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In an internal email where Le Pays was able to come into possession, the general manager of Cotco asked all its employees to comply with the request of the emergency arbitrator, solicited by Savannah energy. The emergency arbitrator of the Chamber of Commerce and Industry of Paris had suspended the effects of the resolutions adopted during the General Meeting of May 24, 2023 and the Board of Directors of Cotco, of July 4.

As you know, Savannah Midstream Investment Limited (“SMIL”) has requested from an Emergency Arbitrator measures aimed in particular at suspending the resolutions adopted during the purported General Meeting of May 24, 2023 and the purported Board of Directors of the July 4, 2023.

"This decision is binding and binding on Cotco," said the general manager, Nicolas de BBlanpré. Therefore, he continues, “the purported Board of Directors pursuant to the resolutions adopted on July 4, 2023, now suspended, has no authority to represent Cotco. The measures adopted by this so-called Board of Directors cannot produce any effect. Likewise, the alleged new management of COTCO, put in place by the resolutions of the purported Board of Directors of July 4, 2023 – now suspended – has no basis to exercise its functions”.

According to Nicolas de Blanpré, the following people cannot exercise their alleged functions and represent Cotco, and all the decisions they have taken are without effect: “Djerassem Le Bemadjiel, alleged Chairman of the Board of Directors; Harouna Bako, purported administrator and Managing Director; Mrs. Haoua Daoussa, alleged Deputy General Manager”, he specifies.

Nicolas de Blanpré Informs that the Board of Directors of Cotco is that of May 24, 2023, which has not been subject to any suspension measure. As a reminder, this Board of Directors is made up of: Nicolas de Blanpré, Chairman of the Board of Directors and Chief Executive Officer; Yacine Wafy; Joseph Pagop Noupoue; Anthony Richard; Djerassem Le Bemadjiel; Tahir Hamid Nguilin; Igor Emmanuel Soya Bissaya; Judith Clairence Menguele; Adoum Mahamat Adoum; · Mr. Henri Mbairari Bari.

https://www-lepaystchad-com.translate.goog/31329/?fbclid=IwAR2d9rdmMUkinSz2Lh5Rc4pHBokWQSehSiBYQVoHt8BySeO9lhF0DMMTdGE&_x_tr_sch=http&_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

The author, Emmanuel Njoh, has shown to be very pro-Savannah in their previous articles so makes you wonder how balanced the article is. There could well be some connection to Savannah it is so flattering!

Ultimately it is what the tribunal decide that will determine the outcome for us all, good or bad. Hopefully it's sooner rather than later, as well as being positive.

Meanwhile here's a short note from Bloomberg on the news, as posted by ice31 on ADVFN:

Chad’s Bid to Block Savannah From Pipeline Rejected by Court

Monday, July 31, 2023 05:12 PM

By Katarina Hoije

(Bloomberg) --An international court rejected Chad’s bid to block members of Savannah Energy Plc from the board of the Cameroon Oil Transportation Co.

The African nation has challenged a $407 million purchase by London-based Savannah of assets including a stake in Cotco, saying the final terms were inconsistent with those shared with the authorities a year earlier. The dispute escalated in March, when Chad nationalized the assets on its side of the border, including Savannah’s share of the more than 900-kilometer (560-mile) Chad-Cameroon oil pipeline.

In its July 28 ruling, the Paris-based International Court of Arbitration annulled decisions taken without the participation of Savannah.

Chad, which owns 54% of Cotco, had asked banks that manage the company’s accounts not to act on instructions from Savannah directors to transfer any funds and voted for the board to be replaced.

“Savannah Energy’s mercantile aims cannot outweigh Chad’s vital economic stakes,” the government said Monday in a statement after the ruling.

Savannah declined to comment.

Chad has been under military rule since 2021, when Interim President General Mahamat Deby replaced his father, former President Idriss Deby, who the army says was killed fighting rebels in northern Chad.

The pro-Chad press are not talking about Chad giving in, rather enforcing their rights. Here is an example

'The ICC pre-arbitration procedure

After having tried, without success, to interfere with the social life and operations of COTCO and launched multiple procedures in Cameroon which have so far been unsuccessful, Savannah Energy relied on a pre-arbitration procedure, without enforceability, introduced on July 12, 2023.

The order resulting from this emergency procedure on July 28, 2023 purports to review the effect of certain decisions of COTCO's corporate bodies and will, on these points, be vigorously contested by COTCO and the Chad through all possible legal remedies during the arbitral proceedings on the merits. Savannah Energy's mercantile aims cannot outweigh Chad's vital economic stakes.

