Member Info for gogsthelogs

3m just sold at 3.55pm for 5.53p, so if bought in the raise at 5p, then that's a nice £15k profit
Think as no News drags on, these sales will increase in regularity, and the SP will suffer!

His Head, perhaps?

Horult
You didn't see a Drill Rig there as well?

Notice of seeking decision of creditors by correspondence
Notice is hereby given by (a) James Richard Clark, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
David John Pike, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
to the creditors of (b) 4D Pharma Plc, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
This form must be received at (c) Interpath Advisory, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
by 23.59 hours on (d) 10 February 2023 in order to be counted.
Under Rule 15.28 a person is entitled to vote only if they have given to the Joint Administrators, before 23.59 on the decision date, details in writing of the debt which they claim to be due to them from the company and the claim has been duly admitted under Rules 15.28 and 15.33.
Any creditor whose debt is treated as a small debt (ie. £1,000 or less) must still deliver a proof of that debt if they wish to vote.
Any creditor who has opted out from receiving notices may still vote, provided they provide a proof of debt.
Creditors who meet one of the following thresholds: (a) 10% in value of creditors
(b) 10% in number of creditors
(c) 10 creditors
may, within five business days from the date of delivery of this notice, request a physical meeting be held to consider the decision(s). In order to do so a creditor must complete and return the physical meeting requisition form available on the Insolvency Portal at www.ia- insolv.com/case+INTERPATH+FM624A1433.html.

Latorre

On Monday, there will only be 7 trading days left before AGM on 15th February, so there may well be a bit of FOMO kicking in soon, so a blue end today is quite likely.

The Investors who put the nearly £10m into the raise in January are not going to sit back like us LTH's and wait for another year (+), for this to get going, like we have had to endure! They are going to want action, as they bought into something that was ready to go, with all the exploration and analysis stated as complete and field ready for the Drill. the BOD and David will be acutely aware of this, and I would guess David knows this is his last chance as CEO to get this up and running.
If by the time of the AGM, there is not any very significant progress/update on the state of play with a Rig and Operator and the Services and Equipment to get going in the near future, and we are faced with more white lies or deceptive/deflective statements, MOU's and LI's. etc. etc. , then this company and project will falter big time.

Since listing we have raised approx. £26m and have one and a half abandoned boreholes and a Drill bit to show for it, albeit we have some good, but still untested Data to show for our efforts, so it is time for this to start producing results, before the Fat Lady starts singing!

Come on Guys, earn your crust!

Interpath Advisory has a notice/claim forms on their website stating that Creditors claims must be received by them(IA) by midnight on 10th Feb. 2023, so presumably they are waiting for this date to pass in order to firm up the creditors final claim costs, just in case there are any substantial ones which might creep out of the woodwork between now and then!
That being the case, it may well be another 2-4 working weeks thereafter to submit an application to Courts to lift Administration and allow IA to hand back the company to the Directors and re-list?
So mid-March is probably a realistic target for share trading to re-commence!

Is there any record of the Administrators having even applied to the court to have the Administration removed and re-listing approved. Thought the application would have been put out in an RNS. Or is this them just milking more time/money out of he process?

Yeah TTS
And all that before the AGM in 2 weeks time lol

Rest of Report

GRD in its case claimed that that Cluff allegedly declined to forward the money it received.

It said it was with a Sh186 million debt to three companies, which had offered their services in the contract, and Kenya Revenue Authority KRA).

Central to the case also is who between GRD and Cluff should pay KRA tax following the arbitration award.

GRD insisted that Cluff should shoulder the tax burden, while Cluff asserted that the responsibility to pay KRA was on GRD.

GRD asked the court to bar Cluff from removing or shifting its drilling rig from Kenya. It claimed that the rig was the only asset owned by Cluff in the country.

Cluff on the other hand argued that it owes GRD nothing.

In its reply, it urged Mwita to strike out the case. According to Cluff, the Kenyan court had no jurisdiction to hear the case as the two firms had agreed that any case between them would be settled by the courts of England and Wales.

Cluff admitted that the arbitration claim between GDC and GRD partially succeeded. It, however, said the money received was used in accordance with its agreement with GRD.

It argued that only the England courts would settle any dispute arising from the agreement.

Some detail on Cluff Dispute from the Standard in Kenya
A geothermal drilling company is facing Sh186 million in costs and tax in a dispute with another firm that had contracted it to drill wells at Menengai Crater, Nakuru County.
In a court battle around State-owned Geothermal Development Corporation (GDC), Justice Chacha Mwita ruled that the fight between Great Rift Drilling Ltd (GDR) and Cluff Geothermal Ltd should be resolved in London as they had agreed.
The judge also lifted orders barring Cluff from removing or shifting its drilling rig from Kenya until the battle between it and GRD is over.
“Great Rift has not demonstrated that there is a strong reason for this court to depart from the general rule not to give effect to the exclusion clause in the deed. This court declines to assume jurisdiction in this matter,” ruled Mwita. Cluff is registered in the United Kingdom and owned by George Percy, while David Coulson and Carl Badenhorst incorporated GRD for drilling services in Kenya.

On February 15, 2013, Cluff signed a deal with GDC to provide top hole-drilling services for 20 geothermal wells in Menengai Crater area.

