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Did the BoD or the administrators make an effort to request sanction waivers. For me this is a crucial question: If the BoD did try then it shows they were sincere and the UK Gov were culpable, if they didn't then they are indeed the culprits
Lawrence what's happening are we dead in the water
there is a group which possibly seems to be pursuing legal action but I know no more than that. However as s a consequence of the need for secrecy the old main telegram pog site is now in mothballs. I still have some irons in the fire via UK gov responsibility and I'm trying to ascertain whether the BoD or the administrators ever tried for sanction relief. For me this is a crucial question: If the BoD did try then it shows they were sincere and the UK Gov were culpable, if they didn't, then they are the culprits
Thanks Lawrence it's a very long shot m8
Lawrence…09.31
I looked into this precisely but No one did attempt to apply for sanctions relief when directed to communicate with other government dept and was left to OPUS to decide which action is best,and of course they didn’t attempt to pursue it and wanted to seal the final deal urgently with the excuse of time restraints…
Absolute robbery of shareholders rights…to serve BOD and administrators interests in my view and many others..
T-2y to T-1y, pog lost just over a third of its value (if my historical data is correct) not sure how the bonds were trading, but POG may have struggled to refinance anyway.
Interesting that it seems a takeover offer was on the cards just before the invasion, talk of bad luck for POG re:timing of Ukraine invasion.
Not sure how long a waiver would take to get or likelihood, and even then with sanctions being global and from the US, I doubt any bank would refinance even if they had a UK waiver. My guess is banks wouldn’t do anything that would put them at odds with US regulators.
Legal bods would know best.
Re: ...but POG may have struggled to refinance anyway...
If they have taken an appropriate crisis management action (something between cautious-conservative and risk-averse approaches) beginning 2021 / mid 2021 - then it would be totally doable. IMV it was poor/overly-optimistic financial planning hoping for the best (despite outlook shadowed by pandemics).
Looming notes maturity ($305m + interest) in 2022 was perfectly known variable.
$87m debt (called off by gazprom) wasn't unbearable either.
Jun-2021 Inventories were sitting at $330m (current and non-current), forward-dumping (although post-production would take several months anyways) this into the market even at material discount would release at least $250m.
Then they had another $105m in tradeables/receivables/cash.
Some minor asset and rights sales and situation could be avoided even in these hard times.
But that's looking-back now and knowing the outcome obviously {thus eliminating uncertainty factor in decision-making over that timeline}, but they went with optimistic risky scenario unfortunately.
http://www.msk-post.com/economics/petropavlovsk_disassemble_for_gold33404/