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To think I trusted the integrity of the O'Reilly name and the oversight of the system. Someone clearly exaggerated or mislead the shareholders and the markets. So who was it ? APEC, HSBC or TOR. I for one would like to see a full investigation and evidence of the paper trail for the now proven false statements made over last few months. HUNDREDS of MILLIONS was squandered and almost all his colleagues jobs lost, when is enough ? Reputation, Integrity & honesty ?? Give me a break. Bankers in Iceland were jailed for less incompetence. To make all matter worse we had a family bereavement last week and to think all the time and money i've wasted trusting this man & the system ... So sad.
I hope my faith in the integrity of the individuals on the BOD is proved right. Its difficult for me to understand how a conglomerate of well connected, wealthy seemingly successful individuals & corporate II's including GS could allow us to come to this ? €10m is peanuts to these yet since this has been dragged out over last few months €40m has been wiped off our market cap. I have to suspect there is a plan B in the works, I just hope that plan B is in the interests of us exiting holders and there is not a fire sale in the planning. I cant sleep or eat but trying to remain optimistic !! best of luck
I hope my faith in the integrity of the individuals on the BOD is proved right. Its difficult for me to understand how a conglomerate of well connected, wealthy seemingly successful individuals & corporate II's including GS could allow us to come to this ? €10m is peanuts to these yet since this has been dragged out over last few months €40m has been wiped off our market cap. I have to suspect there is a plan B in the works, I just hope that plan B is in the interests of us exiting holders and there is not a fire sale in the planning. I cant sleep or eat but trying to remain optimistic !! best of luck
€25.9m - Page 47 of 2019 annual report
Hold on.. Lets remember we were informed on 8th July that providence "had received a HSBC remittance notification from Apec's funder for the transfer of $10m in favour of providence's bank account in Dublin". We were then informed on 15th July that the "company can confirm they have received a letter from the legal representatives of APEC's funder advising that on 9th July the funder had arranged for the remittance of $10m from HSBC to providence's account". Since then we received 4 or 5 more RNS claiming providence had received "further assurances" that funds are in process of being transferred. To believe funds are not forthcoming you have to believe that either the funder forged the remittance notification and legal letter they provided to PVR and are intent on stringing people along OR PVR didn't receive any evidence and instead made it all up. Come on seriously ?? Have some faith in the system and integrity of PVR board, whatever about TOR management performance its extremely unlikely that anything malicious is going on. Given the reputational damage this must be doing APEC if they were being misquoted or misrepresented by these RNS's surely they would have spoken up by now ? The survey vessel has been instructed for month end,, demonstrating that providence are confident funds will arrive and if NOT they must have plan B loan facility arranged, as a fund raise would take months. Keep the faith ! Its always darkest before the dawn.
Lets recap : 1st Providence have received remittance evidence from HSBC that transfer of funds to their account in Dublin was underway, 2nd Providence has received further assurances from funders legal representatives that funds were on the way, and now 3rd Providence has received further assurances that funds are on the way. So we have to assume this is the case, unless someone is deceiving the markets, or deliberately lying. But come on, given the profile of remaining board I would seriously doubt that would be happening in providence. You have to believe the board will be dotting every i & crossing every t at the moment with every RNS. In fairness what more can Providence do ? And like we'd expect of them , they are now prudently outlining that they will need a plan B in case these contracted and promised funds don't actually arrive, again sensible. Maybe this is how Apec negotiate, maybe they were waiting for survey permission, maybe there is compliance issue or maybe they've lost interest, but one comfort is APEC or Providence haven't officially walked away yet, assurances are still being given. Would be great to see TOR & board put own funds in as short term loan, like the board members in LOGP have done recently, this show belief in the company and would settle nerves.
Apologies for typo Rocklawn.
If funds had arrived up to Friday I presume PRV would have been required to issue an RNS this morning, regardless of todays close of business backstop date. So safe to assume they hadn't arrived as at last Friday. However given official survey permission update would only have reached the funders on Friday morning, I'd expect some final diligence would have concluded Friday or Today with funds arriving mid-late this week. I expect a RNS tomorrow morning at 7.05 confirming a new backstop to 16th August. On the bright side if the funders had pulled out completely, PRV would be required to inform markets by now too.. Perhaps the downsizing of PRV operations and costs & survey permissions were 2 preconditions, official or unofficial, on the funds. After all wouldn't it be prudent of APEC to ensure their €9m was going to be use for its intended purpose of survey, and NOT on salaries and operations of PRV ?? Bigger risks over the past few months were climate bill & government O&G strategy, had either of these moved against PRV it was game over. PRV now have green light for most their assets including Barryroe which could have a €3-€5bn upside. Its make or break week either way, if APEC don't come through, I hope the PRV board have a good plan B.
