Member Info for Silversprings

Winnifrith can enjoy his moment now before he’s in jail

Obviously Anavio wouldn’t agree a deal. The greed of that lot is astounding. Richardson needs to be in jail for this.

Absolutely amazed there hasn’t been more comms today. Absolutely zero price sensitive news happened today then? No cessation or extension of the forebearance agreement, no notice of funds being extinguished or funding arranged. Absolutely nothing happened apparently?

Winnifrith crying on twitter because a company hasn’t declared itself as bust yet, there’s really no depth he won’t lower himself to.

Boldly, I’d like to think they were a bit further on that that considering it’s the final day of the forebearance agreement. It would be nice if it was ‘please sign here Tom on this deal you’ve agreed and then get out’

Laguele - agreed. They were quick enough with the speeding ticket RNS though when they wanted to be.

The business update RNS from Richardson said the company’s cash reserves would be depleted in the first week of March. The forebearance agreement was extended to the 8th March.

Here we are at the end of the first week of March and still no communication from the company. No RNS either to acknowledge the requisition for a special meeting. It really is very very poor.

This is a 2.8 mill market cap, imagine if they can get to break even by the end of the year (as they’ve predicted in their last RNS). All depends on whether you’re willing to take a risk or not but if you’re not then AIM isn’t for you.

We’d already had the extension RNS by this time last week. It seemed odd at the time to extend it if Anavio weren’t willing to even contemplate a deal. Hopefully we find out one way or another today. Would be good for long suffering shareholders if there was some positivity and hope in the announcement and Anavio finally let go of their despicable greed.

Interesting Finwittrader - is this the first official comms from the company that is signed by Kravitz rather than Richardson?

I’d be wary of continuous extensions but for Summit to even offer one extension there must be some willingness from Anavio to even engage.

The SL must have been confident of an outcome to only extend by one week, otherwise the threat disappears if it just continues to be extended. Anavio need to go and they need to go now.

Will the special meeting be required if Anavio make a deal to leave? Something has to happen in the next few days (unless the SL choose to extend again). I was hoping for a quick exit from Anavio rather than Richardson sticking around.

The ridiculous thing is that all anyone has to do here is inject the gas and sign the JV and this becomes a mega profitable company. Anyone could still do it at any point but here we are with forbearance notices and special requisitions because of sheer greed.

Well done RBM and team, this sort of litigator is Tommy boy’s worst nightmare. Just show us where the cash went for the gas Tommy….

Thanks for the response Rodney, appreciate it.

Is it effectively the calling of the foreclosure agreement by Summit that took Anavio by surprise? Anavio must have gamed all of this out from the moment they rejected the JV and then started switching the gas off (or not switching it on more accurately). Did they think Summit would just sit by whilst Anavio acquired the asset on the cheap?

As you say, none of us really know but I had hoped the picture might have been clearer by now about which way the power struggle has gone.

Rodney, I presume it refers to whether Anavio selling the bonds back to summit and withdrawing from COPL completely is too extreme a climb down, and whether they would instead rather take their chances under creditor protection to still try and steal the asset in its entirety?

There must be an update soon though. The forbearance agreement required a cash generating business plan or asset sale before tomorrow’s date, it didn’t say before or on. I can’t believe there’s been no update.

Is today D-Day for the stand off to end one way or another?

Surely this must play out one way or another soon. The silence is deafening, the stand off can’t continue for ever.

The forbearance agreement RNS stated that the SL required a cash generating business plan before the 29th February when the forbearance agreement ends, it doesn’t say on or before but before.

Does that mean Richardson has today and tomorrow to sign any deal or Summit pull the plug? Get your pen out you corrupt snake.