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I would guess because that's how business works, in this land ( not sure about cloud cuckoo)
Why would they loan SCIR money so that TPDC can have 25%
You guys are in cloud cuckoo land
Agreed Vike, based on past observations of the Zubairs dealings, they get what they want as cheaply as they can whilst happy to loan money to show how generous they really are...cough.
I would expect based on history to see much the same here tbh.
Keep your eye on the ultimate winners.
email - we don’t know but the 3D seismic work is well advanced and drilling scheduled to start in November. The bills may already be piling up.
SCIR have also defaulted on the prolific loan and now need to pay that from cash or from selling the HE1 shares (if not already disposed of)
Lol, are you suggesting ARA will float SCIR $6 million?
Do you understand how business works?
Assume any next payments will be after whomever picks up their 25%. As operator, ARA can hold on to that invoice for as long as needed. Would like to see an update on the transaction, since 3D results and rig mobilisation is due soon.
Which is the deadline date within which SCIR has to pay the debt/make the payments?
Quite right mrc, that is a risk that we have zero control over. Would be very underhand though, however it does remain a risk and we need the BoD to issue an update RNS pronto. As an Aminex shareholder that scenario would lessen the blow for me as AEX would end up with 31.25% of Ruvuma. However, I realise that not all of us SCIR LTH have AEX shares too which would be a disaster for them, and so this is a scenario that needs to be avoided.
44rj
My main concern would be that TPDC are a Tanz government body and no doubt horribly inefficient and bureaucratic.
An alternative scenario is that they (or a key official) want ARA to have it and are deliberately slowing it down to squeeze SCIR out. Wouldn’t be the first time in Africa that a brown envelope did the talking.
The only flying done here is probably between London and Scotland business class I presume.
Should read farting around.
Would have been great if our experienced board could have actually done something with the company instead of spending millions on fees and basically farming around the last four years without a clue as to what direction to take.
They will be blaming the drought next.
AD plants need a constant water supply.
I share MRC's concerns here to be honest. There is nothing we've seen so far via RNS to categorically state the length of time that the pre-emption purchaser (TPDC in this case) is given to progress or withdraw from opting in. If the contract is badly worded there may even not be a backstop date at all for this scenario (although I doubt that as corporate lawyers are pretty good at weeding out such issues).
That said, I can't see why TPDC would "drag its heels"; if it did, and SCIR defaulted on a Ruvuma cash call, then the TPDC would end up with nothing and SCIR's 25% would revert to Aminex and ARA.
An update or clarification on this issue would be welcomed from the board.
I see Aminex are flying - that could have been us, but hey ho - our BoD apparently knows what its doing....
Whoops Flying
Right direction!
The Aminex bullet train has left the station, whilst the Lying Scotsman broken down in the sidings.
Yes I read that.
Who have put this proposal to?
Who have you put this proposal to?
Also Mrc what’s this statement about? Who are you?
“I have put a proposal out there to create a private fund for the benefit of existing shareholders should the milestone payments be received for Ruvuma further down the line.”
I’m absolutely baffled by your motivations to post every possible negative outcome for this company. What is your objective and why? Is it for revenge of some sort? Who’s upset you?
Mrc you are negative at every junction, when you are not here with fear and doom you must be walking down Oxford Street with a board saying The End of the World is Nigh
Mrc … read Crustypete posts on AEX. He is a very LTH of AEX and attends all their AGMs. He stated that after a conversation with their chairman that ARA would not want to tarnish their reputation by taking SCIR licence by default, especially when they are getting it on the cheap anyway.
Crustypete is well respected on the AEX board, in fact polar opposite to you on this board.
To be clear - I am not saying the deal will change. Rather we have a period of uncertainty over the Loan element and completion timescales.
The timeframe for preemption appears to be undefined so the loan may not be paid out for weeks or months (up to the long stop date where SCIR can cancel the deal).
In the event of a delay SCIR will still need to pay the bills on Ruvuma.
Right then let’s just break it down.
WEN have said they will not pay any monies to SCIR until pre emption is sorted out (rightly, as this is a condition of the deal)
TPDC have an option to buy the stake on the same terms as WEN (including provision of a loan facility).
TPDC do not have to provide a loan unless they take up their pre emption option.
The deal or petroleum regs do not provide a timescale for the pre emption process.
Nobody is obliged to provide a loan to SCIR at present.
Can you tell me which part you disagree with?
Not really, that's not the agreement,that would be in contrast to what was agreed with Wentworth.
If that was all that was on offer then it would be in breach of the pre emption agreement leaving Scir free to go with Wen.
AA - you miss my point. As far as we know there is no deadline other than the long stop date. So in theory TPDC could hold up the loan until July next year leaving SCIR carrying the can for the whole work programme.
Do you see what I mean?
I do not want mrc_mrc picking up on my spelling mistakes
should be Shareholders Action Group!
Bloody autocorrect!
AGE
Whether the Board answered all the questions or not!
AGE