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What do you expect to happen next week? I expect APEC will not pay the money. I think ToR will tell us about some mad outfit who will lend us the money or some really dilutative share offering on Tuesday and we'll be asked to vote for it (or death) on Thursday in a special motion.
As an aside, it's funny how people think payment is more likely as the week goes on - the opposite it true in fact....
be careful - because this could fly we've seen loads of efforts to manipulate in the last weeks. Today we hit 5.8 on 1 share traded and 6p on 33 shares..... who the f trades 33 shares, that's less than £2...
wait for an RNS
I think at this stage it is unlikely but if the money does come, then the price of PVR will go up strongly over the following weeks - $9m will not be invested unless the other $15m are rolling in behind it - if the drills deliver the expected results then the development money will be there. It's just such a pity that ToR is the unluckiest man in Ireland (or Malta)...
1. APEC currently holds 50% of BROE.
2. There is always an arguable case in any contract.
3. No one will invest in PVR with this cloud hanging over it.
No idea what the problem with the transfer from APEC's funder is, but it is the only show in town......
JH77 - they have 50% of the asset.
From the annual report page 7 http://www.providenceresources.com/sites/default/files/2018%20Providence%20Annual%20Report%20with%20Form%20of%20Proxy_1_0.pdf 'In September 2018, following the consent of the Minister to the assignment of a 50 per cent. working interest in SEL 1/11 to APEC. EXOLA, APEC and Lansdowne signed an Updated Farm-out Agreement (“Updated FOA”) leaving EXOLA with 40 per cent. working interest and Lansdowne with a 10 per cent. working interest.'
I then refer you to http://www.providenceresources.com/sites/default/files/CORPORATE%20UPDATE%20RNS%20-%20SEPT%203%202019.pdf where just like every single update on this sorry saga it starts with 'SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the “Operator”, 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited (“APEC”) and Lansdowne Celtic Sea Limited ("Lansdowne", 10%), collectively the “Barryroe Partners”. The area lies in c. 100-metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.'
Clearly the other 50% of BROE is with APEC (as stated in the annual report).
Finally that same RNS states '....should the APEC Loan Amount not be received by the close of business on that date, the Company reserves the right to end exclusivity, while also considering all legal remedies available to it against APEC for contract non-performance, including the re-assignment of equity in SEL 1/11. '
So what reassignment of equity in SEL 1/11 are they talking about if not APEC's 50% share.
Can you tell me the basis of your assertion that 'that's rubbish' cos I think you're seriously wrong. What s your interest in promoting misinformation on this board?
Finally, I'd highlight to everyone that PVR is even misleading when it says we hold 40%, though strictly true PVR are responsible for San Leon's 4.5% net profit interest and since this sits only with PVR so we really only have 35.5%....
Okay - I still say that regardless of whether the payment happens or not, APEC will certainly seek to retain their 50%. If the payment is cancelled APEC will say it is not their fault/due to events beyond their contril and PVR simply need to show patience etc.
This isn't even the point. The point is that no one will throw money into BROE/PVR in any manner while this clusterfock is hanging over its main asset.....
Longwait - you say "I'm not sure PVR would have to go to court in the event that the payment were rejected.
If APEC can't manage to make payments as required by the contract, then they can hardly claim their 50 percentage share."
You clearly have never had any reason to go to court. Of course they will claim their 50% share. Here's one of 100 different possible narratives - 'We paid the money. We demonstrated that the money had been debited, we had our lawyers, our bank etc. furnish proof that we paid. The money was delayed owing to checks regarding money-laundering/terrorism-laws/exchange controls/etc. and PVR were made fully aware of this. Now that they have started procedures to unlawfully break the contract and seize our asset we have now frozen the initial payment pending settlement of this contractual dispute." To this, I believe any reasonable judge might probably say, that the case will have to be decided at a full hearing and schedule that for June 2021..... I'd say there is a 1 in 1000000 chance the money will come through but if it doesn't, PVR is donald ducked.
Yeah, fair enough but who knows. Would you make a big investment in these circumstances? What would you be buying, a 25% stake or would PVR and LOGP give up their 50% to a new investor pending getting the 50% back from APEC? Nah, I can't see anyone touching this.
I agree TirnaNog, it's not the moment when we're hanging by a thread to show him the door. He's made a hell of a mess and he'd better clear it up before he leaves. I can't help feeling we're focked though. Clearly APEC are not real as many people suspected right from the start. The reality now is that we have vested 50% of our main asset with a paper entity that will probably fight like tigers to retain it - never mind all the other nonsense going on, who the fock would walk into that ****storm? Seriously, you'd want to be off your rocker. If you did invest what would you seek in return. I don't have 20 odd million to invest but if I did and I felt compelled to invest in PVR, I'd be taking the proverbial pound of flesh nearest the heart..... I reckon there is no fear of ToR walking away from this - it stinks, he needs to sort it and brilliantly or his name will be mud for ever more...
Here's the proposition. Your investment will firstly pay for a series of redundancies, half the asset you are investing in has been vested in an entity that will litigate to keep that asset so you will need to finance that litigation. That litigation will take years. The residue of your investment will be put to work for the company.....
So that RNS is a bit of a shocker. PVR gave APEC 50% of broe for NOTHING. Let's say funders aren't prepared to pay for redundancies and extensive litigation. The lights stay on for 3weeks. Say someone buys broe - APEC gets half the money and PVR 40%. You couldn't make it up. At least APEC's behaviour makes sense now. For those who say we'll get it back, we can't afford to litigate. What a balls. 2-3p today. Fock, fock and double fock.
Anything that is not another focking extension will be a big plus.
I'm really sorry that I won't be in Ireland on the 12th....
Ruined is all relative. I'm young so I will recover but no one likes to lose a million. So yes, I am an idiot but I'm in good company....
Bronx, judging from your reaction I guess you have not been considering that outcome. Either the money comes, they raise cash or they go bust. I hope the money comes but that looks very unlikely after 8 months and the more I think about it I doubt they'll be able to raise funds. You're a focking idiot who is in denial.....
The short odds are on a bankruptcy (examinership) application Monday. I will be ruined but we may as well face up to the fact that that is the most likely outcome. I don't know what the Chinese game is but the lesson must be, never do business with them.....
and puff! it's gone again........
and tiny volumes driving the pricing..... looks PnD
No RNS that I can see....