George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Mr Justice Yamauchi spoke at length with Mr Pontin representing BP at the Hearing at the end of which Mr Pontin thanked His Lordship admitting the BP Affidavit and for not construing Mr Pontin's submission as a sleight on the other Counsel in attendance. There is no right of appeal and all parties concluded the Hearing as per protocol. That is what happened and no objections were made.
Just a few words to put things in context. At Hurricane Energy, I don't think that legals were as complex as they are here (and ours have only just got started in relation to our Class Action). There are reasons I mention this. First, Hurricane announced their legal fees back in 2021 - around £17 million. Secondly, the legal fees already accrued over the last few months by the various parties will be many millions of dollars based on the above. CAG has Michael Cotter working on a no win no fee basis but with a hard fee payable for KC or KC equivalent in the UK, US and Canada. Michael Cotter has been generous with his time given that the hard fee we have paid him to date is tiny. He will be arranging Zoom calls shortly and welcomes any questions you might have. He does not want to work on your behalf until and unless you are happy to proceed with him. There is no obligation and he has been quite clear about that. The alternative to working on a hybrid basis as we are is to appoint a solicitor on a fee basis. The cost of this would be enormous - running into tens of thousands very quickly and beyond. Most of us are not up for this at the moment and for similar reasons most likely. Please take Michael up on his offer - attend the Zoom calls and ask as many questions as you like. Don't proceed with Michael unless you are happy to do so.
He did in the context of Spectrum and in the context of BP being aware of the situation in good time. The Judge seemed heavily reliant on the submissions of the parties and their representatives. Again I refer to Stas and his sound remarks pertaining to why parties such as PK and KSV submit documents of over 1000 pages. What purpose does that serve? What is the motive? Justice Yamauchi clearly stated that he had reviewed the brief and even said that he 'didn't have the means' to print off all the materials.
CAG addressed the errors and omissions in PK Affidavit 1 directly with the Counsel of KSV (the Monitor).
Notwithstanding this, the sales process went ahead based on a description of COPL's assets which, Inter Alia, paid no mention to the 'billion barrels of oil' as referred to by Stas20. Yet Justice Yamauchi was particularly concerned with timeliness and veracity. He queried Counsel several times on this. What exactly is going on here?
Some small shareholders here have panicked recently as a result of the Referendum and Question D. If they review the investment agreement Solgold has with the Ecuadorian Government, they will see that said agreement shows Chile as the jurisdiction for arbitration. As we know, Chile has been a major metals supplier to the world for decades.
Stas
An extraordinary post and much appreciated. We said from the onset that our quest is a fair outcome for all shareholders. This is and always will be our goal. Having people such as yourself who not only support our work so strongly but also contribute so much is a huge advantage. You are right Stas - we will never give up, never. And you know what? That sentiment is only gathering momentum. On behalf of us all, thank you Stas.
Interested to see how many senior ex- COPL folk are here sitting in a RTO vehicle. Focused team with an excellent deal making record. Surely they are looking at what is going on at COPL right now? Nick Pillar was senior O & G specialist at COPL in Wyoming for years and is at Milton now. Interesting team and talented one with so many connections to COPL ex CEO Arthur Millholland. Intriguing.
It's not over yet my friend. This week is important and there are realistic reasons to be hopeful. If things are not as we'd want this week them the legals look great. One foot in front of the other. Our oppo are rich people. But they can't thwart our resolve and grit. Whatever happens this week, we press on.
With over 400 expressions of interest from Shareholders for a 'no win no fee' class action, I would say there is no doubt whatsoever that our high calibre legal team is clear our case 'has legs' as you say. Let's be clear: the files have hard evidence. This is why our legal professionals are willing to act for us based on winning to get a good payout. Please sign up unless you've already done so.
