Member Info for Silversprings

Winnifrith and his lap dog Gary Newman have also gone very quiet on twitter after previously posting almost daily.

No word from Kravitz in all this yet. He’s got a month to get a cash generative business plan together. Is he representing the SL as suggested or was he the final piece in the anavio puzzle to carry out the last leg of the plan? Surely if he had anything about him he’d be asking the same questions we all are, where has the cash gone, why wasn’t the gas injected, why couldn’t financing be arranged given the assets, why was the JV offer rejected.

Appreciate your response Shaa and all your efforts on behalf of shareholders!

Shaa - can the large SHG see any path forward for regular shareholders. It’s great to see such anger amongst shareholders having some effect but like anything else the danger is it dissipates over time. Anavio effectively have control over the company now after the recent financing. I know strategy can’t be revealed but I would assume that most shareholders would like to think there’s at least some hope or they wouldn’t be checking this BB every day!

Finwittrader thanks for your response to my post this morning. Keep fighting the good fight with RBM et al. all genuine long term shareholders truly appreciate it.

Finwittrader - do you know if the change in their MO is a positive one or not for shareholders? Shaa seemed to suggest that the end game of Anavio’s plan was not playing out as they expected due to the pressure of the large shareholder group.

Anavio get nothing close to the future value of the entire asset though in that scenario. What was the point of doing all this to drive the value down just to distress sell the assets to the JVP for a small amount that the SL takes anyway?

Anavio would have to ensure that they controlled the buying party and that only they came in so there wasn’t a bidding war.

Cash generating business plan Peter? How about injecting the gas and signing the JV that was on the table.

Tiburn - unless Anavio’s stooges are removed from the board I can’t see any hope of how value will be returned to shareholders. They’ve devalued their own assets in a public RNS announcement and clearly have not looked to increase production by gas injecting. This does not seem to be a BOD wrestling with technical or financial issues, more one that has created both for its own nefarious means.

I know RBM and co are fighting the good fight but I’m not even sure what victory looks like any more for normal shareholders. We might be able to sue the BoD over the long term but I’m not sure how anyone ever sees their investments back. Would love to be proven wrong, I just think as long as Anavio are in co tell they will always be working against the shareholders.

Dilute PI holding to nothing and then have majority ownership of an oil company’s assets worth billions that they’ve acquired for hardly anything.

Mick, in what way does the financing confirm a going concern? It even says in the RNS that it’s only for a few months remaining of the forbearance agreement.

The BoD could have injected the gas to increase production to pay the senior debt. That would have helped towards going concern.

Or accepted any JV offer that saw the debt serviced. That would have addressed going concern.

All they are doing is keeping the company alive long enough for Anavio to steal all the assets from shareholders.

I’m not sure what options even remain for the shareholder group now this financing has occurred.

Hopefully something from the large shareholder group now trading has closed?

Can’t be a coincidence this rise happened after the shareholder call yesterday. No update from RBM last night or today. Something obviously went on.

Richardson is an absolute disgrace

The company’s RNS announcements hold absolutely zero worth though. There was no production guidance before the end of the year as promised by Cowan, no new CEO, no strategy for the assets (apart from a potential fire sale). Their words in this RNS hold no substance.

Absolute irony of Richardson putting that RNS out for the share rise when they didn’t communicate at all when the share price was tanking. He’s an absolute disgrace.

If in anyway RBM et al have been able to stop the financing, and force the company into an alternative for survival then could that be the start of a long slow climb upwards, dare I dream.

Tiburn - hopefully RBM’s meeting will shed some more light on the likely direction. No one knows Art’s influence at the moment.

If (huge if) the forward looking aspect of the BOD’s last RNS was correct then Anavio do not gain from this going into administration, or from a distressed asset sale at low value to get the SL’s money back to then wind down the company immediately after.

So all those screaming desperately for immediate suspension and administration may be disappointed as that doesn’t suit anyone.

The fear is that PIs get so massively diluted, and Anavio take the majority of shares in the financing that they then consolidate and launch in the US market when the oil is magically flowing, which will be of little value to any PIs that remain then.

Hopefully RBM et al can shed some light on next steps post their meeting today. None particularly look promising at this point sadly.

Small trader - whilst you might not want to reveal specific names in the letter, what is the nature of it? What outcome does it seek from the BOD, what group is it from etc.? Don’t reveal anything that might be damaging or strategically disadvantageous but surely some high-level information on it is possible for all shareholders?

RBM - out of curiosity how do you see that tactic working?

Peter K is appointed by the senior lender to manage a restructuring. How will Anavio transfer the assets to a different entity under their control whilst also paying off the senior lender?