Member Info for Manyana

In 1937 Eamon De Valera wrote and published the Irish Constitution which contains Article 17.2 and which cannot be altered or removed without a referendum which will never happen as it would be an insult to De Valera's legacy and as he was the founder and "saint" of the opposition party in the joint government, Fine Fail, so how could the go against the edicts of their "saint"?

A report last week defined the purpose of Article 17.2 exists for a specific and narrow purpose: to prevent the Oireachtas from pursuing a conflicting fiscal agenda and undermining the coherent management of State finances.

So sorry, Brid, your bill is dead in the water. You are a bit like the boy with his finger stuck in the dyke or is it somewhere else. Just pull it out and take your medicine as you get washed away in the flood.

You would think her bill was the only one stymied by Article 17.2 as they claim it is "little known" but it has been used multiple times in the last few years since Fine Gael has been in a minority government and is the only way to stymie frivolous bills and prevent them being passed. It just happened that Brid and her claque had not done their homework and checked that out.

Instead of beating this drum which would bankrupt the country perhaps Brid would like to tell us how Ireland can continue to pay down its debt of over €200 billion with an annual interest alone of over €5billion which equates to about €1,200 a year for every resident in Ireland; the second highest debt in the world on a per capita basis after Japan and still she wants the country to spend a fortune importing oil and gas.

She is quoted as saying there would be minimal cost to implement her bill but Providence pointed out today that they would sue the government for millions perhaps even billions if this bill was implemented and the government agrees they would be liable. And when you consider Providence is only one of many, including some of the biggest oil companies in the world, you realise what a wall she is banging her empty head against.

So get real Brid and just admit you have lost.

As you rightly say, unless the objection specifically relates to non-compliance with EU directives as was An Taisce's objections the first time it will be rejected on the same terms in Ireland as being vexatious, which means only there to cause trouble.
I
expect we will hear a positive response in the none too distant future but I expect DCCAE to take a reasonable time because one of the subsidiary complaints by naysayers the first time was that they were not given a reasonable amount of time to consider whether they would appeal or not.

Of more critical however is the deadline of 5th July for the payment by APEC. Further to the positive statements in the RNS regarding the payment a more pessimistic approach is taken in the Financial Report on PVR's webste where it says:

"In the event that the initial US$9 million loan advance is not received by the 5 July, the Company will need to raise equity to fund its forward commitments".

That is a consideration we have not heard before but could be a far better approach rather than the APEC deal which in my mind puts all the cards in APECs hands as Providence are in the "beggars cannot be choosers" catch-22 in that deal.

Those options cannot be replaced or extended.

All options to date have been granted under a ten year scheme started in 2009 and finishes this August 2019.

That, I now suggest, is why they have scheduled the AGM in September so that a new scheme can be proposed when/if all the options are defunct at end of August.

The 2009 deal as follows and note it is "a ten year scheme":

In 2009, the Company adopted the 2009 Scheme which provided for the award of options over Ordinary Shares up to a maximum of 5% of the issued share capital of the Company. Under the 2009 Scheme, which is a ten year scheme, the exercise period for any options granted is seven years. The 2009 Scheme set out certain share growth performance criteria with the base price against which such criteria is assessed being established from the closing market price of the Ordinary Shares on the date preceding the date of grant.

I think we could have all anticipated pretty much what was in the accounts. We just needed confirmation.

Your worries about the alternative funding strategies is, in my opinion, a statement that the company is not trading while insolvent. It is an offence to trade a company, even if not currently insolvent but with the future possibility of being so.

With about £7.5m in hand at the beginning of the year about 4.5m as last year that leaves a surplus to carry them through to June 2020 which, even if everything goes belly-up even including Brid's Bill, still means they are solvent.

It is good to note tat Providence is debt free. When you consider a company like Tullow pumping about 90,000 barrels a day with an expected surplus of $500m this year and it will take about 7 years at that rate to pay off its debts of $3.5billion, it puts Providence in a good light.

We will all be drinking champagne, even Lidl or Aldi, if APEC comes good with is money which overall has now gone up to $24m rather than $19m and a positive approval is achieved - and Brid Smith and her claque do the oozlum bird trick and give us some peace.

