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I mentioned Avalon and Inishkea, but there is one big difference between them and Barryroe: oil has flowed from Barryroe and, from what we have heard, the seismic data is very favourable.
If PVR got a Barryroe farmout that left them with half the percentage that the APEC deal was supposed to, they could easily be worth a pound per share. I wouldn't turn my nose up at 15 million share options and if the new CEO pulled it off he'd be worth every penny. However, I think it's a very long shot. I'm reluctantly inclined to believe ranger4 that the Ireland offshore train has left the station.
Sorry, Manyana, but I can't see anything in your latest post to support your contention that AL came to PVR with a deal lined up.
Unfortunately, the news about EOG today, isn't encouraging.
No farm-out of Inishkea, the major having walked away, rather like Total walking away from Avalon.
It seems Ireland is being deserted.
Then give me a reason why he took the job when it is potentially no better than the one he left.
And why have they issued him with options, technically illegally, when no options exist? They have no option scheme in existence to offer them. It is a future offer only to determine an option price.
The options can only come into effect after the EGM and only then if approved by the shareholders. We have still not been told when the EGM will take place and there is also the situation regarding the February run out of cash and there is also the position of the accounts for 2019.
So he takes over a company with nothing more than a wing and a prayer. Why?
To make any real money out of those options at 4p, with a potential money raise in February where the share price will probably sink once more below 2p if no good news appears he would have to get the price up to say 14p within a year to exercise 5m options at 10p a share profit giving him £500k less 11% USC off the top plus £200,000 tax equating to far less than O'Reilly's salary which he took tax free because it was though a "foreign" consultancy.
So all we have is another b/s merchant who according to Plunkett has the mantra "“Alan recognizes the considerable potential of the company’s assets, in particular Barryroe, and I am sure he will enhance our options in taking this exciting project to the next stage," said chairman Pat Plunkett.
So what's new? So why did he take the job other than he is another ex Tullow discard.
You know, Manyana, one reason I don't buy your theory that PVR's new CEO started his new job with a farminee lined up is that if it were true, then he wouldn't have been handed options over 15 million shares.
PVR obviously think he needs a strong incentive to get a deal done.
Perhaps to continue the conspiracy theory O'Reilly left because he knew the game was up and that Barryroe is nothing more than a bag of worms.
After all, if it was such a bonanza why did he not develop it over the years and if he needed money, if it were a gift from the gods, why did he not persuade his step-mother to develop it. After all, she is so rich she would have plenty of the readies being worth somewhere in the order of $2.5billion.
Perhaps she has now given him some of that and that is why he is now off to live a life of luxury. Why put up with the hassle when she lives in the Bahamas which is probably as nice a place as Malta.
How is that for a theory?
I don't think we will hear any ground breaking news either way until the political landscape clears on the 8th.
Manyana cares. He sees Tony coming back with the APEC money under his jacksie, like a Pope Benedict emerging from the Vatican for a big comeback.
I'm with *you*.
ps200306.
thnk your right. we should be forgetting ToR unless it s to find out more about the missing money before the end of Jan.
onwardsand upwards. with luck the last dilution will keeps us going past feb.
Manyana, you're not getting it. It's really quite simple. TO'R has demonstrated his ineptitude and has even declared that he will fall on his sword. A handful of IIs call each other up to see what they are going to do about TO'R squandering their investment. They can call an EGM and get rid of him as they have a majority shareholding between them. But they'd prefer not to drag things out or lose even more money when the company gets sued for early termination of contract. So TO'R agrees to leave without the public humiliation of getting the boot, in return he kicks up no fuss about the contract being ended. He even gets to hang around for a couple of months while he looks for alternative employment. But a new CEO is drafted in and is offered a ton of share options if he can make something happen quickly. TO'R obviously gets no part in that, which is further proof that he is persona non gratis. That's it. Simple.
Simple question: why have your shares got any less rights than a major investor? Every share in a company is equal and has a single voting right so one share have no more power than the next. The only reason a major investor might have more rights than you is because they have more shares which they can use in a vote.
Have we had a vote? Did you get a request to vote O'Reilly off? No, nor did I and if it had been used without our permission we would sue Providence for abuse and misuse.
Here is the official position on shareholders voting off a CEO.
"Shareholders can exercise their voting rights in person at the corporation's annual general meeting or other special meeting convened for voting purposes, or by proxy. Proxy forms are sent to shareholders, along with their invitations, to attend the shareholders' meeting. These forms list and describe all the issues on which shareholders have the right to vote. A shareholder may elect to fill out the form and mail in his or her votes on the issues rather than voting in person."
And just to prove that each share has an equal right here is the statement from the EGM where it stated:
"Following Admission, the Company's total issued and voting share capital will comprise 657,424,848 ordinary shares of €0.001 each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the FCA's Disclosure and Transparency Rules."
So it could only be done in an AGM or an EGM. Was an EGM vote called and did you receive notice as we had the AGM?
Otherwise, you are saying Providence ignored company law.