Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thank you Stas20, much appreciated and good of you to take the time. My £ losses are eye-watering. Like you, I am appalled and stunned with the behaviour of the parties we know about. Just like you, I am entirely focused on bringing them to account to the fullest extent possible no matter how long this takes. I agree that we all invested in good faith whereas other parties have acted in bad faith, to say the very least.
The problem with that course of action for Anavio Silver is the effect it would have in causing 'crystallysed losses' for shareholders and so provide firm evidence of this in any future Class Action brought by shareholders against them. In addition, we do not know what additional supervision, if any, Anavio is under from the FCA. If shareholders sell in the market for a price, this is one thing. If a price is 'forced' upon them, via a squeeze out, for example, this is very different. Hence my comments earlier on about appraising business risk, risk/reward and so on. We just don't know at the moment. None of us is very clever if you think about it, otherwise, we wouldn't be here. :-(
Thanks for taking the time to explain that Leew. One little point of reference that could be nothing but could be relevant. The accordion finance included in the SL agreement seems to have be accessed as a bridging loan a while back by COPL which has now been repaid. This $20 million facility is only available with the consent of the SL but it is nevertheless integral to an existing arrangement and therefore doesn't have to go through initial processes, etc. Just supposing this money is accessed by COPL and used to pay off the convertible bonds? If the full amount is not needed then any balance could immediately be used to boost BFSU with NGL. TR would have to go, he just isn't wanted or needed. Action needed on warrants and perhaps 17% equity owned by Anavio too. Company left much stronger thereafter. Shareprice better too. Anavio and TR have better chance of staying in business and out of jail. Just a few thoughts...
Good afternoon all,
No news so far, I see. No idea how to interpret that although there is still time yet and the 'deadline' we perceive may not be a deadline after all.
Given 'oddness' that seems to have prevailed here over the last few months, have been looking at this aspect and the consequences of being found guilty under this Act which applies to WORLDWIDE activities. These include: Up to 10 years' imprisonment, unlimited fines and civil penalties, inevitable reputational damage and much reduced employment/business opportunities. Whilst not in any way insinuating that anyone connected with COPL has been involved with bribery, does anyone here think that further enquiries should be made and, if so, what suggestions do you have as to who, where, what and why? The scope of the Act and the punishment for those found guilty are understandably harsh.
https://www.legislation.gov.uk/ukpga/2010/23/contents
There's not much doubt that many of the RNSs from COPL since Sept 2023 and well as underlying actions by the Company since then are being challenged with legal action imminent. Don't confuse this with the underlying assets though. Step away and have a good think about Jan 2024 production. Review the RS reports again. BFSU alone is excellent. Then there is Fed Deep. As yourself a question, if COPL is such a duffer, why have people done what they've done and are doing what they do?
With respect, laronde, we wouldn't. I spent 2 weeks reviewing well data from Lancaster/Hurricane Energy. There is a reason geology is one of the hardest subjects to study. There is no suggestion that he will or wants to undermine LTHs but, if he does, many years of painful legal battles surely awaits him. RS has consistently stated that COPL's assets are valuable and could well be extremely valuable. Again I refer to the appointment of megahitter PK to tiny COPL, according to TR, the hopeless minnow with big debts and rotten assets. Oh Tommy, oh Tommy. Did you know look at the January production figures on WOGCC? Over 1000bpd with no NGL injected and 95% efficiency from the GGS recirculating just as it should? Everything you said via RNS is unwinding Tommy. We didn't do much except dig and dig and dig for the truth. Mostly, you've duffed yourself Tommy. AM and his team built an excellent GGS system. Where are are those 'leaks'you were talking about? Where's the flaring? No Tommy. Read 'em and weep. The truth is, BFSU and the GGS are excellent. A lovely business in isolation. And then we have Fed Deep. Go Tommy and go now. Fenikso's shareprice is up 63% in 2024 so far. You're a wealthy man Tommy. Your hubris and ego have got you into trouble this time. Go now. Go and enjoy your money in the Cayman Islands. Things can only get worse for you here. You can't change the reality of BFSU. You can't change the terrible things you have said via RNS.
Have a good look in detail at the Ryder Scott reports not only for Fed Deep but also for BFSU. Ryder Scott have acted as O & G CPR specialists for almost 90 years and are a firm with integrity. Their report places the value of BFSU alone at almost $500 million on a conservative basis. The value of Fed Deep is of course way more than that. These sorts of firms rely on their reputation. Think about this then look at the behaviour of the COPL Board and Tom Richardson I particular these last few months. Who's not telling the truth do you think and why not? What's their motive? Who hired them?