I've always thought that Nigel Little's departure looked odd. Also, Viscount Astor a Director of COPL (UK) Ltd for 6 years and was at COPL in 2013 whilst his fellow Tory Lord Howard Flight was 'a modest shareholder' in a remote company called Peppercoast Petroleum plc listed in the Isle of Man? Viscount Astor is Samatha Cameron's step-father and David Cameron was Prime Minister at the time. The Guardian article refers to a meeting at Drapers' Hall with Henry Bellingham the Foreign Office minister then the notorious deal between ExxonMobil, COPL and Peppercoast took place. Peppercoast Petroleum only lasted between 18 Feb 2011 and 12 Aug 2013. Peppercoast Foundation which, among other things, listed 'giving donations' in Liberia as one of its charitable activities lasted between 13 June 2012 and 21 July 2015. That's gone too. What is also absent is any reference on Companies House to Viscount Astor ever being a Director of COPL(UK) Limited. Why is that? Don't forget that Arthur S Millholland was CEO of COPL throughout that high octane deal in 2013. What does he know about all this? Perhaps he could explain the sudden appearance of COPL (Bermuda) Ltd back then too. Isn't it popping up again now?
You are of course 100% correct DS. So much to play for and it will all kick off this week. The website is terrific and will only get better. Huge thanks to the creators for all their effort and excellent output. It will be polished day to day so that it becomes a genuine stepping stone for those who wish to enter the data room. It will be the GENUINE SHOP WINDOW that anyone with a brain realises that the formal document and Affidavit are not.
Then there is the Class Action. Going really well and news later this week I suspect.
Stas20 and others doing a great job emailing possible bidders. Is anyone keeping a list of who has been approached?
Then we have the protagonists and some new names on the list! Time to focus on the other Board members not just those from start of Q4 until now (although Mr Gupta is going to be looked at extremely carefully in light of BFSU, the GGS and his role with that). Cowan too. Just look what he said as CEO in November 2023 in that RNS.
Then there is Arthur Millholland. I know that Stas20 has an outstanding file on him already but it will always be open to new evidence so please reveal all that you know about AM to Stas20 folks. It's now or never. Talking about Mr Millholland, why isn't he helping us get the best price for our assets? Could he not assist us with a list of all his oil business contacts who might be potential purchasers? He's made no formal announcement since he left as CEO at the start of Q4 yet the Company has imploded since then. Why has he said and done absolutely nothing on the record and has instead just sat back and watch it all go south? Is he still a shareholder or did he sell out months ago? Can we get the share register and prove it either way? What about Anavio. They are certainly fellow shareholders . Could we collaborate with them to try and get the best price for our assets? Anyone who thinks this is over has not thought through how much there is to play for and how long we have to make an impact. There is so much to do with sales and marketing then there is finding more evidence on these people including the new arrivals to our list. Then there is the Class Action. Anyone who doesn't want a top price for our assets is clearly thinking like the buyer or are the buyer. They and they alone want our assets on the cheap. Of course they would want us as sellers to think all is lost. Of course they would. That's a key motive. They are wrong of course. All to play for. More soon. In the meantime, Carpe Diem. One foot in front of the other folks. Don't ever let the oppo see or sense you down. It's the greatest day ever. Press on.
Question gents: Do you think a mini-campaign which shows beyond all doubt that AIM has been high risk and poor return for many years, on balance, would be worthwhile? Highlighting the behaviour of all the protagonists, rubbish performance and so on? We could then via this route bring the key focus onto COPL. That will be the focus. Broad Church first then focus. I just think the big story first would get more attention. I looked at the performance figures earlier. Utterly naff.
The RS report was not in the public domain and may be subject to a non-disclosure agreement. If it has been obtained illegally, it would not only be inadmissible were it to be presented at our Court case later today but possession of it by us would likely be frowned upon by Judge Johnston. At this critical time for all of us, I am asking you to drop the matter of this RS report. Nothing in that report can help our case in front of the Court but just having a copy sure can hurt us. Please remember that as well as the common interests we have as a group. We must stay within the law at all times and not be guilty of what we are accusing Anavio and Co of doing.