Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
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....
I was just thinking about the approach being taken. By my reckoning PVR have already committed about €2.5m of our money to the site survey. They have committed €X to mobilise the rig to Broe - they surely would not pay for that to only see it sail away. They must already have finance in place or have a good feeling about the cash arriving - and soon. I can't make the meeting on the 12th but I expect that unless ToR wants to be verbally assaulted he must be working to resolve at least some of the outstanding issues. I wish APEC would just pay the focking money......
Rocklawn, I don't think anything other than a positive RNS (if you can still remember what that looks like) will drive the sp north. Any 'signs' of news are guaranteed to be false pump-and-dumps. This share is ripe for it...
https://www.upstreamonline.com/live/1840837/iolar-wildcat-dry-for-cnooc-off-ireland
Specul8 was sanctioned on this board I think but I see he was ramping hard on ADVFN yesterday but it never really got going...
Apec have made a real mess of PVR - maybe that was the objective from the start? Some affiliated entity swoops in with a bail out taking the lion's share of the company or maybe buys the assets out of receivership. They've been on weekly extensions since May. No one can explain the delay or more importantly no one can anticipate it's duration. This makes no sense. For those who say, the money is definitely on its way, even if that's true but it takes another 6 months then it may as well never arrive. They are more that 9 months late - something else is going on.
We have +/-1.5m in hand. I also reckon we have spent 2.5m already on the site survey (which we get back) if the cash comes through we don't need a further buffer.
Tomorrow's RNS will say one of three things 1. Money arrives. 2. Loan facility in place (very expensive and risky remember the last loan) 3. Fund raise under way. What would they raise? 23m 30m? So in toilet so not a good time for large numbers... Sigh, take your pick. 1. Is least likely unfortunately....
Do they have to say anything?
I see a number of threads from yesterday have been deleted. A bit like bolting door after the horse has left....
Lads, I really wish it were true but this share is on a hair-trigger and is perfect for acting the bollix with rumours and counter rumours. We've given up all the 'gains' yesterday as people realise there is no news, just pumping, and just as there has been no news for the last 2 months there is no news today. I expect to hear of a disastrous dilution in about a week to 10 days..... enough people bought the pump yesterday - it won't be so easily sold today....
I can't understand how we have got to the current situation. Why are APEC saying they have sent money when none arrives? I have never seen a transfer of money take two months and I don't care where it's coming from or going to. If there is some problem with a transfer it follows a procedure and that procedure would be known - why the week on week extensions, why not a 2 or 3 or 6 week extension? Why, if ToR believes the money is on its way, is he seeking to raise funds? I can't believe he made it all up to increase his salary. What is the gain for APEC or pretending there is deal if there is none? It all just makes no sense.