Although I'm very concerned / sick, I take some comfort in my original belief, which is the funds are deliberately being held in HSBC subject to the approval of survey. Other than deliberate falsifications or criminal market manipulation, It can be the only logical explanation. PRV advised the markets more than once that it had received evidence that funders had commenced the transfer of €10m to PRV's account, subject to compliance checks in HSBC. If this is NOT happening are we to believe that this evidence was forged or that PRV didn't receive any evidence and lied to the markets ??
Or could it be, that one of the final compliance checks imposed by the funder on HSBC or its legal team was to ensure permit was secured before transfer could complete. Given the tentative stance by Irish government on O&G exploration, isn't that logical ??? My other comfort is that I do feel that the survey permit will come through very shortly. I only hope its not too little too late .
Unless someone is lying or someone has deliberately & falsely misled the market there is no reason for panic just yet.
We were at these levels 6 weeks ago, low of .675p, when in my opinion there was MORE risks then.
Since then, 2 significant potential barriers have moved slightly in PRV favor.
Firstly : Climate bill has since been blocked. which is a positive for survey permission. After all how could it be declined now ? Remember survey permission was already granted before, and only re-applied for due to clerical error. Its difficult to believe the government would block Brids climate bill in favor of securing Ireland O&G supply, then block the PRV survey application, already granted, for Barryroe. SO, We've no reason to believe the survey permission wont be forthcoming.
Secondly : If APEC's or its funders had lost interest or had no funds available. Why would it be in anyone's interest to drag this out and put another backstop in place to 12th August ? The RNS yesterday was horrendous,, if the funder was OUT why not call it so, and declare that yesterday too ? So I can only assume the funder is still technically IN. Again unless I'm missing something & there are lies being told.
Your right chef136, there needs to be more balance to the climate debate. There was a "protest" in Ireland after the government blocked the climate bill, it consisted of 6 protesters, one of who painted himself green and glued himself to the doors of the government offices, there was actually more media and photographers present than protesters yet it made headline news and front page of the papers the next day. This is the only view the public are seeing and hearing at the moment. Look, I think its accepted we need to transition to less fossil fuels, I've 3 children, of course I want a cleaner healthier environment for them and their kids, so in principle I guess we all agree with Brid et al at some level. However I'm also a realist, and understand that this simply can NOT happen overnight. Brid herself mentioned last night on RTE that fossil fuels are here until at least 2050, so the question is where does Ireland get its required 30 year supply ? Its hypocritical for Ireland to take a stance and leave our resources in the ground while we continue to take other countries resources and ship them across the globe. Lets be clear leaving Irelands resources in the ground does ZERO to reduce our CO2 omissions and ZERO to reduce our reliance of fossil fuels. The responsible approach for Ireland is to secure our own supply, extract it in an environmentally efficient manner, generate a revenue stream, and use that revenue to transition and develop renewable sources. Ireland is €205bn in debt, we have no extra money for Health, Education Pensions for aging demographic, and our taxpayers already pay among the highest rates of income tax in the WORLD at 52%. Where is the funding going to come from for the transition / development of alternatives ? We can get to everyone's desired lower emissions Ireland QUICKER by using our own resources and using revenue stream to fund alternative source programs.
Wouldn't it be nice just for once to receive news without having to go right to the wire ? Guess they have never heard of the under promise over deliver concept. "On or before the 19th July" - AKA - RNS Monday morning 22nd @ 7.05 - very last minute !! Still think the survey permit is or was the issue here,, The Chinese will know how difficult it will be to get their $10m back off PVR if the permit is not granted. Lets face it, that was touch and go for a while until the Climate Bill was rejected last week. SO PRV please update us where we are at with survey, and what actions are been taken to secure a swift & positive outcome ?????
In my opinion this is NOT a banking issue. Regardless of the time it takes to receive cash it is extremely easy to prove you actually sent it. It appears from last RNS that APEC can not or will not provide this evidence, and the prv board are left with no option but to put another last backstop date. My theory is the HSBC remittance evidence is for the funds going from APEC's funders to APEC, but nothing has happened yet on funds going from APEC to providence. The elephant in the room is the survey permission, why would APEC advance €10m for survey costs when PRV have not received permission to carry out the survey. APEC are delaying until permission is granted, in the hope that this will be this week. Isnt that what we'd all do if we were in APEC's position ? The Irish parliament breaks up today for 6 weeks, and as far as I recall the survey permission needs ministers sign off, so I'm guessing EVERYONE hoped this would be done today, giving Brid & her party no time to object before survey is carried out.. Survey permission = funds.. Just my humble opinion, and for the record my 1st post and I'm up to my neck in prv shares, listened to Davy's for years.