Loxley SCC Vote = Immaterial30 Nov 2020 12:04
It is immaterial in the long term. Short term, the SP impact was there for all to see last Friday. It may have jumped to the high 0.2's if approved at committee.
However, UKOG do not have the cash for the Loxley drill which they tabled for late 2021. So it is not something that they were going to commence with post planning approval.
Net result. UKOG take the matter to the planning inspectorate. I doubt that SCC will provide a legal team to fend off their very poor decision by councillors with pre-determined mindsets and the worst argument for planning refusal I've seen. The planning decision will be over-turned on appeal. Doesn't matter if that take 12 months, as UKOG would still have the same timetable as they did for the site pre-refusal.
The only impact I see is on the impact of placings on share volumes. If the SP had stayed around to 0.25p mark, then the volume of shares in the next placing will be higher. UKOG need extra cash for Turkey, placing prior to Xmas IMHO.
One can only hope that the councillors are read the riot act by the planning inspectorate. They have knowingly voted against approval on an application that meets all planning requirements. They voted against the advise from their chairman, the advice from their legal counsel, and against the SCC planning officer recommendations. That really is very poor practice. Politics and XR views have no say when making a legal decision on a planning application. They will find this out the hard way. I wonder if the planning inspectorate will make recommendations back to the council to ensure that these same offenders are not invited to future committee sessions? I've not been privy to any planning inspectorate reports or actions stemming from those, so be interesting to see how this one goes.
Anyone have reports in relation to the UJO Wressle matter as a reference study case?