Three days later, Cluff contracted Great Rift Drilling (Mauritius) (GDR-M) to provide equipment to facilitate drilling services.
GDR-M then assigned its Kenyan branch Great Rift Drilling (Kenya) Ltd (GRD-K) to manage human resource, vehicles, procurement, sub-contracts, logistics and administration.

On the contract at the heart of the case, Cluff informed the State corporation that GDR-K would be the one to provide the services.

GDC and GRD-K then agreed that it would pay all the money from the contract to Co-operative Bank as the latter had obtained an overdraft facility from the lender.

The court heard that drilling commenced in August 2013 but GDC breached the contract.

“The plaintiff (GRD) ceased drilling in 2015,” GRD case filed by lawyer Timothy Bryant read in part.

According to the papers filed before Mwita, the government corporation was already in arrears.
GRD sued GDC before the London Court of International Arbitration (LCIA) but it was not represented by a lawyer during the hearing.
It claimed that Cluff had committed to offer representation before the London-based tribunal as it was impossible to hire lawyers, as the contract was the only one it was working on in the country.
According to GRD, it performed its part of bargain but it was left with nothing as GDC failed to pay. It is then, it sought for Cluff’s help to pursue GRD. After hearing the case, the tribunal awarded GRD $2,259,680 (Sh281 million at current rate) for three invoices it presented before it and $593,497.44 (Sh73.8 million) interest.
However, according to court papers, GDC remitted the money to Cluff instead of GDR.
This is where the battle between GRD and Cluff started.
GRD in its case claimed that that Cluff allegedly declined to forward the mon

Court Case
There was a link to the Courtroom 32 of Judge Chacha Mwita who was hearing the case at 9am, through Microsoft Teams platform, but as Nairobi is 3 Hours ahead of us, and I didn't log on till 10am uk time, presumable it was 1pm there and all I got was a dead link. Probably need to wait till next Friday when it might be reported in the Kenya Gazette?

Extract from the December 30th RNS

"If the Resolutions are not passed by the close of business on 20 January 2023, the conditions underlying the Financing Package will not be met and the Financing Package will not be secured by the Company. In the absence of the Fundraising, the Company has no other viable options and as no alternative sources of funding are available, the consequence of the Fundraising not being consummated would be that the Company would have to cease trading, and proceed to an insolvent liquidation of the Company yielding a zero (or a near zero) return to Shareholders."

So after close of business today, they will update on the position going forward, presumably Monday or Tuesday next week?

Just dropping a gear before accelerating up through the sixes and sevens in the next week when the Kenyan Court clears Cluff to move the Rig at tomorrow's Ruling

I'm sure I read somewhere that the Amur Plant in Russia would possibly not come back online during the duration of the War, even although there are no sanctions on Helium exports from |Russia, as the rebuilding of the Plant would rely on lots of western technology and components to complete and commission it. Will have a search back, but definitely rings a bell with me. Or maybe I was dreaming lol!

It appears Great Rift Drilling seem to spend a lot of Time in Court.
GRD v. Cluff,
LJA Associates LLP v. GRD
Josap Logistics & Supplies Ltd v. GRD

Maybe that's how they try to make money rather drilling in the field?

If that is the case, there will most definitely be an Atmosphere in the room, or some un-scheduled Interruptions!

Don't think they are going to get away with anything at the AGM
All the hard questions will be asked, and in person this year, rather than submitted and sorted through to pick the simple answers, which has been the case for the last couple of years. It will be a full 18 months since the termination of TAI-2 in August 2021, and there has been a lot of weak management since that time.
Time to stand up and deliver some positives!
Should be interesting, and if there is no good news before, there will be some angry attendees!

The Registrars must receive your Form of Proxy by 3.00 p.m. on 13 February 2023 and your Form of Instruction by 3.00 p.m. on 10 March 2023. Eh! That's a bit late, ha, ha! No proof reader once again?

14th Feb - whole month earlier than last year!

Postie, postie, take this letter
To make the PI's feel much better,
It's got a Contract, signed and sealed,
Soon, the Rig will be in our Field!

If it's so valuable, why not fly it?

AIR CARGO WEEK - Daily Newsletter

LMH-1 Airships to transport helium from mines in Tanzania
By James Muir - Apr 7, 2017

Hybrid Enterprises has signed a partnership with Helium One to use LMH-1 Hybrid Airships to transport helium from deposit sites in Tanzania.

Helium One is an explorer, developer and producer of high value bulk liquid helium, and holds a prospecting licence across three project areas in Tanzania covering more than 4,500 km2 of land and it says the collaboration will provide safe and sustainable transportation of helium from mining sites.

Helium One chief executive officer (CEO), Thomas Abraham-Jones says: “We are in the process of developing a new helium province in Tanzania that has the potential to alleviate fears of a global helium shortage for decades to come. The LMH-1 airship may be a highly cost effective transportation method for us, and could reduce the bottlenecks associated with road transportation.”

Hybrid Enterprises CEO, Rob Binns says: “With the demand for helium increasing, this discovery of a nearly 100 billion cubic foot helium deposit in Tanzania will help ensure future supply. And what better way to transport this product than with our helium filled Hybrid Airship.”

The LMH-1 was developed and built by Lockheed Martin, it is designed to land on any surface including gravel, snow, ice or even water.

Well there you go!!!!!!!!!!