George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Can't see the suspension of the shares making the slightest difference to the eventual compensation.
But it will have huge implications for individual shareholders.
For my part, all the losses within my ISA will count for nothing while all the gains from 0.09p will be taxable!
What I was hoping for was a takeover of LOGP before suspension but it doesn't appear to be happening.
Seems like a missed opportunity but WTFDIK?
Perhaps the final step of suspension of the shares will add weight and even increase the amount of damages that LOGP can claim. Possibly the advice from Ashurst was to delay formal action until 19th March, thus putting the final nail in ER's coffin.
I would hope all existing disputes are unaffected and will run their course.
Do you think that is relevant to LOGP, beardozer?
The UK is pulling out of a treaty that lets fossil fuel firms sue governments over their climate policies.
The UK will quit the controversial energy charter treaty (ECT) after efforts to align it with net zero emissions plans failed, the government announced late on Wednesday.
The treaty allows fossil fuel investors to sue states for lost profit expectations in an opaque corporate arbitration system set up to protect fossil fuel investors in the former Soviet economies in the 1990s.
Graham Stuart, the energy security and net zero minister, said: “The energy charter treaty is outdated and in urgent need of reform, but talks have stalled and sensible renewal looks increasingly unlikely. Remaining a member would not support our transition to cleaner, cheaper energy, and could even penalise us for our world-leading efforts to deliver net zero.” Treaty protections for new energy investments will cease in one year’s time when the withdrawal takes effect, the government statement said.
Swizz, thanks for that. Delisted companies retain all their rights as a legal entity. I am happy to know that LOGP can and will pursue their case under ECT, with or without LG. We do not want to be beholden to him and he needs to know a waiting game will not work. It seems then that no acceptable common ground exists for a deal as yet. We will know by the 19th of March after which LG and LOGP will go their separate ways, if no agreement. That is how I see it.
I hope so. I would like the company to issue an RNS to that affect.
Battle, just for clarity, the shares will be suspended, it will be far from over and I am sure measures will be put in place to facilitate the buying and selling of LOGP shares, the future of Lansdowne is certainly not dependent on its Aim listing and neither is the ECT litigation process, ..GL S
There are at least three good reasons, therefore, why the ECT will not allow frivolous, time-wasting appeals. The case is clear-cut in the extreme. It is more than 6 weeks since we had an RNS from Boldy. Why is this, I wonder? Is LG giving him a hard time?
Barryroe Energy raised the forty million needed to proceed with its drilling programme, but Eamon Ryan did not want the company to drill for oil and gas, so found a rarely used clause that started that Barryroe Energy needed to raise three times the amount necessary for the drilling programme, forcing the company out of business. That sort of Government action is only seen in Putin's Russia.
As for the future, Lansdowne have only three weeks before been delisted, so hopefully they can get a foothold in the next week or two, otherwise it is over.
I agree they should be actively pursuing compensation.
However political figures come and go and decisions can be overturned on the grounds of illegality, procedural unfairness or irrationality. On all 3 of those grounds I would say that ryan is on a sticky wicket. His subjective assessment was not based on law, the length of time taken and the principles applied were not in accordance with standard practice and based on current and future energy requirements for rhe republic the decision is definitely irrational.
Some parties on here seem to think that the LU is still under active consideration ('in the bag' has been said) - I don't think that is realistic. That ship has sailed and the Government will not reverse themselves. LOGP is about to leave the stock market - it is taking a legal action for compensation which may result in a payout 10 years from now. I think anyone who thinks LOGP will still be actively trading in a few months is kidding themselves (at least).
LG’s argument is probably along the lines that considering recent developments with PRD and EOG the LU is in the bag at some later stage and that therefore LOGP stand more in need of him than vice-versa. Boldy needs to send him packing by proving he can get funding from another and more desirable source. Some one suggested a while ago that LOGP have a case for compensation of one kind or another, whether the LU is reinstated or not. Anyone else agree with that?
Another cave-in a la Nick Furlong? Surely not with very supportive shareholders?
I cannot see that happening here because we have a route that was not open to BEY. Surely all shareholders must support the ECT route and do everything necessary to see it happens through a placing. 6m from LG is, or ought to be, unthinkable. Time for Boldy to tell us now about funding - not on 19th March.
We are just weeks away from delisting and not a word .I normally like to view things from a positive 1/2 full glass but can’t muster any positivity anymore for this share .Looks like Barryroe,it will be another writeoff
Hello Swizz. How are you keeping ? Do you think we will hear some news soon. Very quiet at the moment. Nothing from Vevan either !!
It was the Barryroe board that refused to open dialogue with Lansdowne, in regards to the possibility of a merger, it was nothing to do with LG, …GL S
Like Spud, I’d settle for $50-55m and let LG have the remaining billions. Any chance he’ll try a hostile takeover!? - Maybe a stealth raid with inside support is more his style. You do take such thoughts the more seriously, the longer we go without news. I’m sure I’m not suggesting any course of action that Larry has not already considered! I do think it likely he opposed the RTO
early last year. Probably he is still opposing it, as leverage in negotiations with LOGP and their lack of cash. I think more onerous terms from a funder, considering how strong our case is, would be preferable to any likely terms proposed by LG but maybe I do the man an injustice.
Yeah, I think LOGP is yet another of my investments to go down the pan.
Or will it be worth £billions eventually?
Maybe LG has offered £6m but on onerous terms, which has split the major shareholders down the middle - we know that LG as a profit-orientated business man (to put it as politely as possible) would regard it as quite normal to proceed in this way. Possibly some are minded to accept his money. Divide and conquer etc. On the other hand, however, he would have to be certain that the LU is in the bag before parting with the money. My musings could be wide of the mark, of course.
I do not know what the average is for some of the major shareholders. Historically I was of the opinion that they would want at least 7p/ share but after the past few issues i am not so sure. LOGP have 5 or 6 weeks to decide on a way forward. i.e reverse t/over or admission as an investment company. If the latter then my worry is that existing shareholders are diluted to **** when they raise 6m.
Indeed, SM, Swizz’s latest views would be welcome. These large share transactions every so often are a concern if they are going to LG. Could there be a difference of views among the large shareholders about how to proceed, for whatever reason? Perhaps they disagree on the level of acceptable settlement - or whether to take less sooner than more later? Just some thoughts.
Hello there Makeaboundle. Yes it requires a lot of patience waiting for something to happen here. There has to be an advantage to waiting for LG and Vevan. If not why not just advance the ECT case. One possibility is that LG and Vevan are in discussions with the DECC regarding their future plans. LG might be telling the DECC that unless the license is restored they will begin litigation in the courst to have it reinstated. LG and Vevan might also be examining whether they can go the ECT route now that Vevan is a Jersey based company. If Vevan have no legal right obviously then the next area to examine is whether Vevan can reverse into LOGP and put in an ECT claim for 100% of the damages. If in the end only LOGP can make a claim I see the Irish Government settling quickly so as to shut down the whole afffair and not get bad publicity. Perhaps LOGP and the Irish Government can agree to a decent but modest settlment. 50-75M for example. Anyway let us see what Swizz thinks. He has a better handle on all this !!!
Would it be newsworthy if the 20m shares traded yesterday are now in LG’s hands?
Or is that only to be expected? The alignment process is taking rather a long time with too much deference being shown to LG in my opinion. I would have expected stiffer resistance and solidarity among all major shareholders, to put it mildly, and news about our ECT case by now.
News?