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Ok My mistake. And thanks for pointing that out Callasjunkie. I see the note says $79.5m was still outstanding as at April 2020 but carrying an interest rate of 17%. So yes that partially explains it. But still doesn't answer the question as to what is actually happening with these loan notes and what the cash funding position of the company is. Nor does it explain why the final accounts to 31 December 2022 are still outstanding (and all subsequent results) Wonder when the Company will make some announcement as to what is actually happening!
It is quite pathetic and doesn't help that the company has not published any results for operations after June 30th 2022.
Erm What is trolling about asking the question about MLPL Loan Notes? You seem rather touchy about it!! It was a simple question about something that a lot of store has been put on by the Company (including the second dividend) but it seems to have disappeared into a black hole. If it has been repaid then why hasn't the second dividend been paid? Presumably it can't be paid because the accounts have not been finalised. Which then raises the question as to how would i know what the amount outstanding as at 31st December 2023 would be when those accounts have not been published? Or indeed what it was at 31st December 2022. Indeed, the last mention of the Loan Notes was in the release about the termination of the transaction with some vague mention of discussions being had about the Loan Notes and how some kind of arrangement (presumably another kicking of the can down the road but not sure for whose benefit) was being discussed with MLPL. Maybe it is just the paid PR team that has seen the numbers and the amounts outstanding but no-one has announced that the full amount has been repaid. Or have I missed something buried in one of the announcements? In which case, is this the cash that is funding the company in the absence of receipt of the third party funding (which also seems to have disappeared into a black hole)? Just wondering how on earth you would know what the position was at 31 Dec 2023?
From 2022 Interim Accounts;
"In the six months ended 30 June 2022 US$0.3 million (six months to 30 June 2021: US$0.8 million) has been
received by the Company in relation to payments due to San Leon under the MLPL Loan Notes. San Leon
has agreed with MLPL, Midwestern and Martwestern to a Conditional Payment Waiver to 31 December
2022 to allow for the completion of the Proposed Transactions. As at 29 September 2022, the Conditional
Payment Waiver relates to US$108.8 million, being a principal amount due of US$82.2 million and total
accrued interest due of US$26.6 million, which will be payable 90 days after such expiry, save for, inter alia,
if there is an event of default."
We already knew you couldnt do simple arithmetic....now we find you cant read either, Alaric.
I see the junkie who lost tries to spin the truth once again, what a thicko that loser is!!..
As usual complete garbage from the trolls who either make it up as they go along or haven’t the faintest idea how to read accounts. to reiterate the original principal of $175m has all been repayed leaving the balance outstanding at 31 Dec 2023 as $126.3m.
Mdumba, the Financial report at the introduction to 2022 Interims states that $108.8m of the Loan Notes was outstanding at 29 September 2022, being $82.2m principal and $26.2m interest.
Hmm Okay you say that, in looking at the account there is ONLY $120m or so outstanding to be repaid and that only represents outstanding interest. Is that actually correct? Looking at the interim accounts to 30 June 2022 (unfortunately the last published accounts!) in note 12 there is a reference in the note relating to OML to $175m of loan notes plus interest at 17% being outstanding. There is also reference in the accounts to a fair value having been applied to the notes and there is a note saying that, at the time, the Loan Notes were considered to be credit impaired, particularly as they were due to be repaid out of cashflow of MLPL which took into account a number of factors including the Proposed Transaction being delayed or not agreed (which, of course was ultimately never agreed), the risk of late payment and the risk of default. At the time, when everyone seemed to be very confident of the Proposed Transaction taking place there was already an impairment of $16.5m (not a lot in the context of $175m loan notes) but with the rolled up interest from that date at 17% surely the amount of principal and interest outstanding is well over $200m but the deal is off and the cashflows from MLPL seem to be all over the place. So I am interested to understand where you got your number of $120m from, what the real number might be and, in reality, is this something the shareholders of SLE will ever see? Or is this, something that needs an even greater impairment and is there an issue as to what the carrying value of that should be in the year end accounts (where the question will now pertain to both 31st December 2022 and 31st December 2023)? I am curious to know just what value one might see out of this investment - and given the 40% investment in the shares in MLPL ranks behind those loan notes then presumably the value of that is negligible for the moment. Is there really ever going to be a market in the MLPL loan notes whereby value could be realised? And in doing so, would the potential acquirers (maybe some kind of vulture fund) effectively crater the equity asset. It just feels like a bit of a mess to me after such great promises of two dividends being payable to shareholders on the back of the investment but where we have so far only received one.
