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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.
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.