The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Yes...The interview is vague about timescales for receipt of funds from Apec. But we don't know when the interview actually took place, hence the wording " after a certain period of time ". It could have taken place weeks ago.
I think if TOR telling Sunday Info about alternate finance then nothing arrived on Friday. Five working days since permit. I,be heard about the slow boat to China but this is now rediclous
TOR told the Independent about having to arrange alternative financing, but didn't specify a date this time.
Everybody waiting for the Chinese money to arrive. Everybody forgetting what this money is ACTUALLY to be used for. Its not for paying the CEO & Staff wages/office leases/redundancies/ expenses etc. One way or another more non Chinese funding required! Off the top of my head ......... non-scientific ...... lets say a 1:1 share issue at 5.5c (5p Stg) to raise another 30Million. Why not! Chinese sent packing and the good auld investors to the rescue! Its how the O'Reillys do business - study his dad's past business dealings if you doubt me.
Tony Ryan of GPA and Ryanair compared business negotiations as a form of courtship depending on whether you were the one being courted or doing the chasing. Not so much as a bunch of garage flowers have arrived from the Chinese Partners of yet.
There is another article about Providence in the Independent. That's two days in a row. Providence Resources CEO Tony O'Reilly Jr has said that the oil and gas industry is an easy target for environmental concerns, and that political pressure to ban offshore exploration is hurting the sector in Ireland. The firm - which has set a deadline of tomorrow to receive $10m (€9m) in cash promised to it by its Chinese partner APEC Energy Enterprise to fund survey work at its Barryroe oil field - would be one of the biggest losers from any renewed push to end exploration in Ireland's Atlantic waters. If the Chinese funding - already delayed since June - does not arrive as promised, Providence will seek alternative funding, likely through debt financing or a share placing. He said: "Our working capital position is such that if funds aren't forthcoming within a certain period of time, then we would obviously have to look at alternative financing. That's what one does. So by saying it, you can assume that we've looked at it, but that's not our primary objective." Providence's goal to develop the Barryroe find - and to explore a range of other targets - would have been jeopardised if the recent Climate Emergency Bill had not been killed off by the Government after it was backed by a majority in the Dáil. "When you have rights and anybody talks about suddenly taking those rights away, clearly that creates uncertainty, and uncertainty is not a good thing for a business that relies on international capital," said O'Reilly. "One can't escape the fact that climate change is an issue that needs to be dealt with. But you have got to also look at what are the causes of climate change. The oil and gas industry is an easy target because oil and gas produce CO2 but, of course, probably the biggest thing is, there are too many people on this planet. And we're cutting down rainforests to create arable land," he said. Green Party leader Eamon Ryan told the Sunday Independent that a ban on exploration would be easily agreed "in the first five minutes of any programme for government negotiation", should his party find itself in such discussions.