Member Info for aligator

Crl123, Entirely agree. And now the snouts are in the trough again. Although I note that there don't appear to have been any market purchases by the BoD or executive team for some time.

In all probability, there is much activity behind the scene but it is nonetheless frustrating and nerve wracking to see if these idiots can turn this around.

Whouse, But, according to PB, TXP did. Unfortunately, the "wall of cash" from this discovery never materialised and, since then, we have had more promises but little achievement. It's easy to live high on the hog with other peoples' money when the downside is limited to a pay-off based on your inflated salary.

Felt by all shareholders is evident in the posts over the past week, which have resulted in people arguing about Baay's compensation, about the literary correctness of posts to this board or about some other totally irrelevant issue.

The future of TXP is now in the hands of the one person who has been singled out for huge criticism over the years, Baay. As someone said, the chance to vote him out of office came and went with the AGM so it is no use snivelling about his continued presence as CEO. Yes, the man is incompetent and has a history of over promising and under delivering but, at the moment, he represents the potential saviour of the company.

In the absence of positive news, I can see the sp slipping to 12p and possibly below. We can only presume that there is much going on behind the scenes but, until anything of worth is announced - well completion, loan renegotiation or funding - TXP is effectively stuck in the mud.

That should read "calamity" and not "clarity"

This sp will continue to drop until and unless there is some positive news either leaked or via an RNS. I would argue that 12p may not even be the bottom.

When you look at the situation over the past 4 plus years, you can see clearly how misrepresentation by CEO's and BoD's can have a tragic impact on innocent investors.

I have effectively written off a fairly large shareholding in this company. It has been a painful experience but will not impact my lifestyle and I do have some tax loss carry forwards if I do crystallise the paper losses.

Personally, I think the BoD has failed in its primary fiduciary duty - to protect the equity of investors - and one man has shone throughout, Paul Baay. Indeed, I wonder how the man can sleep at nights given the clarity that he has brought upon the company.

Tc, Agreed. Fingers crossed!

I have never said that there were no other funding options but, in terms of pure commercial logic, your existing lender has to be a port of call.

Please cease from this incessant "the rest of you are idiots" mantra you have adopted.

Ross, You clearly have no understanding of the way banks work nor the influence of governments on the banking system when their economy is pressured (oil & gas being almost 50% of the T&T economy).

Try to show a little more intelligence and less aggression.

Your hilarity based on what?

Positive reaction by the market to something it probably had already deduced. Absent other avenues of approach to funding, I would presume the company is now in discussions with Republic bank about loan availability/re-negotiated terms. Republic should be supportive - it has sizeable exposure but will be fully aware of the potential upside if TXP secures the necessary funding. Aside from that, one would also think that the government is keeping a close eye on events and possibly even nudging Republic forwards.

Hardo, Yawn....

While the RNS reads positively it is only funding that will create cashflow from the wells. Therefore, funding needs to be sorted asap. Either renegotiate the loan (T&T needs the oil and gas so one would hope that, behind the scenes, the government was gently nudging the bank board) or establish another raise, but allow existing shareholders to participate (if they can be tempted).

Once this has been achieved then it is time to evict PB and his "yes" board with our compensation for the sh*t storm they have created. No ifs ands or buts, PB has to go.

John2727, Your post has given me a modicum of hope. While I still think PB has to go, the prime task at the moment is to complete the placing.

Option evaluation of possible remedies:

1. Portillion come up with the money - Forget it, the balance sheet is £100! Could possibly sue Portillion but would take money and a long time.

2. Bank agrees to release some of the loan to fund drilling - A possibility but the bank must have the same doubts that shareholders have.

3. Another placement, this time open to existing shareholders - Has to be under consideration but at what price and % dilution? Most if not all investors now close to or under water so price will be key.

4. Asset sale - unlikely as this would take months if not stretch into 2026.

5. Takeover offer from whomever - Was previously unlikely but now not sure. That said, cannot see anyone being interested in this clusterf*ck at this moment in time.

6. Hunker down, slash costs and hope that cash flow can provide the funds to drill - Possible option but will take months.

I guess we all thought Trinity was the nadir in the company's fortunes, but events over the past year have shown that PB and his pals really have no idea what they are doing. It is no good protesting about the company engaging with a fly by night broker, it has happened and we are now all suffering. We now need to find a solution or this company will simply limp along and then start to default on loan servicing before going bust.

Stas20, He did in this video but appears to have since acknowledged that they are.

This has become a disaster for all investors, not just long term loyal shareholders, but those who have paid 20.50p in the private placing and those who bought big when the sp dipped to ca 18p. Everyone is losing money, many losing substantial sums.

What is becoming clear is that shareholders and investors don't appear to have been properly informed by the company, which should have never engaged with a fly by night asset management company for the private placement and which has never been clear about the increased loan availability being subject to the increased equity.

I would encourage all shareholders to write to the FCA and its Canadian counterpart and to either the LSE or TSX depending on their location.

In the USA, corporate executives have gone to jail for fraudulent conduct and, while I am not saying that is the issue here, there needs to be a clear and concise explanation from PB and the BoD as to how this mess occurred and how it is going to be sorted out.

Crl123, According to the FCA list, Portillon and Oak are both authorised but unable to hold or control client money.

GGG, I share your views and frustration. For the record, Portillon Capital Asset Management Limited was only founded in December 2022 with two officers, of which one has since resigned, leaving just Kamran Sattar as the sole director. More importantly is the fact that, according to the FCA register, Portillon is not authorised to hold or control client money. Interestingly, Merlin Securities LLP, trading as Oak Securities, is also not authorised to hold or control client money. So who held the funds during the placement is an unknown at this time.

The RNS states that, of the £10.324m gross proceeds which have not been received, "This includes £10,000,000 relating to Portillon's subscription commitment." - the key word being commitment. So was this £10m underwritten by Portillon, whose 2023 balance sheet showed just £100 of assets? If so, then I suspect that TXP will struggle to secure anything from this company, sadly endorsed by sir marks investigations.

Jane Doe - The RNS states that the company remains focused on securing funding to continue the 2025 programme, "including meetings its obligations under the fourth amended and restated loan agreement...". This suggests - as banking logic would dictate - that the loan drawdown is conditional on the placement proceeds being received.

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You have got to hand it to PB and his fellow morons, they know how to balls up just about every thing they become involved in. Forget about legal action against Portillon, it would take many months, if not years.

The critical question is whether drawdown of the increased bank loan is conditional upon the full placement proceeds being received. Because if it is then TXP is in real trouble. As I understand, this question remains unanswered despite numerous enquiries to the company.

Bottom line is that TXP is fast running out of cash and perhaps a new placement, which will be at a much cheaper price, is the only option.

Hardo, I just love you people. You position yourselves as experts on just about everything but, in reality, you know the square root of sod all. However, that does not prevent you from commenting negatively on and criticising honest posts made by others. You are the perennial tolls of such sites.