Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So San Leon has "continued its dialogue with TRAM to understand the reasons for the delay, by TRAM..." and they still none the wiser? Someone again is not telling the truth : either SLE/Oisin either TRI. If there had been dialogue then there had been communication/exchange of information. So SLE asked "where s the money you said you sent" and TRI said nothing back at all, zero info? How could that be? If one party ask a question they get an answer, maybe not the one they want but at least you get one. Here, nothing, no answer, no explanation, no reason. I don't buy it. Makes no sense. The whole truth is not being said here for some reason. So what is the point of Nomad and RNS if it is to say whatever they want. Looks more likely TRI pulled out (without giving any reason whatsoever or where never in it in the first place but then why would they allow SLE to mention them along with "comments on longer term cooperation on the previous Rns). Seems like Tosca is not that bothered to be taken for a ride by Oisin again either, very bizarre..
This third attempt to raise finance, if successful, is going to be costly. Any lender seeing fit to help this obviously distressed and desperate company will be looking for one heck of a lot of security and will charge one heck of a high-interest rate. The lack of audited accounts will not help the situation.
Any potential lender would have SLE by the short and curlies and I doubt they will be mugged off by the promise of a shed load of worthless, artificially inflated, free shares, which seems to be the way Fanning has operated since the days of his failed telecoms business.
"The Company intends to pursue all of these requirements following the conclusion of its refinancing."
- Don't hold your breath,
"Why does the production of accounts depend on the refinancing? "
- There is no dependency but it might be pointless if there is no refinancing.
Today's RNS lists 3 requirements before an application for readmission, including 2022 Accounts and 2023 Interims.
The RNS states:
"The Company intends to pursue all of these requirements FOLLOWING (my caps) the conclusion of its refinancing."
Why does the production of accounts depend on the refinancing?
And is the implication no financing = no accounts?
In the words of Alaric....beyond bizarre
Just a figure of speech, qf. It has been speculated here and/or on the other board, that the most likely reason for TRAM's funds not landing is some kind of investigation by a US bank or banking authority or both that has nothing to do with sle but if true, are notoriously difficult for any of the affected parties to get any hard information about. Since no other decent reason has yet been advanced anywhere, I have been defaulting to that as THE reason.
New reason? Was there an old reason?
I'm at a loss to understand what words such as the following mean ”TRAM has confirmed to San Leon that funds are in the process of being transferred from TRAM's bank in North America and San Leon has since received confirmation that payment has been made. San Leon expects to receive the net proceeds of the Loan shortly. "
Easy with the zombie nonsense, cd. I don't think you appreciate the AIM rules on disclosure - especially in light of the current environment of utter fear that surrounds every NOMAD in their constant efforts to uphold them to-the-letter currently. Because of that, there is less than zero chance that SLE could have put out this RNS this morning, unless 1. they were genuinely unaware of any new reason why TRAM's funds have not landed; and 2. even more importantly, if they had a genuine new deal to replace the TRAM one. Especially because of the Company's history and the most recent long suspension (ie, the NOMAD's management are not going to risk sanction, their licence, or (much) worse), we have to assume that the standard of proof needed by both the NOMAD and by extension, the regulator, would necessarily have to be very, very high indeed, and thus the only conclusion you can fairly draw, on the merits and for the moment, is that the RNS is factually supported as read.
With the latest RNS being easily interpreted to say that Tri Ri have either got cold feet over the deal or aren't actually financially capable of fulfilling it, is SLE officially a zombie company? To all intents and purposes, it's dead in the water, not able to move forwards or back.
"the Board has nevertheless determined that it is prudent to seek an alternative solution should the TRAM investment delays continue"
Someone needs to tell OF that a rabbit needs to have functional legs when it's pulled out of the hat, otherwise it's just another dead duck.
Onwards, and upwards, pleaded the marathon runner, as he blundered through the chest deep sludge.
Any coment samalaric. or ave you ad yer coller felt. yet. lol
Sale could be related to his ex wife's compensation claim.
https://trellis.law/case/12099/50-2023-ca-000837-xxxx-mb/alli-salma-v-okoloko-onajite
CJ - Good find - when it starts to rain it pours!
