Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Https://www.justgiving.com/page/ryan-gaffney-1692272600856
The Dr Karma post is to the point!
2nd affidavit P7 section 8:
'I have also responded to inbound shareholder emails received since the issuance of the initial order, including several emails from retail investors regarding allegations of prior short selling by a party that is not the lender, DIP lender nor the Stalking Horse Bidder.'
Simply not true, I have has several read receipts but never had a reply from anyone apart from the monitor.
First questions:
Good morning Noah
Thank you for your reply and the information you have supplied. I am sure that you will expect more questions, so here are some initial ones:
What was the reason for the action group's general meeting request to be declined? In what way was the application 'deficient'? This meeting would have been very important for shareholders rights.
In an announcement on 12th September 2022 the company referred to an independent reserves report prepared by Ryder Scott certifying the 2P reserves at a figure of $492m. This report was compliant with Canadian regulations. Why has this report been omitted from the reports you have so far published? Surely this valuation is extremely relevant to any bidding process?
It has to be assumed that the NDA relating to the JV expired with the cancellation of the proposal, so why have we not been informed of the details of the proposal? Surely a JVP who takes more than a year looking at the proposal would not have done so if there was no value? This definitely seems very odd, and we should be given more information. Is there a plan for the JVP to get the assets at a low price at the shareholders' expense?
Today we have seen a series of historic TR1s relating to trading in the COPL shares by Anavio. These TR1s, if issued on time, would have influenced investors' actions. The first TR1 declares that the company was notified of the trades on 10th July 2023, and the market was only notified today. It is very clear from the new shorting information released last week and now these TR1s, that Anavio, and possibly COPL's directors, have been able to completely destroy the value of the company whilst shareholders were kept in the dark. In some of today's TR1s it is stated that Anavio owned 100% of the common stock, clearly an impossible situation. On 29th December they supposedly had an actual position of 121.56%, so clearly something very underhand was taking place, and over a period of time shareholders were being fed news which encouraged them to hold or add to their positions. It is obvious that Anavio needed buyers and it is now clear why the share price was declining.
I look forward to your comments, and in the meantime will be liaising with other shareholders to compile a further list of questions.
Kind regards
My original post on this thread has moved a long way down due to several posts on the thread not related to this, so I am re-posting it here for info. I am now putting together a list of questions, please add to it!. I did notice in the first report of the monitor that the deadlines can be extended. At the moment approval of the SISP is March 19th....tomorrow, not today....LOIs to be in by April 17th , bids in by May 2nd and auction on May 8th. If there is a lot of interest, maybe the dates will be extended. Although we will not get announcements by RNA we will still pick up the monitor's reports. Here is my post from yesterday evening:
I have just received, Sunday evening, a reply from the monitor. This is in reply to the first, longer, email I sent yesterday, which included a reprint of the letter sent by Stas, plus a lot of my own text:
'The Monitor confirms receipt of your email. On March 19, 2024, the COPL Group will be seeking approval of a stalking horse sale and investment process (the “SISP”) which will provide for a broad canvassing of the market, including offering access to robust data room concerning the asset base. The Monitor is of the view that the SISP will determine the value of the COPL Group.
We also read your allegations below which we will be discussing with the company and may report on in a future report to court.
We are available to answer any other questions.
Thank you,'
Shouston, my allegations went further, referring to the Kravitz affidavit being incomplete and incorrect, the debts being misdeclared, the WOGCC figures not matching the claimed NGL injection, the missing billion barrel discovery, the carbon capture value, the short timeframe for bidders, the legal responsibilty of Kravitz to act in the shareholders' interests, etc. etc. And the shorting figures that I had put on here, plus Stas's letter in full.
So the Monitor says the court application is on the 19th. Also it is the first mention of the data room being open, and also that my allegations may be reported to the court. Maybe they are now rattled? If we can get as many paties interested as possible, the data room might be quite busy. Let's hope all the data is available!
I have just received, Sunday evening, a reply from the monitor. This is in reply to the first, longer, email I sent yesterday, which included a reprint of the letter sent by Stas, plus a lot of my own text:
'The Monitor confirms receipt of your email. On March 19, 2024, the COPL Group will be seeking approval of a stalking horse sale and investment process (the “SISP”) which will provide for a broad canvassing of the market, including offering access to robust data room concerning the asset base. The Monitor is of the view that the SISP will determine the value of the COPL Group.
We also read your allegations below which we will be discussing with the company and may report on in a future report to court.
We are available to answer any other questions.
Thank you,'