Latin Res Share Discussion Threads

[ian.g] 20/1/2005 14:04

imbigred - my pleasure. interesting that EVO are pushing it - maybe it's through their Marbella arm ;-)

PC - wonder what/who is dodgier?

Crosby, Lodore et al ? who have published exactly what they're doing in great detail (see above) as required by UK and Hong Kong regulatory authorities?

Me ? for posting a lot of unbiased information and saying I'm long?

You ? for starting posting in November with ramps eg 'come on everyone it's going up' (12 Nov) and 'WEheyyyyyy here we go!!!!' (28 Nov), before selling out on 29th 'had my 50k from 10.75 and closed em at 13.75 pays for part of the spricng hols in barbados!! Byeee!!'... could it be that you'd quite like this to drop below your selling price so you can get back in again? ;-)

now THAT's very very dodgy...

[imbigred] 20/1/2005 13:53

Evolution Beeson Gregory have started making a market in this stuff. Hearing their is a big buyer out there. Should see some upwards movement soon

[imbigred] 20/1/2005 13:36

thanks for you recent posts ian. Very interesting stuff.

[pomp circumstance] 19/1/2005 18:43

Very very dodgy ;)

[ian.g] 19/1/2005 17:49

Did that last bit come out as a teeny weeny rampette? I'm afraid PC brought out the worst in me - for the record I'm long here, so DYOR...
ian

[ian.g] 19/1/2005 17:40

PC
Is that the best you can do? I simply provided info above, but since you feel that 'very very dodgy' is a useful comment perhaps I should offer a balancing view.

Mr Leat is a successful, well connected businessman - running the affairs of one of the world's richest families for 25 years is quite a grounding in international finance. He is also experienced in bringing companies to AIM.

One of Crosby's areas of business expertise is the release of corporate value through mergers, acquisitions and IPOs.

When Crosby wanted an AIM listing Mr Leat provided them with a cash shell on AIM (Skiddaw) to reverse into; this was partly to give them a London listing, and partly to provide them with additional finance for expansion. They started trading at 16p last March and are now just over 20p - a very reasonable return for shareholders (certainly not pump and dump).

Now Crosby want a cash shell on AIM to reverse into again, this time for Sunov Petroleum. Once again Mr Leat is providing them with it.
The benefit for Crosby is that it releases some of the value that they (and Silk Route) have tied up in Sunov. This frees up capital for them to continue to build their financial business, while still leaving them with a significant stake so that they will benefit from the success of the enlarged Lodore/Sunov. It's certainly still in their interest for Lodore/Sunov to succeed.

For Lodore, this gives them a major expansion of assets and of capital, but most significantly it brings on board a very experienced oilman, Dr Williams. He also has a significant stake, and therefore a major incentive for the new business to succeed. He built up Novus, and bought these assets for them, so he knows their value and potential better than anyone.

Just because international corporate finance is complex doesn't mean it's dodgy. As I've said before this is not a share for widows and orphans; but all those involved have every incentive to make sure that the new Lodore/Sunov entity is successful.

If/when the deal goes ahead I expect Lodore may change its name to Sunov; after all, this is more or less a reverse takeover. I also expect Dr Williams to take this business forward as a very successful oil asset company, making money for himself, Crosby, and best of all US :-)

regards,
ian

[pomp circumstance] 19/1/2005 13:42

very very dodgy!!

[ian.g] 19/1/2005 13:09

Given the complex nature of the relationships of these companies, I've also had a look at the announcement relating to this deal made by Techpacific Capital on the GEM exchange.

The following link takes you to that announcement in PDF form. It's a large (15 page) document, but well worth a look if you want to understand the this deal better. Pages 8 and 9 give diagrams of the relationships between all the companies involved before and after the deal.



Hope this is useful.

regards,
ian

[ian.g] 19/1/2005 13:00

Dr Williams was founder and CEO of Novus (the Australian petro/gas company). In early 2004, Medco Energi bid for Novus. Dr Williams was asked to find another bidder as the offer was too low; instead he formed a consortium with Crosby, using Sunov Petroleum Ltd (then 75% owned by Crosby) to make a counter-offer. The Sunov consortium was eventually outbid (over a number of months) by Medco Energi, and Dr Williams left Novus.

