Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Well, I must say that I would be happier and much more inclined to trust if the well-remunerated chairman in whose stock I gamble didn't engage in this sort of stuff. Clearly the transaction has been adjudged to be fake and designed for tax avoidance purposes. It's no great skin off my nose if Your Majesty is cheated of tax income by OF but being caught does I think bring SLE into some disrepute and it's not as if it can afford it. If he were an elite/chav/not well-spoken etc. footballer the Daily Mail would want him suspended; after all is this the sort of role model we want for our children!!!!
Why the PME with no share movement??
Irish Independent, 16 March
Irish oil executive Oisin Fanning loses £250,000 case over tax on luxury flat
Oisin Fanning, the chief executive of UK-listed oil and gas exploration firm San Leon Energy, has lost a last-ditch effort to reverse a £250,000 tax bill he was hit with after buying a luxury £5.2m (€5.9m) flat in London’s upmarket Grosvenor Square.
It likely brings an end to a nearly decade-long battle fought by the businessman. His action has been a test case for dozens of appeals by other individuals.
Mr Fanning is likely to have spent hundreds of thousands of pounds since 2014 in battling Britain’s Revenue & Customs in the case.
The businessman bought the property on the exclusive London square in 2011, with a £300,000 loan from San Leon and a five-year mortgage from Barclays Wealth.
Residential property purchases in the UK are normally liable for stamp duty land tax, which depends on the value of the property.
Mr Fanning’s property would have been assessed for a 5pc liability at the time of the purchase, but he filed an stamp duty return indicating he had no liability.
He insisted that no tax was due because he had entered into a transaction with San Leon on the date of the purchase completion. Under that agreement, Mr Fanning agreed to grant San Leon an option to purchase the property at a date between September 2016 and September 2031. The cost of that option to San Leon was just £100.
“When the transactions were entered into, Mr Fanning was the executive chairman of San Leon, but he was not ‘connected’ with it for tax purposes,” notes a ruling this week by the Court of Appeal in London.
But Revenue & Customs disagreed with Mr Fanning’s assessment that he had no stamp duty liability and concluded he had engaged in a tax avoidance scheme. In 2014, it determined that Mr Fanning was liable for £250,000 in duty.
Mr Fanning unsuccessfully appealed to the First Tier Tribunal. During that appeal, San Leon argued that it was happy to assist Mr Fanning in his purchase on the basis that the flat could be rented out to San Leon staff. Mr Fanning appealed that 2020 ruling on a number of grounds, culminating in his final effort at the Court of Appeal.
https://www.bloomberg.com/news/articles/2023-03-14/rio-tinto-should-expect-more-friction-over-giant-mongolia-mine
Probably what all exploration must expect. In principle, it's difficult to disagree, even if it trims our prospects.
Battery
Greta Thunberg is 20 years old! She is not mentally ill; she has been diagnosed with Asperger's syndrome. Other well known similarly "mentally ill" people include Carl Sagan, Sir Isaac Newton and Sir Anthony Hopkins!
I pity you!
Frazer
I was very clear that as far as I'm concerned anything you wish to say is fine!
What I was saying - perhaps in too oblique way - was who would give a fig that you "firmly believe" in some bizarre cause of climate change when you clearly have no expertise in the area.
Before you compile another long list of straw men, you are free to say what you like here or anywhere, but I am also free to say I would prefer if it weren't on this board if there isn't some evident link to JOG's prospects!
Frazer and Dick
On JOG, Dick is the most consistently worth reading poster here, from my perspective.
However, I still regard his climate change stuff as far right crankiness!
Investors/gamblers in O&G shares (like me!) have a vested interest in protecting O&G and to obstruct the move to renewables. That's fine but your opinion in this debate has a very high credibility threshold!
As to Frazer's firm belief that planets, gravity, tides etc are the real villain and Greta and co are talking rot. That's fine too but is there anybody who would factor his belief into public policy with some evidence of expertise in the area!!
These pages would be better without these diversions, imo, unless they might have some short/medium impact on JOG's price!
(Even if Dick merits some latitude!)
Phoenix I
DRACONIAN TERMS
RPS was asked to focus only on the central section of the oilfield, close to the 2012 oil discovery well, and it confirmed this contained an 81-million-barrel resource that RPS estimated had a net present value of €392m based on a $70 rent oil price. When
the current price is used, the net present value of this small central section increases to €500m.
