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Afamefuna - a good find but disturbing news. It would seem we are in for a lot of stuff flying off the fan before all this is over!
Ëxtract - "According to the petition, upon an application by Energy Link Infrastructure Limited, Nova Merchant Bank by an offer letter dated July 26, 2021, granted a N3billion credit facility to Energy Link Infrastructure Limited for a project that Energy Link Infrastructure is undertaking for OML 18 (owned and operated by Eroton E &P).”
I had been wondering how Midwestern had been able to carry on "regardless" - now we know how - through debt!!
In real money, currently 1,648,649,286.00 Nigerian Nairas is worth 1,476,175.97 British Pounds - thank goodness the Nairas has over the last year depreciated heavily against the us Dollar and Nairas rapid depreciation over the last six months is one of the reasons that the Tram money had been delayed - opportunity cost!
Great investigative find, Afamefuna.
Eli Infrastructure can't pay its debts to the bank, so they have fallen back on corporate guarantees given by the sainted Jite Okoloko's businesses.
The article states that the guarantee was given by Eroton, but the case is being taken against MidWestern...bit confusing, but as the loan was extended twice upon default, its possible MidWestern either gave an unreported guarantee at the outset or possibly at the extensions.
Maybe the bank has the choice of suing either Eroton or MidWestern, with MidWestern a better financial bet ...who knows?
If it proceeds to a conclusion, the ramifications are mind-boggling. Assumedly MidWestern would have to flog its shareholding in San Leon and MLPL
The bank seems to have been utterly naive as OML18 was already experiencing serious net production difficulties at the time the loan was initiated and only got worse by the time the loan was further extended.
As regards Tri Ri, if the $89.4m never left the U.S., they must be thanking their lucky stars. However, in the unlikely event that it did remit, and is stuck in the system, there'll be a lot of sleepless nights in New York.
As regards Toscafund, that's another conundrum. With 75% control, they have considerable powers to influence things. It was a mystery to me that with Tri Ri supposed to be subscribing for shares, Tosca would go below the magic 75% and greatly reduce their discretionary powers.
Any bets on Allenby resigning as Nomad?
Hey alaric yer ofice bak at wurk yet. yer despurut pr imput neded. lol
https://thenigerialawyer.com/nova-merchant-bank-seeks-to-wind-up-midwestern-oil-over-n1-6bn-debt/
Nova Merchant Bank Seeks To Wind Up Midwestern Oil Over N1.6bn Debt. The basis of the bank’s request is that the “Respondent is insolvent and unable to pay its debt or meet its obligations.”
Agreed. But bear in mind there was a long wait before the termination of the Mid Western and the establishment of the ELI deals were announced. The mind boggles as to what rabbit is going to come of the the hat next. And if it's going to have any legs...
Cd27.... With the length of time since the last RNS, there is clearly something going on.
. It TRAM had pulled out, I'm sure the Co would have been forced to inform the mkt.
.. Think we will just have to sit and wait.
Https://businessday.ng/energy/article/inside-details-of-how-nigeria-plans-to-spend-n44bn-on-oil-projects/
Nigeria - just squandered the money on personnel and organisational structures - Typical Nigeria!!
"Data sourced from Nigeria’s 2024 budget showed the country’s petroleum ministry budget heavily prioritizes personnel and overhead expenses over major projects. Nearly 77 per cent of the total allocation goes towards staff salaries and office costs, leaving just 10 percent for capital projects. " - " N10 million for the stabilisation of peace and polity in the Niger Delta;"
You couldn't make it up if you tried - well must of us who have been here years should have learned by now - DUH!!
Are we going to run a sweepstake here then, guessing on the possible outcomes.
1) Tri Ri has bottled out and deal is defunct. (Most likely scenario)
2) Tri Ri has sent the money to a Nigerian Prince, who has done a runner.
3) 1) + OF has tried to recover by going back to the Mid Western deal (if that's possible, re NNPC)
In the event of 1) surely SLE becomes a cash shell, and Tosca tries to recover its investment, by whatever means. That would give some respite to us small investers, as they paid about 60p/share.
Any other scenarios welcome.
I thought we might see Fanning s name in the New year Honours List "for services to the legal profession". Particularly as there looks like a lot more to come.
On 3rd January 2024 we reach the 6-month anniversary of the most latest suspension. Has OF ran out of blarney with the AIM regulators or will they be amenable to an extension? With a missing pile of cash still unaccounted for and with no proper explanation from the company to update the minority of insignificant PI’s and no Accounts etc it does not look good from where I am sitting but I am sure there will those who think it is just dandy!
Wonder where it will end up your guess is probably better than mine 🙏😎
https://businessday.ng/news/article/its-happy-new-year-for-nigeria-as-afrexims-2-25bn-support-comes-in-today/
Hxulcolrdoh. he coldunt ave dun it without his PR teem Alaric an co. postin thousunds of rampin posts on evury SLE bulitin board in the univurse.
Mr Fanning has managed to trouser circa $14m in remuneration selling hope / tomorrows jam in the last eight years while the company and its share price have flat lined. Gift of the blarney and all that.
