Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Ok Alaric, fair comment I guess (save for the trolls jibe) but, and in my view the big but, let’s imagine that the deal hasn’t ‘fallen through’ but has encountered renegotiations around terms for example does that oblige SLE, and by default it’s nomad, to inform us as such? Probably not I would suggest…to keep ploughing the line that this is just a technical issue around international funds transferring is frankly for the birds. Clearly something is up, and it can’t be to our benefit, else we would have heard about it. No news is not good news in the SLE world based on historic trends. As always hope to be proved wrong….
Good question quelfromage and you're absolutely correct of course. if the deal had fallen through then Oisin would know he would have to issue an rns. if in the unlikely event he imagined he could duck it the nomad wouldn't let him period. a far more likely explanation is that transferring funds from the US to foreign jurisdictions is pretty regulated. so when TRAM and us both say the funds have been sent, both parties are telling the truth. i understand that regulatory clearance in the US can take some time. that explanation doesn't suit the trolls' agendas so they take the opportunity for a cheap and ineffective pop at Oisin. hopefully even inexperienced readers are not taken in.
Alaric what is your take on funds being in the process of transferred on Nov 2 and now 6 weeks later nothing? Yes if the deal has collapsed there should be an rns enforced by the nomad etc etc. So we have to assume all is fine until notified otherwise.
...another bile laden post from Alaric...i cannot understand why the 'glass half-full' brigade need to be so aggressive and hurl personal insults around all the time. Very poor show and really detracts from the, occasional, valid arguments being put across in defence of SLE and the oft challenging predicaments it finds itself in!
'The money has either been sent or not. It has obviously not.' well g1lo i've read some garbage on this board over time and this post is up there with the rest. the suggestion you put forward involves the bod lying and then the nomad signing the lie off. it doesn’t seem like you have any experience or knowledge of such things when you display your ignorance so publicly. either that or you were born cretinous? you will know which.
Yes and this reminds me of the 98 mill shares OF didn't buy but announced to the market.
It's still stated on this site that he did
Directors Deals for San Leon (SLE)
Announced Traded Action Notifier Price Currency Amount Holding
11-May-20 07-May-20 Buy Oisin Fanning 21.00 GBX 98,000,000 107,495,864
Fortified Securities (founded 2022) appointed joint broker as per RNS 10 Oct. Mentioned as an arranger of the Tri Ri package. Strange, their website doesn't show SLE as a client or in their news sections.
Oh I do remember! Was a right Panto, couldn't make it up...but here we are again. The money has either been sent or not. It has obviously not. Why? Why announcing a deal before the money hit SLE bank account? Oisin had nothing to benefit from it by announcing it early apart looking outdone and stupid. No shame whatsoever . So now he looks like a Muppet even if the money turns up let alone of it doesn't. Tosca must be well impressed by his latest antics.
For anyone who remembers, this feels a lot like Providence Resources / Barryroe when they 'farmed out' to a Chinese company a few years ago. The funds never turned up and a farcical period ensued over the following months saying assurances had been received the money was on its way, it was stuck in the banking system, it was held up because of AML checks, etc etc. I hope this isn't the case here, but after that debacle my gut feeling's hardly reassuring
36800: The key to SLE is "exploration". If you went through all the companies listed on AIM, present and historic, you'll find a similar story. The current opportunity is always going to be the big one, until it isn't. Check out Challenger Energy. Previously Bahamas Petroleum Company, under which banner it was the sole operator in what was "rumoured" to be the biggest oil resource since the middle east. Which came to nothing. Now operating at the mouth of the River Plate, where it has ostensibly hit big. But the share price hasn't moved in months.
You pays your monies, and take your chance. If you don't like the downside, put your money in the bank.
I think we should have had an rns update by now, but maybe Monday, the full two weeks.
Cd27idw you can't smile whilst desperately applying mouth-to-mouth resuscitation to keep your latest rabbit alive. At the moment it would appear that every rabbit out of his hat since the conception of this company, has died.
Credit to Afamefuna for pointing this out to me a while back with his informed comment and factual posting, information far more accurate and precise than Alaric and his chum Sam. I honestly wish I had never listened to those two big-time rampers. As Sam would say I am now a "loser", as is every single private investor that has put money into this company, I suspect.
CJ - thanks your last post that's about it in nutshell OF WORKING really hard that's why he received UKP 1 mio salary last time I looked - I have started to wonder why Tosca are still playing the game having said that it's all's well that ends well I guess?
Thanks for sorting the article behind the link CJ, much appreciated.
