Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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MeBladder - there you go again - making vast assumptions and statements. Will you start crying next because I won't play your game?
The reason you refuse to answer is because you don't have answer.
Wrong again McBladder - only you and the ramping team are waiting
Again what credible plan do you have for a way out of this mess??
We're all waiting....
McBladder - do continue posing ramping questions
"Which of course, I will ignore"
That's no problem, ignore that's your perogative.
Another question for someone who says they have 2 PHD's.....
What's your credible plan to address the £50M shortfall?
MeBladder - tea break over? I am most pleased that you have had to expend a lengthy time constructing your latest missive. Which, of course is ramping drivel. Which of course, I will ignore
"By the way, I have 2 PhDs"
Not bad you say senseman? Considering the way you've behaved over the last 48hrs I'd say that's pretty disappointing from someone claiming to be an intellect.
Several people including myself have asked you genuine questions but instead you reply by attacking and name calling.
Unfortunately the legislation the company are using prevents any action from shareholders or dissention from shareholders in stopping this process.
Only 1 scenario exists whereby CA could prevent the restructuring plan from going ahead. And that is raising the finance required from another party. But no one will because the debt is massive and revenue will continue to decline as production declines. I would hazard a guess that they had to go for the option of a debt write down simply because they couldn't get finance from conventional means.
Could CA themselves raise the required finance? Unlikely and what would be the point given that they'd effectively be losing that money straight away to pay off debt and would have to wait until July 2022 before even starting to be able to benefit from any revenue to start paying themselves back. Given the continued decline at Lancaster any revenue from July would then have to go towards paying back that £50M and who knows what the bopd will be then?
And still £100M ish required for further development. This is the problem.
The legislation is geared towards protecting the interests of creditors and shareholders do not even get to vote on it...
Onthebeach... “The BoD is simply projecting forward that it may possibly become so in 15 months' time.”
...the BoD restructuring plans are based on oil price of $34 pb as of the first half of 2020!!
The oil price is currently at $68 pb ....and for the next 15 months is projected to go higher by experts.
Simply the BoD are trying to deceive the court and shareholders by misleading both....and the higher court will see this clearly as we do.
The BoD are trying to keep their salaries and positions as stated in the restructuring plans which guarantees that them and the bond holders wouldn’t be worse off after the implementation of this doomed restructuring plans...
BoD are Corrupt and deceitful bunch of crooks...trying to sell us down the river...
Simply BoD are not fit for purpose and their days in office are numbered...
Please pledge your support to CA by emailing them...
GL
'All that is necessary for evil to triumph is that good men stand by and do nothing' - Edmund Burke
'Truth exists, only falsehood needs to be invented' - Georges Braque
Not bad from a Lego set, eh SlackyBladder? And boring and repetitive work wonderfully when highlighting posters ramping a scam.
By the way, I have 2 PhDs
That is indeed correct Slift, another point that came to mind from the RNS is this....
"the implementation of the Restructuring is conditional on, inter alia, the Company receiving consent from the OGA to amend the Lancaster Field Development Plan (the "FDP") to permit production with flowing bottom hole pressure up to 300 psi below the bubble point of the fluid (1,605 psia at 1,240 metres TVDSS)."
Assuming they will receive consent from the OGA but if they didn't this would but in jeopardy the proposed restructuring plan.
Dr Dense you are becoming very boring and repetitive. So far you have added nothing to this forum apart from insults, immature and childish incoherent rants. I believe there's a lego set in your bedroom with your name on it.
noelpbz,
"Assuming all the agencies and the Law courts let us down, then come the 21st May, with 39.8Billion shares in issue, the SP will be 0.113p."
This is misinformation.
The shares won't be diluted until a later date, but no later than September 2021, IMO.
Noel, following the restructuring the shares will, imv, be worth around double the figure you quote because from that date the company will be well funded, have a forward plan and be awaiting a reserves upgrade based on the latest well performance , as if by a miracle!
So the current bondholders will get all their write downs back in double quick time - just watch it all play out.
Assuming all the agencies and the Law courts let us down, then come the 21st May, with 39.8Billion shares in issue, the SP will be 0.113p.
In a final attempt at redemption I STRONGLY advise all shareholders to pledge all HUR voting rights to Crystal Amber via: contact@crystalamber.com
The company is NOT insolvent. The BoD is simply projecting forward that it may possibly become so in 15 months' time.
The BoD view is entirely pessimistic, using depressed oil prices, when the opposite a more likely outcome.
What sort of Bod forecasts doom and gloom to potential investors.
Are they MAD !!