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Absolutely agree but Boldy is not likely to allow any further delay without very good reason. Is finding 6m first to relist the only way LOGP could do a reverse take-over? I take it LOGP as a cashshell can pursue litigation on its own on a no-win no-fee basis.
Hello there Beardozer. Do you remember this mentioned in the article in the Times:
Lansdowne pitched a merger to Barryroe, by way of a stock-based reverse takeover that would see combined group domiciled in the UK, earlier this year as a route for its larger partner to be part of a potential bigger ECT claim in the event the project was killed by Mr Ryan, sources said.
The proposal has not progressed. However, it is still seen as a potential option that is open until Lansdowne issues formal notification of an intention to pursue arbitration.
Let's hope that LOGP don't get drawn into anymore of Ryan's time delay tactics. I would instigate litigation the day after the 3 month deadline passed if they haven't come back with more than a cursory 'Let's talk'
I agree: anything is possible now. However, I'm no lawyer, but I can't imagine BEY can reverse themselves into LOGP and then expect to sue under the ECT for the losses they've suffered while unable to sue. What interests me is "the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document." Is that the simple way forward while awaiting $100m compensation?
Existing shareholders certainly don't want to be diluted but what's in it for whoever provides the £6m? It's all very sad - things could've turned out so differently and developing Barryroe would've done wonders for Ireland's energy security.
Hello there Nigel. Yes anything is possible now. I myself think that there will be a BROEy and LOGP tie up. I believe that LOGP will get a good deal as it has the UK listing and this gives Barryroe Energy the possibility to sue under the ECT. I do not think there will be a significant placing at the moment. LOGP has some significant shareholders who have pumped a lot of money into the company and I do not see them opting for dilution. So either no foal no fee legal ECT challenge or a tie up with BROE under favorable conditions. My opinion of course and all other opinions are equally as valid as it is all just speculation. Regards
There is a risk of a significant placing imo here.
My view is that Ryan and co. have gone for the longest possible option- this would be the strategy if the instruction was 'kick the can as far down the road as you can'. They had 3 months and did not engage until the last day and only then to say 'let's talk about talks'. So does LOGP start formal proceedings or engage? They have to engage now so that will delay the start of formal proceedings for another 6 to 12 months. They are not actually looking to settle, just to delay.
The shell company and the need to reverse into something was flagged sometime back, there is no master strategy and LOGP don't have the headroom even to take advice. Since you can't just sit in the stock exchange doing nothing (in the same way that BROE can't exist just to pursue litigation) they have to leave unless they find a way to do something else. I'd say the price will fall precipitously as we approach 18 March 2024 (when LOGP will cease to trade on the exchange).
This looks like a precursor to some part of the Vevan deal with Barryroe.
Technically, Lansdowne is now up for sale so it may be incorporated as a sub-company to Vevan so that it can still claim the $100m under the ECT treaty. After all Vevan has a number of UK companies under its wing.
All will be revealed when Larry speaks.
Might be a reserve takeover of Barryroe energy. Lansdowne would remain as the junior partner but it would give Barryroe energy assess to participate in the legal case being taken in Europe. Barryroe energy will be updating the market this week or next on their plans which are based around renewable energy in some form but I don't think the major shareholders in both companies are going to ignore the case that can be taken in Europe or that Barryroe is one of the biggest undeveloped oil fields in Europe which may be developed at some stage depending on the future policial landscape
Indeed, with just enough money to buy a fish and chip shop.
The Irish state solicitors office will not be working in isolation, they will be taking their direction from the Government and being mindful of Ryan’s ministerial portfolio, I suspect he has had some influence with the narrative of the response,
It also has all of the hallmarks of Ryan’s incompetence, in regards to it being left to the final hours of the arbitration period,
What is intriguing, is the intention to open dialogue and meet with Lansdowne, especially considering the backdrop of recent years and the absurd refusal of Ryan and the DECC to meet with the Barryroe partners at any stage during the licensing application period, clearly something has changed.
