Member Info for RBMInvest

Dough, first port of call has to be in Canada, not FCA, as that’s where COPL are incorporated. Like your idea on MPs being alerted, some are always looking for a bit of limelight! Let’s get ASC lined up first, then UK, at least the ASC communicate with you, the FCA do not.

Yes, I have been advised that this is indeed illegal, potentially on three front.

The normal practice is issue share options in lieu of pay. (Not so attractive if an SP drop or dilution is foreseen!). This ensures that the board’s financial outcome is aligned with all SHs.

A third party incentive should not be utilised, in this case the inducement was an Anavio bond, not a COPL share issue.

Thirdly, the BOD waived this through as an ‘internal agreement’ and, as such, did not require a SH vote. It did require a vote, as it was proposed by a third party (Anavio), using a third party bond that did not align the BOD’s with those of all SHs.

All the detail is in publically held COPL (RNS) and Anavio (term sheet) documentation.

As it’s documented, the only real thing to be investigated would be why - and that’s when the can of worms is opened….

Https://www.asc.ca/complain-or-report/

Fairly simple procedure. Wouldn’t want all complaints to look similar, but the specific complaint should centre around Anavio offering the BOD bonds that aligned with Anavio’s financial goals, not shareholders. BOD bonds have been renegotiated twice now, resulting in the conversion price dropping from 4p to 0.15p. This all happened in late August/early Sept. Even though the deal involved a third party, the BOD waived it through as an ‘internal agreement’ and, as such, undeserving of a shareholder vote. Illegal.

Hope that helps, but please use your own wording.

Copherder, for a new poster, you seem mightily keen to shine the light on a few rampers rather than the corporate entities. Stas’s response from ASC was in June, the illegal remuneration package happened months later and only flagged up yesterday.

My god, are some of you blind? This isn’t going to administration, they’ve appointed their own ‘Restructuring Director’! The deal to transfer the assets to Anavio (or other friendly third party) at a knock down price will take place behind closed doors, THEN the bidding will begin in open market!!

This needs to be investigated before that can happen. Stop staring at it through the glass thinking you can do nothing. Raise your complaint and fight the bastards!

Good, we’re now looking at the real issues. None of these issues will ever be investigated without evidence of other actions that could trigger such an investigation. Both Anavio and the BOD dropped the ball regarding the BOD’s bond issue. The BOD should not have been offered such an ‘inducement’ and should never have signed it off. The initial legal advice I have been given is that it warrants investigation. As it’s already on public record, any investigation would centre around ‘why’, not how. Do that and the can of worms opens….

It might work, it might not. However, I’d rather bring down the ringleaders, rather than name call a bb ramper who’s already disappeared….

Let’s have the Alberta Securities Commission open up to dozens of similar complaints on Tuesday!

Copherder, don’t think anyone will say the LSE bb didn’t add to losses, but in a miniscule way. Look at the real guilty parties, Anavio and COPL BOD. Without their actions, no bb manipulation.

Are you suggesting that the real guilty parties should go unchecked whilst we flog a few bb rampers. Find some perspective.

Yep, past tense again though.

Pointless blame appropriation, unless you look at the guilty parties at the core. That would be Anavio and COPL BOD, both of whom illegally fully aligned their financial fortunes. The BOD did not align their future with SHs. Simples.

Nope.

Lot of talk about responsibility on here today, but all past tense. Looking forward, either take responsibility for reporting these corporate sharks, or don’t.

Your choice, simples.

Cheap asset purchase, sell at huge profit.

Just to get away from finger pointing from new (?!!) posters at old rampy posters for a second, here is something that can be reported to the Alberta Securities Commission. I’ve taken advice, it is at best incompetent governance, at worst it’s corporate fraud. Probably a more positive action to bring people to account, rather than mudslinging over old posts….

Just go recap…

Hark back to late summer, when the BOD relinquished any cash payment? Industry standard under such circumstances is to accept payment in share options, thus fully aligning BOD interests with those of ALL shareholders, however share options are a depreciating asset if you think the SP might fall. So no, they were each issued a ‘bond’, as negotiated by Anavio, treated just like all their other bonds. So, after being issued to our BOD at a 4p conversion price, they’ve been included within renegotiation and now carry a conversion price of just 0.15p! I can find nothing within deal sheets to even suggest that they are treated any differently. Now that’s clearly an incentive package fully in line with Anavio’s game plan, not that of ALL shareholders!!

Worse still, they deemed it an ‘internal deal’, so signed off their own Anavio aligned remuneration as being unworthy of a shareholder vote!! Got to be careful what I say here, but at the very best that is shockingly inept governance. At worst, it could be clear collaborative fraud.

I’ll spell it out. Under Canadian law, the incentive package they signed off for themselves is deemed illegal. The board didn’t volunteer to take an Anavio bond, it was an inducement from Anavio to deliver what they required.

Knw, I’ve tried contacting him, but no response. I ‘m not expecting anything from that direction.

Speed, AM is not our current issue, he was a previous problem. We need to concentrate on the here and now and get ourselves organised to counter that asap. Everything else would just come out in the wash….

This is no longer Art’s baby, Anavio are pulling the strings here, with a BOD now financially aligned with their plan. Art has made some big mistakes ( not least getting into bed with Anavio!), but he’s not orchestrating this pretty intricate financial play, IMO.

Exactly what’s happened.

Our BOD is financially aligned with the Anavio project, not us.

Sent an e-mail to Cathy to forward to Cowan, as I thought he’d blocked me. She came back saying his e-mail address is not responding to her either. Is he still there?

Well, no hiding the fact that yesterday’s news was pretty dire, the market reaction as to be expected. I genuinely believed a JV was imminent, I was wrong, simple as that. So where are we now? Exactly where we were on an asset and fundamental basis, but sentiment has taken (yet another) almighty hit. The oils’s still there, but can we get it out in reasonable volume quickly enough, the potential safety net of a major JVP removed for the time being. A different JV, quite possible although probably not soon enough to help from a funding viewpoint. A TO? Quite likely, there must be several parties viewing our assets as a potential bargain if they act quickly. However, looking at things the company actually have an element of control over, the onus must be firmly on production, hitting 2000bpd asap has now become a n imperative. We need news, a plan and clear communication. We need it now.

Yesterday was a sobering day, the road ahead more treacherous - but it is not yet over. Some unnecessary ‘told you so’ posts, plus a very few and ludicrous ‘great news’ (on what planet?!!) posts, but I believe many will stick with is now and ride it out. That is my plan. But production is the new king, not a JV that we had zero info on….GLA.

Surely nobody is that sad, therefore obviously agenda driven posts.

Good night all.

I agree with that, but how can anyone have any self respect sitting on a bb all day and all evening, arguing with total strangers about an industry that many appear to have no genuine understanding of (save for quick cut and paste style web searches)?

Sad to watch, really is.