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Glosman: 'If the BOD cared about share price an us shareholders they would put out some updates regarding gas injections,increased production or anything to help share price,but all they do is release speeding ticket if we get any sort of rise in price,says it all really where their loyalty lies'
Yes, and why no RNA to say they do not know of a reason for the drop?
'‘Just a quick note, I am led to believe they have had to call the boys in blue as some shareholders have been overzealous’
That’s what happens when you have your hard earned money stolen from you in plain sight, people want revenge and they are not going to forget.'
It is not the right course but it will at least show the thieves that the threat is real, and if they do not change course it may be even more real.
RBM, you can add me to that list, you know my defecit from emails:
66 year old, fully invested, no funds left, now facing working until I die, GBP 147,000 down. (And my wife does not know so that is another hurdle too far)
RBM, do you think they will try to agree on an alternative or is that the end of it? At least they are communicating so may be thinking that they must change direction, especially as they will by now know about the class action.
From 10th January RNA:
'4. Within 45 days, an agreement with the senior lender on a process and milestones for either a comprehensive sale of the Company's US assets, a foreclosure of the Company's equity interests in its US assets or a "take out offer" in an amount satisfactory to the senior lender.
5. Within 30 days, a business plan must be delivered to the senior lender that includes proposed steps and terms for the sale of the Company's US assets.'
We don't know if this applies from 10th January, but if so then 30 days is this Friday. If this was reported after the event, which is likely, then the 30 days may already be up. An 45 days takes us to 24th February.
In the 16t January RNA they said:
'As previously announced, the forbearance agreement with the Senior Lender expires on February 29, 2024 and there can be no assurance that it will be extended or that the conditions of default will be remedied or waived.'
So is it 45 days from 10th Jan or is it 29th Feb? That last announcement does imply that there is a possibility that the deadline might be extended, maybe if the SL sees progress?
In the meantime we are still producing and selling oil!
Saintnick.....it looks as if one is selling on the open markey and the other is buying. But we don't know yet where half of the Anavio shares went to, they received about 1.3 billion, I think, and only declared a holding of 600 million or thereabouts, and they were supposed to have sold the rest to another party at 0.15, way above market price. Lots going on that we can't see, but hopefully the FCA etc. are busy looking at this!
Ref my post below, bear in mind that quite a lot of the debt quoted by COPL is to the BHs so paying us off and clearing the SL debt would make it a very cheap deal for them. So we need to keep at them, our PI shares are worth a lot of money to them!
All the talk of buyout yesterday! As bondholders convert, take interest shares, exercise warrants, and the dilution continues, they end up getting all their money back and owning massive amounts of shares for free. Although we would be diluted, we will still own our shares. Let's say there are 500m shares in PI hands. And maybe with all the dilution the bondholders are actually in profit. Then the bondholders together could offer us the 8p mentioned and own all the assets for only 40m GBP, crazy cheap even after paying off the debt. Even if they offered 20p, it would only cost them 100mGBP to own all the shares in issue. Maybe this is their plan, still fleecing us and taking away the opportunity to participate in the big discovery/discoveries, but making us feel as if we did well to get out? RBM, how many shares may be in PI hands?
Saintnick: From 13th December RNA, last conversion:
2027 Bonds principal outstanding: $10.6 million (53 bonds)
2027 Bondholders: 3
2028 Bonds principal outstanding: $10.8 million (54 bonds)
2028 Bondholders: 3
So between 3 and 6 bondholders.