Member Info for RKBeekeeper

The reason why FG has to say £1,150,000 and not £850,000 is because he is deservedly due his 10% for his sterling work on this particular claim which has taken over three years to conclude.

IF FG had said they were receiving (only) £850,000 then he would receive less for his 10%. We will receive £1,150,000.

RKB

My daughter is a solicitor and I talk to a few of her fellow solicitors on a regular basis. What is normal practice is that some (often substantial) fees are incurred in initially looking at a case. If there appears a good chance of winning then it is prudent to take out insurance. The insurance policy often has an upper limit and can be very expensive.

What we know is that FG had insurance in place and there was never any risk to CLP. This insurance policy could have been in place for over three years (we will never know, unless you ask)

I still standby my initial Post that we will receive the full £1,150,000 paid in two instalments. If this is not the case I will Post a retraction as I believe we should have accurate information on our BB.

RKB

Update

There is doubt from another Poster about the expenses and he is saying privately that we are only getting £850K like you have Posted below (and he is a qualified accountant) but I disagree with him and yourself as per my Post below.

RKB

Good afternoon LimitedAccess

We are receiving £500K on Friday (tomorrow) and balance of £650K payable by 7 March 2019. Add the two together and we get in total £1,150,000.

You can not deduct the £300K of legal and insurance expenses from the money due, we are getting £1,150,000 cash.

The Profit & Loss account will show about £850K Profit as that is how you apply expenses to the sum received.

Hopefully one day you will post accurate factual information especially after next week’s General Meeting.

RKB

Interim Results

I like these Interim Results. The main thing that stands out for me is that the accounts are clean. They are easy to understand and RP even points you to the relevant note if further explanation is required.

I first look at the balance sheet and as predicted there is no debt. Any company that has no debt, overdraft or convertible loan notes is a good indicator for future earnings.

I then check the BoD still have their stake (they have as documented on our website) R Price has 12 million shares.

http://highlandsnr.com/investor-relations/investor-information/

RP has also given us an overview of our current assets. Three of which are now revenue producing.
We are all aware of our 7.5% income stream from East Denver which will increase shortly when the next 6 wells are flowing within a few weeks. Many were not happy with our free carry of “only” 7.5% but this income stream (along with the capital from True Oil) has enabled RP to purchase further assets like the Epiphany Water treatment, which in my opinion is a larger potential than most realise.

Nitrogen sales: RP only announced our initial 800 acres in May 2018 (now 3,200) and he has already produced an income stream. It does not look as if we will utilize this for our DT Ultravert in 2019 as it appears to be on the back burner.

Nitrogen-Hydrogen: RP has already discovered that this resource is suitable for agricultural uses and even to enhance the growth of cannabis plants. It may not seem much $8,000 for 50 plants but like all pilot studies you evaluate. I expect RP will be exporting this resource to Canada in 2019 after he has secured the certification for organic classification. Like East Denver we began small and now we will have 8 income producing “free carry” Wells and this Nitrogen-Hydrogen stuff will blow your mind literally.

Carbon Dioxide: It is now looking like RP will go for a joint partner to exploit this massive 46,000 acres.

East Denver: Accounting polices: RP has this asset in our books at $200K. I focus on this main fact. We have an asset worth on paper of $200K which will produce an ongoing income at no capital cost or monthly expenses. Imagine you had invested $200K away back in the stock market in over 50 years ago and were going to receive an annual income of many multiples of this $200K. I am not going to try and estimate our income from East Denver in 2019 but it will be many multiples of our book cost.

I could say a lot more about the accounts all positive but Posters only read what they want to read and only see what they want to see, I see continuing multiple revenue streams and a maiden dividend in 2020.

As always DYOR.

RKB

PS Noodle_26 shame on you

Excellent News

This is indeed excellent news from FG to secure an out of court settlement of £1,150,000 which along with the first batch of Bonds converting at 3.76p or just under 51 million shares to remove €2.1 million of Bond Debt. As others have already said the Court Settlement and the Bond Conversion is the same as the current market capt at a price of 0.6 (excluding the extra shares to be issued to the Bond Holders)

I will have substantially more to Post after the General Meeting on Wednesday 19th December.

RKB

Good Morning Vincenzo, I should have paid more attention to you at the last AGM and I am optimistic that a good friend of mine will attend the forthcoming GM and say hello.

Sorry for delay in replying as out in Glasgow with mate for drinks and dinner so had a few Bottles of Italian Red. Evil does not know anything and can only boast about how much he loses on the horses. If he paid attention to our GM and the previous GM and then the AGM before that then he would have an advantage but he would rather blurt out on the last AGM that he lost £50k on the horses as if it was the price of a coffee. He spouts out his weekly drivel and does not see the bigger picture but I do and FG knows I know. I will wait till the RNS confirmation that both resolutions have passed then I will enlighten you. Evil can only see pies I see the bigger picture. RKB

Evil Knievil

“We met at this year’s CLP AGM. Have you read the RNS that there is a General Meeting later this month? You have missed something that is very important. Don't think you will be able to see what I have seen as a trained Accountant could not even see it, it is worth investigating this rather than commentating on the French when you are supposed to be an investor in Clear Leisure. Maybe one day you will open your eyes and ears and then realise that I have information on CLP”.

