will pursue their case under ECT, with or without LG. We do not want to be beholden to him and he needs to know a waiting game will not work. It seems then that no acceptable common ground exists for a deal as yet. We will know by the 19th of March after which LG and LOGP will go their separate ways, if no agreement. That is how I see it.
I hope so. I would like the company to issue an RNS to that affect.
Battle, just for clarity, the shares will be suspended, it will be far from over and I am sure measures will be put in place to facilitate the buying and selling of LOGP shares, the future of Lansdowne is certainly not dependent on its Aim listing and neither is the ECT litigation process, ..GL S