George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Taken from Admincontrol . It appears the seller is able to manage user permissions. See below. Does this mean COPL can allow who sees the data. Also interesting is in what investors look for "Records of previous capital raise and liquidity events."
Who gets access to data room?
Both sides of a potential deal can access the data room with sellers able to manage user permissions on the buyer side. This means sensitive information such as financial performance, patents and product development is shared and seen in a controlled manner.1 Nov 2022
What do investors look for in a data room?
Because the primary purpose of the data room is to present a company's potential for future profit to a group of investors, the following legal documents should be considered for inclusion: Legal structure and articles of incorporation. Records of previous capital raise and liquidity events.
Think of shares held now and pre "theft".
IF fraud has taken place then recompense follows in a liberal democracy. London's position as a leading financial/insurance/ stock market depends on being seen as THE jurisdiction international companies choose to establish themselves in, due to the reputation of the judicial system to ensure a fair honest outcome to disputes.
Here's hoping! FCA take note.
If at some point in the future it could be shown that a conspiracy between Lender and Borrower has been perpetrated, what happens then. Surely right now any bidder for the company (particularly the JV partner) will see see this as a threat.
For that reason how can it be a fair bidding process, at this time.
Hopefully, it will be shown that the law has been broken, a planned fraud has taken place with the resultant criminal investigation/charges to follow.
Why not contact the industry magazines STAS20 eg. https://jpt.spe.org/?gad_source=1&gclid=CjwKCAjwh4-wBhB3EiwAeJsppH-En81hV5KqxVFJCI1mOyClEfFd4sJwDanI7VW9vnK6MlrlYJ9MoRoCsyoQAvD_BwE
AM moves out. Two new directors take over.
They issue an RNS stating the new directors will be paid by the lenders in Bonds & company shares.
At this point they are NOT representing the shareholders , surely?
Why then can they then go onto the SISC. Is it not a conflict of interest at least?
Can someone out there with legal knowledge in this area clear this point up for me. Shouston? RBM?
(I did email Kravitz and the FCA with this query.)
It seems that in ALL of the geologists, accountants M&As specialists etc. involved in the 15 months of JV talks there is not ONE whisleblower.
Perhaps the reason is that their was NEVER a genuine JV.
1 Billion barrels of OIP a large/major oil company involved. And nobody is talking! WHO WAS IT?
Well well, just looked up CORO and what do i find. James Parsons (Chairman Ascent resources) and Marco Fumagalli (Non Executive director Ascent resources) Now i am a LTH in Ascent and we long term holders are waiting on the outcome of a NO WIN NO FEE case which is coming to a conclusion hopefully shortly. It is a familiar story of LTHs being duped etc.etc. The two individuals above have been taking their extremely comforting salaries for a couple of yrs while the lawyers do their work, Tom Richardson CORO chairman is in good company i would say. BTW Colin Hutchinson Ascent resources chairman, rode off into the sunset with his saddlebags full from Ascent many moons ago. Seems these guys run in packs.
Specifically, they have to comply with three fiduciary duties: care, obedience and loyalty. If board members understand and embrace these responsibilities, they can fulfill those duties and hold their fellow board members accountable to do the same.12 Jun 2023
(Please feel free to pass on far & wide)
1 AM definitely trying his best for a JV from a difficult negotiating position. Would have liked to have heard more about a straightforward ¨for sale¨ sign going up. (An auction!) I got the impression if he pushes too hard they may walk away. However that is the art of negotiation which AM prides himself on. I read once that the best deal is one were ¨BOTH PARTIES WALK AWAY BELIEVING THEY COULD HAVE DONE BETTER¨ 2 RYAN non existent, a big disappointment. No input at all. 3 He did explain safety issues that they had, had to deal with. 4 RS report - he covered reasons for not going totally public. Shorters he did mention ¨burn them¨. Buying out our debt is still a main aim, in time of course. 5 Compensation was not covered adequately in my opinion. Mentioned his daughter etc. and how well qualified she was. Which is fair enough. Is a high salary though i reckon myself. Summary is they are all working hard (dont we expect them too though?) Boils down to trusting AMs skills in the crucial JV negotiations. A good negotiator should always try to have something up their sleeve ..................Plan B???
Compensation vs Market: Arthur's total compensation ($USD1.39M) is above average for companies of similar size in the Canadian market ($USD177.68K).
Compensation vs Earnings: Arthur's compensation has increased whilst the company is unprofitable.
1 If the JV s terms are not good enough then surely ART has to go. 2 ART is a good geologist , yes, but the company now needs a businessman. An experienced M&A oil specialist short term maybe. . These fields are ripe for pension fund money. They look for long term revenues COPL has 40 yrs at LEAST! 3 If 1 above is not up to the mark then 2 should follow. Now is the 11th hour, we cant allow any amateurism, anymore. Time for plain straight talking and transparency from the BOD.
Been here a few yrs now long before ATOMIC etc. over a 5 fig sum invested. Now i see all the danger signs of disaster looming. Noticed a few times AM has mentioned the ¨liquidity¨ London has to offer. I wonder now was that an invitation for lenders to come in and take advantage of the retail investors? Classic case of transferring money from the small guy to the big guy. Am thinking now AM has maybe raised cash from the BHs and has left us with very large debts. After the RS report i posted here that now we were entering an accountancy phase, a need to raise money to take us to the development phase. A move from exploration to production. I dont think AM is the man to take us to the JV/development over the next few yrs. There are millions of dollars at stake here. The salaries the directors are on are well enough to warrant far more experienced guyss i think than the BODs we have now especially looking at their whole packages. Not to mention Caths. There time is up. AM has done a good job finding the oil, but developing this giant is a step too far for him i think. Have a look at any terms in a JV by all means , if there is one, as we are so far down the line. It is time tho now for shareholders to take control and take the company to the next level. In the next 2 months with a more heavyweight BOD.
The Alternative Investment Market (AIM) is a specialized unit of the London Stock Exchange (LSE) catering to smaller, more risky companies. The companies listed on AIM tend to be smaller and more highly speculative in nature, in part due to AIM's RELAXED REGULATIONS and listing requirements. (Investopedia)