RKB

Eufingest have first charge over the one share in CLP 2017 as security for their loan not their Bonds.

RKB

Good afternoon LimitedAccess

There are currently €6.9 million of Bonds outstanding. €2.1 million are the first tranche to convert at 3.76p or 500%. That leaves €4.7 million of which Eufingest hold €3 million.

Posters keep referring to €9.9 million when it should be €6.9 million and I disagree that Eufingest have lost the upper hand as on reflection I believe this is going to work in their favour.

RKB

Another way to look at it.

FG wants to reduce debt by £1.9 million (€2.1 million of the Bonds) He seeks authority on 17/05/18 and then like the placing on the 23rd May when he raised £600K he also issues a further 201 million shares at 0.95 and wipes out this first part of the Bonds but has had to issue a further 150 million shares. Now this conversion would have only been at 50% to the current share price not 500% like FG has just pulled off. (Technically there is insufficient nominal capital at this stage to do a £600K placing and repay €2.1 million of Bonds)

Alternatively FG waits another week till the 30th May when he repaid Peter McBride and 64Bit at 1.1p and on this occasion he decides to also convert €2.1 million of Bonds at the same price and he would have to issue 173.5 million new shares or a further 122.5 million shares.

You have to accept that by persuading Bond Holders to convert at 3.76p and not 0.95p or 1.1p FG has saved the Company a lot of money.

RKB

Nominal Capital

What some may not realise is that when there was a General Meeting on 17/05/18 to approve the £500K of Nominal Capital the authority was to last three years.

We began with the authority to issue up to 200 million shares.

Placing 23rd May for £600K issued 63,157,890 shares.

Issue of equity 30th May to Peter McBride money owed in interest of £91,722 and issued 8,263,250 shares.

Repay loan 30th May to 64 Bit for about £86,549 and issued 7,868,130 shares.

Small Bond Conversion at 4p on 5/10/18 for £65,000 and issued 1,625,000 shares.

In total FG has “raised” about £843,271 and issued 80,914,270 shares.

As at today FG has authority to issue the balance of the 200 million shares which is 119,085,730. But we know the first batch of Bond Holders that have agreed to convert only need 50,992,826 so there is currently plenty of headroom.

RKB

Bond Conversion

Well I did not see that coming. I would have put money on Eufingest converting all of their Bonds but now we will have to wait till this first batch are converted and see if there is any change to Eufingest shareholding. Will just have to be patient a little longer.

Whatever way I look at this I can only see the positives for our Company. We now know the total Bonds are €6.9 million. We also know Eufingest have 43.48% or €3 million.

We know that today we are reducing the Bonds by €2.1 million and issuing almost 51 million shares which have a nominal value of about £127,000. Using a conversion rate €1.1 to £1 this wipes out about £1.9 million of debt and after deducting the nominal value of the shares which is about £127K means our NAV has (will) increase by about £1,781,609.

Our Market Capt at 0.6 with the current 514.7 million shares is about £3 million and at 0.65 is about £3.345 million. With the increase in shares to about 565.7 million shares (after the first batch of Bonds converts) on paper our NAV all things being equal would be about £5,127,273 (current market capt £3.345 + increase of £1,781,609) and this would work out as a mid price of about 0.9p. But we know it does not work this way as the market has to factor in all sorts of things.

RKB

Boom123

Hello Boom123 good to see you back as I thought I was going to have to send you a bereavement card.

RKB

Share Capital

LTH will know that I am confident that a majority of Bond Holders will convert (incoming news)

Our Articles of Association (May 2010) state on page 12 article number 60 talks about Annual General Meeting and General Meeting and normally a General Meeting has to be called by no less than 14 days notice in writing.

Article 61 permits a shorter notice period.

The latest date that FG can (normally) issue a notice calling a General Meeting is Friday 14th December 2018. There would then be a meeting two weeks later on Friday 28th December.

There will not be a meeting on Monday 31st December due to the Xmas holidays.

There has to be a General Meeting to approve an increase in share capital to allow all Bond Holders to convert.

RKB

ORA SpA

Bebeto, what do you know about one of our previous companies ORH SpA and a Mr Presti?

RKB

PS thanks Phil Des-Forges

Good morning Bebeto

I will give you an unreserved apology for last night. Often there are posters who have multiple id’s and sometimes talk to themselves and in hindsight I should have left others to make their own judgement.

