RE: Good news!!!!15 Jul 2019 12:50
Hi Manyana, I'll give you a different perspective. First, we do not know who the funders are. We knew that the consortium was APEC energy enterprises with JIC and COSL when the FOA was signed. One would have thought COSL were supplying the technical and drilling capabilities, JIC the finance and APEC the political and co-ordination stuff. In the first RNS of this debacle we were told 'The Company understands that this delay is due, in part, to a change in the composition of APEC’s funding mechanism.' - Now we do not know who the funder is, what the funding mechanism is or whether JIC are even involved at all anymore. Second, the money was due to be paid in Q4 2018 from the same RNS 'This advance was not received during Q4 2018 as originally expected.' They then go on to say that 'The Barryroe Partners have agreed a series of amendments to the Updated FOA over recent months which provided for extensions to the date by APEC of the initial loan advance US$ 9 million, with the last extension being set at May 31, 2019.' so we are seeing APEC miss the 31 May deadline, the 14 June deadline, the 5 July deadline, the 9 July deadline, the 12 July deadline and now they are waiting to pass the 19 July deadline. These are playing out in what you rightly observe is a bizarre series of RNSs. However, what we have not seen are the assurances that the money would be paid in December, 2 deadlines in January, 3 deadlines in February, 4 deadlines missed in April, 5 deadlines in May.... What we are observing is exasperation and a complete break down in trust. Third - a remittance advice is just that, a teller receipt and is not really proof of anything - if a remittance advice was definitive that would have been the end of it. The reason we continue to get very short deadlines and more and more of them is that PVR are covering themselves in case of non-payment. I suspect PVR are already in trouble in terms of the disclosure to date - most of the press at the weekend made a point of noting how long it took them to tell shareholders that there was a problem at all. I also believe that they should have a duty to inform us of any changes to the consortium and the funding mechanism but there you go..... Believe me, nobody is hoping more for that payment to come through but it is at its very best, still a 50/50 thing.
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