Later in 2004 when Medco completed their takeover, Crosby (which by then had reversed into Skiddaw) acquired various ex-Novus assets from Medco via its subsidiary Sunov Petroleum. Following these transactions Sunov is owned 61% by Crosby, 34% by Silk Route (who also invested in ex-Novus assets), and 5% by Shake and Twist.

[ian.g] 19/1/2005 12:58

For general information, I've been looking into the background of Mr Leat, Crosby and Dr Williams relating to this deal.
Some of this information is already in posts above, but I thought it might be useful to collate it in simple form for the benefit of the thread.

In April 2004 John Leat was a director of Skiddaw Capital Ltd., Canisp plc., Corvus Capital Inc. and John Leat Consultancy Limited.

His previous directorships were Cheval Property Limited, Goldolphin Management Co. Limited, Onyx Microsolutions Group plc., Smech Management Company, Kildangan Stud Ireland Limited, Manestates s.à.r.l. France, Starshine Management Company Limited.

Many of these are obviously related to his job from 1974 to 2001, managing the business and personal affairs of the Al'Maktoum family, the ruling family of Dubai.

In April 2004 he was chairman of Skiddaw Capital inc., together with Shahed Mahmood, when Skiddaw Capital bought Crosby Capital Partners from Techpacific Capital Ltd. CCP was the holding company for the Crosby Group: a group of 18 financial companies involved in structured finance, mergers and acquisition advice, asset and wealth management, etc.

This was actually a reverse takeover by Crosby's owner Techpacific Capital Limited, and was done for the purpose of getting Crosby an AIM listing. In fact, it seems quite possible that Skiddaw was created and floated for that purpose.

On completion of the reverse takeover John Leat stood down as a director and various Crosby Group and TCL directors (a number of whom such as Ilyas Khan are ex-directors of Nomura) were appointed as directors of Skiddaw. The enlarged group was admitted to Aim trading 18th May 2004. On 5th July 2004 Skiddaw Capital changed its name to Crosby Capital Partners Inc.

[imbigred] 18/1/2005 16:48

Got to say, fairly happy with todays performance. Also happy that there are some sensible and regular posters back on the board.

[ian.g] 18/1/2005 15:03

PC / imbigred
Thanks for the welcome. Don't think it's too hard to tell who's long and who's short here...
PC, yes, first time I've posted here; only post when I think there's something to say, spend most of my time looking after my business... which sadly is in Manchester not Spain... can't win them all :-)
imbigred have seen your previous posts - glad to hear that you don't dyor but trust in PC et al who are much more balanced and reliable ;-)

[imbigred] 18/1/2005 13:10

Insider trading!? No fear. I rely on the informed judgements and opinions of bb posters like your good self!

[pomp circumstance] 18/1/2005 12:40

Another first timer, and insider trading too!! No shame at all!!!

[pomp circumstance] 18/1/2005 11:35

Wonderful when a first time poster comes on board.

hows life in Spain Ian?

[rambutan2] 18/1/2005 10:57

so what are csb up to fusebox?
they now hold 77.2%.

[fusebox] 18/1/2005 08:21

WErning.

Berkley Wyatt have been pumping and dumping this stock check my previous posts on the matter.

Investors are at great risk with this stock.

[theboy69] 13/1/2005 10:46

dissapointing so far but think the might pop up later.Market v quiet

[imbigred] 12/1/2005 14:22

Trading again. 15-15.50

[saloch] 12/1/2005 00:01

no indication on price, feel fortunate i got in under 10.5, not looking for an early exit.

[imbigred] 11/1/2005 10:22

Thanks for that saloch. Do we still think that it wll come back around 19p?

[saloch] 10/1/2005 23:47

article in todays mail stating that it will be this week. sunov raising 1.4m at 15p all very positive,

[imbigred] 10/1/2005 11:05

Hearing stock will be probably be back this week if not then by end of next week. Anybody noticed that CVL (another Regan related company) has also been suspended. Seems to make a habit of this.