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CAG were on the call. Subject to a couple of clarifications, the AVO was granted with a conclusion date of 17th June.
The BP situation was very strange, leaving their objection until the last minute, as though surprised.
Mr Cotter is aware of an emailing issue affecting specific email account providers (I haven’t had an email myself!). Yahoo, AOL etc known to be an issue, but a remedy is close. Please bear with them, it was out of their control.
Reposting a note I added on 23rd March in which I highlight that there were always going to be additional KC costs to be covered, some appear to be fixating on those. The zoom calls will answer all your questions - having waited so long for justice, I’d suggest waiting another week before committing would be wise. The first phase is the stage at which the vast majority of these unavoidable costs are encountered.
23rd March:
‘Setfords have agreed to proceed on a no win, no fee basis. As with all class actions, there will be a cost for external KC counsel, but these costs are yet to be determined. Given the numbers of shareholders looking to get involved (we have been contacted by 500+ prior to closing applications as interest had more than been established), we do not envisage these costs to be in any way prohibitive, perhaps done on a banded basis. Mr Cotter is working on this a present and will fully explain the process to all when he invites applications to join said class action.
Every action that CAG has taken to date, every hour invested by its team has been without any cost to shareholders. All legal counsel taken thus far and being taken now, has been without cost to shareholders. Should there be the need to cover costs beyond Setford’s no win, no fee class action representation, then we will address that in an open and inclusive manner. We have not, are not and will not hide anything from shareholders when all the facts are to hand.’
Apologies folks, but I obviously don’t have access to their email account to check anything.
Can I ask that anyone who has not yet received an email to send
NO EMAIL RECEIVED
to coplaction@ceclegal.co.uk
Folks, as mentioned previously, there are additional and external costs involved that have to be covered, potentially KC counsel in 3 jurisdictions etc. These costs obviously do not fall within no win, no fee. The whole process will be fully explained, in detail, during the zoom calls that Mr Cotter hosts.
As stated in our previous message, our legal action is being brought forward and you should all receive notification when certain things have been actioned.
As per Stas’s note, our actions are being watched and there is zero benefit at this stage to over communicate. Frustrating? Yes, but for us too, please understand that. However, this must be done properly, it simply cannot be rushed.
OK, first concern over, this is the key clause for us. They are not protected if fraud, misconduct or negligence can be proven.
AVO
Releases
12. …claims shall be deemed to be fully, finally, irrevocably and forever waived, discharged, released, cancelled and barred as against the ‘Released Parties’; provided that nothing in this paragraph shall waive, discharge, release, cancel or bar any claims with respect to any act or omission that is determined by a court of competent jurisdiction to have constituted actual fraud, wilful misconduct or gross negligence.
Given we’ll have to prove all three anyway, then we can make a claim against any party.
Angus, we were not wrong. We left options open as several parties entered the data room. Unfortunately, this was almost the most likely outcome.
We’ll be giving our thoughts tomorrow, following discussions with Mr Cotter.
Disappointed, but we remain up for the fight.
Guys, we really can’t offer an opinion on fair value, we don’t want to be seen to set expectations. Nor will we comment on which ‘targets’ have already been contacted. Sorry, but that’s the best stance at present.
An absolutely huge response to Mr Cotter’s invite thus far…..and e-mails are still flooding in.
Very strong cases built against numerous parties, based upon several potential outcomes. Let’s see how this auction process pans out, but we have all obvious angles covered on the other side.
If you have not already registered your interest, please do so asap.
CAG is delighted to confirm that it is to continue to work with Mr Michael Cotter of Setfords & Carlton Elleker Chase, London (CEC). Our plan of action will be fully defined as the SISP process applied to COPL unfolds over the coming weeks, thus allowing us unhindered sight of specific targets and jurisdictions involved. At present, given the strong indicative interest being shown in the COPL assets, we are monitoring the situation closely as a restructuring solution is still a possibility.
With this in mind, Michael proposes hosting a series of zoom calls, in late April/early May 2024, where he will discuss his vision with COPL shareholders and answer any questions/queries you may have.
To register your interest in this process, please email coplaction@ceclegal.co.uk listing the following information only:
Name:
Email address:
Country of residence:
No. Of COPL shares held:
Amount invested:
Approx date of investment:
Michael has a proven track record of success as a specialist Financial Services Lawyer, and specifically in large scale group/class actions. He, and his team's experience in restoring the finances of investors who have lost funds due to financial disasters and collapse ensures we have sourced true expertise. CAG has been working alongside Michael and have been provided specific advice and direction in respect to potential targets and the best routes of recovery. In addition, Michael and his team have already begun to map out a clear PR campaign to ensure that COPL shareholders receive the attention they deserve.
We have a proven winner representing us, and hope you’ll join our fight.
The COPL Action Group