Firering Strategic Minerals: From explorer to producer. Watch the video here.
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omg frus what are you blathering on about? to remind, this is what the company told us recently. it's really not rocket science.
On 25 September 2018, the Company announced its intention initially to return not less than $10 million to shareholders through a share buy-back programme (the "Programme"), once it had completed its capital reorganisation. Whilst the reorganisation was expected to complete during October/November 2018, it has been delayed whilst awaiting confirmation from SunTrust that it has no objection to the Company undertaking the required capital reorganisation nor will it in any way seek to impede the process. The Company is pleased to confirm that it has now received such written confirmation from SunTrust.
Following this confirmation of no objection from SunTrust, San Leon will apply to the High Court in Ireland to approve the reduction in the Company’s share capital so as to create distributable reserves and thereby permit the Company to make distributions to its shareholders, by way of the Programme. The Company is applying to the Irish High Court as soon as practicable and has been advised that this is a procedural process, having already completed all requisite requirements. Upon court approval, the Company must then advertise to provide an opportunity for any creditors to object to the capital reorganisation.
Good to see SLE doing what it does best - not delivering on its promises.
Dividends, anyone?
Smile. Honestly, the nonsense people feel compelled to share, just so someone acknowledges their existence perhaps?
Check out the company's last 3 RNSs which Redeye has graciously reprinted below if you really need a lesson in promises made/promises kept, squirrel junior. And, if you're really feeling frisky, go back and find a copy of Friday's FT for an example of the company in fact ACCELERATING their compliant behaviour towards shareholder commitments (oooh, a bit of an easter egg there for the adventurous)....
Sharebuyback, followed by production-led progressive dividends, anyone?
br - we knew that - but thanks for your contribution.
No BS, I don't think 'you' did. While I never know what it is you personally are aware of, my reference was to an item in Friday's Financial Times. I had previously highlighted the ad in the IRISH Times placed by the company prior to their early Jan court date which strongly suggested its confidence in the eventual court decision. However, I did not - nor did anyone else - point out the 'tombstone' that was placed in last week's FT - a far more consequential publication - AFTER the mooted court date and thus tantamount to signalling to the market that the 2-week clock is now formally ticking towards a date in early Feb when the company will be cleared to begin its buyback.
As I said, I have nary a clue what you're on about half the time, but I will wager that this is useful news on the margin for many others.
absolutely correct bluerill and looks as if the Dublin court appearance went off entirely as expected without any hitches. and all as advertised in the FT last week, as you say. i imagine they will want to see the SP back at say 50p, before introducing a progressive dividend policy and that is an entirely reasonable set of assumptions, given our circumstances and prospects now. ps.somewhat aspirational of you to imagine that squirrel types might actually read the FT!
Thanks, Alaric. For the record, I was assuming they didn't, which is why I was pretty sure that BS's patronising-sounding response (yeah i know, maybe I'm reading too much into it, but when I read '....but thanks for your contribution...', particularly from someone with such a poor record of relevance, its that 'but' in particular that gets my spidey-sense tingling, know what I mean?) was - as is too often the case - wildly wide of the mark and in fact he had absolutely no idea what I was writing about.
Yes mclean, at the risk of sounding definitive and jinxing the situation (I am a bit superstitious for my sins), I believe that is EXACTLY what the fact pattern implies.
indeed so mclean91, just as simple as that. and yep, bluerill, I know exactly what you mean: the 'but' word has more threat in it than people might think. as I know you know, i was being sarcastic about FT readership demographics and I do know i have to watch that; there is just something about certain posters on this board that acts as a trigger on my childish addiction to sarcasm. heh ho.
The great concern I have is that it seems so blindingly obvious what is going on here...markets are typically (in my limited experience!!) quite efficient...so as per so many posts of mine it seems we have to not only smell the coffee but also see the milk n sugar before we - the mkt - really believes we are getting a cup of hot steaming coffee and that the corner has finally been turned. And that is completely understandable I think given this company’s previous history of not looking after its shareholders.
It is - if you think about it - extraordinary that SLE has been given a second chance...it’s no help for the early shareholders but for those long down at these levels it it does seem we have a very decent opportunity...
BR,
The company said in September that it expected the buy back to commence in October - it's now almost February. How long have you been invested? If prior to the second (...) suspension you should know what I am referring to about broken promises. If after, listen to your elders (....).
There are reasons why the SLE BB is monopolised by a small number of die hard SLE flag wavers. One is that most holders have given up on the share. The other is that anything vaguely negative is met with verbal assault. As you have again shown.
A,
I have the letters ACA after my name to show (one of) my qualifications so yes, I do read the FT.. What is your qualification?