Moreover, the pre-arbitration order is damning for Savannah Energy. Indeed, the emergency arbitrator refused to acknowledge that the Savannah directors have citizenship on COTCO's board of directors, and stresses that COTCO, represented by its current Cameroonian general manager, must have free access to the all of its funds to avoid any impact on the operation of the Chad-Cameroon pipeline. The arbitrator also confirms that the alleged objections raised by Savannah Energy in relation to the acquisition of Petronas' interests in Chad and in COTCO cannot be taken seriously. The arbitrator also found that Savannah Energy is unable to justify any authorization validating its illicit acquisition of the Esso entities, which invalidates any presence of Savannah Energy in COTCO. So, as the Chadian authorities will demonstrate during the dispute resolution procedure on the merits, it was Savannah Energy that caused its own loss. And it is Savannah Energy which seeks by all means and without success to capitalize on an illicit acquisition.

Pending the resolution of the dispute on the merits, it was necessary for COTCO shareholders to secure the continuity of decision-making within the corporate bodies and operations of the company that operates the pipeline, a strategic asset for the economy of Chad. and security of the sub-region. The shared management of COTCO between Chad and Cameroon makes it possible to envisage the operation of this major infrastructure with full confidence. '

https://www-alwihdainfo-com.translate.goog/Gestion-partagee-du-pipeline-Tchad-Cameroun-Savannah-introduit-une-procedure-pre-arbitrale_a125183.html?fbclid=IwAR3UMIJk3PQvzRJAQu7ldWL4scJGvRARRcRBVd32P_P8aWWFS7l2q9xZa9s&_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

Absolutely RR, that would be very acceptable for sure. That, along with the closure of the SS transaction and we could all relax at last!

Yes, it does, suggesting that the previous Savannah directors replaced by Cotco are in fact the de facto directors. Given the restrictions it has placed on Cotco it possibly suggests that the full tribunal ruling won't be too far away. Hopefully, at any rate.

It seems to be saying that Cotco can not transfer any monies from their accounts until the arbitration tribunal give their definitive ruling. It's basically an injunction stopping Chad siphoning off any money that may be due to Savannah if the tribunal rule in their favour. So definitely a positive bit of news.

Facebook page with extracts from the ruling: (in French)

https://www.facebook.com/photo?fbid=6436872976403056&set=pcb.6436873399736347

In a document of more than 80 pages, the Chamber of Commerce and Industry (Cci), seized by the company Savannah energy, took several decisions including that of banning Chad, SHT Overseas and DPII, now called SHT Doba Pipeline Investment Inc., to prevail against third parties or parties to the Articles of Cotco, until the resolution of the dispute on the merits.

After having detailed the facts since the nationalization by the Chadian State of the assets of Esso, acquired by Savannah energy, the Chamber of Commerce and Industry, through the emergency arbitrator, Marc Henry, declares itself competent to rule on requests for emergency measures requested by the requesting Party; declares admissible the requests for emergency measures requested by the requesting Party.

The emergency arbitrator orders “the suspension of the effects of the resolutions adopted at the general meetings of Cotco on May 24, 2023 until the resolution of the dispute on the merits; the suspension of the effects of the resolutions adopted during the Cotco Board of Directors on July 4, 2023 until the resolution of the dispute on the merits”.

The CCI prohibits the Republic of Chad, SHT Overseas and DPII, now called SHT Doba Pipeline Investment Inc., from relying on third parties or parties to Cotco's Articles of Association until the resolution of the dispute on the merits; suspends the holding of the meeting of the Board of Directors convened on July 26, 2023 by the new Chairman of the Board of Directors until the Arbitral Tribunal constituted on the merits rules on the holding of this meeting; suspends the holding of the combined general meeting convened on July 26, 2023 by the Chadian shareholders until the Arbitral Tribunal constituted on the merits rules on the holding of this meeting.

The emergency arbitrator rejects the request for a declaration that the composition of Cotco's board of directors is that registered with the Registry of the Court of First Instance of Douala-Bonanjo on June 6, 2023 until the Arbitral Tribunal constituted on the merits decide on this question; the request to prohibit COTCO from making any payments from its accounts or from moving accounts between its accounts, except for the payment of its employees, taxes and its existing subcontractors and suppliers essential to the operation of the pipeline until a resolution of the dispute on the merits.

https://dworaczek--bendome-org.translate.goog/v2/affaire-savannah-energy-la-cci-interdit-le-tchad-a-se-prevaloir-a-legard-des-tiers-ou-des-parties-aux-statuts-de-cotco-jusqua-la-resolution-du-differend-au-fond/?fbclid=IwAR1XFKDAVhJnL_lrqpzd8Qpe3KCHWJQdGAFxbw59yCmSqUGRkREHSQw78E0&_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

Sorted, In the annual report they refer both to 'Projects that matter in Africa' and 'Projects that matter', but even when referring to simply 'Projects that matter' they state 'We are a pan-African energy and resources company..' and 'Our vision is to create a best-in-class African-focused energy company delivering Projects that Matter that we and our stakeholders are proud of.', so I think it's probably just semantics and I'd be surprised to hear us undertaking anything outside of Africa in the immediate future.

Yes, good point TiL. Hopefully that's the case.

Morning TiL. Pretty impossible to say I think. Most of us are hoping that we get the admission doc. this week as per the RNS, but the RNS did also say Q3, as well as a recent IR communication, so possibly leaving some wiggle room for another extension. There is also the unpalatable option of no deal, but given the length of time this has taken I think that's pretty remote. I've set my expectations on an extension but hope to be pleasantly surprised!