Plus, it is also worth remembering that the DECC are on record in relation to warning Ryan, that any refusal of the licensing application would result in litigation by the Barryroe partners, as there was licensing application approval precedent, whereby applications had been approved by the department, without applying the investment cover criteria, this was disclosed to the Times, as part of a recent FOI process with the DECC,
The fact that Ryan’s department are now willing to sit at the table and start discussions is very telling, if they wanted to stall, it would have been much easier to tell Lansdowne to go forth and multiply, that has not happened and there is more to follow and with LG imminently sealing the BEY rescue, there are other interested parties that will want to be part of those discussions,..GL S
Nice NH.
I wish he existed beyond the event horizon but unfortunately he pollutes our Newtonian world with his ideology.
He shares his logic with utter morons that ruin priceless works of art, disrupt sporting events, vandalise property and bring emergency services to a standstill.
Indeed Flash however due to the eternal truth of invariance gravity still exists in space(time), Ryan would need to be at a Lagrangian point to float motionless and hence subject to equal forces of gravity.
'I dropped an egg and it smashed on the floor. How is that fair? If I want to jump off this cliff and fly then why cant I? '
Here, let me take you out into deep space so you can float around completely 'free'.
Because the general application of wokism is not about liberty, freedom from oppression and freedom from prejudice. Its about bitterness, resentment and hatred mixed with narcissim and ignorance.
They will be campaigning to get rid of gravity next.
I suppose there is not much difference woke wise between “Eire “ and Bhreatain
Https://europeanconservative.com/articles/news/irish-populism-starts-stirring-dublin-conference-airs-unease-over-hate-speech-bill/
How did Eire become so woke yet prepared to inflict North Korean type punishment? I suppose we in the UK have the disease: most senior Brexiteers having their bank accounts closed.
A clear case of 'woke-iarrhoea'?
Hello Longerwait. You are entitled to your opinion but you are not entitled to insult people
Not a delaying tactic by Ryan but difficulties in formulating actual thoughts within a cerebral cortex the size of an actual sprout.
The ECT requires meeting within the 3 months.
It does not include 'willing to consider proposals for a meeting' ...whatever that means.
How many 'get outs'can you fit into a single sentence!!!!
Its delay tactics IMO.
He has absolutely no intention of willingly agreeing to the development of barryroe.
Its strong arm time.
Unfortunately I think this is just another delay tactic.
Ryans strategy is to delay.
The longer he delays the more arrangements he can put in place to make barryroe seem less appealing or necessary.
The MOU with UK is one such example that he will use in an attempt to support his ludicrous stance.
Also, the UK as well as other countries are pushing for reform of the ECT. I believe the UK wanted reform this year!
Ryan is looking for ways to undermine the ability of LOGP to pursue compensation via the ECT.
One way is to give the illusion that his decision has nothing to do with green policies and was purely based on the financial capability of BEY/LOGP. That they do not think the ECT is relevant in this case is clearly seen by the response.
Another ploy would be to reform the ECT itself ; that could be on the cards sooner than many think if governments decide it is undermining their ability to implement green policy and hit emissions targets.
My opinion is that if LOGP want to use the ECT route then they need to do it now.
This is a very interesting development.
If it signals a change in policy by Irish govt then will be massive here and for the prospects of Inishkea at EOG.
Interesting note from Lansdowne, Ryan denies the Irish state have breached ECT (no suprise there!), but he wants to talk to Lansdowne, so I wonder with the LG / Vevan / BEY developments and a potential judicial review, is Ryan having second thoughts?,
The recent supply MOU with the UK just underlines the ridiculous position Ryan has place Ireland's energy security, more to follow!,..GL S
You're sounding more desperate and more American the more posts you post! Goodbye!
Forget about arms, Monty missed a trick by not chopping him off at the knees and shouting 'you haven't a leg to stand on' ---just like Ryan.