Member Info for Cheddars

Hi Candid - I'm with you on that. Try Googling some of the projects too, no mention of NetOil but then again that's not totally surprising as NetOil was only establish on 25 July 2019 (see RNS and EGN Circular), five days before the first tranche of shares were issued and paid for.

Ah, but to make the millions it requires more money and assets to be transferred in to PET. I would love to see the due diligence report that established their existence, I hope that it goes a lot deeper than a trawl through the internet!

I'm always happy to debate ideas and interpretation of what is going on here at PET but not this sort of rubbish unless its backed up by an RNS within minutes which it has not been. Deliberately posting reports of conversations that should be taken with a pinch of salt is, to my mind, irresponsible.

Posting this sort of garbage is about as irresponsible as it gets.
I do not believe that a director of PET would have made these comments to a shareholder - this is price sensitive information which has not been backed up by an RNS.
And as for those that think I am posting negative comments to aid a short position I am not.
I have looked on Short Tracker and can't see that anyone is shorting this share, and why would they? Without a satisfactory explanation, good or bad, to the questions posed by last Wednesday's RNS shares in PET could be suspended at any time and who would want to be on the wrong side of a short position if that happens?

Fingers crossed, but any idea how? Can FRR issue an RNS if they are no longer quoted? I assume that a relisting will be a longer and more public affair than the suspension.
I hold several million shares and greatly appreciate all the work done here to try and understand what is going on behind the scenes. Good luck to all.

Amadan & Del_Rodders - Thank you. I think that the post was a dig at me and my negative comments and ending with a suggestion that I might be deramping the share to maximise a short position. Quite why anyone would do that at this point god alone knows, depending on what is found the BoD might decide to suspend the shares whilst they sort it out, for better or worse.
For the avoidance of doubt I am not a shorter, just interested in 2019's best performing share (I understand).

I am interested in this as a piece of corporate finance work. And as a potential investment should all of the very obvious questions ever get answered to my satisfaction.
I have no ulterior motive here other than suggesting that we should be looking out for each other if this turns out to be another AIM scam.

That is my reading of it too. I suspect what may have happened is that those lock-in shares, if they have been traded, are from the initial tranche issued in July 2019.
But I am still deeply concerned - why is it taking so long to sort out? Sales of lock-in shares have taken place in recent days, long after the deed was signed on 30 October.
I hope for the sake of all the genuine investors here that this will be sorted out with a calming RNS tomorrow - my nose tells me otherwise.

Liquid1 - Of course they are. The fact that this has been outstanding as long as it has only give cause for concern. Then look at the minimal information on the web and lack of a proper business plan and it all starts to look very suspicious.

Liquid1 - Since posting I have found Comerica Incorporated but the Wikipedia history doesn't mention our friend as playing a key role.

Liquid1 - The NetOil to which you refer - "Netoil, a limited liability company, was incorporated on 7 August 2019, has not traded to date and has not published any financial information to date. It is currently funded by its existing shareholders." This quote was taken from the Circular issued ahead of the EGM in November 2019 (see the bottom of page 16).
Payment for the second tranche of shares was due BY 6 January so is over a week late. All the shares issued to the Tamraz group are subject to a Lock-In Deed signed on 30 October, this group purports to be expert investors so I await the explanation behind the 4m share sale with interest.
And as for the website -
I have not Googled all of the "success stories" but as an example in the Banking section they state "At that point, with the regulators’ agreement and encouragement, First Arabian Corporation merged Bank of the Commonwealth into Detroit Bank and Trust to form Comerica Corporation" but if you Google Bank of the Commonwealth you find - "On Friday, September 23, 2011, Bank of the Commonwealth, Norfolk, VA was closed by the Virginia State Corporation Commission and the Federal Deposit Insurance Corporation (FDIC) was named Receiver". Comerica Corp does not appear to exist as far as I can see.
Great care is required here - I could be wrong about the website but the stock exchange circular clearly states that NetOil, using the company address and number was established last summer. The website suggests that the same company, same address, same number has been around for years.

Simonpartridge1 - My attention was drawn to PET by the shares performance in recent weeks. I have been very clear throughout that I am not invested here, nor will I buy until I can see how the asset transfers will be paid for. Until then I am interested in this as a piece of corporate finance.

The RNS clearly says “expected by 6 January”. I’m sure that the document would have been vetted before release or corrected soon thereafter. I think that it’s safe to assume that the Tamraz group are in default.

MassiveRay - A great move, I look forward to reading your post at 2:35 this afternoon!

Timbo, You are correct, again. The Lock-In Deed was entered into on 30 October which through me. But the EGM Circular does state that the Lock-In includes shares acquired in the July Placing (top of page 10). So there could be a genuine reason for any trades between the July Placing and signature of the Deed on 30 October.
However, all the parties are senior enough to have understood the nature of the underlying deal and it doesn't explain the late payment unless the Tamraz Group are upset at being called out? The plot thickens!

I don't understand this logic either. The July placing would have cost in the region of £450k, IF they have sold 4m of the locked-in shares at 25p they have doubled their money. If they have also sold any of the July shares, which aren't lock-in as far as I can see the returns will be even greater. And as for Monday's RNS being tied up with the Concert Party's next step - how on earth does that work?

The hogwash here is why would NetOil transfer in a $100m asset for zero payment?
As has already been said - press speculation means nothing - an RNS explaining the absence of payment for the shares and naming the seller of the locked-in shares.

If you look at the Circular issued prior to the EGM in November ( see PET website ) you will see that there are only three Concert Party members that would have held more than 4m shares after the new issue, they are Tamraz and Fayad with 14.93m each and Mehraik with 7.47m - all proport to be expert investors so it is hard to see how the selling of 4m shares before they have been paid for could be a mistake. In my view, obviously.

Because I am trying to get a very simple message across to simonpartridge1. And because the objective is to grow the Company very quickly, or so the story goes!

What he paid for his shares (assuming he actually pays for them at some point) is irrelevant, what is important is the percentage of the Company he owns. If the answer is 51% and he transfers in assets to the value of $2bn of his assets for no payment it means he no longer owns 49% of them. Why would anyone do that?