Member Info for messer3

Back where the share price was 6 years ago.

I had expected more publicity for EXR. Didn't see any refs to School of AI (unless I missed it).

Got it !

Couldn't see any EXR references at the Meta for Education site. Can you help?

Interesting to see that the Stena Forth is booked though to October 2024, subject to options for November 2024 and either available or hot stacked from December 2024 onwards for all 2025.

Scroll down at https://www.stena-drilling.com/our-fleet/stena-forth/

Previous prior-year corporate/operational updates:

7/2/23, 20/1/22, 21/1/21, 14/1/20, 29/1/18.

Just to be clear, the Examiner highlighted the 5% deal and said that it was unusual, but he didn't comment on its underlying quality as this won't be known until details are published in a month's time.

I attended the meeting yesterday and can confirm that the Examiner indicated that (up to the time of the meeting) the shareholders had voted against the proposals. He said that hadn't originally planned to reveal this. During his introduction to the proposals he went out of his way to highlight the 5% offer. Only about a dozen shareholders attended. I asked whether the Court would be advised of the shareholders vote (answer: yes) and pushed for a Barryroe-Lansdowne deal to pursue a legal action. It wasn't clear to me as to whether this had been explicitly explored by the Examiner.

Where are the 10,320 shareholders (other than the big six holding 3% plus) with a combined 45% holding? Aside from those holding shares via nominee accounts, have all individual shareholders been written to?

Surely a strong vote by smaller holders against the proposals would alert the Judge that all is not well and force a rethink on the part of LG and the Examiner of their virtually worthless offer.

I'm awaiting documentation from my broker to enable me attend the meeting. I have also contacted barryroe@interpathadvisory.com for their guidance on how to attend/vote.

Thanks. So the ten thousand shareholders other than LG should vote to reject the proposals and hope to get the court's attention and support. This could result in LG and co having to go back to the drawing board and hopefully come up with a more acceptable proposal for shareholders who have nothing to lose in event of liquidation.

I'm very confused. The Proposals for a Scheme of Arrangement (6th October) clearly states in a footnote that the proposals do not require approval of shareholders. However, the other documentation on the Barryroe website invites members in the Notice of Meeting "to determine by resolution if the Scheme of Arrangement placed before the meeting should be approved pursuant to Section 540 of the Act".

So, what is the position? Approval or not???

Second try to add last par:

So, we could be looking at 47c NPV per share (at best) for Larry as compared with (maybe) 2.6c for other shareholders or at 13c to all shareholders if the development licence had been granted and examinership avoided.

Last par got clipped:

So, we could be looking at 47c NPV per share (at best) for Larry as compared with (maybe)

If, optimistically, Barryroe really has 300 mln bbls of (easily) recoverable oil and these are valued at a discounted price of, say, US$5 per bbl then the Barryroe's 80% share of the field's net present value post a 50% farmout would be US$0.60 bn (300*0.8*5*0.5). Based on 1.145 bn issued shares, the NPV per share would be 52 cent and 5% of this would be 2.6 cent assuming Larry plays fair and there are no delays in getting into significant production. More conservatively, the 5% offer might be worth only about 1 cent, or nothing at all.

If the pre-examinership situation had pervailed with initial fundung from Larry and with a subsequent 50% farmout, the share value after 4x dilution might have been, say, 13 cent (52/4) for all shareholders including Larry. That's about four times the average share price (~3c) during 2022 and about 26 times the final pre-suspension share price (~0.5c).

Finally, if the examiner's proposal goes through and the field is developed then it could be worth up to €540 mln after same 50% farmout (300*0.8*5*0.5*0.95/1.06) to Larry.

So, we could be looking at 47c NPV per share (at best) for Larry as compared with (maybe)

The inclusion of a once off Gain on Acquisition (£139 mln) almost doubled the PBT for 1H23. Without it, the PBT for 1H23 would have been £159 mln compared with £194 mln for 1H22 and £293 mln for 2H22. Not so pretty, Much of this decline is linked to a fall in gross profit margin to 53% in 1H23 as compared with 76% and 73% in 1H22 and 2H22 resp.

Circular is here: https://ormondemining.com/wp-content/uploads/2023/08/23-08-01-ii-Draft-CIRCULAR-OBH-BMM-BT-06.00-FINAL-FINAL-CLEAN.pdf

So, management originally said that it would delist Ormonde and seemingly rely instead on TRU's listing on TSX Exchange (30th June circular). But TRU is now proposing to cancel this listing in favour of a listing on a different, unspecified Canadian exchange (page 6 of 31st July circular). Meantime, Ormonde itself is going to delist from AIM/Euronext and has applied to join the AQSE market. All very confusing and a bit like 'musical chairs'.

Also, very unclear as to what happened to the original proposal to increase Ormonde's stake in PNL from 20% to 50% in order to effect a RTO. This has now been shelved by the proposed investment in TRU. Finally, why is management investing CAN$3.0 mln in TRU at 0.05 per share plus warrants (at 0.075) when TRU's share price stands at about 0.03.

Euromonitor International’s first global energy vulnerability index shows that the Republic is one of the lowest-rated participants in terms of self-sufficiency, where it ranks 94th as the State imports much of its energy, mostly in the form of natural gas, oil and coal. Of course, Barryroe could help address this major deficit.

https://www.irishtimes.com/business/2023/08/08/republic-among-most-energy-vulnerable-nations-study-finds/

We know that the top six holders have about 55% of issued shares. Is it possible to estimate the total number of smaller holders of the other 516 mln shares? Potentially, these could include thousands of Irish taxpayers/voters. An average holding of, say, 100k shares, would point to about 5k small holders.

Application by Goodman for appointment of examiner:

https://www.irishtimes.com/business/2023/07/21/larry-goodman-petitions-for-examiner-to-barryroe-offshore-energy/