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Buffit,
'' do you know what " reply to annulment " means in the status of the proceedings ?''
Ssadly no. You and Ovets probably just as much, if not more, than I do, however it still represents another 'stage' has been reached, which is at least progress.
For those who are with Hargreaves, I received this regarding my enquiry about exercising warrants.
Thanks for getting in touch.
To convert your warrants please make sure the cash you need to buy shares is on your capital (not income) account upon making the request and remains there until we debit the cash.
If there's not enough money on your capital account to carry out your request, we'll exercise as many warrants as your capital balance allows.
If you'd like to exercise your warrants please reply to this message or call us on 0117 900 9000 .
Warrant conversions will approximately take 2 weeks to complete, however this is not guaranteed and we cannot provide a specific timeframe.
If you have any further questions, please reply by secure message from your HL account or send us an email. Please note that attachments we send will only be available to view on our website and not on the HL App.
Kind Regards,
Scott James
Hargreaves Lansdown
Good morning Buffit, typo, meant another ''stage'' has been reached.
The Stay, as we all know, has been lifted, although I suspect Rock may be waiting until after the annulment decision, before instigating any court action against ROI.
Hi Donaldb.
I agree it means little other than another stay has been reached,
however may I enquire what you mean by
' It appears this reply is outside the designated timeframe'??
Why don't you all filter these people so I don't have to read all the repetitive inane responses,
to their boring repetitive posts ???
Meanwhile of vague interest
Latest Development:
October 3, 2023 -
Italian Republic files a Reply on annulment.
Cash and term deposit balance at 30 June 2023 of US$6.7 million
As at 30 June 2023 there were 53.9 million unexercised warrants which if all exercised would raise an additional £4.9million ($5.8million) before expenses.
A million warrants exercised last month, equal to £90k income for Rock.
Up form 600,000 the month before.
I've sold 36,500 shares to part fund my exercising 54,500 warrants, which I'll do this month.
I'm sure the vast majority of investors will take advantage of the 9pence warrants in the next couple of months.
I personally wouldn't recommend waiting until December to exercise your rights, just in case something goes wrong with broker admin!
'Based on advice from our lawyers I would hope that we might get a result in Q3 2024.'
This is still in the timeframe given by Rock in their Oct 22 guidance, which was Q2/Q3 24
''Guidance given by Rockhopper in the Company's 31 October 2022 announcement that the entire annulment process is likely to take 18-24 months from that date remains in place.''
Can't see why Hairydavie?? Not sure I spelt that right, was removed, all he posted was what Sam had said to him. Obviously we can't be sure of anything posted on a forum is true, however he isn't one of our resident Muppets.
"The hearing on the annulment request is set for January 2024. Based on advice from our lawyers I would hope that we might get a result in Q3 2024. It is likely that we commence court actions against Italy, or otherwise monetise the award by a sale etc…, before that date."
Thanks for that information LTT.
Previously I have said the interest 'penalty' for Italy was unimportant as inflation was higher,
however with inflation much lower and coming down,
the punitive financial nature of Italy refusing to pay, now works in Rocks favour.
hsbilkhu, well done for filtering LR, time is too short I feel, to read the same old guff every week.
I put Latics on filter about two years ago, however now I just read days of pointless posts about the poster. and what he's said.
I suspect it is getting really tedious for those who post about Rock, Navitas, OM and Seal Lion, and others who just anonymously just hope to read about Rock, Navitas, OM and Seal Lion etc.
Or is this just a what Latics said forum now???
Thanks for that information Pre2rcd.
It's strange that Rock have to "assume" something as important as a stay of enforcement being lifted, unless the previous contact made clear it will be lifted if x y z is performed, in which case it wouldnt be an assumption??
Unfortunately most of what happens at Icsid, and with Sea Lion, are not in the timescale gift of Rock.
Waiting and whinging is all we can do at the moment.
Fwiw, one can sell 500,000 for 11.2532pence.
Also been a while since last Icsid update, nearly 2 months now.
A bit frustrating as it was moving a bit quicker in the beginning.
'' I have exercised mine on quite a significant holding and sold them at at 40% profit''
I suppose Nick, that many are hoping that FID and or arbitration, will allow warrant holders to sell them at a significantly larger profit than 40%.
Simon Thomson as Non-Executive Chair v Keith Lough
Simon Thomson
Served as Chief Executive Officer of Cairn
Participated in and led multiple international corporate transactions
Delivered substantial cash returns to shareholders
Significant EXPERIENCE in the successful leadership of international arbitrations and legal disputes, including the collection of US$1.2 billion from Indian Gov
Keith Lough
Experience in the natural resources sector in both senior finance and general management roles
Founder and CEO of unconventional gas explorer Composite Energy Limited.
Chairman of Gulf Keystone Petroleum.
The only people who should be disappointed in losing Lough and gaining Thomson, is the Italian Gov't !!
Good find Buzzthomas.
Venezuela are not exactly known for their adherence to law, however even they, like India with Cairn, succumbed to the Icsid ruling and paid out 100's of $millions.
Italy will be no different, they will, and are, squirming, but the power of Icsid's awards has been demonstrated enough times to give me high confidence that eventually, like other sovereign states beforehand, will run out of running room, and pay for their breach of charter rules.
Thanks Citizen.
Page 13
https://ir.navitaspet.com/wp-content/uploads/2023/06/%E2%80%8F%E2%80%8FNavits-FS-Q1_2023_31052023_eng_NM.pdf
NOTE 3 - INVESTMENTS IN OIL AND GAS ASSETS
Sea Lion project
$16,728 to 31 March 2023
$14,025 to 31 March 2022
Up to March, Navitas had invested $31million in Sea Lion. Probably up to $40m by now.
Sea Lion is highly likely going to be developed, its more a question of when, not if, now.
h2 2023 is going exciting I think :)
Lucky, I am not falling into any game by pointing out that principle debt repayment for the initial tranche of $40m is a mere $4m a Quarter.
I'm not sure many had done the maths or looked into it.
If you add in that Hum are now taking ore principally from Sanioumala East, which is also relatively high grade at 2.5g/ton for the rest of the year, then it is quite logical doing the calculations, to believe that the company target of up to 90,000 oz in 2023 will be easily met.