Member Info for Mamms

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.....

Any news from the AGM?

and puff! it's gone again........

and tiny volumes driving the pricing..... looks PnD

No RNS that I can see....

Yeah, some guy like me decided to take the few coppers and bale out while it's still worth something. I know it's the right thing to do but it hurts too much to do it.....

So we know that the money has been debited from the funder's account but is delayed reaching PVR's account. Sounds to me like that is pending Chinese Government approval (which is needed for any transaction of more that $50k). We don't know when it will come and it may never come. PVR could notionally raise cash by issuing shares and notwithstanding the fact that it would be extremely hard to raise cash (the first call on which is to pay redundancies and inflated salary) it would also rewrite the deal reached with APEC. The only alternative is to raise cash via a short term facility (which is a fancy way of saying going to a pay-day lender type entity on bended knee). We did this before with Melody finance and it cost a lot but I don't see any alternative now and i guess we will find out on Tuesday when another backstop is missed. I wouldn't hold my breath on the survey ship moving until there is some white smoke on the financing side of things.

Of course the real problem here is that since the money may never come and since APEC look so much like a hoax that is imminently possible, no one will lend PVR any cash and they will apply for an examiner to be appointed next week (that's an Irish bankruptcy procedure). The first thing that would happen is that all shareholders would be wiped out.... What a balls.

I read those blog postings on adfvn about transferring money from China and if accurate it would suggest that it is Chinese government approval for the transfer that's at issue. It's not arbitrary but it is also not a clear procedure. Any complications (such as the 9m for PVR suddenly being 10m with an extra 1m for apec) tends to throw a major spinner in the works. The money is likely there, it's release by the Chinese government is the issue.

I'd say that won't work. The money needs to be approved by the Chinese authorities and while HSBC may have debited the account they can't make the transfer until it is approved. The problem is that it might never be approved. If it was that simple PVR could simply borrow the money from HSBC in London but again, even HSBC themselves do not know whether the money will be approved or not.

In fairness, if my client's most likely outcome was an application for examinership within the week, I'd probably hold my position until I saw what happened...

I guess the thing is that the money could arrive tomorrow or never arrive. They can probably raise a few million but it will cost an awful lot. There should be a fatwah on doing business with the Chinese if this is their form.....

Just read that blog series on ADFVN on getting cash out of China. Sounds like it's peppered with risks. APEC having it's $1m tacked on to the PVR $9m could easily be blocking the payment. What I found really interesting is that they are as likely to say 'no' as 'yes' even with contracts where the t's and i's are crossed and dotted. 'Don't lift a finger until they (the chinese partner) can show they can get cash out of the country' was the bottom line. Anyway, it is clear now that (a) the permit had no bearing on anything and (b) there is no one with any idea when or if the money will come. Either we borrow from a Melody finance type 'pay-day lender' like we did before and pay through our bleeding eyes or HSBC lend us the cash pending release. That blog post suggests that the HSBC option is unlikely since no one knows if the money will ever be approved, not even the bank. A fund raise would destroy all existing shareholders and I doubt even our biggest shareholders would be willing to throw good money after bad as this is looking like. What a balls.

MV Kommandor seems to have moved off the site now.....

Yeah, I'm just venting.......

You too. Hopefully some good news next week.....

I guess we could always borrow the cash from Melody Business Finance LLC. It should only cost 12% plus 20m shares...... that was a disaster so I hope we don't do that again. I was looking back for the name of that very obscure crowd that lent us money in the past - looking through the RNSs I had forgotten the transocean case, the fact that it nearly broke the firm and that shareholders read about it in the papers etc. I can't believe the LSE never sanctioned O'Reilly, the AIM/LSE really is a joke without any real supervision - the failure to tell shareholders that APEC were late with payment back between December 2018 and June 2019 is reprehensible but just part of a longer pattern....