It is easy to see why Goodman agreed to fund the necessary €40m BOE needs to satisfy Ryan but the draconian terms are such that it is hard to see
how shareholder approval can be obtained, while it is not surprising that Furlong should now demand participation in the funding programme.
The first part of the Goodman deal is that BOE uses its pre-emption rights to issue his company, Vevan Unlimited, 107 million shares at 0.1c each and in the process increase Goodman’s stake immediately by over 50% to a dominant 28% at a cost of €107,000. At this price, the whole company would be valued at €1m – 30 times less than the current market value of BOE, whose shares have been trading at over 3c.
No wonder Furlong is kicking up, but all the other shareholders should vote against this proposal and demand the immediate resignations of both chairman Peter Newman and CEO Alan Curran.
The accepted norm in a placing like this is that the price should be within striking distance of the current share price (say up to 10% below), but a 97% discount looks plain daft and it is difficult to see how BOE’s sponsoring broker, Davy, could justify allowing this to take place.
Goodman’s case is that he is committing the €40m in funds that are needed to facilitate the drilling programme and, accord- ingly, would not see it as unreasonable to demand 10% of the company’s equity.
If the funding undertaking was on reasonable terms, there just might be a case for handing Goodman 10% of BOE’s equity for next to nothing, but the terms are actually onerous. The €40m will be put up by way of redeemable convertible secured loan notes and will carry a hefty 10% interest coupon and conversion rights at 1.5c a share – less than half the current share price.
If converted, these would represent 73% of the total enlarged equity and dilute the existing shareholders down to 27%.
Given that Goodman is starting off by pushing up his equity stake to 28%, this would leave him sitting on over 80% of the total BOE equity.
Although the Goodman deal was announced as far back as November 22 last year, there has been no date set for an EGM, which is required to vote the terms through.
In a January 19 update, Curran confirmed the reason for the delay was that “certain substantial shareholders of the company notified the company and Vevan of their interest in participating
in a potential sub-allocation of the funding agreement. Discus- sions are progressing and once concluded the company intends to proceed with the AGM as planned”.
Phoenix II
These “substantial shareholders” are clearly Furlong himself and his family holding company, Pageant Holdings – who are the second-largest BOE holders, sitting on just on 13.5% – and UK equity fund, Kite Lake Capital, the third-largest stakeholder with 10%.
It is clear that at the as-yet-unannounced EGM, all shareholders outside Vevan have little choice but to vote the deal down.
If Furlong and Kite Lake manage to stitch themselves into the package, shareholders should be aware that they will be prevented from voting because of their vested interest. This means that, for once, the small outside shareholders have a real chance of having their say and derailing this gobsmacking proposal.
Master
You're a bit of a puzzle! Sixty odd posts this year already and we're only seven days in: all optimistic and positive, and showing a lot of confidence in what the company say.
I hope you're right in all this because I've a lot at stake too.
However as I recall, and I responded once, about six months ago you, as frequently, pushed a gloom and doom message with a total lack of trust in the good faith and competence of MATD management.
Has that much changed in the interval?
Doc re bribery
Your definition of bribery (in quotes from somewhere) is so incomplete as to be nonsense.
Bribery is a criminal offence in most jurisdictions and is defined in law.
Agreeing with a legitimate authority to carry out certain works in a locality - even if it is motivated by a desire to speed up an administrative process - is not a crime in any jurisdictions that I’m aware of and therefore can’t be bribery.
To suggest it is is either farting about or malevolent!
Man
Do you really believe that anybody in Ulan Bator gives a **** about what British government organisations think?
They will do what's in their National and political interest, and rightly so. We have to synchronise ours with theirs.
Master
20 posts in December alone, all negative and many touting fund raises.
You, allegedly, need to almost double to break even; would you not be better to stay quiet in the hope it will get there off the back of all these other deluded posters, and then take your money and run from this turd?
Nothing else makes sense!
From Phoenix this week.
Great Western’s growing prospects.
EMMETT O’CONNELL floated off the tiny Great Western Mining exploration vehicle in Dublin in 2011, which focused on licences he had acquired in the west of the US state of Ne- vada. While the state is very mining friendly, this is not an easy place to explore – up in the Rockies and impossible during the winter season. Despite this, Great Western has made significant progress and is now chaired by Brian Hall, the ex-chairman of the Tanzania-focused gas exploration company Aminex. Recent developments suggest the company is seriously under- valued.