The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I see the usual suspects are attempting to discredit the legal action. I've recieved my email (checked spam folder), and I fully intend to participate.
However, I understand if some peoples' losses are small, and they may not wish to participate.
For those, who have registered thier interest, and recieved the email from Mr Cotter, you can see how serious this legal action is.
Combined estimated losses registered so far amount to £11,250,000 (exluding possible additional compenstation)
(correct link)
https://x.com/ActionCopl/status/1782728060791312883
Michael Cotter at Setfords has today emailed all shareholders who have expressed an interest in seeking legal action against those responsible for the downfall of COPL. Please check your emails (also check your spam folder)
Https://x.com/ActionCopl/status/1782727288573788482
Michael Cotter at Setfords has today emailed all shareholders who have expressed an interest in seeking legal action against those responsible for the downfall of COPL. Please check your emails (also check your spam folder)
Just a reminder to register your interest in joining the class action.
Detail can be found on the CAG Twitter (X) page.
https://twitter.com/ActionCopl/status/1776315890247606521?t=ihRXFHl3rSAth07hQcIceg&s=19
If not already done, please register your interest with Mr Micheal Cotter to join the Group Action
https://x.com/ActionCopl/status/1776315890247606521
Keep up the excellent work Stas. It's really appreciated.
Have you been including the link to the CAG's website?
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"This is my latest letter, with a few key words highlighted to stand out such as $492 million, EOR, 40 years etc. Get out and send it, help us to help you!!
Subject: Urgent Opportunity in the Powder River Basin: A Call for Support
Dear Sir,
This is not your average message. It's a call to arms from a shareholder deeply committed to ethical business conduct within our industry.
Right now, Canadian Overseas Petroleum faces allegations of corporate misconduct and those associated may be trying to seize control of their assets, putting the hard-earned investments of many at risk. But amidst this turmoil lies a window of opportunity — a chance for decisive action and strategic investment.
We're in a David-versus-Goliath battle, fighting against wrongdoings that threaten our investments and dreams. But we refuse to be victims. We're reaching out to industry peers like you to unite against corporate criminals and safeguard our shared interests.
Why should you join us? Because alongside ethical justice, there are significant financial gains waiting to be seized:
With a reserve life of over 40 years and increasing oil production, our facilities boast impressive longevity and performance.
Our 2P NPV at 10% DCF stands at a formidable $492 million, as of July 31, 2022.
We've struck gold with a massive discovery in the Cole Creek area, with over 993.5 million barrels of Original Oil in Place, independently verified by Ryder Scott and compliant with NI 51-101 regulatory standards.
Recent infrastructure upgrades to our gas gathering system support enhanced oil production, with potential for considerable carbon capture in our miscible EOR project.
Your partnership in this endeavour is pivotal. Together, we can turn the tide against unethical practices and secure our financial futures.
Time is of the essence. Your swift response is invaluable. Visit www.copl-media.com for background information, and track the CCAA and Chapter 15 proceedings at https://www.ksvadvisory.com/experience/case/canadian-overseas-petroleum.
Let's discuss further. Reach out to me directly, and let's stand united against wrongdoing.
Thank you for your prompt attention. Additionally, please I would ask you to refrain from dismissing this message outright. If this opportunity doesn't align with your current interests, I kindly urge you to forward it to your board or corporate colleagues for their consideration. Every potential ally in our fight against unethical practices is invaluable.
Sincerely,"
Https://twitter.com/ActionCopl/status/1772900888652267694?t=Vr06Qbz0YvZk3yBm9tFUkQ&s=19
Mr Michael Cotter has been engaged by the CAG
https://www.setfords.co.uk/our-people/profile/michael_cotter/
https://cotter.legal/about
Solicitor Advocate and financial services Lawyer, Michael Cotter offers expertise in regulated industries including pensions, financial products and investments.
From complicated regulated-services fraud, to emerging unregulated schemes that target unsophisticated investors, Michael is an experienced litigator advising clients in multi-million pound actions against investment services.
Adept at complicated class-action claims and a professional negligence expert, Michael most recently assisted in the recovery of over £25m to investors as the lead lawyer in the matter against Arck LLP and those connected. Having uncovered the fraud that affected over 250 clients, he took action to successfully assist with the return of millions from the Yorkshire Bank for those victims. This case lead to the prosecution of the directors of Arck LLP following an investigation by the Serious Fraud Office.
Michael also assist clients in Judicial Review proceedings against the Financial Services Compensation Scheme and Financial Ombudsman Service.
As a regular media commentator for titles such as The Times, The Financial Times, Money Mail, Professional Adviser and Citywire Michael is at the cutting-edge of evolving markets and industry trends.
PRESS RELEASE: (Re-post from last week)
COPL Action Group: Shareholders in Canadian Overseas Petroleum Limited demand board changes, plus an independent investigation via Special Meeting.
LONDON and CALGARY, AB, Feb 29, 2024 - COPL Action Group (“CAG”) and Canadian Overseas Petroleum Limited (the "Company") (CSE: XOP) (LSE: COPL).
CAG members currently own 8.9% of the issued share capital of the Company.
