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It's good to hope, it's the waiting that spoils it.
Why doesn’t everyone stop reprinting these quotes and going on and on about how they read them. It’s nauseating and boring.
It would be more pertinent to consider how in God’s name a supposed ‘oil and Gas company’ could mishandle a simple transfer of cash. Anyone would think it hadn’t been done before !! Why didn’t PVR know that transfers would be driven by the sorry bureaucratic balls that exists today and would have asked what timing was expected for transfers.
If this does eventually go through how on earth will they be prepared for the $xxx millions to come. Surely APEC and JLT (or whatever they’re called) would have prepared the way forward and because they didn’t I wonder if they actually exist.
Surely when the deal was done there would have been a discussion ref this. However with PVR anything’s possible or more likely impossible.
It’s so amateur it beggars belief that this lot will be able to deliver a complex multi well development programme.
Manyana: "Where in the PVR item did it specify that HSBC were doing the compliance check?"
Fernan10 just told you exactly where. Unable to admit you were wrong, you then blustered:
"In that release which I presume Examiner checked with Providence it says HSBC is doing the compliance checks and not the Irish revenue which means it should be far quicker."
Nonsense. Anyone with half a brain can see that the newspaper added "[HSBC]" in brackets for context because they weren't quoting the full PVR release. You think the Irish Examiner has hot young journalists fact checking this stuff themselves? Again, it's blindingly obvious they just read the RNS, just like they read the courts service website and the weekly judgement round-up in Stubb's Gazette. There is no new information here. Quite apart from that, your linking some personal CGT anecdote of your own is ridiculous. The Central Bank are the authority for funds transfer compliance monitoring, not Revenue. Your final resort to spell-checking Nazism says it all.
Did you mean "mentioned"?
Someone a few days ago pointed out that there were inconsistencies in dates stared by Providence and I pointed out that HCBC have a two step remittance system; Hong Kong to HSBC Ireland and then to Providence , whereas if it were you or I under normal circumstances Irish Revenue would step in to do the compliance and it could take weeks..
In that release which I presume Examiner checked with Providence it says HSBC is doing the compliance checks and not the Irish revenue which means it should be far quicker.
Given that you cannot obviously tell the difference just as you misspell (sic) "mencioned" this is obviously too subtle for you to see the difference.
From PVR`s press release:
"The Company can confirm that it has received a letter from the legal representatives of APEC’s funder advising that on July 9, 2019, the funder arranged for the remittance of $US 10 million from HSBC to Providence’s account. The legal representatives further advise that the remittance is expected to be completed shortly pending compliance checks by the bank."
From the Irish Examiner article:
"The company said it has received notification from APEC's legal representatives that the previously arranged payment "is expected to be completed shortly, pending compliance checks by the bank [HSBC]".
Please tell me Manyana:
what exactly did the Irish Examiner "confirm", as you said? what sources did it use to "confirm" what was already said by PVR? The author simply added the name of the bank mencioned in PVR`s press release (HSBC) at the end of the paragraph.
Where in the PVR item did it specify that HSBC were doing the compliance check?
The company said it has received notification from APEC's legal representatives that the previously arranged payment "is expected to be completed shortly, pending compliance checks by the bank [HSBC]".
This article doesn´t "confirm" anything Manyana.
It simply "repeats" what was stated in PVR´s news release
Regards
Fernan
Irish Examiner confirms HSBC compliance causing delay.
https://www.irishexaminer.com/breakingnews/business/providence-resources-shares-rise-on-barryroe-funding-optimism-937105.html