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In the RNS, COPL keep stressing they got legal opinion not to put the various funding rounds with bond holders to shareholders implying this is not a clear cut issue. Given that from the first Anavio tranche in July 2022 resulted in further dilution for ordinary shareholders, is there contrary legal opinion of the view that it was clear cut and SHOULD have gone to shareholders for their vote? Any lawyers out there?
One more point, I understand that the penalties for these activities have been severe for many years but that actual prosecutions have been relatively few and far between. Bearing in mind the importance of Financial Services and the City more generally, post-Brexit, this could be about to change with the authorities more keen to weed out wrongdoing. Note that HM Treasury aligned aspects of the Criminal Justice Act 1993 more closely with the UK Market Abuse Regime (UK MAR) as recently as June 2023.
I just had a look at the FCA Handbook FCG 8 covering Insider Dealing and Market Manipulation. It says that the former is a Criminal Offence under the Criminal Justice Act 1993 section 52. I cross-referenced that to find that the consequences of being found guilty of these crimes include unlimited fines and or a custodial sentence.
How would we know? They could be going very well indeed. The Bondholders and COPL have more and more reasons to get back to the table. It could be their only way out. Fear is brewing in their souls. Is it a coincidence that we've not heard from the directors? Nobody knows where Messrs Gaffney and Cowan are. I suspect they and Anavio are looking for answers. Fast.
The silence is deafening from the Board and a crisp, clear statement outlining how it intends to drive this COPL in its current form forward as a going concern. If we're going down, at least let's go down whilst putting in maximum effort to be successful. Where are you Board? Why are you so quiet? What's your motivation? What do you want?
Did you read the contents of 15 Nov RNS? What if a person who did so invested in COPL for the first time based on that announcement from the company? Have a look at WOGCC for declared injection figures since Q3. How would you explain the difference between what was stated on 15 Nov and what was declared to WOGCC?
RBM, what about COPL's business contact and paid for research at H and Partners? What will they be thinking about their published research based on the information provided by COPL? What about any current liability risk on them now and any reputational risk more broadly? Action plan?
Total focus required and will be given. Thank you RBM. Will complain soon. I am all in supporting your efforts. Surely life can be made very difficult for any parties who may have acted dishonourably and/or illegally? The 15 November RNS is a good place to start.
Any lies out out via RNSs that can be proven as such will have consequences. Absolutely critical to get a comprehensive statement without delay from COPL. This is our plan and we are pursuing this. Where is it COPL? Is your heart in it directors and senior management. If not, why are you collecting your salaries and what do you really want out of all this? The time to talk it now.
We need a clear statement from the Board without delay, not only explaining the misinformation of the 15 Nov RNS as well as several other areas of confusion but also to state with absolute that they intend to collectively fight for the business to remain a going concern. Based on the evidence we have, why can't they aim to sell CC then focus full power on BFSU production? Show us so cojones COPL! Any sale needs about USD 100 to settle the debts. The professional fees will be huge....USD 20 million? Still, the non-BFSU assets should be enough to settle these debts SO LONG AS they have been described thus far with some accuracy and in good faith. Have they?
If Anavio convert all their bonds, shares in circulation could go to over 10 billion. Much harder to gather the required numbers then so sooner rather than later I guess. Is there someone collecting details already? Shares owned, etc?