Whilst you are right that it doesn’t add anything really to what we already knew the fact that it’s being reported in the IR might at least push OF to keep us a bit more abreast of how the minor technical issue with the funds transfer is progressing…hope springs and all that.
Ps good summary in last post.
Naibob,
Amongst the blue smoke and mirrors, Fanning and Eli have given the uncautious observer the impression
that the ACOES is up and running (e,g the backscratching Malcy interview)....as mentioned in the IT article.
We know the pipeline element is outstanding and the pipeline contractor is suing Eli. Fanning mentions in the Malcy interview that barging has just begun....well that was supposed to have commenced well over a year ago and we have no hard evidence that anything has been delivered and offloaded by Shell.
(He also forecast the lifting of SLE share suspension as likely to occur in the second week of November...maybe he meant 2024).
Come 12 December, if Eli hasn't filed accounts it will yet again be in breach of Maltese company law.
Naibob, friend turned up trumps.
"Cantillon
Tue Dec 5 2023 - 05:39
In 2016, Oisín Fanning’s San Leon Energy completed a transformational, if highly involved, acquisition of an indirect 10 per cent stake in a major Nigerian offshore oilfield, known as OML 18, through a Mauritius vehicle called Midwestern Leon Petroleum Ltd (MLPL).
Over the following 12 months, two takeover approaches from Chinese suitors came and went, while its main shareholder UK hedge fund subsequently almost doubled its stake to 75 per cent.
Earlier this year, San Leon unveiled plans to take over certain assets of Nigeria’s Midwestern Oil and Gas Company, which is a 13 per cent shareholder in San Leon, by way of a reverse takeover. The deal – and this is the simplified version – was to increase San Leon’s indirect OML 18 stake to more than 44.1 per cent.
[ Exploration company San Leon receives €176m backing for Nigeria operations ]
[ Oisin Fanning-led San Leon’s shares down almost 30% on refinancing and accounts delays ]
It was also to involve Midwestern transferring its stake in Energy Link Infrastructure (Malta), or ELI, a provider of crude oil transport and storage systems within the Niger Delta area of Nigeria, to San Leon.
However, drift in getting a loan facility over the line – contributing to delays in San Leon’s 2022 accounts and its shares being suspended in July – resulted in that plan being scrapped in October.
The following day, San Leon revealed it had agreed to raise $187 million (€173 million) by way of convertible loans from US investment house Tri Ri Asset Management (TRAM) to pursue a different deal.
The funds were earmarked to allow San Leon take a controlling stake in ELI as well certain new assets in MLPL (which, incidentally, owes San Leon about $120 million). There were reports in some quarters that the deal could ultimately give San Leon, which had a market value of £74 million (€86 million) when it was suspended a $1 billion valuation.
San Leon said on November 2nd that TRAM had pressed the send button on initial funds and that the money would land in a UK account “shortly”. More than month later, it’s still waiting for the funds to materialise.
Investors will be hoping that Fanning is already working on another plan – even if it’s unlikely to be less complex than anything else he has come up with in recent times.
CantillonNigeria"
Doesn't tell us more than we already know. However, news now in a more public domain and the Irish Times, in common with the vast majority of people on this island, don't have much time for Fanning ( that could be the understatement of all time).
Sorry Naibob. I already have a newspaper subscription and don't want to add to it.
What I'll do is contact a friend whom I think has sub and get him to send it to me. Hopefully that'll work.
Hi CJ , are you able to get around the paywall? If so would you be so kind as to copy & paste the article for the benefit of this board?
Yesterday's article from that well known mud slinger, the Irish Times:
https://www.irishtimes.com/business/2023/12/05/oisin-fanning-may-need-fresh-san-leon-plan-as-us-funds-fail-to-turn-up/
Is he still grinning like the cat that got the cream...?
Beyond bizarre.
Dear Mr.Swan How dare you trawl through clearly disreputable foreign media and share a good news story on this forum! Call yourself a troll...? Oh no, my mistake, that will be the abusive trio that feel compelled to hurl that moniker around whenever anyone has the temerity to post anything less than giddily positive...
Https://www.vanguardngr.com/2023/12/nigerias-economy-begins-major-shift-as-oil-sector-rebounds/
Little Sam seems a very appropriate name for one who is struggling with his own immature mind and continues to make childish comments. He asks people to grow up using such simplistic phrases as "it's u Dumbo....a doh ...who lost his dough...ha haaa."
It is obvious to all that It is little Sam that needs to grow up.
Callasloser, that's calling the kettle black as it's what you did.FOOL!!...