focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Thanks for the link Shouston, and Easy.
Scanned it, will analyse tomorrow but highlights include Summit being the DIP finance provider, well I could just fallen off my chair at that unsurprising revelation, and BP. The same BP that fukced us on those swaps, that lead to the need for financing.
I tend to agree with the point made earlier, having this now out in the open is going to interesting and damaging for the culprits who instigated it all. Cross reference everything slipped into these files with company stated information releases.
And if possible CAG, apply for that injunction to halt proceedings before they get away with quite literally daylight robbery.
Section G. 64.
They know the directors are at fault.
Shouston - is that the DIP financing? I mentioned this morning a few things to look out for, who provides this is one.
Separately, Summit acting as the underpin price provider hints at something else. As SH's we should be party to their minimum valuation, if Kravitz is acting for the company and not the client, as his contract dictates, then he cannot allow lowball offers to prevail and should have assets independently valued and put on the open market.
They're keeping the business going by continuing the pump and sale so there should be no rush to accept the first offer. If, that is, he's working for the company.
Shaml89 - some light reading whilst we wait;
https://www.legislation.gov.uk/ukpga/2006/35/crossheading/fraud/2023-02-07
Section 2 (fraud by false representation)
Section 3 (fraud by failing to disclose information)
Section 4 (fraud by abuse of position)
If you don't think at least 1 of these offences has been committed then you've not been following this story.
Do you know where the funds raised for the NGL injection went? I don't, but someone does and they have committed all 3 offences, and probably section 7 as well.
Everyone takes a risk investing, some bigger than others, but when you're straight lied to through official company communications that is fraud.
HarryWh - i think that's exactly what happened. They'd done it before, got greedy and messed it up. Cards are now on the table, we're unlikely to get any return unless they delinate CC and get the asset valued presale.
Professional negligence claims should be levelled at primarily Arthur Millholland, still sat as President of COPLA which is a key point in this whole scam, then Ryan Gaffney.
Fraud and deception charges levelled at Tom Richardson and Jon Cowan. Where did the NGL injection funds go? They raised the funds, rna'd why and what they would be used for, then didn't use them for the stated aim. Fraud by false representation.
These 2 are in so much sh.t, and are also still at COPL as far as we know. The only positive from all this will be following their downfall. Ryan, oddly, seems the only one with the good sense to leg it.
Things to look out for;
What happened to the NGL cash? Criminal proceedings to investigate that fraud.
Who are the DIP providers? These now sit ahead of Summit in lien status.
What is the DIP to be used for? It should be used to increase production as its the only way to pay off debts. Monthly figures will confirm, probably June/July.
Can bond holders still convert or be issued shares for interest payments? Sedar filings for that one i guess.
I've got a feeling AM is going to sneak back into the mix. He's lurking in the background with a bag of cash from his Hawaiian hideaway and his many other millions. Slippery sod.
Plan A didn't work, plan B might be about to kick off. Last man standing. If the oil is there the greedy gobbler won't just walk away.
Agreed and Anavio didn't convert the interest payment, big positive for me so I averaged down.
I'm now holding 8 times my original, bought for just under £2k which says it all.
Hope TR gets a kickin (financially and legally) on his way to the next scam. Fingers crossed for tomorrow.
With FRR someone contacted admin, guessing the same happened on LION (now Tally). Both delisted about 5 years ago but still posting.
You can't find them in the search box above, you need to type lse frr chat in google. Probably an easier way but thats how i do it
Jacknose - they've not downed tools as we're still getting 1000pd. They're clearly up to something dodge as they're moving additional stock tanks around whilst unable to fill the one's already in place, apparently.
The red tanks were all housed in the same yard a few months back, now deployed on certains pads but all whilst the oil pd drops.
You could be right, i'm just suspicious of everything these cowboys do.
Was it yourself that had the ShaleXP account a few months back? I remember someone mapped in all the the wells and names.
Google maps has now updated, ahead of Bing for once, and it seems some of those big red storage tanks have been dotted about the place. There were already grouped tanks but now single one's are popping up sometimes in addition to these.
Just wondering if these could be used as undeclared off-take tanks to keep the reported figures down or whether everything is metered at the wellheads? Not an oil guy so unsure of the mechanicals or possibilities.
Definitely recent movements around the camp though so it'd be interesting to know the new red tank locations compared to wellhead data over the last 6 months.
Has Ryan been catfishing the just giving page?
"Decades of experience", "UK capital markets 2002 to 2015"
That photo makes him early 30's, cv suggests mid 40's. Anyone know how old is really is?
If Wall wasn't brought in by Kravitz that only leaves Richardson capable of installing in which case he goes.
TR is now so toxic that if the associates around him have any sense they'll disassociate and sharpish.
I didn't pick up on the resignation agreement of Cowan whereby he'd stay until a replacement was found. Gupta was replaced by Wall but Cowan remains.
These really are a shady bunch of crooks. God speed to the CAG, these parasites need the sharp light of the law shining down on them.
Is Kravitz our saviour or another one for the sh.t list once the dust settles? Will be glad to be shot of this one way or the other.
Just picking up on Micky1's point from the press release.
I also thought Mark Wall was brought in by Peter Kravitz and very new to all this? Second query, John Cowan. Is he still a director as thought he resigned at xmas?
That makes sense Finwittrader, just feels like the true number that haven't sold a bean (and yet to add more) would be a lot more than 8.9%.
Probably makes no difference until the end, whatever that looks like, but it would be good to let them know its more than 9% of long term holders being represented by the CAG.
RBMInvest and the CAG - once again, great work and thank you!
Re your 15:45 post, quite correctly you stated Anavio don't own 90% as that would only be on full dilution. Having just checked, apparently 79% or 2.88 billion shares are in public hands.
I think I've asked this before but is it possible to recount the total number of shares belonging to all of us that responded to the coplsharewatch email. We must total more than the 8.9% CAG holding declared again on this press release, 330m I make it or approx £200k at todays SP.
Although myself and the majority of others are not in the actual CAG at the coal face, I do feel they speak for us all and would like my holding represented in these statements. The bigger the number, the harder to ignore.
Do you know if that recount happened or is there a specific reason why only the actual CAG figure can be used?
All good points. I think its difficult to separate JD openly declaring he wants to buy it Feb 24, after denying it Feb 23, from issues exposed due to the size of the business post covid.
This created an opportunity and I believe all the bad news being loaded into FY23, and the IP cash timing issue meaning net debt is not truely reflected, have been used to JD's advantage.
Planned? Well, that's subjective but you stay rich by not giving it away, and thats me being charitable. SP went down and kept going since the dismal profits forecast last year. It takes a while to take over a company but when you can control the narrative around it the job is a little easier.