The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Revenue will not automatically assume that suspended shares have no value. Unless, and until, Revenue rules that the shares are of negligible value or the company goes into liquidation, crystallising any loss, you will not be able to claim it against other gains on your tax return.
Well-put Nailbob, it matters not that this is from the recent past, it is fact and helps one's risk assessment and whether to invest in AIM. For me, it also highlights a question of trust. Can I trust the mind of a man who said he had purchased 98 million shares at 21p, in his own company, when he hadn’t? Then to make an official, regulatory financial statement informing shareholders and the financial press knowing he did not yet have the money in place to complete. Quite delusional I would say. He appears not to be as good at arranging finance as he thinks he is. Again, to me, it matters not when a man did this, only that he acted this way. We can only hope he pulls it off this time.
Sam245 you must mean the much-discussed and outrageous actions of both Oising Fanning and the San Leon Energy nomad as I commented on in January. Here's a recap for those who are unaware of this. We are still awaiting an answer from your friend.
"Alaric, can you explain how a statement from Oisin Fanning, released in an RNS, that he had purchased 98,000,000 shares when in fact he didn’t even have the finance in place, let alone make the purchase, was approved by a Nomad?
It would appear from this fact that indeed the wool can be pulled over a Nomads eyes as It seems they signed off an RNS which, without doubt, misrepresented the situation. I am not aware of any penalty either party suffered for this. A sham indeed.
To remind you, again, the Nomad wrote that "Oisin Fanning, Chief Executive, HAS purchased a total of 98,000,000 ordinary shares at a price of 21.0 pence per share ON 07 May 2020".
The AIM Nomad regulatory system seems far from robust as we all know this was not true. We all know this went unpunished. We can all see that the AIM regulations are flimsy at best.
But of course, your argument is pointless as the FACT is no money has been received and Mr. Fanning is worried enough to inform us all he is seeking another source of finance."
Dated 17th Jan 2024. Please note that despite a promise from Mr. Fanning of an update by the end of March 24. we still have no confirmation of progress regarding the third attempt to raise the essential finance to pay debts and continue the business. It is not looking as rosy as the bears in tinted glasses are trying to make out.
Alaric, in July 2023 you spent an exuberant amount of energy trying to discredit Affamefuna, denouncing him as a liar as Affamefuna has always been very clear and honest about the position he holds often stating he is shorting the stock. You argued until red in the face that San Leon Energy can't be shorted and wholeheartedly agreed with Bluerills piffle who conveniently backed you up. Together you argued for quite some days and with great venom that shorting SLE was not possible.
Now, as it suits you better, and being so close to deadlines, in your desperation to discredit the opinion of genuine hard-hit shareholders you chose to categorise all posts but those of your PRO PR team as posts designed by an illegal outfit of dedicated shorters. You are a joke!
Is too much wine rotting your mind and your imagination running wild or are you judging others by your own actions? Whatever, you are indeed a very stupid man if you think readers don't have memories.
If anyone cares to read through this thread they will see for themselves that I submit this post as fact as opposed to your hypocritical Jekyll and Hyde posts. It is obvious to all but the naive that you have a purpose here far greater than that of an enthusiastic shareholder.
I wonder what the bench will make of it?
Alaric old fellow, much of this thread is about the poorest of company one can possibly keep, the one that is so obnoxious that his posts keep getting removed.
Again another hypocritical statement from you, the poster many would consider the second worst company to keep.
Thick as thieves you two are, in every sense of the word.
Indeed CJ, and that is exactly why the ever-present company PR team are doing everything they can to stifle the opinions and the research that is posted on this website.
It's blatantly obvious that this is possibly the last chance for San Leon Energy and could be the end of the line for the Oisin Fanning gravy train. The new deal is not signed. Tri Asset Management reneged at the last minute for good reason. Due diligence is yet to be finalised I would suspect.
Don't be pathetic Alaric, there is nothing fraudulent in Nailbobs post You are desperate, scraping the barrel of threats, aren't you indeed? So transparently a worried company man.
