Member Info for deltavegatheta

I think the plan is to return to trading and then issue hundreds of millions of shares to pay-off the Petroquest loan.

But to do that he needs to be able to win votes, hence the grab for 60 million shares he has influence over.

If it becomes clear the vote will fail, Lunn is likely to withdraw the current resolution and reintroduce a revised one focused solely on settling with GEM.

There is no legitimate reason to issue over 50 million shares to Lunn and his associates at this stage, unless the objective is to consolidate control ahead of the next AGM. Issuing these shares now would hand disproportionate influence to Lunn, enabling him to steer future decisions to his advantage, potentially at the expense of other shareholders.

Lunn has just filed with Companies House that he now has control of Invictorium Limited, which according to the last annual report, holds 3.2 million shares in PPP. I suspect it’s Lunn tidying up Anton’s estate.

There is no public record of Invictorium lending shares to PPP, but who knows with this crowd. The last RNS did mention “and subsequent contributions by shareholders of the Company”.

https://find-and-update.company-information.service.gov.uk/company/08844369/officers

Today’s announcement confirms what many on this board have said for months, if not years, that government funding for hydrogen storage will be allocated to Northern England. That was obvious to everyone except Sanderson.

“ The government has confirmed that the spending review allocated landmark new funding to create the UK’s first regional hydrogen transport and storage network, connecting hydrogen producers with vital end users, including power stations and industry for the first time.

This major infrastructure boost will help deliver clean energy while creating thousands of skilled jobs in industrial regions such as Merseyside, Teesside and the Humber, as well as in the supply chain.”

UKOG will now have to pivot its Dorset sites from caverns to caravans.

Let me repeat this, as the situation is more nuanced than people realise.

If the joint resolution, which covers both repaying the share lenders and settling with GEM, is voted down, or looks likely to be defeated, then Lunn will most likely introduce a new resolution covering only the GEM shares. This standalone resolution would have a much better chance of passing.

Therefore, it is almost certainly safe to vote NO on the current joint resolution. You would not be jeopardising PPP’s chances of resuming trading by doing so.

According to Companies House, Lunn resigned as a director about 6 months before RRR Holdco was dissolved. The director that replaced him was a certain Tom Martin Evans who was there to the end.

Newunclue, they will still need to disclose more info before the shares are issued via a prospectus, they are just trying to avoid disclosing more info prior to the GM vote.

If the resolution to both issue the shares to repay the share lenders and to satisfy GEM fails, or looks like it might fail, Lunn will likely bring it back as two separate resolutions. So, voting ‘no’ now doesn’t mean GEM cannot get its shares.

Zag, The RNS states “ An application will be made for admission of the new Ordinary Shares to listing following the Company's Ordinary Shares return from suspension.” It does not say the issue of the shares will be delayed until after trading recommences. The votes becoming valid when then shares are issued, they don’t need to be registered with LSE.

If publishing the accounts or prospectus first would make people more likely to support the resolution, then that’s the order they would have chosen. The fact that they haven’t suggests there’s a strategic reason behind it. This approach seems designed to secure friendly voting shares early, before more details are released, so that future votes are easier to push through.

Zag, PPP doesn’t have any institutional investors.

If a resolution to issue shares to both keep GEM happy and pay back the 50 million shares gets rejected (or looks like it will be rejected) PPP will probably try again splitting it into two separate resolutions in the hope that at least the GEM one gets approved. They may even say they are delaying plans to pay back the 50 million shares.

Affrm, most of the lent shares are owned by the original founders (or their proxies) i.e. David Shaw, Philip Henderson & Anton (now Lunn). Tom & Olaf’s holdings are small by comparison.

Lunn would have seen how the voting was going for the AGM and decided to adjourn the whole meeting without any votes. He could have taken all the non-annual report/auditor votes and then adjourned, but he didn’t because he knew they were lost.

This is a plan to try to fix that. Once the original investors get their shares back they will vote as a block, defending their interests, e.g. keeping Lunn in charge and working on paying back the Petroquest loan by issuing many more shares.

PPP hasn’t said it wont issue a new prospectus.

Sharebel, GEM probably needs to be kept happy, but the 41.5 million shares to the other lenders don’t have to be paid back now. The only reason why Lunn wants them paid back asap is so that he can control any future votes, for instance ones to remove him. Don’t fall for it.

The prospectus will have to detail exactly who will get the shares, especially connected parties, so Lunn is holding the vote to authorise them before the prospectus is issued and it is disclosed how many shares he and Tom will get.

If GEM is the lender referred to in today's RNS then it will get about 11.9 million shares. I suspect issuing these shares was part of the conditions for PPP to get the £150k cash.

Around 16 million of the loaned shares were lent by Anton via International Immobiliare Ltd. Since Lunn seems to of inherited Anton’s estate, Lunn will get at least 16 million shares from this placement.

26th March 2023 RNS was 41,525,325 borrowed shares

12th July 2023 was RNS 9,200,000 borrowed shares

41,525,325 + 9,200,000 ‎ = 50,725,325

Today’s RNS states 62,633,333 shares

62,633,333 - 50,725,325 ‎ = 11,908,008

What are the extra 11,980,008 shares for?

(The 80m I mentioned in my previous post was me misremembering)

- get shareholders to vote to issue shares to pay back the nice, helpful people that previously lent shares to PPP.

- Once they get the 80 million shares back they can vote as a block with the board rendering smaller shareholders powerless.

Tom Evans was until recently the CEO of Pennpetro Energy (PPP), which has been suspended for 10 months amongst various tales of woe.

He was also CEO of Resource Bonds 11 Ltd that went into liquidation where the Liquidator’s “initial investigations have revealed breaches by the directors of their statutory and fiduciary duties leading to various claims against the directors. Solicitors have been instructed and initial letters before action have been issued. We are currently awaiting a full response to those claims from the directors.”

The above should have been disclosed in the RNS under Listing Rule 6.4.8, instead the CDL Chairman has issued an incomplete RNS that doesn’t actually name any of Tom’s previous companies, hoping that nobody would notice.