Member Info for SecretBlueprint

Marbur, keep up with the programme.

Even my cleaner person can afford 40m of these these now. No RNS required.

Giles, for so long as we are stuck with telomeres in our make up, death will at least be be a sustainable human activity.

Not sure I want to live forever anyway. Live fast, die young, but don't forget the sunscreen.

Jame, SL Investment Management in Chester are partners in BOAGF LP and will expect half of the income fees, I imagine.

Back in time when Neandertals roamed the Earth, and RKH discovered Sea lion, the then chairman Pierre Jungels came out publicly and said the company was at the start of its value curve. But the financiers did not believe his competence to act as field operator and told him to find a farm out partner, which he did .... Premier Oil , a famously incompetent operator at that time.

The deal was cash to cover expenses to date and a 750 million carry of development costs. Out of the blue, the FIG invented a concept of "deemed" capital gain. That was a notion that a capital gain would result from Premier paying RKH future development share. Such a deemed capital gain was taxable in the hungry eyes of Government House in Stanley. However RKH simply did not have the cash to pay the tax bill. After a dog's age of discussion and motions in the Assembly, it was agreed that the tax be deferred and paid from first oil sales.

When Odey went to court demanding a dividend from the cash element of the farm out, FIG spiked him by putting a tax demand to be paid ahead of any dividends to shareholders.

So now there is no longer any development carry from PMO, having been replaced by an interest free loan, which is clearly not taxable.

I cannot see how FIG expect to see the tax on the deemed capital gain any more, since there is none. It goes to show you cannot tax a dream, and whomever advised FIG about this tax stunt needs their gonads feeling. The consultant costs of that foul and greedy advice is now wasted.

The two certainties of life are death and taxes, but after this affair, the tax bit is less certain.

You are right Bloobird. It stinks worse than a durian fruit. It has been wrapped up in endless variations to the JV agreement, but the $750 M development carry has disappeared entirely. 60% of the SL field was effectively flogged for around 300k in cash, now pi55ed away by the directors.

Hence the current SP.

Cobra

How sure am I about the CEO? Nothing is certain, of course. His CV is impressive and apposite to where we are. But as I say, not a simple pub rumour, but within seven degrees of separation. Be silly to say more on here. I think it might be right.

"Of All The Gin Joints In All The Towns In All The World, She Walks Into Mine."..... Casablanca

So, of all the lame ducks on all the exchanges in all the world, why does she walk into NUOG?

Firstly it must be the exchange, AIM, then it is the UK tax losses, then it is what? Left alone NUOG would have called in the receiver by now. Who called Parsons, who knew him? Was Scotton a bear bell wether? How come Jackson is still on the Board? The common denominator is Nigel Burton. He is a clever bloke, and saw what was what a long time ago. He probably still has shares in this.

Whatever C4 Is up to, it's about making money. They didn't blunder in here with no idea of an asset to reverse into, that would have been a complete waste of time. Two fund raising episodes from people introduced by C4 who #knowthegame says there Is a game. If the game is another geology disaster, but you get out on a bull run, who cares?

I have no inside information , but on the basis that we are all just within seven degrees of separation, I understand that the new CEO , when named publicly will send this stock on a bull run. Someone who might be able to avoid a geology disaster.

Guerilla Investing is for gorillas IMO

All in my opinion and DYOR etc

The discussion about UK life insurance and IHT is interesting, but my understanding is that the investment packages of senior life settlements will be exclusively from US policy holders at this time. The investment package of settlements will be on sale in Europe to investors, via BOAGF.

It's really an American company selling an American investment product to Europeans surely? ALGW is here to raise money in London and sell the proposition away from a US market which might be getting saturated. Nothing wrong with that.

I am nowhere near having any inside information, but on the basis we are all within seven degrees of separation, I understand the revolving credit facility for the warehouse SPV comes from a name you will all know and it's not M&S .

Rub-a-dub-dub,
Three men in a tub,
And who do you think they were?
The butcher, the baker,
The candlestick-maker,
They all sailed out to sea,
‘Twas enough to make a man stare.

The problem is that the August approval for acid squeeze and cold venting doesn't answer the current problem : the casing perforations are in the wrong interval for an oil test, and the oil will not flow without an electrical subsmerble pump.

That well test will require new design and new approvals surely?

Giles
I threw the towel in with DEV after a 60% loss. I don't think the management there has a clue how to make money, even with good ideas. These guys at ALGW do know how to make money. My hope is that they might want to share it with us rather than stashing it in a numbered bank account in Georgetown.

Giles

A limited partnership and limited liability partnership are two different kinds of construction. BOAGF is not a limited liability partnership.

Hedge funds use limited partnerships , firms of solicitors and accountants use limited liability partnerships.

It is all deliberately opaque; it is the Cayman Islands!

Giles
The general partner BOAGF GP LLC is responsible for managing the affairs of the fund in which BOAGF (the limited partnership) holds the SLS assets. It is all about the "tax efficiency" which is boasted about.

In a Cayman LLC, there are no shares, just capital contributions and as far as can be seen ALM (a 100% BVI subsidiary of ALGW) and SLIM have each contributed 50% of capital to BOAGF GP LLC. So BOAGF GP LLC is acting as general partner of the fund (which has been confirmed to me) and ALGW can expect 50% of any income and profit after expenses.

It is all deliberately opaque and that is without the extra opacity of the "Warehouse SPV" which will access the revolving credit facility.

It can be as opaque as it likes as long as it delivers for ALGW shareholders, and that is

Giles
Just as a side note, under Cayman Island law a limited partnership is not a legal entity in its own right, so no one can own it. Each partner is liable for its own affairs.

Giles
There is a bit of loose language in some of ALGW's publications, including its website. I specifically asked SLIM in an email "who was the general partner" and was told the SEC notification is correct. That notification says it is BOAGF GP LLC , and the prospectus says that it is a 50% subsidiary ( page 52).

Giles

The fee income you forecast of £30 million for £1B of AUM may be about right, but that income goes to the BOAGF general partner company based on Cayman Isles in the first instance. That general partner is owned 50% by a BVI subsidiary of ALGW and 50% by SL Investment Management on Chester, UK.

So only £15 million is available to ALGW. That is how the situation is described in the prospectus of May 2019

John

I got an email from P McA at SLIM at 10.45 am on Monday. Very short and concise.

bamb....Linkedin ? Really?

Are you Fergus Pinkerton, the paint sprayer and finisher?

Just to close out the Sunday discussion about who is who...

SLIM have confirmed to me that the SEC notification is correct, so the general partner of Black Oak Alpha Growth LP is BOAGF GP LLC , an entity registered in Cayman Islands, not individual executives of Alpha as shown on ALGW website.

SLIM also confirmed that the RNS of 30 April is correct , so Alpha Longevity Management Limited ("ALM", a wholly owned subsidiary of Alpha and a BVI FSC approved investment manager) in partnership with SLIM are the exclusive Managers to BOAGF LP, not Alpha Growth plc as shown on ALGW website.

The new ALGW website is clearly wrong and ought never to have been released.

But upon reflection, who gives a to55? Night night

The fake , light weight, I want to sell on the spike, don't care about the process , empty vessel rampers need to jog on too.