Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
You are right Cheddars. It's what's been said all along. You have to question, given the rocky recent history of this cluster**** of a share how they would attract $100m+ on new equity investment. A Petrel may quite not be a duck, but this looks and quacks like one!
Cheddars,
I agree. What is really puzzling is that a savvy group of investors with, allegedly, incredibly
deep pockets engaged with an unregulated stock lender. 1. Why did they feel the need to raise finance against the shares when they are so wealthy? 2. Why wasn't due diligence performed on the lender to ascertain if it was regulated to undertake financial transactions?
I wonder if there is some link between EYPC and the Concert Party.
Cheddars - absolutely right.
It does seem a bit disingenuous to say the least that oil price volatility and COVID are quoted as reasons for non-completion of investment in the second tranche.
The statement that investment opportunities from Tamraz Group accepted by Petrel will be paid for in Petrel shares puts paid to the notion that assets will be transferred out of the goodness of Tamraz's heart, as some people seemed to insist would be the case. There will be no cut price transfers. The Tamraz Group advised that assets with a value of $100m were being considered - that's a lot of shares to be issued and a huge amount of dilution for existing holders.
I don't think they are going to make a charitable donation of their assets. They will require payment from Petrel either through share issuance or debt.
It remains to be seen how it will pan out. Until the debâcle over payment for shares is resolved, and the plans for the mechanism and payment for asset transfer is made public, the issue will remain in the air.
Hopefully, enlightenment is not too far away.
Lockyer, Thank you. I'm not sure that Crown Energy AB is the party in question. They have a licence in Iraq but not a producing asset. Also, I couldn't find any reference to Surinder Rai as COO at Crown Energy (I looked at the Annual Reports from 2013 to 2018 which show other parties as COO). I could well be wrong, it wouldn't be the first time.
Is there any link (apart from a shared company name) between Rai's Netoil Group Limited, and the Bulgarian outfit set up by Tamraz & co?
As I say, I may well be off beam here but my brief analysis suggests otherwise.
iisback, No, I do't think so.
I can't see the asset being gifted to PET. Why would Tamraz give away 49% of the value of as asset he has. He would earn more money selling it on the open market.
So we come back to the question Cheddars has asked: how will the acquisition by PET be paid for? I think there's only one of two ways - share issue or debt. According to the textbook, if shares are issued at a discount (to entice investors), there will be a reduction in share price (dilution) depending on the size of discount. If through debt, the equity will be subordinate which should impact price negatively.
Another issue is that I assume the "value" of the asset will have to be independently assessed to avoid overpayment.
Aimofthegame. I agree. The Notification doesn't add much clarity's far as I'm concerned. We can try to interpret it, a bit like a Nassimi post - it leaves one head scratching.
I guess it's positive in as much as Concert Party members are engaging in the process and trying to provide some enlightenment.
I question whether it's possible to apply for bankruptcy in the Irish Courts. Money committed has not been forthcoming, presumably this is an act of bankruptcy. Just needs the creditors to decide. Could be too early - pending resolution to the last episode in this sad affair.
Simon,
But Tamraz was going to reverse lots of assets into Petrel, the Iranian one was just going to be the first of many. He mentioned the whole of MENA at the EGM. An explanatory word to Petrel that could be conveyed to shareholders would be the least he could do to assuage the negative impressions his lack of openness (if not worse) has caused.
It's a cluster***
But surely all confidence in Tamraz has evaporated. Unless he forgot to transfer notification of his obligations on the 6th Jan from his 2019 diary to his 2020 one, but not sure that excuse washes enough for him to redeem himself. I've already been censored for my language on the forum but, on the face of it, there's a lot of p**s and wind from Bulgaria.