The irony is Sam245 spent two weeks trying his hardest to crush free speech with legal threats that wouldn't stand a cat in hell chance in court, he fails miserably, then has his own free speech snatched away. A result you would be wise to learn from.
The timing of this RNS explains the idle legal threats and pathetic bullying from the corporate ramping trolls, another attempt to silence free speech. They were so obviously worried that the potential lenders would pick up on the opinions and concerns of the genuine shareholders posting here.
Professional rampers are transparent and easily spotted with never a bad word about their paymaster's constant failures, which implies that they are not shareholders and certainly not trustworthy.
Quite an admission that Sam245. It could be argued that you appear to be part of a team talking the share up, across multiple websites, and then selling, waiting for the inevitable fall to buy back in and starting the process again. It is blatant that you spend a lot of your time and a great deal of effort talking this share up.
This confession along with your other 500 posts extolling the benefits of investing in San Leon Energy could be interpreted as market manipulation, a perfectly valid reason to seek a Norwich Pharmaceutical order. Then there are the 1400 similar posts from Alaric, (on this board alone), that may, by default, be drawn into any investigation.
You should be wary of the potential of an NP being sought, especially as It would be for criminal activity and not for tort, far more damaging to anyone's future as such prolific consistency could lead to incarceration.
Alaric, it appears you and Sam245 have a great interest in the legal affairs of San Leon Energy, with knowledge and conviction beyond that of most ordinary investors.
I am fully conversant with the Norwich Pharmaceutical order. It can be sought for both criminal offence and tort. As you mention, there seems to be a lot of ad hominem posts against you and Sam245 and there must be reason. I am sure if needed a competent well-versed defence lawyer would find a need to apply for an NP on other posters needed as witnesses, including yourself.
Wouldn't that be most enlightening old chap?
Sam245. It is noteworthy that your last 20+ posts contain no discussion about San Leon Energy the company you profess to be a shareholder in, they rarely do. They only contain insults, obviously designed to scare, intimidate and denigrate the posters you call names.
Your posts are a prime example of hypocrisy and most probably an offence similar to what you accuse others of.
In the UK an important legal precedent is free and fair speech.
The law states anyone can express an opinion as long as they are not defamatory or designed to deceive and manipulate a market for gain. Here, if any “side” appears to be manipulative it is those posting continuous positivity when both the current situation and history show there is a great deal of negativity to discuss.
Re-posting news articles and discussion of facts based on history is not illegal so it would seem that indeed, someone is desperate to manipulate and stifle fair debate, which is illegal. They should be careful not to shoot themselves in the foot as there is more evidence against them than those they seek to silence.
Perhaps that is why, despite many idle threats, no legal action has been taken on this board and instead PR has been tasked to do all they can across many internet bulletin boards to shut down contrarian posters. Just an opinion, but a theory that would be explored further by any competent defence counsel.
Mdumba, as you are not a regular poster here you are probably unaware of the evidence and consensus that Alaric is most likely a paid employee of San Leon with a brief to denigrate any poster that has opinions other than positive. He has been caught and admitted to using multiple identities. You may have noticed his posts are often accompanied by prompt support from Sam245.
Please ignore his feeble attempt to silence fair opinion and continue with your excellent and enquiring posts.
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
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.
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.
Alaric, dear fellow, would you be so kind as to explain the clever move you mentioned, completed by SLE and Midwestern to allow the NNPC to take Eroton over?
We all recall you (SLE), denying it was ever going to happen. There are in fact, a series of RNS statements by San Leon clearly showing you were totally in the dark about what was going to happen to Eroton. It sounds rather underhand, not to mention how damaging it has proved to be to the future of both SLE and Midwestern.
Please explain how, and more importantly why, it was done. Or should we assume it yet another of your whimsical posts designed to mislead?
I would also be interested in how Midwestern, as the party to honour the loan notes, will be able to do so if they are made bankrupt. Are you saying San Leon has priority on asset claims, above that of the NNPC?