Member Info for deltavegatheta

“ A judgement for approximately £500,000 including costs against the Company was obtained earlier in 2024. The Company negotiated a settlement which we announced on 20 December 2024”

It says “negotiated a settlement”, it does not say PPP has paid the money.

The website is very good, sticks to the known facts (such as they are).

Note that the authority to issue new shares actually ran out on 30 September 2024, see last years AGM calling notice:

https://digil.ink/s/dedb3f2a-e0a6-474e-a610-30f113538de5

This means that:

- The 27 November 2024 placing (1m shares @ 12p) under Evans was illegal.

- The attempted Dutch auction placing, under Lunn, in January 2025 would have been illegal.

Invictorium Limited

Invictorium has only 1 share, so the only possible percentage ownership above 75% is 100%.

My best guess is that Lunn wants control so that he can issue hundreds of millions of shares to pay Petroquest back its $5m.

Affrm, we don't understand because you never back up your claims with real information.

Affrm's source: Trust me bro!

"Why doesn't anyone seem to know how many shares anton had? Am I missing something?"

Lunn must know most of the answer already, he is just choosing not to disclose any info until it is 100% resolved. A prospectus or annual report would force hime to disclose everything he knows so far.

Probate was granted July 4th 2024:

Last name Tarkanyi De Nagy

First name Tibor

Date of death 2 April 2024

Date of probate 4 July 2024

Probate number 1717708014439681

Document type PROBATE

Source: https://probatesearch.service.gov.uk/

The RNS states that the accounts are now in final review with the auditors, but it gives no explanation as to why this vote must take place before the annual report is published. There is a reason Lunn doesn’t want you to see the annual report before you vote. If you vote yes now, you may only find out why afterwards, when it’s too late to change your decision.

Todays PPP RNS includes this statement:

"Despite the outstanding judgement, former directors paid themselves significant sums in preference to this creditor"

Former PPP directors includes Tom Evans, former CEO of PPP and the new CDL MD. That's now two companies where Tom Evans has not performed his duties as a Director under the law; PPP and Resource Bonds 11 Ltd . Mr Evans should not be allowed to be a Director of any company, let alone a LSE Main Board company.

Hepran, just to be clear, while some of the wilder accusations from certain TG members seem made up, I still think Lunn is seriously dodgy.

His attempt to get shareholders to approve the authorisation of shares he stands to benefit from, without disclosing that to them, should be investigated. So should whether he’s properly disclosed all his current holdings.

Lunn hasn't actually acquired the lent shares yet and he would of had to disclose his holdings and interests in the prospectus issued prior to the shares being issued.

The GM plan is clearly an attempt by Lunn to get the shares authorised by shareholders prior to them finding out the whole picture.

I see that conspiracy theories about Lunn from TG are circulating again. Although I'm not a fan of Lunn, I think they are all well dodgy, but let's stick to facts.

Lunn and Anton sharing an address on Companies House doesn't imply any personal relationship; it likely means they used the same accountant or lawyer.

Anton had the right to leave his estate to whoever he wished, there's no evidence the will is contested.

There's no proof that Lunn has a history of taking companies private.

Dobbo,

As of August 1st PPP will be able to issue enough shares to pay the historic debt to GEM without a vote as explained in my post yesterday morning,

The other 48 million shares to payback Lunn and his associates bring no new money into PPP and are just a vote grab by Lunn.

Thanks Zak, so unless they do a retail offer then they do need 75%.

Of course they could just abandon the meeting and wait until August 1st as I explained earlier.

Zag, does it say if the both resolutions are Special Resolutions or not?

It really wouldn’t surprise me if PPP owed Flagstaff a load of money.

Stuartv: the Chairman will get updates as to how the vote is going.

Timbo237: Clearly further authorisation will be required at some point, but they don't need any prior to the AGM when much more information will be available.

If the GM resolution is voted down, it only delays the GEM share issue by 4 weeks. On August 1st, PPP will have enough headroom under the 20% rule to issue the full amount to GEM without needing shareholder approval.

Here’s the breakdown:

Total shares outstanding: 112,299,089 20% limit: 22,459,817

Shares issued in the last 12 months:

July 31, 2024: 6,000,000

August 14, 2024: 5,000,000

November 5, 2024: 1,000,000

Total issued: 12,000,000

Current headroom: 22,459,817 - 12,000,000 = 10,459,817

Shares needed for GEM:

Shares borrowed (per annual report): 48,726,195

Shares to be issued (per GM RNS): 62,633,333

Net required: 62,633,333 - 48,726,195 = 13,907,138

PPP is currently short by about 3.45 million shares.

But on August 1st, the 6 million shares issued on July 31, 2024, will drop out of the 12-month window. This increases headroom to 22,459,817 - 5,000,000 - 1,000,000 = 16,459,817

That’s more than enough to issue the 13.9 million shares to GEM, no GM resolution needed.

According to the annual report, the last audit cost £49,310. This time PPP has received £480k from shares issuances since suspension, will get another £300k on re-trading and they are saying they still need another £150k via death spiral financing to complete the audit.