AGM not until September. Last year it was about three weeks after the results.

The Annual General Meeting is convened to be held at The Hilton Hotel, Charlemont Place, Dublin D02 A893, Ireland, on Thursday, September 12, 2019 at 11.00am.

Is this to give time to find alternative in case APEC does not come through or is it time to get the survey done if the approval comes through soon?

I am glad to see Providence have declared they will sue the state if Brid's bill gets passed. I expected this but it is good to hear it from the horse's mouth.

"Should this Bill be enacted, we would rightly seek financial redress from the Irish State in respect of our very significant historical investment to date on behalf of our shareholders."

O'Reilly's salary is still too excessive even though he reduced from last year.

That would run to billions which the state does not have.

No champers, I am afraid.

Just the five things:

Enough dosh to sustain it for the coming year.
APEC still expected to pay up before 5th July.
Brid Smith's bill still a pain in the rear end
Dunquin survey put off in 2019
Still waiting on approval by default as it was not stated that it had been approved.

Put the champers back on ice.

Nothing we did not know yesterday. So ch

Since Lansdowne's only asset is Barryroe the loan is surely a vote of confidence.

I am sure neither lender is a charity and both are major investors so they must be pretty confident that Lansdowne can pay it back and Boldy is quite upbeat and he, you can be sure, has far more information about the status of Barryroe's approval than we poor mortals (or is it mushrooms).

People fail to realise how large London is and how varied it is.

At about 9.2m people, London is nearly twice the population of the Irish Republic with 4.7m people, in other words, two Irelands.

So, there is no way you can compare the two when Ireland covers 32,480 square miles whereas London covers 607 square miles which gives you a population density of approximately 11x.

It is all about horses for courses. There are many things about London which are fantastic compared to Ireland without even considering the benefits Dublin has over the rest of the country.

For those Irish people who might contemplate endorsing the bill proposed by Brid Smith they would do well to consider the following article which claims, even without her bankrupting bill, Ireland could well be on its way to another recession along the lines of 2007-2009 but would not find the EU so accommodating this time.

https://www.irishexaminer.com/breakingnews/ireland/high-debt-exposes-ireland-to-crash-932797.html

Full year results on Friday. Should also tell us when the AGM will be held, I expect on or about 15th July based on times past.

Given that the usual stages in the EXOLA application to date has moved in steps of about 10 days, I wonder if we will have a decision by Friday as DCCAE have not asked for any more information and the last date for comments is now 11 days ago on 13th June.

Would be a nice combination if we had a positive resolution to the survey and the money arriving and the results by Friday.

Here's hoping.

Other than the Ishallah, the rest of that item was more of a general comment about the stupidity in England regarding the supposed row Boris Johnson had with his girlfriend and nothing to do with you. I was just making the joke that perhaps Boris or his girl friend shouted "Ishallah" in the middle of their row.

My point was that rows like that happen every day between couples; can be over something as stupid as leaving the top of the toothpaste but it does not become a major news item.

I note, for example, that nobody really mentions that Jeremy Corbyn is on his third wife which does not include his discard who was Diane Abbott.

As for your mention of the harridan Brid Smith, I would not deign to give her the time of day as she is now yesterdays news as she will never get her bill passed in the Dail. As we say "I wouldn't waste the heat of my ...." on her.

I wonder if the money from APEC has got caught up in the Irish Revenue's recent interest in high worth companies and individuals where they want to know where they got the money and whether they paid taxes. The following article is quite enlightening highlighted by this extract..

"Revenue's new found scrutiny of high Revenue's Large Cases Division carries out customer service and compliance functions in respect of the largest corporate businesses and “high-wealth individuals” (HWIs). In December last year, there were 480 HWIs under scrutiny."

https://www.irishexaminer.com/breakingnews/business/revenue-set-to-double-number-of-super-rich-facing-tax-probe-932432.html

Beware, Anovas, they might be coming to look you over with your three houses if you live in Ireland.

"Inshallah" means "If God wills it" so it has everything to do with Allah.

So your statement reads "If God wills it, the APEC saga will be sorted in the very near future, and we will all be smiling again."

