Member Info for Callasjunkie

That's what happens when his daddy allowed him to stay up beyond his bedtime.

Thanks, Afemafuna. Again, great investigation. Interesting that McMaster was a co-director of Contango with Stanfield who was CEO of Brandon Hill, joint brokers to San Leon. Terse RNS in 2022 stating that BH were no longer joint brokers. Interesting

Great research, Billgreen.

Hi Afamefuma,

There's a UK company Contango Holdings, which is quoted on the stock exchange as CGO.L (main activity coal development in Zimbabwe). Brian McMaster is not listed as a director.

https://www.contango-holdings-plc.co.uk/

Is there another Contango Holdings?

bandit, the rns of 2 nov states that none of the original $5m was used to pay off outstanding creditors.

maybe it purchased a few ****tails in dubai?

if the acoes was going to be the reputed goldmine you would have thought tosca would have financed the whole caboodle...but no.

Just noticed the FT and Morningstar have both reproduced Monday's RNS

Https://www.irishtimes.com/business/2024/01/08/san-leon-in-talks-with-back-up-investor-after-us-funds-fail-to-turn-up/

Another follow up article from the Irish Times. Nothing we don't know but at least one media outlet is tracking current events.

Hi BlackSwan. Good point. I posted on 11 Dec that Fortified Securities neither listed SLE as a client or in their news section on their website. It wasn't because their website hadn't been updated as there was a news item dated after SLEs announcement of their appt as joint broker. At the time I thought that very strange.

Their fee was to be deducted from the loan remittance. Question is can SLE be made liable if the loan is never remitted?

Today's RNS lists 3 requirements before an application for readmission, including 2022 Accounts and 2023 Interims.

The RNS states:

"The Company intends to pursue all of these requirements FOLLOWING (my caps) the conclusion of its refinancing."

Why does the production of accounts depend on the refinancing?

And is the implication no financing = no accounts?

In the words of Alaric....beyond bizarre

Sale could be related to his ex wife's compensation claim.

https://trellis.law/case/12099/50-2023-ca-000837-xxxx-mb/alli-salma-v-okoloko-onajite

Https://therealdeal.com/miami/2023/12/13/lender-buys-oil-mogul-onajite-okolokos-manalapan-estate/

BlackSwan, although things look extremely bleak, I wouldn't totally give up hope. NNPC and Sahara own approx 70% of OML18 and one would hope that they'll do all to recover value. Even then, if they can ramp production and reduce oil theft, Eroton must have huge debts to re pay before SLE sees any cash. Would NNPC take over the ECOES when they own 55% of NCTL pipeline? Dubious. (I hold no candle for NNPC from past personal experience)

A good start would be for Tosca to clear out the Board. Mystery why that hasn't happened already.

One thing is sure, AIM regulation seems seriously deficient. The failure to publicly censure OF for the lie over the OF/Tosca share transaction was shocking, as it was obvious abuse of price sensitive information. And now this.

The 10 Oct RNS states that the shares will remain suspended until the publication of an Admission document setting out the new Eli investment arrangement post TRAM.

Without published 2022 Accounts, there'll be no lifting of suspension...another subject on which there's a deafening silence.

Forget about nomad and AIM, this is starting to look like a matter for the Financial Conduct Authority?

36800, it's bizarre.

If there was no truth in the 2 Nov RNS then the nomad should have resigned by now.

Yet the 10 Oct RNS, which I suspect was largely written or edited by the nomad, had enough explicit downside info to make any sane investor run a mile.

In the words of one Alaric, beyond bizarre.

Thanks

Cd27idw, not doubting you're right, I couldn't find that in the latest AIM Rules. Could you give me the para/schedule reference. Thks

I always thought the Tosca nudge up to 75% was to give them the opportunity to take SLE private. I guess they reckoned a Tri Ri sugar daddy was worth surrendering that right.

Great investigative find, Afamefuna.

Eli Infrastructure can't pay its debts to the bank, so they have fallen back on corporate guarantees given by the sainted Jite Okoloko's businesses.

The article states that the guarantee was given by Eroton, but the case is being taken against MidWestern...bit confusing, but as the loan was extended twice upon default, its possible MidWestern either gave an unreported guarantee at the outset or possibly at the extensions.

Maybe the bank has the choice of suing either Eroton or MidWestern, with MidWestern a better financial bet ...who knows?

If it proceeds to a conclusion, the ramifications are mind-boggling. Assumedly MidWestern would have to flog its shareholding in San Leon and MLPL

The bank seems to have been utterly naive as OML18 was already experiencing serious net production difficulties at the time the loan was initiated and only got worse by the time the loan was further extended.

As regards Tri Ri, if the $89.4m never left the U.S., they must be thanking their lucky stars. However, in the unlikely event that it did remit, and is stuck in the system, there'll be a lot of sleepless nights in New York.

As regards Toscafund, that's another conundrum. With 75% control, they have considerable powers to influence things. It was a mystery to me that with Tri Ri supposed to be subscribing for shares, Tosca would go below the magic 75% and greatly reduce their discretionary powers.

Any bets on Allenby resigning as Nomad?

I thought we might see Fanning s name in the New year Honours List "for services to the legal profession". Particularly as there looks like a lot more to come.

Another canard peddled in recent RNS's is that ELI can't produce accounts because of its financial difficulties.

A company's financial status is no bar to producing Accounts, unless of course they no longer have an accounting function?