I’m not convinced his personal ideal outcome is other than to be permanently in situ being paid to either pursue deals that never conclude or fight litigation.
This may be old hat to most posters to this board, but a quick resume of Tosca, who effectively own San Leon, if not in fiscal reality.
https://en.wikipedia.org/wiki/Toscafund_Asset_Management
They've been quiet in the extreme (publicly) on all San Leon's trials. With their profile, you have to wonder what their opinion is on all of this.
It beggars belief that there's been no communication on this debacle, but it just underscores what little fish we are in San Leon's pond. Tosca will be fully informed, no doubt.
Our arch nemesis NNPCL are due to get their desserts. jeez how obstructed dividend distribution from Eroton so many years ago.
Hope 2024 will.be better than.2023 this is all getting very tiresome happy new year to all.
https://punchng.com/serap-sues-nnpcl-for-withholding-oil-revenue-details/#offcanvasExample
I never believed in fat men delivering gifts at Christmas anyway....with now one day to go are there really people who still think this is a 'back office' error or a victim of transatlantic regulatory red tape....? I would counter that if this was the case we would have been updated as such....My old Nan said "if you haven't got anything good to say...say nothing.." and I fear that's where we currently sit...
Let s see if Santa Leon delivers this year or will take the opportunity to bury the bad news at a oh so convenient time (not that it would make much difference anyway) before starting all over again with another year long fairytale story in search of money. 13 Christmas so far with this outfit so not counting my turkeys. Come on surprise us for a change.
Tiresome G1lo. i provided a perfectly plausible explanation recently about the problem with the transfer of the funds from TRAM. this likely has everything to do with the US regulatory framework on transferring funds to a foreign jurisdiction and absolutely nothing to do with the money being lost, which is an absurd suggestion. readers of this board will judge who's telling porkies :-)
Another canard peddled in recent RNS's is that ELI can't produce accounts because of its financial difficulties.
A company's financial status is no bar to producing Accounts, unless of course they no longer have an accounting function?
Lot of imagining going on here.
Let's remind ourselves of SLE's own RNS of 10 October:
"[Tri Ri funds to be applied to] ..d) settle the Company's creditors, satisfy its working capital needs and pursue its strategy. As previously announced, the Company has numerous outstanding creditors (totaling around US$15 million) and these creditors have been exerting increasing pressure on the Company (including sending letters before action). The Board believes that without the receipt of the proceeds of the Investment, the Company's financial position would have become increasingly precarious and that it would need to take steps to protect the interests of the Company's creditors.
It is a condition of the Investment that San Leon advances the further US$37 million to ELI and acquires Ocean Pearl's shareholding in ELI without delay. ELI is heavily indebted and requires an immediate injection of capital in order to meet certain court sanctioned obligations to its main contractor for the pipeline construction (which have not been complied with by ELI). Without the further US$37 million loan from San Leon, the Board believes that ELI would be unable to pursue its strategy and, in particular, would have failed to secure customers for its pipeline. This would inevitably have been highly detrimental to the value of San Leon's investment in ELI. In addition, the Board believes that, due to ELI's severe financial difficulties, without the US$37 million loan from San Leon, ELI may be required to take steps to protect the interests of its creditors. The Board anticipates that part of the US$37 million loan will be applied by San Leon settling ELI's creditors directly."
Apart from describing the hideous financial situation that both SLE and Eli find themselves in, there's a disturbing thread running through SLE's relationship with ELI.
The last SLE Admission document described ELI as pretty much administratively incompetent, a company in which
SLE has already invested and lent many millions. The evidence is there in their previous Accounts of very significant fines for late fiing of Accounts and Tax Returns.
Since then there has been litigation between WCC, builders and operators of the FSO and ELI, one consequence of this being the replacement as operators of the FSO by a Nigerian company. Also WCC is selling its shareholding at a reputed discounted price.
According to the RNS, ELI needs an "immediate" injection of cash to fend off potential examinership/liquidation.
Interestingly the RNS makes first mention that there is a financial court judgement against ELI in favour of the
pipeline contractor. Alarmingly, the RNS notes that ELI has not complied with the judgement.
It should have been reported in an RNS many months ago, just proving up the comment made
by G1lo.
Again disturbing is the language that when the funding goes through SLE will settle some of ELI's creditors direct.
Sounds like SLE don't trust ELI to manage a cash injection.
Funny how the so highly praised NOMAD didn't object to the issue to that big lie RNS on the 11/05/20...no so perfect that some make it sound hey
So the money has been transferred and 6 weeks later no-one knows where it is, really?! You don't loose track of £100 million. Whatever is happening, someone somewhere is telling Porkie pies
'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'
nice try Naibob but you're wrong again. what you suggest would mean the money hasn’t been sent as the terms are being renegotiated in which circumstances Oisin would know that he'd have to issue an rns which in turn as you know has to be signed off by the nomad. you're clutching at straws again and btw no-one is taken in by your 'hope to be proved wrong' bs.
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.