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Pensacola prospects have been improved by UJOs recent discovery in a similar geological set up. There is never a guarantee of success, but with Shell on board with 2 licences and a reasonably likely prospect of a farm in on Dewar then the only way is up ...in my opinion. I can concede that the risks are perhaps unfairly weighted on to the backs of shareholders and that many smaller investors don’t understand this . But if you want to take the risk then I think this is a good point to do so, but do your own research.

Let’s hope they get them in on time unlike 2017 .

Could be news on other licences at any time. 1.6975 to buy could be a very good time to get back in or add.

Oiler: I was just pointing out that all buys were showing as sells because they were , spread was very tight @1.7/1.7025. Is now 1.66/1.7 Btw I picked up a few UJO@0.177 last week.

Whenever you’re ready! I’m looking forward to it ;)

Good afternoon RKB . It begs the question why they didn’t borrow all the money from Eufingest in the first place , but no matter , that idea no longer lives on as the land has gone. P.S I don’t live in New Zealand. I visited there in January on business .

The test of that loan has been repaid by borrowing an extra €200k from Eufingest @2.5%, presumably a better rate than was charged on the loan from An Idea Lives On , who I assume are no longer a beneficiary interest, if indeed they were the ‘lender’. Seems like they may have wanted that one off their books . Perhaps he was kicking up a stink that the first half of the loan was repaid in shares that are now under half the value they were issued at ( notwithstanding the improvement in the bottom line for CLP from that deal!) In the end it will only be worth it if the Mediapolis liquidator awards more than the amount we borrowed plus interest and costs, in buying back the €4.3 million debt.

All buys are being shown as sells. I added 112048@1.702

I hope your predictions on the true value of CLP are a bit closer to the mark than where I live ;)

Thanks RKB. PBV looks like a real plus.

No offence taken . I think it’s reasonable for any shareholder to take issue with the company they are invested in . In this instance I am not criticising CLP, just highlighting the difficulty in recovering the money from Mediapolis as a counter to the obvious improvement in the bottom line through the hard work by FG ( as highlighted by RKB) . Thats not enough on its own. It can sometimes be good to turn ideas on their head just in case the wrong conclusions have been drawn. For example the holders of the debt we bought back would likely have known before those deals were completed that there was a high chance the winding up would go through and decided to get us much now rather than wait for years for the liquidator to sort it out . And if there were enough assets to divide up to pay off the debts why not just wait and get the full amount, or as close toonit ( the original holders of the debt). In the end it’s a case of what is tangible to sell off or recover and divide up amongst the creditors. The €5.5m touted for the villas if achieved only covers half the unsecured amount . However it’s still a good bet at these prices IMHO.

Just to add: I wasn’t point scoring . RKB’s is much bigger than mine ( so he says) ;)

Thank you. I will. It’s not personal. Just different styles , and a different approach . I learnt to play chess very well by losing well ( and often) . The ministry of the economy ( a bit too pythonesque for my liking) have played “ en passant “. The rest have castled and dug in to their respective corners. It’s a hard game .....

KNigelK: I stated I hold 5.5 million shares this morning ...which is true . You can believe what you want to believe , but asking questions in the hope of teasing out a bit more information is only a good thing . I was rubbished before when I suggested not all bond holders would convert. I didn’t know that would come to pass, but for some merely my suggesting it as a possibility was scandalous . RKB’s research, which he shares, is very welcome , but it’s not gospel and only the opinion of an almost notifiable shareholder , a fact that should also be taken into account.

Thanks Timmit. RKB: If I raise legitimate questions that make me look like I haven’t a clue it’s largely to clarify a complex set of interdependent circumstances on which the majority can genuinely say they haven’t a clue . Timmit have a straightforward answer to a legitimate question which very few ( myself included, yourself excluded) would have the knowledge to answer correctly . I am not de-ramping. I’m looking into the extent that the liquidator might fulfill its obligations to our debt, bearing in mind in an earlier post you suggested they were essentially representing a system which is corrupt .

Returning to my earlier point: is the amount of the unsecured claim ( just over €8 million) relating to the discounted price we paid for a previously much larger debt, or as seems more likely, the original amount of debt , regardless of what we paid for it ? I only mention it as the liquidators will know this ( if the later is true ) and I can’t see them settling the 8 million if they know we only paid day , €2 million for it, notwithstanding the fact that the first charge on the land was attached to that debt originally . The ultra pessimistic view, (if one believes that those who have stitched CLP up will go to extreme lengths to finish the job ), is that the low auction bid , in itself will be deemed by the liquidator as reimbursement for the amount we paid to secure the credit on those debts: we will get back what we actually paid but no more. Conversely, if we did receive the full amount, are we watertight against counter claims from the original holders of the debt who relinquished it at such a discount ??

Slightly optimistic if I may say so . Is the amount of unsecured money owed ( the €8 million) the discounted amount we paid for the debt or the un discounted amount ??

Thank you for clarifying the position on first charge, as I was wondering whether that was only attached to the land. I’m not so sure the Italian system will see it that way from how things have unfolded thus far . If the land had sold for more than our secured position would it have been capped at that and the test distributed amongst the unsecured creditors? I hope the cash will be used to top up the auction amount to the full first charge position. It’s a shame we didn’t get first charge on the villas rather than the land in the debt buy back .

I posted a few weeks ago that a relatively small amount of pi’s have quite a large % of the shares available away from the major holders . For example yours , RKBs and mine (5.5m) alone are 5% of the company. With so many millions of tax losses and a mcap of just 2.5million it would seem someone is missing something!

Well done! I had a buy order at 0.425 but it wasn’t triggered! Back to 0.45 to buy now, but the bid has dropped back slightly..