Kakistocracy, simply means “Government by the worst persons or a form of government in which the worst persons are in power". so a bit like everyone else in the world particularly us in th
Kakistocracy, simply means “Government by the worst persons or a form of government in which the worst persons are in power". so a bit like everyone else in the world including particularly us iimĵththinthe ut5iotvþu
All paid great so we got oml18 now for free....
Think that ignoramus aflake needs to go back to school and learn how to spell as he sound like the dumb dumb he is!!..
Sorry Mdumba you're quite correct. actually MLPL was the issuer and Midwestern guaranteed the repayment. the point we've all missed (including myself til now) is that they've all been paid back with the exception of the interest, which is Midwestern's liability. if you look at our accounts from 2016 on, you will see they're not there anymore (original principle value c.$175m). you can also see that there's c.$120m of interest currently outstanding. my mistaken nomenclature about issuer and holder pails into insignificance compared with the trolls' efforts to denigrate Midwestern and thereby San Leon.
Samalarik you absulutlee numptee you rong agen. your smoke n mirrors post frum 14 nov proved rong. you try cuvur up for the red lion dont work agen. years n years of you always rong you funny boy, yer best mate redyeyemines not much better either.
samalarik say ...As you say sam cr8p. we sold the bulk of our assets to Ardlaun in 2019. ask yourself do you think it's likely that we would retain contingent liability under such a deal? or more likely that they saw our recent fund raise and thought they would would try their luck? small beer anyway. it looks like Afake is getting pretty desperate now if he's scraping the barrel of the Irish media :-)
but fanning settle out of court to save face. lol. but he didunt save your face. lol
no wundur no one belivus a word you says anymore. you gettin prety despurute boy always scrapin a barrul of lies to help the paymaster fanning. Lol
https://www.breakingnews.ie/ireland/minister-for-climate-settles-case-over-decommissioning-gas-field-off-south-coast-1586849.html
Out of the turmoil that is Nigeria comes an interesting new word, well at least it is for me, - Kakistocracy - which in a word rather sums up Nigeria.
"Kakistocracy, simply means “Government by the worst persons or a form of government in which the worst persons are in power".
The Naira depreciates daily and even the new Dangote refinery near Lagos has to import US oil to commence operations amazing!
Given the multiple difficult situations in which Fanning currently finds himself its probable best that he stays "out of reach" by his pool in Dubai and lets events unfold as they will who knows maybe new opportunities will emerge out of the turmoil.
https://punchng.com/govt-must-tackle-corruption-to-address-naira-free-fall/?amp
Interesting QF, connections in Nigeria? Her LinkedIn profile reveals more employment.
According to Companies House, Ronke Atkinson is a 50-year-old female British Citizen. She is a defendant along with Oisin Fanning and 2 other Atkinson’s, cited as minors, and a 5th unnamed defendant. What on earth is a mother her Children and a mystery “man”? being sued alongside fanning with?
Yes QF, perhaps irrelevant but intriguing, whilst we wait and wait and wait. And, as CJ implies, it gives insight into the personality of the man we are waiting for.
https://find-and-update.company-information.service.gov.uk/officers/2w0lvBji_j_WgZjDs7YVwYCGCkA/appointments
36800, I wonder if Fanny is trying for an entry in the Guinness Book of Records as the world's most litigious/litigated individual.
https://caseboard.io/cases/70f6d974-8632-4c2e-866c-33d9c7ce37f0
Tenn appear to bea property bridging financelender
Pretty irrelevant to SLE I would think!
I guess its a property thing again, if you search on the claimants.
Also a quick google finds a Ronke Atkinson, based in Nigeria. She was man director of Veripark up to 2020. VeriPark is a global provider of multi channel delivery, financial crm, and lending solutions for financial institutions. Some connections ...
