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Is it significant that LG did not make a parallel offer of x% of compensation obtained by litigation to BEY shareholders?
Discussions for compensation would not apply if the LU is made a precondition. The government might countenance an offer of, say, 60%-65% of a total claim. They should be given a three-week window of opportunity to make an offer that can be put to shareholders for approval. Time is money after all.
I would suggest there are 3 key actions for the Lansdowne team at this stage,..GL S
1) Finalise litigation funding agreement.
2) Engagement with Vevan to fully understand their plans for SEL 1/11
3) issue a very clear directive to the Irish government and the DECC, that any discussion would only be based on the required conditions to reverse the LU decision.
I think ER will be happy to settle this now quickly with LOGP given the BEY is out of the way. Depending on what BEY`s plan is it could be a cash settlement or an investment by the govt (in lieu of damages) to get something done in conjunction with BEY.
Swizz, would you agree that Boldy’s way forward now is quite clear and is unlikely to involve
LG? No more time to be wasted with him or Ryan. I would give Ryan three weeks to make an adequate offer and that’s it. What’s sauce for the goose is sauce for the gander.
So as expected (by almost everyone), all shareholders are wiped out with BOE going to Larry. Whether he is able to do anything with the shell remains to be seen. Personally, I suspect he won't be able to change the outcomes, but who knows. He could buy LOGP, merge the two into the UK operation and submit a bumper damages claim - if he gave £10m for LOGP and call it quits? I'm sorry for the BOE longs, at least they are being put out of their misery... a sad story all round.
Based on the content of the RNS, it is difficult to see it going any other way, than full control of Barryroe’s future is with LG and Vevan, with the confirmation hearing expected on November 3rd,…GL S
It would be wrong to rule that out, but I believe the shareholders vote and request will make no difference to the outcome though, as in, the examiner process is designed around the creditors, so In the case of BEY, it is those that are actually owed money who will decide the outcome, so it is likely that todays meeting, is related to a court application date to approve the scheme and based on previous guidance that was provided, in relation to the scheme of arrangement, today’s date was outlined as a possibility for the confirmation hearing,…GL S
What are the chances he is going to ask for an extension based on the shareholder's vote that a modified solution is to be found with new negotiations with LG? Otherwise, why is he back so soon?
If the court approves Larry's scheme, the voices of the shareholders will have been "blowing in the wind".
Kieran Wallace the Barryroe Examiner is certainly progressing in a timely way, he is back in front Mr Justice Quinn tomorrow at the High Court and in all probability based on the process details, it will be to advise on the outcome of meeting on Tuesday, we may well have a date for the final hearing at some stage tomorrow.,..GL S
Yeah, it's 'crazy' that two major oil mergers in the past month might signal a reappraisal of O&G, and guess who used to be a senior manager at Hess... https://www.ft.com/content/2f5bc085-6aac-431d-b0e1-812e809553ef
This share’s price does not change in relation to things like Chevon etc , that’s just plain crazy. Of course It takes little to move it but the changes today and yesterday are due to bey
It takes very little to move the sp. I'd say it's just a reaction to the events of recent days, Chevron buying Hess, ESGs falling out of favour.... I wouldn't read anything into it. I expect a rollercoaster until March, then delisting, then.....?????
It is my understanding from a very reliable contact in Ireland, that the creditors did indeed vote to support of the scheme of arrangement and the majority of the company shareholders who had voted, had voted against, although no detail was shared in relation to the qty of shareholders votes,
So I would anticipate that the examiner will now move forward to the next stage of presenting to the High Court, at some point in the next week or so, ..GL S
Does anybody know why the share is doing so well today? Has it got anything to do with the Barryroe meeting from yesterday?
Perhaps if any joint shareholders attended yesterday (little hope) they could tell us what happened.
As I pointed out on Barryroe board nothing can happen, irrespective of the votes, until the court decides.
So, does anybody know (and avoid Longera**se who is just an annoyance) exactly what happened yesterday and why Lansdowne is doing so well today?
