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Think the FCA need to start, before they can finish with anyone!!!!!
May they collect more seamen than the Spanish armada...
That will be a euphemism for what Tom Richardson will experience in his ten years in prison once the FCA finish with him and the Anavio boys.
I suspect Anavio have made their money. Don't care about the bonds now.
If you lend someone money then destroy the company you won't be expecting to get your loan back.
It's odd that BP are in dispute with Summit if they are part of the the same Secured Senior Lender.
Surely it's ideal for BP. Just make an offer to Summit for Summits part of the debt and they get all the COPL assets cheap.
No shareholders, no bondholders.
Anavio were going to get in massive trouble from the FCA that's why they've run away! No doubt the italians have egg on their faces.
Saintnick'' it does seems a little bit odd that Anavio have gone quiet, if they are owed that much ? and even stranger than that'' who actually own that 1b shares, as it was not sold in the Market as far as I'm aware''that 27% £2.5m worth @ 0.15p seems to have been transferred to another owner in 3 lots 10% then 13% then 4%, before suspension we did not notice any big sells at all... so someone still own them''
yes, lots of question with no real answer forthcoming
regards
Maidit308 - to me, the Anavio saga was about covering off any outside bids by building in access to quickly issued bond conversions through increased debt, and potential market share should it be required to fend off an outside bid, whilst the SP simultaneously gets hammered pushing COPL towards the inevitable default.
Anavio never made a play for COPL, they had plenty of opportunities to do so but instead they just kept on stumping up cash whilst shorting the socks off it, even after the default. Odd unless it's seen in the context of the bigger default picture and how it could be engineered, then it just makes sense. Nobody loses except the shareholders.
If that's not the case, i'd question why Anavio haven't launched their own legal proceedings against COPL, $25m down so we're told.
Maybe Anavio were caught off guard so injected the last bit of cash to try to salvage their plan ? I haven’t got a clue. What doesn’t make sense is Summit gave them another month to sort and so if summit wanted Anavio gone, why give them another month ? and also copl kept reiterating there would likely be no return to bond holders or shareholders ?
If it wouldn’t have come in they’d have been bust earlier
"The last $2.5m loan after the default notice was received"
I know the shares were given to Anavio....
BUT
It there any proof they gave us the cash.....?
Is this the reason the injections stopped?
I wonder what the output per month would of been now, had the injection rates been upped to 5mcf per day?
They stopped injecting months ago, yet the field is still delivering 1000bpd.
I'm sorry Sharebel, I don't wish to comment on that.
Rodney do you not think that PK when appointed interim CEO on 18th Jan and privy to all the info and intel could have set out eg the reasons/ case for ‘failure’ of COPL better to court and highlighted the massive shorting activity by Anavio as a major contribution even the graph of their shorts literally follows the timeline of the share price movement and of course had effect on access to lending/raising. He really did not put much emphasis on it simply amending the affidavit with a few lines which really did nothing. Why did he not clarify eg the disparity in RNS company debt amounts communicated to us and then the difference in amount in figures once court docs filed the list of creditor amounts - has he addressed this ever yes they had TR’s name on but he was interim CEO at that time? Why reluctant for shareholder meeting/RNS etc can’t simply be a cost saving exercise? IMHO DYOR
My apology SAINTNICK'' press the wrong key with the o
The last $2.5m loan after the default notice was received (smoke & mirrors), 20% shares worth nothing now.
IS THE KEY TO THIS FRAUD SAINTNOCK'' AND IMO, SHOULD BE THE REASON FOR ANY INVESTIGATION BY LSE / FCA / FRAUD SQUAD to stop this give away on the cheap, to cut shareholders out of any return on an asset that is worth at least $500m with production still at 1000+ BOPD without gas injection with oil now trading close to it's 5 year high''
shareholders needs answers from PK and COPL and the relevant authority to try and put right this wrong ASAP and there is no reason why PK should hold back the GM of shareholders to explain the next step and our fate ? something back or nothing back...
