focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
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?
I would suspect he may find it extremely hard to find finance for any project new or old. There are over 12 years of history on AIM for all to learn from. He is King Midust, every investment idea he has come up with has turned to dust.
Black Swan, you highlight the irony. So far his own wealth and luxurious lifestyle have been untouched.
As Alaric and Blurill have brought to our attention AIM regulation doesn't count for much, anything goes and this is why companies choose to list on AIM. Regulations state a company may be delisted if suspended for 6 months but many an excuse is accepted to delay. San Leon's excuse is "its not our fault".
"The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months.” London Stock Exchange.
The nomad stated as fact that the share transaction had been carried out and reported the date it was completed. Neither was true. That is the “big deal” Alaric.
It is noteworthy that you think this a perfectly acceptable practice whilst most others think it despicable and are left in wonder about the inadequacy of the AIM Regulator. It does however go some way to explain your years of highly bigoted posts faithfully supporting Oisin Fanning and San Leon over many investment bulletin boards.
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.
Alaric, How tiresome, your monotonous argument is. Yet again you are wrong, stating people are ignoring facts. Bluerill has admitted that his theory is pure speculation and not based on any fact. Therefore his explanation is not in the slightest plausible.
It is obvious to every poster here that honest opinion and fair discussion do not suit YOUR agenda.
Bluerill, let me simplify it for you.
1. The money from TRAM has not materialised, therefore you can not publicly prove your theories correct. As you seem so adamant I wonder, do you have inside information?
2. Fanning is seeking but has not confirmed a new, third-attempt, loan facility. Until such time a potential lender can dictate the terms as San Leon has its back against the wall.
3. San Leon remains in suspension, yet again and beyond the 6 month time limit, convenient for Fanning, but leaving it open to potential de-listing.
Stand down? I. haven't even stood up yet, no need as your argument contains no fact and you admit it is mostly speculation.
I respect your post Bluerill but it holds no value to me as you are quite a hypocrite and so often wrong.
I quote from a rare input of yours dated 27th Nov 23 "I reckon the money likely IS coming one way or the other, otherwise the NOMAD would have compelled the Company to say so.“
It isn't here is it Bluerill and Fanning is concerned enough to seek a third potential lender, who WILL have him by the short and curlies. As much as you endeavour to imply it's a done deal, based on a statement from an AIM-regulated RNS, and so many from SLE have been proven to be inaccurate, it has NOT been confirmed. It simply states discussions have occurred.
Clearly It is you who speculates, It is you that needs to do better.
It's noteworthy that you only post here in times of company stress, seemingly to support the usual PR teams weak attempts to give credence to the never-ending, never-profitable story of San Leon Energy.
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.
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.
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?
Cd27idw you can't smile whilst desperately applying mouth-to-mouth resuscitation to keep your latest rabbit alive. At the moment it would appear that every rabbit out of his hat since the conception of this company, has died.
Credit to Afamefuna for pointing this out to me a while back with his informed comment and factual posting, information far more accurate and precise than Alaric and his chum Sam. I honestly wish I had never listened to those two big-time rampers. As Sam would say I am now a "loser", as is every single private investor that has put money into this company, I suspect.
Little Sam seems a very appropriate name for one who is struggling with his own immature mind and continues to make childish comments. He asks people to grow up using such simplistic phrases as "it's u Dumbo....a doh ...who lost his dough...ha haaa."
It is obvious to all that It is little Sam that needs to grow up.
"that prat in all his incarnations who habitually misleads posters across so many posting boards"
I couldn't agree more Blackswan, after also being mislead by the prat and his many personas.
On hindsight it's obvious that he has a serious and secret agenda that has nothing to do with his stated mission here. He certainly does not look after investors interests as he trys to make out.
Alaric my dear fellow, I completely understand that your position and reason for posting on this board would make you aggressive to any other opinion but your own. However you should consider that not everyone is here to do what you are obviously doing.
You’d be wise not to judge other’s by your own actions but take comfort in the knowledge that you have encouraged me to become a SLE shareholder. Therefore you should consider yourself a successful protagonist.
Lets just look forward to the great success for SLE that you constantly allure to.