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Sorry, yes agreed Stas
No idea what the relevance there is Sue?
Every email address you own? Fish would still be doing that a whole week later.
I’m now torn on who I should believe?
On one hand we are taking advice from a crack British legal firm with a real track record of winning class action cases and individual civil financial recovery cases - and prepared to take this on in a no win no fee basis. Also a discussion with a Lincoln inn barrister (KC) and with a high court judge.
Or Fish. A man who set up a telegram group with 11 other usernames all he had set up himself and only let 1 poster speak in the settings. A man who thought he had done time in prison but was aided by his uncle who owned a chippy. A man who could not grasp the concept of time zones and watched an old re-run of Heart to Heart to help research his latest character who drove trucks on freeways (no American uses that phrase).
It’s a tough on for me. Which to believe? When they said it was likely Richardson would see close to ten years in jail, and the financial recovery can be unlimited. When they said the RNS’s allowed by Cowan and Richardson were illegal I had to stop them.
Let me check with Fish once he’s finished his pop tarts?
It’s just a bit blatant isn’t it?
Did you not like this subject name Fish?
Seems you change it anytime TR, TW or Anavio are mentioned?
Stas yes pretty much correct.
Only issue is that they don’t have enough money to buy off the SL and would have to make an offer if they hit a share threshold.
So currently Summit control the narrative. Anavio have lots of bonds and warrants and could destroy the share price and quickly convert where they took the company. However the SL is owed more than they can afford to pay off and is basically saying pay us off or we leave you with nothing (Chapter 11)
So flip the scenario. Summit are in control. They can see the illegal activities and that doesn’t work with their conservative client base - they don’t want this media disaster on their hands.
So they tell Anavio you have until the 8th to pay us off in full via Copl or accept a meagre amount to leave. No bonds, no warrants but keep your shares (17% last TR1).
What can Anavio do? Nothing. Either raise let’s say $100m to satisfy Summit (very slim chance of raising that with their media presence) or slither away and sell off their shares if they can at some stage.
Plus they also now have shareholders looking to take a class action against them. Which could well bankrupt them.
Beautiful summary Stas.
Bang on the money with all of that.
My word, that was an enjoyable trade.
As I said yesterday, buy around the 2.70 price and nice exit again today.
Not a lot of time left in the week for the promised RNS.
Jam tomorrow
Speculating on who has been dumping last few days. Anavio held 17% of the shares in issue.
So it might well be them getting the last penny's of cash before signing Summits deal and leaving?
Now that would be a cracking RNS next week. Anavio gone, warrants and bonds cancelled, minor bondholders gone too.
Gold miner
What the hell is a Good miner doing on the board of an oiler?
Hes certainly not there for his expertise
100% Lee 👍
No Lee. Only the very small number of HNW in the core. As RBM says it’s too difficult yet to collate all those who have emailed but those confirmed numbers help to convince both the lawyers and authorities that there are proven numbers and big appetite for a class Action (lawyers)
Saint that % relates only to the small number that were pushing things forward. To try to collate an updated % in such a liquid stock would be very very difficult as it’s shifting daily.
Makes sense that the small group moved it on with their 9% holding. If and if the company ceased to trade then an effective count up could be done or if let’s say 20% were needed for a specific reason, then I guess they’d go out to the wider LSE audience?
Bibo - well spotted.
The digital trail is there and cannot be removed. Those RNS’s have crucified Richardson and friends. So foolish to write them.
Gas injection, bonds as rewards for directors, speeding ticket, company valuation reports, forward shorting whilst inside. It just goes on and on.
That’s all before the full disclosure of internal meetings, telephone records, emails etc.
Prison.
Boldly
So we don't have to fret about press coverage, seeing as our brief is involved with "The Times, The Financial Times, Money Mail, Professional Adviser and Citywire"
What a bonus that is. When the main press eventually get to see the press release then BOOM!!!!
Prison sentences and Class action
Conscious that usual trick from the paid short team is to remove messages that they don't want to see - so same message different thread:
PRESS RELEASE:
COPL Action Group: Shareholders in Canadian Overseas Petroleum Limited demand board changes, plus an independent investigation via Special Meeting.
LONDON and CALGARY, AB, Feb 29, 2024 - COPL Action Group (“CAG”) and Canadian Overseas Petroleum Limited (the "Company") (CSE: XOP) (LSE: COPL).
CAG members currently own 8.9% of the issued share capital of the Company.
Shareholders of the Company formed the COPL Action Group in December 2023, opposing recent decisions made by the Company’s Directors (the “Directors”) led by Chairman of the Board, Mr Tom Richardson.
The CAG can confirm that it has secured the services of Mr Michael Cotter, Solicitor (London), to act as its legal counsel. Mr Cotter has already written to the Directors of the Company to requisition a Special Meeting, following a 99% reduction of the company’s share price. In summary, the purpose of this meeting would be to:
Remove Mr Tom Richardson, Mr Mark Wall and Mr John Cowan as Directors of the Company with immediate effect. The CAG have nominated three alternative candidates, their appointment to run simultaneously with the removal of current named Directors.
The CAG are also calling for an independent and detailed investigation into the conduct of COPL and that of its Directors in five specific areas.
The CAG believes that these measures are imperative in securing a sound future for Canadian Overseas Petroleum Limited. A spokesman for the CAG stated “We need to fully understand what has been happening and, in the case of gas injectant promised via official RNS, what has NOT been happening. The CAG have no confidence in anything said, or actioned, by the Directors named, it’s as simple as that.”
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has not been consulted on the contents of this press release.
SOURCE COPL Action Group
For further information, please contact CAG at coplsharewatch@gmail.com
just read the history of any successful class action of this type. ask yourself what the first steps and then follow it all the way to conclusion, custodial sentences and payments to the victims.
it warms my ****les that hh and friends are here today after an absence to see this.