The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
are you sure Jose that the first tranche was due before the survey started? I have not really been following this as closely as you neither for so long but I recall something to the effect below:
Pursuant to the original terms of the Updated FOA, which envisaged well-site survey operations during Q4 2018, it was agreed that APEC would proceed to make an advance under the Loan of an initial US$ 9 million shortly after the signing of the Updated FOA. This Advance Was Not Received During Q4 2018 As Originally Expected. However, given the delays to the programme (see below), the Operator did not, in fact, require the funds at that time to finance the front-end well-site survey operations and pre-drill well consenting.
There are only 30 days in September, Manyana.
Since the EGM is held at 10am on 30th September what happens if the money rolls in on that date after the EGM because the backstop has up to the 31st? Will they still issue the shares?
Backstop cut off 31 September. EGM 10am 30 September.
One good thing that has come out of this is I now know I hold shares in Providence outside of nominal accounts having had an Attendance card posted to me from two addresses ago. and since it is an online submission now I have voted in favour of the resolution.
Interesting too that the invitation comes from Pat Plunkett rather than baby. At least he must have run his eye over the deal.
I note as of two days ago that our other director, Angus McCoss, was very pleased, in his role as Exploration Director, with the Tullow discovery off the coast of Guyana.
b
Don't think you're very far from the pulse there Mamms. Probably better to say he is being liberal with the truth:)!
You are wrong Mamms when you suggest that the money should have come through last year.
The first tranche $9m was due just before they survey started and the second $15m is due just before the drilling takes place.
Since both amounts are loans payable at LIBOR+5% and Providenc had enough capital without it as is obviously clear from the statement that they had $5.3m in the bank as of December 2018.
The survey last year was kiboshed by An Taisce even though obvious preliminary costs had been paid by Providence so the money was not paid because Providence could not see why they would pay interest on a loan they did not lead. Good business practice, in my book.
Now we move to this year which raises the issue of why the $10m has not been paid.
According to the information to hand from O'Reilly he has been informed that the money is in the HSBC banking system which is probably why it is in limbo because in 2016 HSBC were scheduled to be sued by the US government for billions because of money laundering but HSBC were not investigated because of the banking crash which would have followed would have brought down the whole banking system so instead HSBC paid a "no prejudice" fine of $1.9billion.
You can now see why there are being so cautious about the $10m and you have at times criticised the APEC credentials as to their legitimacy and obviously at the moment China and Hong Kong are not on the best of terms so you can easily see HSBC Hong Kong playing "silly b*****s" any which way it can when it comes to dealing with China.
What interest me, though, is O'Reilly washing his teeth at 4.30am in the morning. Is he an insomniac perhaps? And as for contacting APEC to check on the money what does he expect to hear? And if he is so convinced that the $10 m is in the system he must doubt that it is totally "clean". Why?
Because if he thought it was clean he would be sure it would get through. If he could guarantee that he could easily raise a $10m bridging loan but he has not done that. He has gone out and raised a paltry sum of money by selling shares to institutions at ridiculous prices. Is that just a planned sop to his big investors because you can be sure, if the money comes through the Providence share price will probaby be near last year's high of 17.5p which means those investors who bought at 5.1p will have a bonanza.
So, perhaps O'Reilly does not want the money to come through too soon because there are "friends" out there who are going to make a killing if the share dilution and share issue takes place.
Lying might be too strong since he does not actually know that the money won't arrive. However, it is misleading to suggest as he does that it will likely arrive before the end of September or as the fund raise suggests, that they expect it to arrive before the end of February at the latest - the reality is that neither he, PP or NOMAD or anyone else has a clue when or if that money might come through. It should have been delivered last year. It is bit rich to hear him say that we didn't need the funds before approval was given - let everyone stick to the contract - the funding was not conditional on approval. He's very 'misleading'....
Well, I never.....!!
joe...in the real world, everyone has a hand feeding it. Therefore you are saying that everyone is liar!!!
Haha well it is HSBC, so yes, one can be almost certain they are lying.
Nomad - well, it's tough to bite he hand that feeds you.
Mamms...your frustration is getting the better of you.
You are insinuating that it is not only TOR who is lying, but also Plunkett, HSBC, and the NOMAD.
Let's try to be positive and hope the money will arrive before the 30th.
I was thinking about the situation we are in. ToR can't have any idea when or if the money will arrive. If there was a logical explanation for the delay then it would have been communicated. This has been dragging on for almost a year now and for 3 months since the assurances and 'proofs' of the funds transfer were given, each extension to the transfer time working with a 7 day extension (i.e. with no knowledge that the funds would not arrive - therefore no knowledge at all). The situation has not changed one iota. Even if the money would arrive there can be no confidence that the funds will arrive before the end of September or before the end of February or before June or whenever. The logical conclusion is ToR is simply lying to shareholders again.