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We all seen the terms of the deal back in 2019 , white smoke to deflect
You are correct a Bunfight now , one that Cadogan will win and maybe more
looks like a bunfight. What have CAD breached if they have over the cash. Greasy business ethics. http://www.proger.it/wp-content/uploads/2021/03/Communication-PMP.pdf
EarlofAim it has been debated that there may be a reverse takeover of Proger through the parent company holdings , what Cadogan may be doing is tightening a better share deal , as the old old CEO had set this deal up with say friends within friends.
The new CEO is ruthless and getting his own back on a deal that was never to be paid back in loans.
If you was to forget about this loan never existed , cadogan are still worth more with $11 in the bank , 7 Billion sq ft of gas in storage , gas and oil producing assets ; gas trading platform ; Service sector on oil and gas rigs ; Tax rebate from Ukraine's in the millions. Licence in Italy foe exploring oil and gas. high court case on 2nd licence in Ukraine was 70% win to now 60% win ( Followed the Ukraine court system and fair but some corruption in past )
Anyway add the above without Proger loan your looking at fair value of 22p a share
Sounds to me, from reading the rns, there is poor communications lines currently. An this not be held up in arbitration/court case for years ?
Also taken a position here today, I like the look of things.
Proger reputation is at stake here. either Proger doing this deliberately to list on the London stock market through Cadogan is remain to be seen.
this is a win win situation for Cadogan either pay €14.8M or,
get 22% stake in Proger, and an Italian engineering company worth a lot, look at the website
www.proger.it
we are win win scenario. they dont pay cash, we got their company
both way, CAD already cash rich, has little impact to our operation
mcap should be much higher just with the current production
peer
I see Cadogan to be the winner in any deal to come. Either they get €14.8M or 22% of Proger (PMP).
so I think Mms missing the potential here.
There is no option to buy 22% of pmp. It lapsed. PMP need to pay back cad. Cad could settle the loan for taking a Bigger share of PMP. Interesting to see what happens.
according to this post and official statement RTO is looking good.
https://twitter.com/EquityTrader888/status/1373949666690224129?s=19
Peer that doesnt answer the question tho does it. 22% of PMP is not control
Control is about voting rights. PMP indirectly controls Proper Spa. Through voting rights.
look at the Proger website
does Proger wants to RTO into Cad and get listed in the London stock market?
could this be the reason of the default?
https://t.co/PgEAQSx1yu
Peer.... I'm not sure how you work out that CAD could take control of Proger Managers & Partners Srl with only a 22% default share arrangement ?
I've heard some optimistic opinions on BB's but really? If Proger is worth anywhere like 200 million then they will raise the funds to ultimately pay this debt rather than potentially lose control of their business. I have made a small topup this morning based on poor sentiment but could be drawn out a bit?
this could be the reason of default, 22% goes to Cadogan, which probably will constitute a reverse takeover?
how big is Proger? £200m?
Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the Main Market of the London Stock Exchange, is pleased to announce that its wholly owned subsidiary Cadogan Petroleum Holdings BV (“CPHBV”) has entered into a Euro 13,385,000 loan agreement with Proger Managers & Partners Srl (“PMP”), a privately owned Italian company whose only interest is a 59.6% participation in Proger Ingegneria Srl (“Proger Ingegneria”), a privately owned company which has a 67.9% participating interest in Proger spa (“Proger”). The loan carries an entitlement to interest at a rate of 5.5% per year, payable at maturity (which is 24 months after the execution date and assuming that the call option described below is not exercised). The principal of the loan is secured by a pledge on PMP’s current participating interest in Proger Ingegneria Srl, up to a maximum guaranteed amount of Euro 13,385,000.
this was from a few years back. Proger Managers & Partners Srl (“PMP”) is in default. Proger Managers & Partners Srl (“PMP”) in turn own 59.6% of Proger Ingegneria Srl (“Proger Ingegneria”) who in turn own 67.9% participating interest in Proger spa (“Proger”). I guess Cadogan could likely take control of Proger Managers & Partners Srl (“PMP”) , if so then they will control Proger Ingegneria Srl (“Proger Ingegneria”) as CAD can exercise control of 59.6% of the voting rights of Proger Ingegneria Srl (“Proger Ingegneria”). They will therefore control the voting rights of 67.9% of the voting rights of Proger spa (“Proger”).
CAD has quite good leverage in this situation...
My understanding was that the loan was never meant to be repaid and that Cardogan would take a 22% share in Proger. This appears to be a very good deal for both parties. I can only imagine Cad has let the agreement end in order for Proger to default and cad to screw even more percentage share from Proger. Could be a good idea, if a little unethical
Earl. Yes, they are a sizeable project design outfit based in Rome. The conditions appear rather complex but the bottom line stated in the associated RNS in Feb 2019 is quite clear. 22% is the default amount stated as far as I can tell.
greggie
that's what I thought, default would mean Cadogen will have 22% of Proger!!
Proger could be worth a lot more than anyone expected.
looking at their website and with Big international projects, I assume they'll be worth few hundred million at least
Am I correct in assuming that CAD are now entitled to a 22% share in Proger as a result of their default?
My only theory ( I am a shareholder) is that their work and cashflow has fallen off a cliff. They are essentially a project management company but as much of Italy and many other countries infrastructure projects have probably been put on hold or paused during the pandemic this must have had a negative impact on their business.
I am also a little concerned that Cadogans nominated director on Proger board wasn't replaced?
does anyone have any theories as why Proger are holding up the reimbursement of €14.8m Euros?
after all Proger are not a small company, or did I got the wrong Proger?
is this the right company? if so their reputation is going to be at stake here
https://t.co/PgEAQSx1yu
Basic they can take the company over , that will hurt