RE: Very Disappointed with progress31 Jul 2018 10:18
It's hard to believe that the heads of terms agreement for the financing has only just been completed as this would suggest that the NNPC have not at yesterday's date, had a completed proposal in order to progress with NNPC approval.
So is this the start to obtaining the necessary approvals? as financing is part of and subject to correct financing guarantees to meet NNPC approval criteria without the necessary documents they cannot proceed with the application process not even to progress it.
This would then suggest that the NNPC was not to blame for the delays, COPL has suggested that all paperwork was done and was waiting for NNPC approval.
Its all very confusing there is no reason for the RNS as most investors would of assumed that heads of terms was already agreed and were waiting for loans approval and drawdown dates subject to NNPC approval.
One Thing's for sure a lot of people lost a lot of money yesterday, and COPL has no money as from march to today's date it would look like there is 3/6/weeks working capital left .
So the big question is when is the placing and what damage the last RNS has done to the credibility of COPL management ? Still looking good here but the risk is not small by no means,