Shareholders of the Company formed the COPL Action Group in December 2023, opposing recent decisions made by the Company’s Directors (the “Directors”) led by Chairman of the Board, Mr Tom Richardson.
The CAG can confirm that it has secured the services of Mr Michael Cotter, Solicitor (London), to act as its legal counsel. Mr Cotter has already written to the Directors of the Company to requisition a Special Meeting, following a 99% reduction of the company’s share price. In summary, the purpose of this meeting would be to:
Remove Mr Tom Richardson, Mr Mark Wall and Mr John Cowan as Directors of the Company with immediate effect. The CAG have nominated three alternative candidates, their appointment to run simultaneously with the removal of current named Directors.
The CAG are also calling for an independent and detailed investigation into the conduct of COPL and that of its Directors in five specific areas.
The CAG believes that these measures are imperative in securing a sound future for Canadian Overseas Petroleum Limited. A spokesman for the CAG stated “We need to fully understand what has been happening and, in the case of gas injectant promised via official RNS, what has NOT been happening. The CAG have no confidence in anything said, or actioned, by the Directors named, it’s as simple as that.”
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has not been consulted on the contents of this press release.
SOURCE COPL Action Group
For further information, please contact CAG at coplsharewatch@gmail.com
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CAG has written further to the Company requesting the following action:
Immediate provision of two board seats to members of CAG by way of shareholder representation
Immediate renegotiation of bond terms as follows:
a. Strike price revised to 6.75p.
b. Moratorium on bond conversions for at least 6 months.
c. Maximum of 10 bonds allowed to be converted in any 12 months period by Anavio.
d. All existing warrants linked to bonds cancelled.
Sufficient working capital sourced to restart gas injections at the BFSU.
In the event the Directors fail to respond positively to these requests, CAG has no confidence in the Directors and calls on the entire board to resign with immediate effect.
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The BoD need to do the right thing, and repair the damage they have done.
https://www.prnewswire.co.uk/news-releases/copl-action-group-shareholders-in-canadian-overseas-petroleum-limited-require-answers-as-company-loses-98-of-value-302043695.html?tc=eml_cleartime
Shareholders of the Company formed the COPL Action Group in December 2023 as a direct result of the conduct of and decisions made by the Company's directors (the "Directors") led by chairman of the Board Tom Richardson.
CAG has written to the Directors on a number of occasions since 26 December 2023 in respect of the following matters:
Failure to adhere to good corporate governance.
Lack of independence of the Directors.
Lack of shareholder representation on the board of directors.
Failure by the Directors to publicly support the Company's share price.
Failure by the Directors to act in the best interests of the Company and its shareholders.
Failure by the Directors to engage with shareholders and perform any sort of public relations/investor relations functions.
Directors have consistently favoured the interests of the Company's bondholders over the interests of its shareholders.
Directors have allowed almost all shareholder value to be eroded, presiding over 98.5% loss of value in just 7 months.
Company's press release of 6 September 2023 announced that Directors would receive bonds in lieu of fees, directly aligning Director's interests with bondholders in conflict with shareholder interests.
Directors publicly stated on 6 September 2023 that shares would be sold at 4p, with bonds reset to the same price. On 6 October 2023, the Directors announced that the shares would now be sold at 2.6p with the bonds reset accordingly, a 35% drop from the previous announcement. CAG has very serious misgivings about the circumstances relating to this financing that have been conveyed to the ASC in Canada and the FCA in England.
On 6 October 2023 the Company publicly announced it was fully funded through to the end of Q1, 2024. On 20 December 2023 the Company announced it was in financial difficulties. CAG wishes to know where the working capital available to the end of Q1, 2024 has gone.
Directors have reduced the Company's only significant source of income by stopping the injection of gas to the BFSU.
Terms of the bonds agreed with Company's bondholders are not compatible with the Company being successful.
Until the Directors renegotiate the terms of the bonds with the majority bondholder, Anavio Capital Partners LLP ("Anavio"), the Company will have little or no chance of survival as the terms of the bonds are so one sided that there is little or no possibility of equity investment.
Existing bond terms create a financial death spiral.
To date, the only formal reply by the Company to CAG has been in the form of the press release dated 10 January 2024.
"So many of the decisions were taken in order to force the SL into a corner and to make the JVP see no way forward. ie deliberately restrict the company's income by not injecting which then made the 'funds through Q1 2024' RNS effectively invalid. Then announce that the company is going bust as it doesn't have the income, raise 2.5 mill survival money for billions of shares thereby effectively giving the company away for nothing and diluting shareholders into oblivion. Then try to mop up any remaining PI shares by announcing that the assets are worth peanuts so don't expect anything from a sale, despite there being years of evidence from independent assessors that the assets are, in fact, worth way more than the debt. If they're not, then who was lending the company money without sufficient collateral assets to cover the debt? Answer..No one. The crook Richardson then basically gets a couple of mates, who remain anonymous, to 'independently' verify that that the assets aren't what Ryder Scott said they were and puts out another RNS repeating this to keep scaring PI's to sell the remaining shares, partly in order to try to take the sting out of whatever shareholder action is coming his way"
Https://x.com/actioncopl/status/1761322901465079954?s=61&t=vycwAgUK0WAJh-1MuZZlpw