Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Rhambo, thank you for your response which is what I expected you to say, lets wait and see how correct you are.
Mike, Given that the current bod has been totally inept, why do you think WV will want to keep them on? They will simply hire other people. With respect to the BOD being shareholders I rather fear you do not fully comprehend the situation. The company cannot fulfil its obligations to its bond holders, it is therefore in default, therefore the BOD's shares are completely worthless as yours are. You both hold shares worth 0p and you don't have to listen to them anymore. There is no hope of WV dealing with the BoD, it has no reason to.
Rhambo you seem to have all of the answers here so please could you explain this to me. Let's assume that you are correct and WV take over the company as debtholders what will they do with it? They are after all investors/ex bankers who do not know how to run an oil company and as we have seen so far they can not just sell the company and make a profit. Presumably then they will need the assistance of the BOD to run the company (regardless of how inept they seem to be) and would therefore need to come to some compromise with some of the board members. Would those board members who still hold shares in the company be willing to see the value of their holding wiped out completely?
You come in hear calling people fools behind your key board you really are lowest of the low
no, it's not a win-win for everyone. It's a win for WV. It's a defeat for shareholders, you will be left with 0p. WV will take the company over as debtholders and the equity will be worthless, you as shareholders had your chance to take 3p and rejected it. Now you will be left with 0p, I'm sorry but this is the brutal truth.
Rhambo Just goes to show how easily fools are parted from their hard earned. AIM is a casino that attracts the worst types of people IMO.
I would also not be surprised to see a NOMAD resignation next week, presumably the BOD will realise it's time to stop paying people it doesn't need to anymore.
JMSM - unbelievable - you purport to be a shareholder and belittle shorter's research when you can't even properly research your own company's RNSs in the PAST ONE WEEK!!! Read the 8th April RNS when it clearly states they repurchased some debt: "8 April 2016 SUNNY HILL LIMITED ("Sunny Hill") Purchase of 30.56 per cent. of Petroceltic's Senior Bank Facility from certain members of the Banking Syndicate by the Worldview Economic Recovery Fund Sunny Hill, a company wholly owned by the Worldview Economic Recovery Fund (the "Economic Recovery Fund"), is pleased to announce that, on 7 April 2016, the Economic Recovery Fund acquired 30.56 per cent. of the Petroceltic Group's outstanding indebtedness in respect of the group's Senior Bank Facility from the remaining members of the Banking Syndicate (the "Second Debt Facility Acquisition") at a discount to face value. Following the Second Debt Facility Acquisition, the Economic Recovery Fund is now interested in 68.0 per cent. of the Senior Bank Facility." So WV owns 68, not 37.44 per cent. Do yourself a favour and do one before you embarrass yourself even more.. I despair even more for the guy who thought you had a point and recommended your post.
Please explain?
Looks like the shortens here either don't do their research or don't want others to know the truth: "On 10 March 2016, Sunny Hill announced that the Worldview Economic Recovery Fund had acquired 69.44 per cent. of the Group's outstanding indebtedness in respect of the Senior Bank Facility. On 4 April 2016, Sunny Hill announced that, on 2 April 2016, the Worldview Economic Recovery Fund disposed of 32 per cent. of the Petroceltic Group's outstanding indebtedness in respect of the Group's Senior Bank Facility to an independent third party investor and that the Worldview Economic Recovery Fund remains interested in 37.44 per cent. of the Senior Bank Facility." Only 37.44 of the debt ;-)) Carefull who you believe on these boards, some very dubious people with immoral intention to dupe with lies. JMSM.
Worldview now control most of PCI's debt so they can decide how that debt will be repaid. They currently hold circa 29% of the company and are unable to achieve a takeover at the offer price of 3p. So what if they can agree with the examiner affordable terms for PCI to repay the debt and allow the company to continue and develop the Algeria asset, that way WV makes money from the debt and also realises the potential of the gas as they are a major shareholder. Is that a potential win/win for everyone?
May I suggest that many of us did not want to sell. Do not question the reasons please. Look at the number of shares selling and you will see that quite a few of us did not want to be held to ransom. There is much still to play for and I would prefer those that are out of this share, to now stop commenting, perhaps they are worried they may just have acted too soon. Time will tell.
It seems like the energy sector defaults has just began to increase, 2 companies in the US have filed for Chapter 11 and GKP looks terminal here in Blighty at 4p and falling. Quite why people here chose to: Not sell at market price (7-9p) Accept WV fair 3p offer Is beyond me, now a real possibility exists of a zero. Do people not know what is going on worldwide with regards to oil price, junk bonds etc? I am genuinely sorry if people have lost out here but again the rampers seem to have the loudest voice.
0p back on the table again, sunny own the debt.
Sunny Hill
Think I am right in that you had to sell to WV bye now or over revoked GLA
Excellent, hope we do not get ripped off. N billion cu ft gas on doorstep of Europe and a 3p offer? Hang in chaps.
You will see that the PCI response document confirmed that Alan Parsley, a non exec director was not intending to accept the offer, although he did recommend it. There appears to be a number of share holders who view the offer to be so low that it is not being considered . Who knows how many shares therefore not up for grabs! An interesting time to come and in my opinion , still much to play for.
Thanks for the info here's hoping
Also rumour has it there has been reconciliation with Worldview, with the key factor being PCI's relationship with the Algerian government.
From ADVFN. It appears that Alan Parsley has also rejected the offer of 3p
My mind is already made up on this and sorry about the negativity but not a lot to be positive about just now is there ?? GLA
huggs1874, this isn't meant as a personal slight in any way but I do find in your posts you contradict yourself quite a lot, I'm pretty sure most here have made up their minds by now on what they intend to do, your remarks like: "Good luck to you really hope you get somethings back however unrealistic the chances" when we are well aware of the situation and risks I do find them irritating especially when in your next breath you post: "Not sold either not worth it too much to lose" it seems like you want someone to hold your hand on this, sorry but that simply isn't going to happen, you have to make your own mind up but constant negativity isn't going to make the slightest difference. ATB to all invested here. JMSM.
Not sold either not worth it too much to lose
I'm the same. Such a derisory offer will leave me with a little less than nothing. On a separate note, has anyone been in touch with the board?