Member Info for Ssccss

*rather than keep hoping

Sorry, I thought we were all upset about the current situation and the loss of our money to crooks. Otherwise, why are we all here? I don't think I'm as upset as you are. Hence why I can accept the situation for what it is and keep hoping blindly for a positive outcome, ignoring all contrary evidence.

And how will the new guy help you Zag? What he will do is irrelevant to you unless you are planning on investing into the new company.

He does sound very positive about Texas, shame those assets will have been taken from existing shareholders.

It's really not good whichever way you look at it imo.

Well thats the issue. The Board say its a lot of work and time to figure out the complicated mess and get a figure for what they are worth. That's why the board decided to impair them completely on the accounts (apparently). However, the accounts state the impairments can be reversed. Also SL alluded to that on the call yesterday. So we know they see not worth nothing. Also if they were worth nothing, then as you say, why would SL want to write off the 4m petroquest loan against them. He will have 50% majority holding in them when the impairments are reversed. PetroQuest will get the 50% before the RTO. So the other 50% apparently stays with ppp but after the rto, each of us will hold an immensely smaller stake in ppp than we do now. RMD will own the majority of the remaining 50% of the us assets. So SL and RMD ride off into the sunset together.

*impaired by the current directors without sign off from the auditors.

Grateful, it's a debt/equity swap. PetroQuest gets 50% of nobel if they write off the 4m debt owed to them. However, the US licences have been impaired completely, therefore they are worth nothing on ppp's balance sheet at the moment.

Everyone has the choice to vote how they want. I just ask that you try to do some of the maths for yourself.

Spod, you haven't actually engaged with what I've written at all.

You hope it will. We don't know it will. Delta has put forward a very logical argument as to why it probably won't.

Everyone who has shares in ppp now, 100% of ppp, as in all of us together, could in effect, only own 5% of the new company once the rto is completed. Does that make sense?

I really think it would help you to do the maths yourself on excel.

Zag, after the dilution, it doesn't matter how successful ppp/rmd are, you will only own a miniscule amount. So it's pretty much irrelevant.

Not quite, but pretty much!

A return with nothing.

Unfortunately Stu, I cannot predict what SL will do if the no vote wins, but I think he may find a less destructive way forward for existing shareholders.

*sorry, 50% of nobel US to go to SL and petroquest

Spod, as delta mentioned, it might be too late then as resolution 8 may allow the 50% of SL to go to SL and petroquest. So I will be definitely be voting no to that one. We need way more detail.

Making ppp a shell by writing down the assets and giving half to SL, makes ppp very attractive to RMD for an rto. Because as delta said, the valuations are poles apart, more control for less money. Plus it gets rid of us pesky existing shareholders as we will have no power left when voting.

Someone please help me explain to spod. I'm losing the will.