Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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.
PK - how does Summit fit in? They’re included on the web suggesting links with Atlas Toscafund and even Anavio through the same Cayman Islands address. Yet from the dates we’ve received from the action group it seems that their interests are in opposition to Anavio’s and they’re currently in a stand off?
4 working days left until the end of Feb. Surely there’s not many options left for Anavio now. Are they really just going to lose everything just so no one else can have it. They should have just injected the gas properly and signed the JV, imagine the value of their shares now if they had.
Bolton, I can’t imagine there’s any deal to be made whilst Richardson and Anavio are still there
Clear them out however and who knows it might be a different story, the asset is still too big for a minnow to delineate by itself.
Thanks RBM, grateful for the response as always and you keeping shareholders informed, much appreciated
RBM - why would Richardson feel any need to publish this RNS if he and Anavio are in this position? Is he really going to change his mind in a week and come to the negotiation table?
Sooner Richardson is served his papers the better.
The bondholders get nothing if this goes bust. I find it unbelievable Richardson is carrying on with this. There’s potentially fraudulent statements alone in that RNS.
Finwit - it sounded as though TR was on the way out and all guilty parties looking for an off ramp.
This sounds like he’s doubling down regardless. Kravitz’s name isn’t even on the RNS, how can Richardson still be in charge here.
Richardson’s name still on the RNS, absolute snake
Dave - what’s your view on the new betting direction?
Technoinvest - it’s nice to see some positivity on this board for a change.
The key will be revenue, although I supported the shift to NFTs at the time the company has never disclosed how they fared against revenue targets. If they’ve decided to change course to take advantage of betting revenues then that’s fine but we probably need some more clarity on what the future holds for the NFT proposition.
RBM, even though we all suspected it, it’s absolutely staggering to see it confirmed. Not only an insult to investors but also an insult to any skilled engineers working on the oilfields who genuinely wanted to see the field perform and the company progress.
We see it from the investor side but there’ll be innocent people working for this company seeing announcements going out about the company being in precious financial position, assets not worth enough to cover the debt etc. who have probably feared for their livelihoods and careers. All just part of an elaborate con by some greedy financiers. Disgusting.
Thanks for your response Finwittrader, extremely interesting, these snippets as and when they can be revealed are much appreciated by long term holders.