Good spot TiL!!

Morning TiL, I've looked through the FCA handbook and the Aim rules and I can't find anything that restricts the number of RTO's or any time limits . In the FCA handbook, where it talks about analysing balance sheets for previous years it refers to companies which have gone through an 'RTO or a series of RTOs', so I suspect there aren't and we can go from one RTO straight into another. Hopefully it isn't the case though!

Yes, I'd agree with you on that one TiL. I thought there was a good chance that we had lost control of the bank accounts, but if the article is correct then we should have been receiving revenues since the deal, and continue to do so. It's always difficult to read these things without knowing what is going on behind the scenes. If you read the Africa press it's clear that Chad and Cameroon appear to be brokering some sort of compromise between themselves. It's natural that they would put relations between the countries before agreements with a oil and gas company, but the article does suggest we have kept control of the cotco monies due to us which is a big positive. As we know things can change but I certainly don't take this article as particularly pessimistic.

For info this was the post from Sunbed re: the chat with Ritchie

Following my posts this morning airing my concerns, I decided to call our NOMAD Strand Hanson. Late this afternoon I had a call back from Ritchie Balmer and it was a very good call. Whilst my source of original info is solid, I was reassured by Ritchie about where we’re currently at. Here are a few snippets:-

Ritchie has been active on this transaction since before it was announced to us in December 2024 and is very close to the detail as things currently stand.

An extension to the 6 month rule was granted until 28th July based on the demonstrable progress that has been achieved with the deal and a clear line of sight to proposed completion date.

Strand are not working up any alternative paths should 28th July not be hit. This led me to believe that they believe that the date should be hit for completion.

I asked about any main differences re this deal coming back to market and the Exonn. Chad deal. He mentioned a very big difference was that Chad deal was announced on the deemed consent rule, whereby pre-emption rights were not exercised within the time window so SAVE proceeded and announced based on deemed consent. I think this will play a very big part in our favour with regard to the ICC ruling. However, the SS deal does not have any deemed consent element. The SS deal has many strands which need to complete but this deal required Explicit Consent from the SS Government which is being worked on!

He clearly stated tha the final part of the deal needed before its 100% complete is shareholder approval with a vote to take place 2.55 to 3 weeks after the admission document.

I asked about economic interest date and he could not be certain of it as was doing from memory but mentioned that he thought it could be 1st January 2022.

All in all he seemed very relaxed with the situation and extension and as we all know but he also stated, that these types of extension are not uncommon.

Finally as the Explicit Government sign off is a key part of the deal, I’m certain from what he said that we can not issue an Admission Document until SS Government sign-off is in place. The only thing left to do once the document is issued will be to get shareholder approval which we all know is a foregone conclusion.

TiL, I think LSE star out email addresses so I'll leave spaces which you will need to remove

IR: ir @ savannah-energy .com

Strand Hanson: All strand hanson emails are firstname lastname (no spaces) @ strandhanson .co .uk

Nomads are:

JamesSpinney

RitchieBalmer (this is the one who responded to Sunbed on ADVFN)

RobPatrick

Yes, agree TiL. According to Sunbed's conversation with the Nomad a couple of weeks ago the extension was agreed based on a clear path to producing the admission doc. That assumes therefore that if that no longer applies then the Nomad would not grant a further extension. The conversation certainly indicated that it was not done without due consideration of meeting the extended date.

TiL, whilst I think it's in everyone's best interests to relist with approval I don't think it's a requirement. We obviously relisted without consent for Chad, albeit implicitly being deemed to have been given. Sunbed on ADVFN board had a conversation with the Nomad and my interpretation of that is that is wasn't a requirement. Obviously we wouldn't be able to vote on the proposal without it but I don't think that prohibits a relist. Probably a moot point as I'm pretty sure they won;t come back without it and may require an additional extension from the Nomad if it's not forthcoming by 28th July.

Lexdad, Andew Knott said at the AGM Q&A session that the company will relist the day after they publish the admission document. The latest update we are working from was the RNS on the 8th June where they stated 'Further to the Company's 13 April 2023 Q1 2023 financial and operational update, the Company continues to advance the various workstreams required to complete the reverse takeover of PETRONAS International Corporation Limited's ("PETRONAS") entire oil and gas business in South Sudan and intends to publish an AIM Admission Document by 28 July 2023, following which point the Company would seek restoration to trading on AIM of its ordinary shares. Further updates will be provided as and when appropriate.'

Yes, even if they haven't got govt. approval they would have to relist if they are outside the 6 month suspension period (which they already are) and the Nominated Advisor doesn't allow an extension (which they currently have).

The RNS which states the 28th July is the official date from the company so they'll definitely have to update us by then whatever the outcome. They really should have referred to that date rather than the ambiguous 'Q3' at the AGM, though it could just be a lazy way of saying the 28th.