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Could Boldy be still waiting and hoping for some kind of deal with LG? Was he rebuffed back in May?
It's still a cash shell and will remain a cash shell until it is delisted in March - it's a straightforward bet on the outcome of litigation against the Irish State. The State will resist and delay and refuse to participate etc. for as long as possible, for a State, waiting 10 years, 30 years, 50 years is all nothing. If there is a result it will take at least 10 years to play out in my opinion. As with all these things, it can go either way and over time, it may be that the situation deteriorates (for instance there is a global renunciation of previous charters, particularly if 'climate events' accelerate). I expect that by the time 1 March 2024 comes around and then there are only a few weeks of trading left, the price will fall with many gyrations between here and there, all based on SFA. If you are prepared to lock up your money for a very long time and have no better uses for cash, it might be a good bet (there are a lot of 'ifs' there). I might wait a bit and think again on whether to buy....
I agree. Just before Eamon Ryan cancelling the licence the penny was dropping that Barryroe should merge with Lansdowne but time ran out. Lansdowne have a 20% of Barryroe, so no small percentage. Combining with Lansdowne seems to make sense as they hold 20% of the company and they are the only ones who can take a case against the government to Europe. If they do merge perhaps it allows the opportunity for shareholders in Barryroe to be given shares in Lansdowne in lieu of their Barryroe shares. They are other major shareholders who seem to be on board with Larry Goodman's plan so interesting to see how things end up.
It was nothing to do with LG and Vevan, the Lansdowne approach was totally ignored by the BEY board, but you can understand the frustration from a number Barryroe’s ordinary shareholders, which I am one, although I do wonder how many that post on these bulletin boards actually are BEY shareholders?
My main holding has always been Lansdowne, but considering the position the BEY board and major shareholders found themselves in, I do believe the most tangible way of seeing the Barryroe project develop, is with the backing of LG’s financial muscle legal capability and that is perhaps why certain individuals are so against LG and Vevan securing BEY,
I personally believe it will be the best outcome for Lansdowne, so my BEY votes will be heading LG and Vevan’s way and with SB’s technical knowledge of the SEL 1/11 license area, If LG and Vevan do reach out, it could be quite a formidable partnership with Lansdowne, especially considering the security of the ECT position,..GL S
You obviously haven't got a clue what an "Aim Cash Shell" is and the benefits of same.
https://www.hbcg.co.uk/aim-stock-market/aim-cash-shells-guide/
You remind me of the mother writing to her son who says "Dear Son, I am writing this letter slowly because I know you cannot read too fast".
There are literacy courses for 12 year olds like you that can help you overcome your obvious deficiencies.
Lansdowne, because they are a UK based company, can bring a case against the Irish Government to Europe using the Energy Charter Treaty. Rockhopper, a offshore oil and gas company that were prevented from drilling by the Italian government were successful when using this treaty. Lansdowne have said that it will cost six million euros to finance the case but they say they have investors willing to back them. As someone already mentioned that just happens to be the same amount Larry Goodman is investing in his new project based in Barryroe. Hard to know what will happen but Lansdowne have leverage and in the last correspondence with the government, the government asked for further talks.
What would LG like to discuss with LOGP, if anything, I wonder? He wasn’t keen on their proposal earlier this year, it would seem.
It will be interesting to see if the Sunday newspapers pick up on the story as it is intriguing that Larry Goodman is investing in a renewable energy project and will he take up the opinion of taking a case against the government in Europe and if he will finance the case that only Lansdowne are in a position to take. If a case is going to be taken the government might be in talks to come to some comprise with Lansdowne. The budget happens next week in Ireland so perhaps unforseen future expenses may have to be considered at some stage
Yes, agreed and this also needs some peripheral vision as the other interesting part, is the 100 per cent and 70 per cent payments to secured and unsecured creditors, along with the 1 per cent decommissioning costs payment, as this includes the Irish government and the DECC, is that an olive branch to get them to sit up and take notice? I would suggest it is,..GL S