I wonder if Boris shouted something like that at his girlfriend when she grabbed his laptop saying , "Inshallah, don't put it down the toilet".

I am glad I live in a detached house. At least when I have a barney with the wife the neighbours are not standing outside the door with a tape recorder and if they were it would probably be to check if I was alright even though I am twice the size of my little wife.

Imagine living in an apartment, probably worth about £3m, and your neighbours can probably hear everything that goes on. Reminds me of a hotel where I spent most of the night awake as I heard the headboard thumping in the next room. Don't know what they were doing, playing darts perhaps, but I don't think they got too much sleep in that room either.

Anovas,

Inshallah, my foot. He has nothing to do with it. Why do people still believe in a figment of their information and then try and push it on everybody else?

So, if the deal with APEC falls through and/or the approval fails it is God's fault?

The best definition of their being a God is in the film The Ruling Class where O'Toole is asked "how do you know you are God?" He says "When I pray to him I find I am talking to myself". Religion in a nutshell.

Great film but never shown today even though it is one of O'Toole's best films because it would "offend" too many of the brainwashed. The trailer, however, will give you a good taster of its irreverence. English film at its best and most irreverent.

https://www.bing.com/videos/search?q=peter+o%27toole+the+ruling+class+talking+to+myself+youtube&&view=detail&mid=FD41157B209660973B44FD41157B209660973B44&&FORM=VRDGAR

If you were aware of me in my previous existence on iii you would know I was one of the biggest critics of Big Red and his son, baby O'Reilly, and the way they have handled Providence over the years.

You brought one of those instances to our attention when you mentioned Transocean and how they "forgot" to tell us at the time of the Barryroe drilling only for us to find out years later when it went to court and ended up in a no-win situation but cost money that neither Providence or Lansdowne had.

Then you had the issue of shares back in 2012 when O'Reilly raised $100m on the issuance of 13.1m shares. Note:
"Providence Resources has raised $100m with a placing of 13.1 million shares with a series of institutional investors.
Some of the money will be used to pay down debt and save Providence €6.5m a year in interest payments. The rest will be used to fund the development of the Barryroe field off the coast of Cork." A promise he did not keep but squandered on frivolous projects instead.

He did not use the balance to develop Barryroe but squandered it on other wild goose chases. And why, at those prices he did not raise $200m by issuing say 25m shares and he could have had Barryroe pumping out oil to beat the band by now and the revenue would all be ours instead of dilluting the shares down at a pitiful price of 12p?

Why? Because between himself and his daddy, 45% shareholder in Providence at the time, they thought they were going to become the Ewing family and restore daddy's reputation after daddy burst his bank balance on Waterford Crystal. They obviously hoped to recoup his losses with Providence and might just have had a chance if the oil price had not tanked.

And, of course, the proof of that was the promises daddy made to the infamous nurse where he (is said to have) offered her millions in Providence shares - a court case about which is still going through the courts in the USA.

Yes, a litany of disastrous decisions not improved much by the Sequa fiasco or the faith put in Schlumberger with the development of Druid/Drombeg that ended up in water or Dunquin North which had oil except it had seeped away but now could be a major geothermal resource. All wild goose chases pursued while Barryroe languished.

Compare all those to the possibility that Barryroe could now be developed in conjunction with the Chinese and was well on the way until that crew, An Taisce, stuck their noses in and set the whole thing back to square one.

But that was not O'Reilly's fault for once and O'Sullivan is just the acolyte so he is not to blame either. That is why I am defending them this time whereas in the past I would have been one of their biggest critics having lived through their calamities.

Let's give them a break and hope the approval and the loan come through. If those fail, we can go back to moaning at them again.

I am sorry to hear it hurt you but you can't help hurting yourself obviously. And perhaps you confused Dunning with "dunny" as the Aussies say, a place at the bottom of the garden, where I suggested you relieve yourself.

As for Providence, I am pretty sure I have been in these longer than you going back as I do to Atlantic but I don't complain about Providence as I played the game the right way round. At one stage I had many hundreds of thousands of these which I sold in various lots as they rose to the heady price of £5 back from 2012 and onward. So much so that I bought a house out of the proceeds which I subsequently sold on for a nice profit.

