Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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M, with all due respect, before you start directing aspersions my way, the company has not shared anything that would be considered material or indeed inside information, over above what is in the public domain, shared via RNS or via interview and shareholder Q&A, unlike some that frequent these boards, I do take the time to research and I also engage appropriately with company representatives,.....GL S
Manyana: "What is the current interest rate to borrow money? 0.99%. The banks are literally giving it away as they cannot make money if the do not lend and they have so much of it that any interest is worth having. So, I am sure Providence could raise €50m or more tomorrow without breaking sweat as they have no debt - note from the accounts - at minimum rate so why dilute? "
PVR is not looking a bank loan. Banks don't lend money at <1% for anything as risky as oil exploration (even for appraisal wells). PVR is looking for a bank to help raise a bond. The interest rate on that will be a double digits percentage. The blended rate on the finance that SpotOn were supposed to raise was <8%. Given that it included Norwegian Export Credit money (typically 2 to 4%) and cost deferrals from suppliers, you can be sure that the bond was going to be considerably more than 8%.
If " I will be there to meet and greet all my fanboys! Who all can make it?" is not Spoof and Bluster what is.
You must be the most gullible id**t on the planet.
And how many shares did you say you have so you can go to the AGM? Remind us or will the "Spoof and Bluster" stop you from telling us?
Have you recently boiled your head in a bowl of cabbage because that is what you clearly have between your ears.
How many shares "spoof and bluster"? I will keep asking 'til you tell me.
Ranger4,
There is no shortage of money to fund Barryroe. There is so much swilling around even in Ireland that it will be easy to fund as long as "Bicycle Eamon" does not play silly bu**ers" and delays the approval. But at some point in the future his goose will be cooked.
What is the current interest rate to borrow money? 0.99%. The banks are literally giving it away as they cannot make money if the do not lend and they have so much of it that any interest is worth having.
So, I am sure Providence could raise €50m or more tomorrow without breaking sweat as they have no debt - note from the accounts - at minimum rate so why dilute?
I know of one Irish man who recently made €130m on a deal and he is just a "ordinary joe" and you will never have heard of him.
There is a bye election in Dublin on 8th July which Sinn Fein is expected to win and Fine Gael to lose which will mean Sinn Fein will become the largest party in the State with 38 seats.
So what will happen at the next general election if we have to wait that long? You can expect Sinn Fein to form the next government. And when you consider they already have 26 seats in Northern Ireland so you can expect a push for a "united Ireland" and they will be glad to have the oil and gas from Barryroe when that happens.
So, as they say, "softly, softly catchee monkey" or as Warren Buffett says, "hold on, it will come right on the night".
Again TheShi** you have got it wrong.
You are not allowed to put Spoof and Bluff! into an RNS. It is a legal document.
And who expects anybody to give you gospel and verse in an RNS? You get that by asking the right questions at the AGM. Since you are "going" to the AGM you can ask them yourselves at that, because that is where you get the "real meat".
At one AGM I went to, not for Providence I might add, some proverbial from the floor was saying how "good" the company was doing. When I queried him through the chair I asked him how many shares he had, just as I asked you but you failed to answer. When he told me I told him to shut up as I had 10x times his share and I thought the company was doing cra*p.
And as for you swizz, can you tell me your real name as I want to report you to the FCA for insider trading if you have been getting confidential information from the company. That is also a legal offence.
And if you don't want to tell us your name, I am quite happy to contact Providence and complain that you have been getting information not available to the general public which is the definition of "insider trading" and is totally illegal.
Why don't you people stop bullsh***ing and learn how Company Law works.
M, good call in relation to point 1,
In regards to points 2 and 3, I was confident based on my research, previous comm’s released and also extensive comm’s I have had with the company that point 3 was being progressed,…GL S
Tend to agree with the shen
Rns disapointing with lack of any credible news with how they intend to fund barryroe
Shareholders can expect further dillution with another rights issue soon as funding from norways banks will leed to nothing.
Swizz,
A few pointers you might have missed which are very significant.
1. "The Standard Exploration License (SEL1/11) for Barryroe expires in July 2021 and the Company has applied for a Lease Undertaking License, which is the follow-on permit. An updated Lease Undertaking was submitted on 9 April 2021, more than three months before the end of the exploration license, as required by the regulator."
Note, "as required by the regulator", i.e Eamon Ryan. A use it or lose it requirement.
2. "The Irish government introduced a ban on new oil exploration in September 2019 in response to a call for direct action to reduce the impacts of climate change. The government has confirmed on many occasions that existing licenses are unaffected. Moreover, it has confirmed it will continue to progress existing licenses through their various stages, as the regulations intended. "
Would cost the government hundreds of millions of euros in legal costs if it did not let this happen.
3. "Providence is also progressing discussions with several Norwegian banks proposing to raise a conventional bond to contribute a material portion of the Early Development Scheme capital requirement."
I am sure it is not the only place they are looking but it is all about timing.
So, how come you were expecting these? None of them was a given until this confirmation.
For example, Providence could have forfeited the license for Barryroe if the follow-on permit had not been requested. Did you know they had applied for it?
The fact they are working with Norwegian banks is also an unknown until now. And it is significant because Schlumberger who are a partner in this venture have a large presence in Norway and they owe Providence a major favour. Why?
Because back in 2015 Schlumberger and John O'Sullivan convinced O'Reilly that Druid and Drombeg contained oodles of oil and gas. They spent six months, at Providence's expense, convincing him so he got partners spent buckets of Providence's mony only to find that Druid and Drombeg had a lot of fluid in them but it turned out to be billions of barrels of water instead of oil. Not Schlumberger's finest hour.
The switch of Merton for Plunkett was probably due to Pat's retirement. He is now 70. Do you want him to do a Biden or Trump and go on 'til he drops? Merton is 67 so he has a few more years and has very much the financial background that Plunkett had and he is currently the lead on a very "political" hot potato in Ireland with the development of the "National Maternity Hospital ", so he has very much the ear of the Irish government.
So, a few things you might not have gleaned from today's statement but totally relevant when those two ghouls of Smith and Ryan sit on the fence waiting to chew Providence up. This puts a rocket up both their jacksies just as it does for TheShrek. Where is he? probably as you say, in bed, sucking his dummy or something else
The finals not containing anything other than what was expected, albeit the cash position at year end was a touch better than expected, plus fairly light on forward statements, so I would suggest a lot more to follow, perhaps the most notable news is JM taking on the role of Chair and I would suggest that is a positive development and a very significant statement of intent,….GL S