The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
He could be penguin spotting
However, it remains to be seen how jurisdictions outside of the EU will react, most notably the US. If a tribunal has concluded that it has jurisdiction under a multinational treaty like the ECT and an award is issued, on what basis should jurisdictions outside of the EU concern itself with decisions of the ECJ, like Achmea, when enforcing awards. International treaties such as the ICSID and the New York Convention suggest that decisions of the ECJ should have little baring and the award should be enforced. This remains an open ended issue and only time will tell how jurisdictions outside of the EU will react to the enforcement of awards.
“You muppet, how do you think these cases work, you lose you pay the other parties legal fees, twat. You read up the Churchill mining verdict, 6 million pounds had to be secured against Indonesia's legal fees.”
Hmmm, leaving the insults to one side let me spend just 5 minutes to look at your benchmark case to see how it stacks up, oh look like they lost based on the below extract… hardly a worthwhile comparison to draw any kind of conclusion from!
The tribunal found that that the claims were effectively “based on documents forged to implement a fraud aimed at obtaining mining rights” and that, as a consequence, all the claims were inadmissible.
“If we lose like Churchill mining did then we will be paying Italys legal costs, and that will be millions.“
Sometimes I read a post and my jaw drops, you clearly haven’t got a clue about this claim. Go and read up about how we have structured this and pay attention to the part about legal costs in any event.
There have been a few posts recently suggesting that RKH will need to raise funds by issuing more shares at these historically low share price levels, clearly this would devastate the share price and almost wipe out current investors. With this potential sword hanging over the share price clearly this would make any potential investors wary of buying in at this stage.
While nothing is certain and I can give no guarantees I did read that as part of the Navitas deal that there would be a pre-FID loan from Navitas charged at 8%. Once FID gives Sealion the go ahead then there would be further loans to cover two thirds of Rockhopper development costs, this would be at 0% and this loan would be repaid from 85% of Rockhopper's working interest share of free cash flow once in production.
Finally there is a clause to remove Navitas from all the FI licenses if sanction hasn't occurred within 5 years AND Rockhopper repay the pre-FID loan.
I can't find any specific details around amounts or timing for this pre-FID loan but I do think that its existence at least reduces the threat of a near term fund raise via equity issue.
CO
“So in theory, we could be back to owning 100% of SL by the end of the week?”
Yep, 100% of Sealion, oven ready with £100m settlement from zombies Mare (Ombrina Mare) dropping into the bank account the week after, US oil companies will be queuing round the block to sign up and fully fund.
Personally I have already written off the whole of my RKH holding. It’ll either happen or it won’t, Rkh are passengers led by at best incompetent management, at worst dishonest management. You decide for yourself.
No one could argue that the board deserve their remuneration packages based on work activities or on results delivered.
Looking at some of the holding numbers I would hope and assume that many have built up their numbers by averaging down, that’s not the case for me, my average is much higher than today’s share price and buying more would just be throwing good money after bad.
I’ll be holding my shares until the end, either bust or pumping oil. I’m quite happy to vote out the whole board and jump out of the frying pan into the fire. You might think that tactic foolish but then I’ve already written off the holding and the board simply don’t earn their seats, I wouldn’t pay any of them minimum wage, they are a liability.
****Remember Cut, paste add name and holding to list ****
Orient: 2million
Spacehoppa: 500k
Surfit: 500k
Bootledoger: 125k
Steve0 500k
Pre2rcd: 2.6million
Flipper: 135k
hewaits: 1.1m
markednmbr1: 455k
Daikihaku2: 200k
LaticsRule : 75k
LSEtown 750,000 ish
Godders 3 million
Ovets 800k
Glen 3.5MM (MM=millions)
LTT 350K
mike33 180k
kr2009 250k
Blinker 240k
Ephemeral 100K
CroftOriginal 167,005
Is it possible that HE are just sandbagging the Sealion FID until the results of the OM claim are known. If there is a decent award for lost profits the RKH would be in a better position to fund development. Could they even drop Navitas and go back to a 60:40 split with RKH not being a dead weight anymore? After all PMO only brought Navitas in to attempt to fill the funding gap.
It all sounds very non committal from HE at the moment, nothing ruled out but equally nothing ruled in. I have to say that FIG are being extremely patient when it comes to Sealion.
Did you mean on the two year chart there is a falling wedge and we are about to break out upwards?
75% by value is required which as has been said is a rubber stamp as they already have this signed up to.
Now we just need Mogger to tell us about the latest slipper news from FIG.
Why does he need to talk to Sam?
What is the reason/occasion for this talk?
____________________________________
Probably just enquiring about what slippers Sam is currently sporting.
I’ve got my slippers and they are very comfortable.
Natural colour of margarine is grey, then they bleach it and add colouring to make it a vibrant yellow. That’s in addition to the emulsifiers and flavourings.
It is essentially eatable plastic, best to stick to organic butter from grass fed cows milk and cold pressed olive oil.
Progress is going well with the slippers, expecting to have warm feet by end of Q1. Once slippers are fully sorted then sandals will follow, most likely Q4 but possible even slipping into next year.
Just thought I’d let you all know that I am on the brink of buying a new pair of slippers. This is a big deal for those in the know. The fit and timing has to be absolutely right for this to work well. I don’t want to be in the position of regretting this for the next five years or so.
I’ll keep you all posted on progress, I’m sure you are all waiting for news.
I don’t disagree with your thinking and when I compare the OM case to other settlements the figures are significant in terms of our share price/market capitalisation. My concern is that by any reasonable timeframe this should all have been done and dusted.
What’s the betting that RKH finishes at 6.something and ARG at 2.something
Agreed, looks like a pump and dump operation.
fecm posted this a few pages back....
1. OM outcome announcement.
2. Navitas sign off.
3. PMO court case finalised.
4. PMO refinance.
5. Zama sale.
6. ARCM short close.
7. Oil price increases as lockdowns ease.
8. UKEF application resubmitted/revised.
9. Licence extension discussions.
10. RKH shareholder/investor meeting (post AGM).