Regards..
Many thanks Ryan.
I've already set out my opinions about what Summit could have in mind as well as referring to Michael Cotter and his Class Action project. These are the 'hoping for the best and planning for the worse' scenarios that I read somewhere else recently.
Based on the research I have done so far, I have no reason to query whether PK has carried out his duties professionally and lawfully. That COPL was in such a state for him to be appointed in the first place will be a key element of the Class Action and has nothing to do with PK.
It does not seem unusual to me that, given the state of COPL and the activities of certain parties, Summit are now using their lien to acquire the assets covered by the aforementioned. Again based on the research I have done, both PK and Summit have a reputation for professionalism. The same cannot be said of Anavio. Setting aside their role at COPL, recall their violation of shorting rules and subsequent fine by the Norwegian financial regulator. Summit has only acted in the way that any sensible party would act in my opinion given what they had to contend with. These are my opinions although, of course, hard evidence does exist of shorting, conversions and so on. I do not wish to comment in more detail there as this could impinge on what Michael Cotter has in mind to best serve shareholders.
Richardson now with Cora Energy (SouthEast Asia). Was there an arrangement to steal the asset in play and Summit gazummed it ?
I'm curious to know the answers, or at least theories, to questions 1 & 3 i asked RodneyT yesterday (19.37) as giving Summit the benefit when they now own the assets just doesn't sit right with me.
So, any and all theories welcome from anyone to the following:
1. How else could the protagonists acquire the COPL assets apart from via a default followed by successful stalking horse bid?
3. What was the point in destroying the company from the inside if not to create the scenario we are now in?
Anavio trying to steal COPL i dont think fits the timeline or behaviours seen i.e. use of Tosca to avoid 30%+ ownership, the last $2.5m loan after the default notice was received (smoke & mirrors), 20% shares worth nothing now. They're most definitely on the hook for some shady dealing so not getting a pass but i dont see how they could've acquired COPL or why they didn't in early Dec if that was the plan. Richardson was their man on the inside, why do Summit now own the prize?
Ryan,as you are no doubt fully aware Anavio (as per the last TR1) which showed their shorting activities still hold 20.44% - 750138786 shares.
I am sceptical that Summit would do us any favours. They may have fallen out with Anavio but we're just collateral damage.
This was planned years ago and Kravitz was lined up to perform the coup de grâce from the start. The class action is our only hope.
Rodney, re-reading this again been out all day. So does that make Peter Kravitz one of the good guys, doing his work to ensure summit got the assets and nobody else got their grubby mits on them ? It’s all starting to make some sense. Sorry if I’ve come across as a dog after after a bone but it’s just the situation we have been in makes be query everything. I’ll let you guys get on with it and thanks again for the post.
Thanks for the reply Rodney. That’s an interesting take and gives us some hope. do Anavio still hold a large proportion of the shares ?
I wish i had your optimism. PK and Province were called in way before the default notice but also before the mass dilution of the extra $2.5m and resulting 3.7 billion shares.
That said, there's nothing i can personally do to affect any of it so i'll go with Summit possibly helping scenario and see were it leads. Role on June.
In my opinion they did, yes.
Anavio, via Tom, diluted as much as possible, did not inject gas, then trashed the JV. They could then aquire for peanuts. I assumed that Summit were working in collusion but are you (Rodney) suggesting that they stepped in to foil their dastardly plan?
Could you elaborate? I'm not aware of as many of the facts as you guys and i, like many others, just feel shafted by all involved.
Anavio, installed by Arthur, short sold via insider trading as far as i can see so lock them up. What i don't see is how they could acquire COPL without Summit stepping in.
In what scenario could Anavio get away with that? If anything, they did everyrhing possible to avoid 30% ownership, which would trigger a bid situation, using Tosca.
The default was triggered by mismanagement from the inside, are you saying that despite Tom being at the helm, Arthur was clever enough to orchestrate the default without Anavio and Tom realising? If so, maybe we should all be thanking Arthur??