Then with all the jigs and reels over the last few years when the price tanked and the number of shares went from 60m to 600m and the price dropped like a stoneI have been replenishing my holding at an average price of 14.5p.

So do I care if APEC comes good? Not really as I don't need the money, I made loads of profits the first time so like Milton I too can wait as I am well covered historically and at some point Barryroe will find a partner.

And as for Tullow why do you think its old players, Pat Plunkett and Angus MCCoss, could be a godsend to the success of Providence? Well they did not leave Tullow in the best of form when they joined the Providence board.

How much oil reserves do you think Tullow has with all its wells and how many barrels do they process a day? Well, Providence has more oil in Barryroe than the whole of Tullow reserves and the anticipated first phase of Barryroe, not mind the second phase, is expected to exceed daily the whole of Tullow's daily production from all its wells.

So Pat Plunkett and Angus McCoss might be hardened Tullow oilmen of old but they never worked on a prospect as big as Barryroe and when you consider Tullow's debt is about $3.5billion that should put the $9m Providence sum Providence is hoping to get into some sort of perspective.

I am glad to see you are admitting to having the Dunning Kruger effect. You can get the Moses treatment for that.
Take two tablets and go behind the bush and relieve yourself of your bile.

All you are being asked to do is either sell your shares if you do not believe in them or stop criticising O'Reilly and O'Sullivan because the issues with DCCAE and APEC are not of their doing and neither issue is resolved so why are you being presumptuous? Will you apologise if the approval gets signed off and the loan is supplied?

I have said before I would be happy if we got the approval and the loan did not materialise as I believe Providence could do a better deal elsewhere especially if IOLAR comes good. But a deal is a deal in anybody's book and the Barryroe deal with APEC is contractual even on its miserable terms but will give Providence the wherewithal to develop its other assets if it comes good.

You remind me of a student who stood up to challenge a well known lecturer who grimaced, sadly shook his head, looked at the student and said in a mock pained voice "Oh God, not another Reader's Digest philosopher".

So what procedure would you use to remove O'Reilly and Sullivan?

You keep mouthing off but you clearly haven't got a clue how companies are run and what you must do to remove directors.

At present you are the only useless duck that I can hear quacking and it sounds like empty vessels to me.

Price on the way up is a good sign. As the saying goes, "A nod is as good as a wink to a blind horse". While we talk of insider trading you can be sure "somebody" knows how the mop flops when it comes to the approval and the $9m loan and for some "strange" reason as if by magic the share price reacts accordingly good or bad before the rest of us know anything
.

A bit like the old Irish blessing " may you be in heaven half an hour before the devil knows you're dead."

As for global warming and saving the environment, we can say it is only fair for India, China, Mongolia, Russia, Nigeria to have their day in the pollution stakes while little old Ireland stands waving its banner saying "this is the way to do it lads" when it comes to zero emissions but if those biggies do not do something soon we will all probably be dead by 2050. Now, like most on here, I will be worm feed long before 2050 but you worry about your children and grandchildren.

After the item on hybrid cars being liable to electrocute you in an accident another interesting point was on TV this morning when a reporter visited Rolls-Royce Aero Division, Derby. It said a commercial electric aeroplane was not yet feasible and might never be because the batteries needed to power it would be far too heavy. So how can the UK be net zero by 2050 unless they stop people driving and cancel all flights?

"Pie in the sky" would seem to be an appropriate slogan for that one.

Further to the item below regarding electric cars perhaps our non-Irish friends would like to see Healy-Rae in action in the Irish parliament opposing "green cars"..

Remember, this is in the Irish parliament where he insists on wearing his cap because he is bald. And, by the way the "creature" sitting beside him is his brother who is also a member of the Irish parliament. These are the "brains" who currently oppose Brid Smith - Gombeen men all. Nearly as bad as The Two Ronnies.

https://www.independent.ie/videos/irish-news/watch-electric-cars-to-me-are-a-load-of-rubbish-michael-healyrae-36220056.html#play

And if you want to see the two Ronnies talking the same language as these two, here they are.

https://www.youtube.com/watch?v=R9fHb9JN9vQ