Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Irish times 5 hours ago that would of been at 3.30pm..
WV will make millions of this board had to have been corrupt to let this happen think a few envelopes been put BOC way no way you could that incompetent I hope Karma catches up with him or some long term shareholder
Should not be permitted to have anything to do with running a company ever again sadly they probably doint need to financially and will ride off into the sunset with their golden handshakes Good riddance BOc and board.
REGULATIONS OF SUCH JURISDICTION. 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. Capitalised terms or expressions used in this announcement have the same meanings as given to them in the Offer Document dated 24 March 2016, unless the context requires otherwise. - ENDS -
Great link like the man days PCI underestimated WV and spent us into oblivivion
http://www.lse.co.uk/DirectorsDeals.asp?shareprice=UANC&share=urbanandcivic
a bullet is too good for most a slow painful death is called for as their family watch them wither and fail just as they did in life....
Just been on it mate but we are screwed retirement pushed back a few years for me
Company's web site right hand corner click on Board Response Circular. 3. Onwards ....
Nothing we can do wish there was mate BOC has screwed every single small investor here big time I bet he has will retire comfortably with the minus he has pocketed over the last few years though
I have 228,000 if you are interested 0.36 pence is my price.. 36 pennies
Like I said to you previously, shareholders collectively mean alot. That's what you need to do................. 1 2 3
Where has the market cap cash gone? Good nigh good morning for whatever times u live in.
Is this legal Why wasn't this announced.
BACKGROUND Strategic Review On 23 December 2015, Petroceltic announced that it was initiating a formal strategic review of the Company's business and assets with a view to considering all options to maximise value for shareholders and stakeholders (the "Strategic Review"). As part of the Strategic Review, the Board, together with its advisers, engaged with interested parties on a number of potential transactions including, inter alia, a farm-out or sale of one or more of the Group's existing assets, a corporate transaction such as a merger with a third party or the sale of the entire issued, and to be issued, share capital of the Company and the raising of capital in the form of debt and/or a subscription for new ordinary shares in the Company by one or more third parties. The Strategic Review was announced following a period of exceptionally challenging market conditions, especially for smaller oil and gas companies such as Petroceltic. Specifically, in its 2014 annual financial results released on 29 June 2015 and its 2015 half year results released on 30 September 2015, the Company stated that a combination of adjustments to reserves arising from the 2014 competent persons' reports for Egypt and Bulgaria, the drop in oil prices and a reduction in capital investment programmes in relation to the Group's assets in Egypt and Bulgaria had impacted on availability under the Group's Senior Bank Facility during 2015. These circumstances had led to the requirement to make material repayments, which the Group has not to date been in a position to satisfy and other breaches to the covenants of the Senior Bank Facility, which is secured over substantially all the assets of the Group. On 3 March 2016, following the announcement on 26 February 2016 by Sunny Hill of its intention to make the Offer, the Company announced that it continued to have a constructive dialogue with its Original Lenders, who had supported the Strategic Review process through their provision of short-term financing and on-going waivers in respect of, inter alia, the requirement for the Company to make repayments under its Senior Bank Facility. The Company also noted that the then current waiver of repayments under its Senior Bank Facility would expire on 4 March 2016. The Company further stated that, based on relevant factors prevailing at that time, the Board had concluded that it was not possible at that time to give a firm recommendation to Petroceltic Shareholders to either accept or reject the Offer, once made.
Under the Irish Companies Acts, a petition to appoint an examiner can be presented by a number of parties, including any member of a company holding at least 10 per cent. of the paid up capital of the company. This was the basis on which Worldview EHS International Master Fund stated that it presented the Petition to Court on 4 March 2016. Following presentation of the Petition, the Court fixed 4 April 2016 as the date for the hearing of the Petition.
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. Worldview Capital, a 29% shareholder, has acquired 69% of Petroceltic’s debt and it intends to propose a restructuring involving a debt-to-equity swap Sold part of the senior bAnk facility
See the word by VIRTUE .................has it? Seems they have planned this out or the old boys have got dementia or enjoying sucking d..k
(i) subsequent to the announcement of the Strategic Review on 23 December 2015, Sunny Hill made the Offer, thereby highlighting to any potential offeror that Worldview has, by virtue of the number of Ordinary Shares held by Worldview and the Worldview Funds, the ability to block any such potential offeror from acquiring 100% of the existing Ordinary Shares and, to date, no competing offer or possible offer has been made or announced; Is this correct.?
Only. 2 outcomes........ok...... (a) the Board believes, and has been advised, that there are only two realistic outcomes to the Examinership process for the Petition Companies, being: (i) a successful outcome for all the Petition Companies (i.e. the Proposed Examiner is appointed and he then makes Proposals that are confirmed by the Court), in which case the Board believes, for the reasons set out at paragraph 3 above, that those proposals would very likely result in all Ordinary Shares held by Petroceltic Shareholders (other than Ordinary Shares held by any person who agrees to invest in the Company under the Proposals) being cancelled for no consideration; or (ii) an unsuccessful outcome for all the Petition Companies (i.e. the Proposed Examiner is not appointed or he is appointed and (A) no Proposals are forthcoming or (B), if they are forthcoming, those Proposals are not confirmed by the Court or (C) the Petition Companies are unable to continue to trade), in which case the result is likely to be immediate commencement of winding-up of the Petition Companies and, in which case the Board believes, for the reasons set out at paragraph 3 above, that it would be very unlikely that Shareholders would realise any value with respect to their holdings of Ordinary Shares; and (b) the Board believes that it is unlikely there will be an offer for the entire issued and to be issued share capital of Petroceltic other than the Offer by Sunny Hill for the following reasons: (i) subsequent to the announcement of the Strategic Review on 23 December 2015, Sunny Hill made the Offer, thereby highlighting to any potential offeror that Worldview has, by virtue of the number of Ordinary Shares held by Worldview and the Worldview Funds, the ability to block any such potential offeror from acquiring 100% of the existing Ordinary Shares and, to date, no competing offer or possible offer has been made or announced; and (ii) in any event, given that Petroceltic is currently in an Examinership process, the Board believes that any potential acquirer of, or investor in, the Group other than Worldview would be far more likely to invest through that process (given the potential benefits offered by the statutory process) rather than by way of an offer to acquire the entire issued and to be issued share capital of Petroceltic.
The Board notes the statement by Sunny Hill in its Offer Document (at page 11) that: "Worldview intends to approach Petroceltic and the interim examiner with a proposal to restructure the Senior Bank Facility, as part of a wider restructuring of Petroceltic's capital structure, either pursuant to an examinership scheme of arrangement or as a standalone restructuring, which, amongst other consequences, could lead to the cancellation of the entire issued share capital of Petroceltic for no consideration and/or the potential conversion of a significant proportion of the outstanding debt into new ordinary shares in the capital of Petroceltic and consequent dilution for existing Petroceltic Shareholders."
The Company has been advised that if any Proposals made by the Examiner with respect to Petroceltic were to envisage the impairment of any interest or claim of any creditor of Petroceltic as at the date of presentation of the Petition, then it would be very likely that those Proposals would also envisage that, if the Proposals were subsequently to be approved by the Court, all Ordinary Shares (other than Ordinary Shares held by any person who agrees to invest in the Company under the Proposals) would be cancelled for no consideration.