Member Info for saintnick

"On January 30, 2024, Rod Christensen, VP, Exploration and Exploitation and Richard Mays, VP Business Development and General are no longer employed with the Issuer"

and yet Gaffney's still there signing the report off, what the actual f is going on here. He should've been the first on Kravitz's hit list, somethings up here. Perhaps no other CFO could take this on and get up to speed in the 3 weeks left?

Sharebel - the 972m traded on the 2nd is plenty of cover to hide multiple trades. RNS yesterday stated they moved from 27% to 23% on the 2nd but notified on the 6th.

You'll know better than me if you have the data but I seem to remember a number of 29k and 32k trades on friday. 150m at approx 0.007p is only aboou £100k.

Irrelevant really as Tosca isn't this issue here, Anavio's potential 90.4% fully diluted is.

Maidit - Tosca dumped 150m shares (4%). 972m shares were traded on Feb 2nd alone. In total 1.6 billion were traded 30th to 2nd.

If you look at the sp, unbelievably we increased shares in issue by 40% and the price went up from 0.006p to 0.0075p in order to facilitate the dump. MM 100% involved there, I hope they round the lot of them up, sadly they won't.

Also, Tosca's a smoke screen. Anavio could hold 90.4% if fully diluted so the holdings today mean very little.

Hope your right but also looks like McCarthy Tetraut adding some distance between themselves and COPL by renouncing the Directorship.

It's one thing representing a company under investigation, it's another to be implicated in it by sitting on the BoD when the knock at the door comes.

Are the obliged to? That would be a pretty clear signal that something isn't right, if the CAG are in contact with COPL legal team this should be quickly resolved

Until the next conversion resupplies the stock for dripping back into the market at these or lower levels.

Agreed there's a game being played, just not sure it going to be a happy ending.

What are your thoughts on Robert Brant resigning Sharebel?

Makes me wonder if McCarthy Tetraut are still representing COPL?

RBMInvest - is this something the CAG are able to confirm?

Robet Brant: Managing Partner at McCarthy Tetraut (London), past President of the Canada-UK Chamber of Commerce and interestingly still Co-Chair of the Energy Forum.

I don't think I missed this in an earlier chat but could be wrong....

Robert Brant resigned as Director, 1st Feb. I believe he was the lawyer that AM was relying on in the May 23 meeting with the shareholder syndicate.

So that's 2 director resignations in 8 days but no official company notice. He'd been there since 2011.

Sharebel - we need some positive news so I hope you're right. It's noticeable Anavio are still holding 93 of the 107 outstanding bonds with only weeks left for something positive from the new CEO.

As 2nd tier financiers their debts will be covered once the SL have reclaimed what's owed. That security remains in either an asset sale, foreclosure or take over. They lose that advantage if they convert as they'll be on par with ourselves.

If Anavio start converting in significant numbers that may indicate the sale route, if they don't they'll not fully benefit from anything positive the CEO proposes, possibly indicating foreclosure. I don't see the advantage in averaging down before they convert, unless for some reason the sp doesn't react, who knows (1 MM looks at little complicit in this too).

Just my take, patiently waiting to escape this nightmare like everyone else.

Gord_1 - could Tosca be a smoke screen?

Based on your $21.4m outstanding, that's 107 bonds. Jan 15th Material Change Report states Anavio hold 93 bonds leaving just 14 or $2.8m held by others.

More concerning is this, "In addition, immediately following the transaction, Anavio held 1,312,232,633 Common Shares representing approximately 49.4% of the issued and outstanding Common Shares (being approximately 9.4% of the issued and outstanding Common Shares, calculated on a fully-diluted basis). Consequently, immediately following the transaction, Anavio's aggregate holding of Original Bonds, Warrants and Common Shares represented a total interest of approximately 90.4% of the issued and outstanding Common Shares, calculated on a fully-diluted basis."

Why the concern, well fully diluted they can squeeze-out any remaining shareholders and force them to accept whatever take over price offered, 90% is the required holding.

When is the earliest Anavio's outstanding bonds and warrants could be converted? Is there a time limit i.e. minimum 12 months after issue, or could they do this month?

Alfresco - how would the BH's achieve this if they're not acting in concert as suggested yesterday?

I seem to remember either in an rns or company financial statement that there was 4 or 5 BH's?

If so, the fact Tosca just declared a TR1 could mean at least another player reveals themself soon

Sharebel - agreed. I thought it telling that we didnt get an Ops update re the issue with the GGS or the fact they didn't inject the NGL after saying they would.

A case of stop digging probably as to openly lie about it would cause bigger issues than just staying silent.

I'm expecting positive news before March, problem I have is how many shares will be issued b4 then. Time it wrong and my avg won't change that much, currently above 4p!

Robsaunders99 - if they are indeed competitors and not acting in concert, as I suspect, then the winner is already know - whoever holds the most bonds.

Each time one converts, the other gets diluted and so on until the last bond. They will both know this and the clock is ticking so do you think we'll see full conversion titfortat from now until March?

If so that'll be billions of more shares coming at us very quickly

Ok, in that scenario every time the BH's covert to common shares they would be sending the buy out figure much higher.

4p @ 400m shares in issue is a lot less than 4p at 3.7 billion in issue.

Why keep flooding the market with shares if you're going to eventually buy them all back at a much higher price?

Only way flooding makes sense is if they can apply Rule 11. If they can't, and I also would be astonished if they were successful, then the only logic to holding more shares over debt in a failing company is if they know there's a dividend coming down the road. CC sale is my bet, we'll see.

Silversprings - yes, but BH's still have approx. $14m to convert or 7.5 billion shares so I wouldn't be rushing in just yet.

Hopefully they won't but until I know what they're doing and how the company plans on raising the $10m for the super priority loan I won't be adding more.

Just a theory but its as good as any so far.

No buy out, CC to be sold and current business realigned and continue operations at BF debt free.

SL/BH's, debts, expenses, missed wages (bonds to be issued) and big fat bonuses paid then the remaining spoils get split between shareholders, hence the move to hold shares instead of 2nd tier debt for BH's. They get 95% of what's left we get the crumbs.

No buy out needed to get the proceeds of CC sale.

Treefern - hope this helps

This is the Rule they'll try to use - Dispensation from highest price.

https://code.thetakeoverpanel.org.uk/tp/rules/rule-11/rule-11-3.html

Relevant factors

Factors which the Panel might take into account when considering an application for an adjusted price include:

(d) the number of shares in which interests have been acquired in the preceding 12 months.

If the shares in issue hadn't been diluted 10 fold since last Feb then yes maybe a few pence but unfortunately 400m to 3.7b means they can apply for dispensation once they breach the 30% level.

Otherwise they'd have to pay 10x the mcap from last Feb.

So £715m when its currently £2m, OK i'll wait for the RNS.