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Stas20, regarding the zoom meeting between a previous shareholder group and Art do you know if this was recorded? This was just before the AGM and I suspect that Art would have been economical with the truth to prevent shareholders voting against him. It might contain some evidence that could be used against him now.
Also if anyone received any personal emails from Art these need to be looked at to see if there was anything misleading. Every little bit of evidence might be useful in building a bigger picture of deceit if it comes to a court case.
Yes leew could have been a success for everyone if not for the grossly incompetent/fraudulent management. I voted against them at the last AGM but unfortunately not enough did the same. Didn't realise then that it would be the last chance to get rid of them before they destroyed the company.
I calculate that without the fraudulent bond deal, the company would have a fraction of the shares it has now and just as important would still have had the capacity to raise the funds necessary to increase production . The share price would have been 10p plus so that is what we have lost. With 3.7 billion shares now we would need £74 million above the debt to get 2p a share back. If the company had gone into administration in January as it should have done we would have had a quarter of the shares and that 2p would have been 8p a share. That was the last kick in the nuts from the fraudulent board to ensure shareholders were destroyed no matter the outcome. So I say the legal route for compensation should go ahead no matter the outcome of the sale.
Think we need to look at the big picture to make any sense of this. There was a time when Art was everywhere spouting positive stuff 993 mill barrels, multiple banks in talks on RBL, JV. There are many videos of him giving interviews at that time and it sounds great. Was this to just get liquidity in the market to fund infrastructure and buy bond shares? The RS report was withheld to ensure the PI's would keep piling their money in.
Then something changed, the positivity disappeared, the communication dried up. Mysteriously an experienced board didn't notice funding was needed and defaulted on more than one occasion. The new 5 mill GGS didn't seem to work. The JV walked after 15 months and not a reason given. Hiding behind NDA's. Trashed the companies worth and even said that the assets were not worth the debt. It is almost as if they were trying to trash and bankrupt the company and they succeeded. I believe they know the value is much more than the RS report suggests but have downplayed this and I am sure their data room will paint the worst picture too. They saw an opportunity to grab this on the cheap and then watch it be proven up and those recovery rates going north.
RBM, was just wondering if anyone from the group could get access to the data room. I have no idea what the requirements are apart from the NDA. I have no trust in the company to market this properly after their track record
Correct, the bonds killed the company in a short period of time. This is a last resort option. Shouldn't even have been considered for an increase in assets. Then to go back time and again as the sp crashed is criminal. Literally. Then there was the obvious shorting that was ignored. Then there was leaving fund raising to after defaulting ensuring that it was at the lowest price possible. I could go on but that's enough to tell you they were not working in shareholders interests
So who exactly can view what is in the "data room"? Can a CAG representative sign up to NDA and get access? I am pretty sure the info there would be very interesting. Maybe the info not there would be very revealing as well.
Yes we are coming after you not simply for losses but for compensation for where we might have been if you had acted in the interest of shareholders. What would the shares be worth now if you hadn't signed up for that idiotic bond deal. If you had concluded the JV. If you had injected gas and increased production. 10p more even? Then there is compensation for stress caused. We have seen some of the lives ruined here today but that's a drop in the ocean. We are coming for you and won't stop, ever. Another Rocky quote. "You, me, or nobody is gonna hit as hard as life. But it ain't about how hard you hit. It's about how hard you can get hit and keep moving forward; how much you can take and keep moving forward. That's how winning is done!"
Rodney, true it still exists for a few more days then it either goes bust or any funding at these levels means it is effectively finished anyway. I guess everything depends on reset of bond price which I just can't see happening.
Lets hope the people who destroyed this company end up in Shawshank!
"A bond reset at 6.75p with 3.67 billion shares in issue equates to a market cap of £247million.
Is that realistic at this point in time?"
There will be no bond reset as it would be an admission of guilt as well as the issue you pointed out where there are just too many shares in issue now and that won't be unwound. The scale of fraud here has left no options available now. It was all over when they issued billions of shares at 0.0015
The CAG need to go forward with the civil case immediately and forget about COPL as a company - it no longer exists
"Tom Richardson was appointed Chairman of COPL on 6 September 2023 which was the same day that John Cowan was appointed CEO. As key executives of COPL during Q4 2023, what do they have to say about the above?
It looks like we will have to go to court to get the answer as these crooks have decided that saying nothing is better for their defence. Think that is pretty much an admission of guilt anyway