Https://therealdeal.com/miami/2023/12/13/lender-buys-oil-mogul-onajite-okolokos-manalapan-estate/
BlackSwan, although things look extremely bleak, I wouldn't totally give up hope. NNPC and Sahara own approx 70% of OML18 and one would hope that they'll do all to recover value. Even then, if they can ramp production and reduce oil theft, Eroton must have huge debts to re pay before SLE sees any cash. Would NNPC take over the ECOES when they own 55% of NCTL pipeline? Dubious. (I hold no candle for NNPC from past personal experience)
A good start would be for Tosca to clear out the Board. Mystery why that hasn't happened already.
One thing is sure, AIM regulation seems seriously deficient. The failure to publicly censure OF for the lie over the OF/Tosca share transaction was shocking, as it was obvious abuse of price sensitive information. And now this.
Almost a month since our erstwhile champion of positivity and all things SLE has posted one of his pompous posts (yes you Alaric). I do hope he has not succumbed to anything untoward over the festive period. Please old boy do put our worried minds at ease by letting us know all is well in the Alaric household…
Whilst you’re at it your thoughts on the current impasse and recent news reports from Nigeria would also be welcomed.
CJ - It seems that we are only now starting to lift the lid on the dustbin to see what has really been going on inside such as "side" investments in Decklar, Eli and the recent OF salaries and expenses of over UKP 1.0 Mio are starting to seem like red flags - RNS of Oct says it all if Tosca hadn't been a major investor I would have been long gone, never thought we would come to this.
The 10 Oct RNS states that the shares will remain suspended until the publication of an Admission document setting out the new Eli investment arrangement post TRAM.
Without published 2022 Accounts, there'll be no lifting of suspension...another subject on which there's a deafening silence.
Forget about nomad and AIM, this is starting to look like a matter for the Financial Conduct Authority?
Bizarre Indeed CJ. As bizarre as the total absence of any input from the PR horse's mouth known as Alaric.
Unfortunately for the investor, they can not escape due to the continued suspension. I suspect if they could the share price would collapse within hours.
Happy New Year.
36800, it's bizarre.
If there was no truth in the 2 Nov RNS then the nomad should have resigned by now.
Yet the 10 Oct RNS, which I suspect was largely written or edited by the nomad, had enough explicit downside info to make any sane investor run a mile.
In the words of one Alaric, beyond bizarre.
San Leon has less importance than a single plankton in the massive portfolio of Tosca. The comparatively small capital loss that any demise of SLE may create will be offset against their capital gains. Martin Hughes (like many big investors over the years) certainly looks a fool for listening to Fanning, but he won't lose an iota of sleep over it.
The real issue here is years of optimistic projections that have been perfectly legally peddled by the CEO in RNS’s but rarely delivered. However, they have been backed up by consistent ramping by a series of posters, across many web bulletin boards, each when banned seem to have been reincarnated as “new" posters doing the same job of attempting to suppress the opposite opinion by threats, bullying, humiliation and suggestions of potential legal action. They have used any method possible to promote a company that has never succeeded in delivering its promises. These posts have probably encouraged investment in a company that must have one of the worst track records on AIM.
I wonder if TRAM eventually noticed such inconsistencies whilst doing final due diligence?
Thanks
Hi Callas (I can call you Callas, can't I?),
As per Bandit1, it's the Takeover Code, rather than AIM. I either mis -remembered it, or it was misposted somewhere:
https://www.thetakeoverpanel.org.uk/the-code
Tosca received a waiver from the Takeover Panel in 2015 when they participated in a Placing which increased their stake from low-20’s to low 40’s. Ordinarily moving through 30% would require a Rule 9 mandatory offer to be made but the waiver precluded that. Nothing to do with AIM rules but Takeover Code rules. Since then we all know that they have continue to build their stake with participation in various raises. I do wonder if they are ruing their unstinting belief in OF. Thought we would have had the RNS today but must be tomorrow now or after close of play.
Cd27idw, not doubting you're right, I couldn't find that in the latest AIM Rules. Could you give me the para/schedule reference. Thks
They already had that right/obligation. AIM rules state that any entity/body/person taking on any more than 30% of the co's share holding are obliged to make an offer for the remainder. Part of the previous deal with Mid Western was that they wouldn't do so.I imagine Tosca must have made a similar agreement.
I always thought the Tosca nudge up to 75% was to give them the opportunity to take SLE private. I guess they reckoned a Tri Ri sugar daddy was worth surrendering that right.