MP - i generally do not engage directly with any poster, let alone suspicious pop-up types like your good self, particularly ones that immediately start trafficking in corporate 'history lessons' and utterly redundant - though clearly meant to appear sophisticated somehow - 'observations' on phoney issues like someone's investment history. The only thing I care less about than the letters following your name is answering some meaningless question about my own 'qualifications'. Want to know what makes me qualified to post here or share my opinions generally? I know what I'm talking about and I show my work. Period. When you demonstrate the same ability, i.e., proffer ideas and opinions based on facts as they emerge and NOT on innuendo based on past events that are already profoundly well known to all shareholders, and you have my blessing to be as 'negative' as you want. The problem of course is you've gotten off to a terrible start as the 'broken promise' you refer to is clearly addressed in the company's most recent communications, where the company, as I and others have laid out assiduously, is in fact credibly on the verge of fulfilling, albeit later than first thought.
Funny. I would have thought your advanced reading skills would have helped you understand that and prevented this utter waste of everyone's time.
br - Had to smile ref your quote "I know what I'm talking about and I show my work" - amusing unless your physic or your obviously so self opinionated as to be a figure of fun - lets face it you know as much as the rest of us and that includes OF as he battles to keep the cash flowing for himself his backers and us shareholders - the least we can say that there is oil/gas in quantities at OML18 the difficult task is extracting it, getting it to market and selling it in sufficient quantities to cover our investments - if the stars align - having said that though I realize you couldn't possibly understand the comment based on your postal history - nevertheless SLE should with the albeit small percentage share of OML18 output,the return on our loan notes and a capital sum from say the sale of Barryroe - for what it is worth given the pressure from alternative energy groups in the EU and Ireland to block the development - SLE should be able to continue as a going concern and lets hope to prosper given the push for the development of marginal fields recently given by the NNPC via the back payments and their development/payment for new gas line supplies to inter alia the Notore fertilizer plant a major customer for Eroton gas.
you really don't get it, do you BS? you blather on getting no support here and none of us has any inkling really what you're blathering about, except we get that you're p'd off with bluerill, who always betters you and gets loads of support. you don't get that he posts clever intuitive well researched fact-based stuff that we really like on this board. and that's the difference. it really isn't personal. oh and as you see he doesn't tolerate trolls, squirrels and pop-ups, most of whom you seem to rush to befriend and defend on their first outing. btw. you have some letters after your name, i think you said once?
Hi. I've looked for the tombstone in last Friday's FT but can't find it. Which page was it on? and which edition, please? Thanks
Ah, sorry, found it now. It's in Thursday's paper and it announces a hearing at 10.30 on 8 Feb at Dublin High Court to reduce the share cap. So if no one objects by then I suppose it's all go.
I'll go back to sleep now.
Cheers
Bill - was checking and you just beat me to it : it was indeed Thursday's. as you see any objector would have to file at the court before the final return date with affidavit in support. it is quite clear that San Leon is not expecting any turbulence particularly now they have the letter from Sun Trust.
Black swan you've pissed yer knickers getting all personal and vindictive - face it, you post utter crap and seem increasingly more like blacksid masquerading as a blackswan, and blueril and co post well researched material. Go rinse your knickers.
Blackswan - for heaven's sake, read a book.....
Oh, and since the gloves are now officially off, at the risk of being accused of piling on, your grammar is borderline shocking. If your main contribution is going to continue to be arbitrary commentary with a splash of concussion-induced mouth sounds, it would be nice to encounter a properly constructed sentence once in a wee while. Maybe a comma somewhere in the right neighbourhood?
indeed TimB, gets confusing what with Black Sid now as well as Mary Pop-Ups. maybe they all met down at gender reassignment therapy but as the board's resident expert in this area i will of course defer to your view. (i am quite drawn to bluerill's obsession with good syntax but as a single test for troll dna, perhaps it is ultimately too narrow?)
BlackSwan, as you know I haven't always agreed with your point of view but as someone I know who has tried to take a moderate view, you can't be surprised that Pavlov's dogs are showing symptoms of rabies.
Don't be so modest, jumkie. I'm sure you've provided constant comfort to blackswan; knowing you're out there means there is always a chance that someone will post something that makes him feel clever.
oh yes bluerill and a quick glance back through the archives shows that junkie and BS got on just fine and agreed on most if not all things over time. most recently of course on what they termed the Sun Trust debacle. must be very disheartening for them that this episode, as we always predicted, was a fantasy from beginning to end and would be resolved on such satisfactory terms for us. be very happy to hear the guys' views on how they called that so wrong?
That cellar of gender reassigned squirrels all sweating over hormones and handbags is something I prefer not to contemplate, (prefer that cellar full of pinot and other good juice) ..... Agreed re syntax, everyone suffers fatfingers or predictive text issues but the squirrels lack basic cerebral ability, I am surprised that cretin B7 could actually spell "LOL"! Have a good day all.