Alaric You say that Midwestern is the holder of the Loan Notes. When did that happen? I thought Midwestern was the Issuer of the loan notes. That is a very important difference. And on that basis, presumably it is Midwestern that granted the security over its interest in OML 18. No idea whether this is a first security or ranking behind Midwestern's other secured funders but it still does not explain why there has been no interest payment for months and months, nor indeed any announcement about that particular can being kicked down the road again (for what purpose I still don't understand!). I also think that you really don't understand the nature of how security works on an enforcement - a receiver, once appointed, is required to sell the asset for the best price reasonably obtainable. In the meantime, any revenues received would be for the benefit of the secured lender (assuming there are any revenues) so there would be some revenues coming in from OML 18 at that point but the receiver cannot sit on the asset indefinitely but is under a duty to sell it, distribute the proceeds to the secured creditor and then any excess which remains (which is unusual) is for the benefit of the debtor . So the question then is: who would buy the interest and what price would anyone pay for it? That is what underpins the security. So we seem to be no closer to any indication as to what is happening to the interest which continues to be unpaid other than some vague statement on 9th October 2023 (some 4 months ago) about swapping the debt for MLPL interests but then silence. It is just something that has disappeared into a black hole but it also raises the question as to whether there is discussion going on about the carrying value of the MLPL loan notes in the stat accounts for the Company, whether a write down of the asset would be necessary and whether this is one of the factors that is impacting on the ability of SLE to publish its accounts for 2022 (let alone 2023!)
Agreed then Alaric my dear fellow I look forward to your silence on this next matter.
Would anyone else care to comment on why two of the UK’s leading restructuring and insolvency practitioners would feel the need to take Oisin Fanning to the High Court?
https://caseboard.io/cases/38ec9629-5bad-4e46-b0a8-d9bac18dfcee
Does anyone know who the Atkinsons are?
Case filed on 9th May 2023, ongoing, last hearing 4th Jan 2024.
Hardly 36800, i'm just bored correcting your many inaccuracies and doing the research for you guys. btw cut and post links from the corrupt nigerian press isn't research. that's all.
Alaric, your lack of an intelligent answer proves that you haven't the ability to say more.
Like to have help you 36800 but fear you suffer from Dunning- Kruger which as i'm sure you know makes people over estimate their abilities. this was discovered after two criminals tried to rob a bank after spraying lemon juice on their faces believing this made them invisible to the security cameras. need i say more?
36800, you're too kind to the sainted (by Alaric) Okoloko. He's also Chairman of Eli Infrastructure, so that's four companies in deep financial manure. I've made the point before that under 'genius' Okoloko, Notore sells in naire but borrowed in dollars. So when the naire devalued, Eli's debts have gone through the roof., from an already dire situation. As their gas debt is due to Eroton (on behalf of oml18) it still remains unpaid. Interesting legal situation.
Thank you Alaric, I stand corrected on my muddle of the operator/ownership description and you give food for thought. However, You haven't explained what part SLE and Midwestern played in getting the operatorship transferred from Eroton to NNPC. Your previous post states it was their actions that secured the transfer. Pray tell how they achieved this, especially after the RNS denials from SLE that it wasn’t happening
Midwestern seems to be unable to pay a small debt so bankruptcy is a possibility as it is with SLE if Mr. Fanning can not raise the funding needed to continue his dream. The two go hand in hand.
I am wondering which loan you are referring to in your last sentence. "couple of hundred million bucks “ If it were Midwestern then surely this action would not be necessary. https://guardian.ng/news/bank-asks-court-to-wind-up-oil-firm-over-alleged-n1-6b-debt/ This debt is a pittance and should be easy to settle. Are they waiting for money from SLE, from the failed TRAM loan facility? Why haven't Midwestern submitted financial information to SLE so that they may furnish us all with the missing accounts?
The NNPC own 55% of OML18 so it would have good call on any debt recoverable relating to the licence. Eroton's removal has distanced SLE from the decision-making.
NNPC states "The persisting inability of Eroton to meet the fiscal obligations of the Federal Government led to the sealing of Eroton’s head office in Lagos by the Federal Inland Revenue Service (FIRS) for more than twelve months due to non-payment of outstanding taxes to the Government. Eroton is also not able to remit to the JV parties the proceeds of gas supplied to its affiliate, NOTORE”. The latter a point made by CJ, a significant point that you attempted to sweep under the table.
Erotons chief Okoloko is currently the Group Chief Executive Officer and Managing Director of Notore Chemical Industries Plc (“Notore”). He is also the Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and the Chairman of Eroton Exploration & Production Limited (“Eroton”). All three companies are in financial difficulty. OKoloko himself is being sued for $35 million by his ex-wife.
Involvement with Midwestern and Eroton does not bode well for SLE. Who would want such a troubled man with three ailing companies as a partner? It can only drag SLE into the mire.
Sorry so many genuine questions here for you to help me with Alaric, but you appear to have the answers. Although you haven't answered my previous questions as yet.