Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
If this BB got Copl to finally issue an RNS, that's something. But:-
1 Why not issue the RS report, it's over a year old! Isn't it also SH property so to speak? It's an insult to say we wouldn't understand it!! That takes the biscuit.
2 What was all the money spent on? Simple headline figures for piping, production, wages etc.
3 What prompted AM/Ryan to double their salaries at such a critical period?
4 Why is production still so low? What does "the new production director" say? Errr, have we got one?
5 Why are they afraid of arranging a live presentation?
If others could add any questions and perhaps RBMInvest could send to Copl and publish their response? Who knows...
Roxi, does it have to be a full bid? What we want is access to information; I don't know the details but doesn't a company, listed on main market, have to reveal information to a "major" % SH? Or one who wants a place on the board? I don't know, but I've always assumed there's ways of getting info without having to own a company? Their accountants and lawyers must know what's going on? "Mandatory offers have to be made when shareholdings above 20% in Canada and 30% in UK". So we buy 20/30%, which PIs probably already have, then we have x days to sort out full bid, with access to info. Does stage one simply sound like PIs organising into a "formal entity" controlling 20-30%, to get access to info?
" business plan which shall include a sales process for the Company's assets. " I'm reading this to mean ALL assets, otherwise would have read "some or all". So total sale for about £1m.
Tiburn "but it would not surprise me at all if they announced prod increase using the $2.5m funds in Q1, another consolidation, name change, revised agreements made with SL and Anavio and then "new" discussions with JVP."
NO way, this was all planned, to sell the assets cheap to some pre-agreed vehicle. The insolvency vultures are in, keen to gorge on fees. Lenders, BHs etc already made loads trading over the last year so no loss there. Vultures and AM quids in.
Our MC will soon be £1M on a theoretical asset of 1bn barrels of oil, 1000-1.
Didn't our captain, Robert Maxwell, oops typo, sorry, Arthur Rank features, announce a 1000-1 consolidation early last year? No connection but the irony!
Https://www.provincefirm.com/team/peter-kravitz/ "Mr. Kravitz serves as a professional fiduciary with a specific specialty in wind-down situations. "
"Peter Kravitz Principal at Province Las Vegas, Nevada" LAS VEGAS, gosh that sounds respectable!
Sorry, Ref ": GoozeToday 16:01 He’s on the case" can you supply more detail, like what's he doing? Thanks.
How do you know, do you have more detail? Thanks.
Trujack, "‘CUDA oil and gas bankruptcy’ all of the official filings and motions are available on the receiver’s website. The process would be very similar for COPL, as CUDA was also a Canadian incorporated business with US assets".
This is when AM probably got the idea? "I've just picked up Cuda on the cheap with other people's money, I'm going to do the same with Copl? Worked once, why not twice..."
I don't know how this works but wouldn't it require some sort of investigation by the authorities/courts/whatever, to decide whether to grant it? In which case if there was fraud it might be revealed? In which case wouldn't AM want to avoid this as a solution?
In England you can have a "pre-pack" where everything is agreed with a buyer before the administration is announced. The buyer is sometimes the old company under a new name. Accountants know how this works.
If I was AM I'd let it go bust and do a deal with the SL (who just wants his money), buy it for peanuts. But then what do I know, I'm just a PI shmuck.
1 There's oil but difficult to get out in quantity, as stated decades ago. Managed a temporary increase to 2700 a while ago but couldn't be sustained because of difficulties. Promoted for PR purposes.
2 New equipment never bought or fully installed, or didn't help.
3 RS report a smoke and mirrors job based solely on "facts" supplied by AM, no independent verification. Which why it was never released.
4 "Fall off chair asset value" PR machine in overdrive to enable insiders to make hay while the PI dream bubbles.
5 Feb 2023 doubling of salaries, WTF, why not.
6 RNS's worthless jokes. Last few designed to squeeze a few more months, get last bit of $$
7 We got fried by a Sam Bankman Fraud type con.
8 Private Eye calls the FCA the Fundamentally Complicit Authority, so no help there.
7 Merry Xmas. Some in the Cayman Islands, others in the doghouse.
9 This is not a ramp/deramp but what I would say if we were talking face-face, rather than through the noise factory. I’m a LTH.
Please, can the hot air balloons on here stop trying to prick each other, it's childish school boy stuff. Pretend we're in the same room speaking face-face rather than in the Noise Factory, aka the internet. Not a merry xmas for many.
Does anyone know exactly where the oild field is and the nearest town, however small? I'm happy to then look for local bars and ring them up, see if there's any Copl oil workers there. Should lead to some interesting chats if nothing else. Can anyone post nearby towns? Thanks.
Stas20 and Trujack,
I'm guessing the SL has already made up any possible/10% shortfall with past trading/information anyway, so they are already ahead? This sounds like a discussion between Lender expediency and SH hope, my heart says Stas hope, my mind says Trujack expediency. Who knows, but at least it's a sensible, factual discussion. Oh Lord, what path led me to invest in Copl????
"COPL only has three directors, (Richardson, Gupta and Cowan). Don't actually know Gupta's residential status but am guessing it's not Canadian hence why Cowan, as the only resident Canadian, has to stay on as a director to comply with Canadian corporate law".
According to Company's House Gupta lives at Loveday Road, Ealing, W13 9JT, a naff part of London. Another "exciting" addition to our BOD, can't wait for his input. Pass me a mince pie.
Trujack, can't the terms be amended? Surely SL and BHs are happy so long as they get paid? They may even feel more comfortable with a different company? Or can they make more money out of an AWhole?
Tradevol, happy to do so. Please post the NCA and HMRC links to speed it up, thanks.
Errr, no payment terms set out... it will dribble in... be added to/offset against etc, depending on how long the new partnership lasts. Possibly good for a bit of short term trading/ramping. Official financials is what counts. Always look at the character of the CEO (something I frequently fail to do), and Drooper is a festive cake sucker. Enjoy the Xmas cake. :-)
Except a lot of stuff from Copl, including on their website is out of date! There was a minor attempt recently to update their website but that didn't last. Who knows and until he appears with something relevant, he's irrelevant. :-)
Tiburn and Silversprings, your posts are good but answer me this. Why couldn't it all have been planned by some/all directors (AM, Gupta(brought in to add "gravitas"), Cowan (been there 8 years so AM stooge), cake sucker Ryan? Take company private on the cheap (AM has $17m from recent house sale)? If bookies read the BB posts and RNSs, what odds do you think they would give that it's all legit versus some sort of con (or coup)? Gut feel? Really interested in facts one way or the other, as you and others have done. So please, hot air balloons go prick yourselves, this is not the time for silly comments. Thanks.