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O'Reilly does work for Providence except he does not get paid by them.
You have to realise O'Reilly is a resident of Malta where his wife and children live. I presume he does not spend more than 180 days a year in Ireland so he is classed as a non-resident for tax purposes.
Good way to work from home if you ask me. Hurray for modern technology.
Has anyone ever tried suing the Chinese?
If the Chinese pay, but regulatory approval is withheld, then presumably PVR would be contractually bound to return the money to APEC.
So what are the Chinese worried about - that TOR would flee to the Bahamas with their cash?
O'Reilly isn't working for Providence. His company have a contract with them.
Please stop bleating out of frustration about O'Reilly and O'Sullivan. You can do nothing about getting rid of them from Providence. They are totally protected by company law.
And as for voiding the deal - Providence cannot void the deal because it is a contract and if you void you will be sued by APEC for millions. On the other hand, APEC can default by failing to honour a condition of the contract, such as the payment of namely the $24m in which case they are in breach of contract and either Providence sues them or, more likely, walks away.
The error being made is the attempt to remove O'Reilly and O'Sullivan as directors. It is far harder to remove directors than you think because you would have to either have a majority vote of directors in favour of removal which in the case of O'Reilly and Sullivan would be like a turkey voting for Christmas or you would need the support of a majority of shareholders which means, in Providence's case the support of shareholders holding more than 300m shares.
Both are totally unrealistic so please stop calling for the impossible. Or if I am wrong tell me how you would go about it?.
I am afraid you are like the prophets of old "A voice crying in the wilderness".
This whole thing stinks.
I believe that the Chinese won't pay one penny on Friday and will then try to re-jig the deal in their favour.
PVR will not have a leg to stand on financially and will get screwed especially with the seemingly weak management team they have.
If it were me I'd void the deal and go back to the original one well plus s/t which always seemed like a great way to start this campaign especially as the z well (is it?) seemed to be a no-brainer. In addition PVR would revert to 80% and LOGP to 20% and all would be happier. Perhaps we need a CEO and COO in there (PVR that is) that actually has a clue and I can think of a few that have been around Irish operations previously.
It is a total mess.
The Chinese are past masters of cloak and dagger especially when it comes to oil and gas. Look at the issues it is creating in the South China sea where it is trying to steal the international drilling rights of numerous countries so that it has exclusive rights to drill for oil and gas.
Just look at how the took over Nexen in Canada which is now drilling the Iolar well off the West Coast under its new name of CNOOC International. Nexen is no longer Canadian but pure unadulterated Beijing Chinese.
I would lay a bet they will be in to get their hands on Barryroe if and when it gets off the ground. After all, the Indians were said to have bid for Providence back in 12/13 so why not the Chinese do a Nexen?
As for big mouth Brid Smith who would happily hand Irish resources to the Chinese I would like, in the context of the following article, to ask her how she would suggest dealing with the national debt when she is so quick to discard Irish resources that might just help to pay it off a little quicker.
https://www.irishtimes.com/business/financial-services/ireland-s-200bn-debt-burden-how-did-we-get-here-1.3943085
Apecs involvement all too cloak & daggars for my liking, The goal posts will continue to change added by the Bronze, Shareholders Beware.