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In fairness I would say ToR got a few assurances the last time too.....
What happens if there is a further delay?
Hilarious. Couldn't even get 200k together https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/14551192.html
What a balls
Notwithstanding the fact that there is some bounce in oil, there is still a massive oversupply driven by a collapse in demand - I reckon a lot of shale will disappear though they've proven resilient in the past, they require a lot of capital and i doubt it will be forthcoming. I also reckon demand will be permanently lower. Macron in France has agreed to bailout AirFrance but only on condition they end internal flights, he has agreed to bailout the French Auto sector in return for an accelerated move into electric and so on. The trend is accelerating to renewables and away from oil and gas. Again, I suspect these will be medium term effects. In the short term I expect there will be a lot of caution with the recession coming so I think Linn will have his work cut out. The other thing is, if the Greens get in, there is no way they will let Broe go ahead - I understand it would be better for the environment etc. but that is not how politics works. They'll just refuse so the big thing I'm watching is the likelihood of the Greens getting into Government (which I judge quite high). I lost a lot on Broe, worst investment decision ever. The question is, would I invest today albeit with better management - I'd say 'no'.
And that's all before that guy from an Taisce spends €1000 and appeals the site survey.......
I don't think it will ever be produced.
Manyana, I always assumed you are Irish but now I see you are not. Where are you from? England, Wales, Scotland?
Looks very bad for PVR. Orderly shut down is most likely outcome. Even if BROE the greatest thing ever, it will never be developed. What a balls.
When will the EGM be and what will be the subject? I guess whatever the plan is will be presented and presumably we'll be asked to approve whatever fund raise is issued (I assume hundreds of millions of 4p shares will be issued if anyone is prepared to buy them...) as well as Linn's options etc..
It would be interesting to know who introduced APEC and did they get paid for the intro?
Anovas, normally all options would vest immediately in the event of a sale. Let's say he sold it for 24p a share, then he'd recieve 20p×15m=£3m which would make it a good pay day for everyone...
I saw the news today. It's about 2 years too late for PVR - he really is a shameless focker. By the way, it's clear to me that the only reason he has left is that he can't raise the money - if he thought they'd still be paying his salary in March he'd still be there. PVR is finished - I'm sure the large shareholders will try to offload it to recover something but it looks unlikely..... ToR will go down as one of the worst CEOs ever based on any metrics you care to use (tangible metrics such as shareholder returns that it)....
I reckon one of two things happened. Either APEC were working a scam which may or may not have worked or they simply got cold feet. When this deal came out first, the view was it was rubbish but reflected the very high risk nature of BROE. https://www.irishtimes.com/business/energy-and-resources/providence-finally-finds-partner-to-exploit-barryroe-oil-find-1.3443630 So BROE is a non-runner. What do you reckon the chances are of drilling off Dalky? Yeah, not good. That's it for me, I'm out - good luck to those staying. I may put in a complaint with the LSE about ToR but probably not - I wish all longs the very best and suspect you will not suffer too much longer.
I guess we just slide to oblivion. I used to wonder why LoGP held up so well and I have finally understood it, PVR have only one asset (though there is a pretense of something else, the licence cancellations is making it obvious) but the main reason LoGP have held up better is that anyone could buy PVR now for a pittance whereas LoGP can hold out. As noted yesterday, with BROE's history and the political climate, there will not be queue for BROE. All the talk of 'interest' is BS. I think we just slide away around March next year with a company wind up. I wonder if ToR will face an investigation by LSE? The whole thing looks worthy of an investigation.
The report in the Irish Times suggests quite a few attended. Did anyone from here go? Anything worth reporting?
So each of us sold 10% of our holdings to keep PVR afloat until February. There is no Chinese money - that has been clear for some time. Between now and February they will have to either raise enough money to prove up BROE (circa $20m) and then hope someone will buy it and develop it. This seems very unlikely given the history of the project combined with the current political environment. There are two alternatives, sell all or part of PVR or else wind the thing up. Unfortunately, I suspect the last option is the most likely. There will be a lot of effort to sell it as a going concern. THere will be a very low offered if any since its assets would be put in deep freeze for a few years and hopes of the tide turning but this is a 100-1 shot for an investor ..... All this is reflected now in the sp unfortunately.
There is no north sea interest - that's just a thing they say to keep the children, i mean shareholders, quiet.
He could have gathered up the shares in multiple transactions. I'd say it's correct as stated. It's the first vote of confidence from the board almost ever (though at £40k he's not exactly betting the farm).
He could have gathered up the shares in multiple transactions. I'd say it's correct as stated. It's the first vote of confidence from the board almost ever (though at £40k he's not exactly betting the farm).
Shouldn't APEC face some sanction? The initial failure to pay the funds led to a halving of the share price and the consequence of the continued non-payment is that a further 10% of the company is sold at the lowest price ever - diluting shareholders further. As I understand it, right now they don't face any punishment for their failure, not a fine or anything. At a minimum their option to buy 60m shares at 12p post-drill ought to be cancelled - they should also make up the difference of forcing a raise now at 5p (so 7p*60m=£4.2m as a further penalty). That might make them move. It's absurd that there is no consequence for them but then, so much of what happens at this company is absurd.....
I'm looking for people to tell me why i am wrong.
It seems to me that the chances of the money landing before end Sept, end Feb are the same as last Feb (i.e. zilch). People have short memories if they can't remember what happened when Lars walked away. I expect ToR has his tramp pants on and is working on a proper raise to be completed before February (wherein we all get atomised) but the 2 drill wells goes ahead. Seriously, unless you see ToR selling his house and ploughing it into PVR, be very afraid of what's coming....
Since the last extension was given more that half the time has elapsed without payment. That suggests to me that the odds on a payment being made are reducing significantly (since no one understands the reason for the delay, the less days then the less chance). At least we skipped on RNS but what happens when no payment is made? There are six days left - it really is an extraordinary situation.