Have a good look in detail at the Ryder Scott reports not only for Fed Deep but also for BFSU. Ryder Scott have acted as O & G CPR specialists for almost 90 years and are a firm with integrity. Their report places the value of BFSU alone at almost $500 million on a conservative basis. The value of Fed Deep is of course way more than that. These sorts of firms rely on their reputation. Think about this then look at the reputation
Chapter 11 is very expensive and take years. That said, please refer to my previous remarks covering 'excess proceeds'. Folk like PK and his firm make fortunes out of C11 or similar. Others do far less well and the scope for all sorts of legal challenges here is clearly real. People with nothing to lose just keep fighting. We can see this in our group. It's not macho, it's just a cold matter of fact. It is all not quite as clear cut as it appears. Many subtleties dwell here.
Https://www.energyintel.com/0000017b-a7d9-de4c-a17b-e7dba7920000
https://www.lse.co.uk/rns/LEK/opl-310-appraisal-funding-secured-3v7s8x8iechr86w.html
You'll see from the attached RNS that Lekoil thought that it had raised much needed capital from the Qatar Investment Authority back in January 2020 to develop one of its fields. Mirabaud (Mr Krens is quoted in the RNS as representing Mirabaud as Lekoil broker) are quoted in the energyintel article attached saying the QIA funding agreement was a ' major coup'. The article goes on to explain that the 'funding' was a total scam. The Mirabaud team including Mr Krens left in December 2020 and formed Tennyson Securties at Shard Capital in January 2021.
'Seawave' which was behind the scam are covered in this article.
https://uk.finance.yahoo.com/news/people-behind-lekoil-scandal-firm-100523134.html
What sort of due diligence did Mirabaud and Mr Krens do on 'Seawave'? What was the reason he and his team left Mirabaud in December 2020? Did Mr Krens and Tennyson (appointed in Mar 2021 by COPL) advise COPL before it decided to appoint Anavio and its (scope to be so destructive to shareholders) convertible bonds in July 2022? Amongst other duties, Tennyson were appointed to provide 'the provision of financial advice on a case-by-case basis'. What advice was provided about Anavio and its bond terms? Moreover, in its role as COPL's joint broker, on what basis was Tennyson comfortable with the appointment of Mr Richardson when this ex-Mirabaud team must have known about the serious reservations Lekoil's Chairwoman had with Mr Richardson via his directorship of Lekoil Cayman?
Summit don't 'own' COPLA. They have a lien on it which can be exercised under certain circumstances. Even as/when it is exercised, fair value has to be obtained for the assets covered by the lien then, after other costs and obligations are settled, the 'excess proceeds' are distributed amongst shareholders. This is my understanding of the situation.
Https://guardian.ng/business-services/massive-resignation-hits-lekoil-cayman-board/
https://www.energyvoice.com/oilandgas/africa/ep-africa/347042/metallon-sold-stake-lekoil/
https://en.wikipedia.org/wiki/Aisha_Muhammed-Oyebode
Sources have informed that an approach to Mrs Oyebode has been made as part of on-going enquiries into Mr Richardson's past business activities. In addition to being Chairwoman of Lekoil Nigeria, Mrs Oyebode is a prominent businesswoman in Nigeria and wider Africa more generally. Her father was the ex Head of State of Nigeria and the attached comments made by Mrs Oyebode on 15 June 2021 and 1 Sept 2021 about Lekoil Cayman are clear and damning. Mr Richardson was appointed a director of Lekoil Cayman on 8 January 2021. It will be interesting to assess a first hand account from Mrs Oyebode in due course.
Delighted to hear you have no bonds or loans over here. Good for you. Anavio are a convertible bondholder and shareholder over at COPL. Their activities over the last 18 months or so are currently under much scrutiny. They have also been caught violating shorting rules by the authorities in Norway.
Well, next week will be a lively one for COPL. Time and time again, requests have been made to the Company in relation to Q4 in particular. Why did you say $1 million of NGL would be injected in Oct and Nov when a review of WOGCC data says that only around $ 160,000 worth was? Where is the remaining $840,000? Why have you not commented on this vital topic having been repeatedly asked to do so? Why do you keep referring to the value of the Company's assets having such a low value when this contradicts what the Company has previously issued via RNS as well as the professional opinion given via the CPRs of Ryder Scott? If the resource is so poor, why has such a senior CRO been appointed? What do you know about Oil &Gas Mr Richardson? You state that Fenikso is an oil and gas business but a review of the Fenikso website shows that the company's sole purpose is to collect a debt. Why did you release multiple market- sensitive information in quick succession during the Christmas period then leave such poor brokerage options as the only options to avoid financial seizure? There are many other questions of course. The numbers don't lie. So many unanswered questions - for now. Stay tuned folks. So much more on its way.