I would have been convinced initially that you were new and genuine if you had spoke a little more about what you had found and maybe posed a question about why the auctioneer set the price of the Land at a discount (as there is information in the document you found that sets our how a discount can be applied.

It is my understanding that all professionals have to act truthfully and honourably when exercising their duties. We have a situation at present where we (through CLP 2017) hold a First Charge on the Land. So it is the same as a Bank or Building Society holding a First Charge on your Home.

If you were declared bankrupt then the Trustee in Bankruptcy will liquidate all your assets and repay your creditors. You can have preferred creditors or technical secured creditors and then you can have unsecured creditors.

We have our First Charge that could have been settled in full by the Court or the Liquidator assigning the Land to CLP 2017 to discharge the First Charge. By allowing the Land to go to Auction and setting the price at a discount to the First Charge disadvantages not only CLP 2017 but all the unsecured creditors (which we have about 94% of the unsecured creditors)

One day this will be resolved and we will either have the Land or the money that was offered (after expenses) by the Farmer. Then we will get most of the money from the 10 Sardinian Villas and maybe just maybe the money of 1.3 million held in escrow.

Bebeto, I look forward to further Posts from you.

RKB

Recommended Posts

If a poster believes that a Post they have read is good, informative or just worth reading they have a choice to “Recommend” When this happens then you will see a Green Thumbs Up and a number indicating how many other Posters have “Recommended” that Post.

When you have a new Poster appear with no Posting history and you also see that their Post is recommended only once, you may think that they have recommended it themselves.

Posters are devious and may have access to multiple logins. LTH know who are genuine, we may not agree with each other but we know their style of Posting.

I have been on a free ride here since Summer 2017 and do not trade and I am happy to await upcoming news that will benefit all shareholders.

RKB

Good evening Bebeto

First I note your only three Posts are on Clear Leisure.

Second I note you only began “this account” just over a week ago.

We have a number of LTH on this BB who do extensive research and we have Max who is Italian and who finds stuff for the BB and writes to FG and various people and organisations in Italy in Italian.

I have translated hundreds of pages of planning applications and other documents but I have not come across this “original document” that you “This is all knew to me, using share chat, that is” managed to find and were so kind to share with us all. Emmmmm.

You are selective with what you have posted. You obviously do not know the difference between having a “first charge” and having “something assigned”

Like your namesake Vincent van Gogh you appear to be using only one ear.

A First Charge normally means a mortgage lender has a legal right until the mortgage is repaid.

Now I believe you are an intelligent person (all be it a dishonest Poster) and what would normally happen after an auction is the Land would be assigned and for the record there are taxes similar to the UK on the transfer of Land payable.

I was at this year’s AGM and I spoke at length with FG in particular about the Land Auction and the Bond Holders (who at that time were able to convert at 15p) FG is one of the most honest CEO’s that I know and I can assure you that he will deliver value for all shareholders and sooner than most realise.

RKB

Bond Situation Part 3

Let us assume that the 70% of Bond Holders convert and we are sitting about 1.5p. If this was to remain constant in the future and FG was to then issue another request to convert then at 500% it would be at 7.5p or more or less double what Bond Holders currently have been offered. If they take their conversion at 7.5p they get half the amount of shares they would if they had converted now.

Bond Holders are not like ordinary shareholders, they are known as sophisticated investors and will know the risk they run by delaying conversion.

Do you recall I was at the AGM earlier this year? I asked probing questions about many things and FG would only give me what I called “stock answers” we all know he can’t say anything that is not in the public domain.

Do you recall I have often said it is not what is said in answer to a question?

Why do you think the Bond conversion went from 15p to between 125% and 500%?

It is because if our share price over 10 days was at 3p then 500% is 15p and if our share price is 12p it will be converted at 125% or 15p. It is not rocket science. Bond Holders know news flow on many fronts is about to cascade.

Ondaland Resolution within the next month and north of €10 million in my estimation.

Mediapolis Land appeal decision in January, whatever happens either get the Land or get the money which is over €2 million.

Mediapolis Liquidation we get about 94% of all liquidated funds so that means 94% of the 10 Sardinian Villas which are worth about €5.5 million.

Justine Cooke / Fortune Cookie court case, I think Evil Knievil (remember he was also at the AGM but could not prove his ID or his share holdings) he pushed FG & RE for 20 mins on this case and even though BoD said nothing I believe this £5 million case will settle at the top end of the claim because we had what was known as drag along rights that were due but not paid.

Sosushi claim for £1 million I believe they have to concede as FG is not going away.

Tax Losses of only €60.4 million or so now as we need to deduct the profits from the Bonds above of €5.9 million balance is €54.5 million. This is worth about £48.6 million and at 20% Corporation Tax worth just over £9.2 million. (thanks Timmit)

When Bond Holders have all of the above information they will know it is the time to convert and not next year when we will be at a substantially increased market capt.

RKB

PS as always you should do your own research as it pays off in the end.