Tethys Share Discussion Threads

[naimanka74] 15/12/2016 00:28

I think luck always plays a part, I see no mention of the money's outstanding being paid, did they say anything about that, it was over $3m?

Have I contacted the board, no, I still think they're clowns, been busy with another project in the area.

Gas supply contract to China is unlikely for well over a year, pipeline issues, Tethys must know that, why haven't they said?

Tethys in Robsons day....well strangely enough they picked up the license from the Presidents brother (Bolat....not Borat, BN Munai) I'm sure all above board, nothing to see here move along.

Certainly the Balaclavas are more Moscow in the early 90's than Almaty, but it does look like it was a major overreach by Olisol. I still hear that Olisol borrowed the money, so not sure what whoever lent makes of all this, I would imagine they will make an appearance at some stage though.

Emerging markets, brown envelopes, I think these days are gone, Tethys couldn't muster a decent stuffed envelope these days. In country partners, thanked in an announcement, bit unusual, like the court case, one might almost think there was something to hide?

But then again I think we already know that?

So good sales being resumed, hopefully payments as well, otherwise it wouldn't stagger on for long?

I remain very sceptical, this still doesn't add up.

[temporarily insane] 15/12/2016 00:07

naimanka is too busy being saikats twin.

[temporarily insane] 15/12/2016 00:04

serasorryia, any chance for a negative and you are pushing a negative. There is nothing left to short!!

[hguess16] 14/12/2016 20:46

Thanks Ben, This is positive !.
Provides yet another step in the upward direction for the company and PI's.

[dorset64] 14/12/2016 19:57

To be fair and thanks Benandemmiboo for posting, but this again shows that the current BoD's believes there is plenty of life left in TPL.

If they didn't believe things will work out ok for TPL, they would not be advertising for a senior position in the o. relating to future capex spend and valuations.

For me this again says things should hopefully work out well for us shareholders, in that the co. is looking ahead to a new drilling campaign. In fact I might message them and apply for the job myself!! lol

Strange how namainka's been awfully quiet since the re-newal of contract news!!! Funny that.

[seroserio] 14/12/2016 19:32

LOL! A business analyst! Nobody on the present staff who knows anything about business? Well, we're moving in the right direction then. :-)

[benandemmiboo] 14/12/2016 19:22

For those who are curious, Tethys has used Headhunter to hire a business analyst: hxxp://qyzmet.kz/viewjob?id=3462368

Duties:
performs work on accounting of fixed assets, material assets, the cost of production, the results of economic and financial activity in the information system SUN;
participates in the development and approval of accounting systems costs and coding;
conducting pre-project analysis of decisions and forms the basis of data in accordance with the requirements of the approved forms of expenditure (AFE);
participates in the inventory of material assets;
developing criteria for evaluating the effectiveness structure modeled business processes and functions;
generates a common analytical report after the analysis of business processes in the form of tables and analysis of the text comments;
preparation of economic calculations

Requirements:

knowledge of the financial, fiscal and economic legislation;
knowledge of the laws of the Republic of Kazakhstan on subsoil use;
modern information systems in the field of financial accounting and financial management, (SUN system);
the basics of system analysis and fundamentals of systems theory;
basics of business - analysis;
methodology for assessing the effectiveness of the solutions and the development of expert assessments;
organization of financial work, budgeting;

[casual47] 14/12/2016 19:21

The interest is due in cash. The principal had a conversion price of either 10 us cents or 19 CAD cents.

Also doesn't explain why they need it, and why at such a cheap price many multiples below the agreed conversion price for this debenture.

The problem for them is: this is the BOD rewarding a related party to the chairman with cheap shares. It just isn't cricket.

[hguess16] 14/12/2016 19:05

Continued !.
2. Convert interest not principal

If I is reduced by 1
Balance O/S = 10 +1 = 11
Interest is calculated on 11.

[casual47] 14/12/2016 17:52

I expect the circular will only say re. warrants "voting for the warrants will give TPL potentially extra cash which it needs badly, voting against means we will not have this extra cash"

if so....duh. Nice try, BOD.

[casual47] 14/12/2016 17:48

Thanks D64.

[dorset64] 14/12/2016 17:43

I have asked them to answer a few of the Q's as I can see no reason why they could not. I appreciate that some of the Q's are 'leading' in that they could be construed as a back door question to finance (regarding the extra warrants/shares) etc.

That said it is my opinion they need to answer some of the questions prior to the EGM in order for all of us to vote on fact, and not just what we may or may not think is occurring.

Will let you know what they say.

[casual47] 14/12/2016 17:28

ALR (without extra 12m) + POPE + Kumars (without warrants) have in total more than 150million shares......I think that is more than cushion enough to fight off any attacks by Olisol with their 63m shares.....What good will another 12m do?

Also, as I pointed out before, there are several different ways they could have got 12m shares:

1. buy on open market
2. convert interest not principal -- this will have an immediate positive impact on cash flow
3. do a placing -- this will add to cash

Converting principal of debt does nothing in the short term.

[casual47] 14/12/2016 17:23

"A " No" vote, if successful, would be a disaster and would result in the demise of Tethys and a consequential nil return for all investors incl the long suffering PI's !. So be careful what you wish for !"

Explain why it would be a disaster.

How will voting against ALR getting 12m shares on the cheap for no obvious reason whatsoever be a disaster?

The agreement with the Kumars already contains a contingency regarding the warrants not being voted through. What are they going to do? Walk away? No. what will happen possibly is that the BOD will have to come up with a more sensible number of warrants.

[hguess16] 14/12/2016 17:20

I am expecting the cash flow forecast to be available before the AGM.
The 12m take-up by ALR, IMO, is to provide a cushion on control of voting issues to enable PAM and the Kumars to implement their plans to stabilise Tethys.
PAM would have 76m incl the 12m ALR shares
The Kumars already have 87.9m with the option to convert the warrants during a 3 year
period.
I find the reference to " mates " somewhat inconsequential given the current difficult circumstances of Tethys. If anything I would rather have " mates " instead of " villans and crooks" who might be lurking in the background hoping that would feast on the remains if Tethys fails !.
Olisol has 64m shares !.
A " No" vote, if successful, would be a disaster and would result in the demise of Tethys and a consequential nil return for all investors incl the long suffering PI's !.
So be careful what you wish for !.

[casual47] 14/12/2016 16:43

" The Q's I've sent can & only will be answered in full once the funding side of things have been sorted, along with any drilling campaign that the next set of funds would allow if/when arranged"

So potentially we will only get the answers after the EGM....convenient for them!

There should be plenty questions they can still answer, assuming all the ones that were brought up were included.

I don't think there are any excuses here for the BOD not to give some transparancy....

[casual47] 14/12/2016 16:29

E.g. the ALR 12 million shares.......

1. As it is only $168K it won't make a button of difference to the 30+ million USD debt burden.

2. The debt they want to partially convert is unsecured, doesn't mature until mid 2017, and has an agreed conversion price of $0.10/CAD0.19 -- many, many multiples of the "mates' rates" the BOD are proposing to give them for it now

3. What is the urgency, benefit, purpose of ALR converting into these 12 million shares?

If they had decided to e.g. use the interest payments due to convert into shares or make a placing for it instead so that TPL has some extra cash then I would happily vote for it. But they chose otherwise...

There are alternatives, they decided against them. Why?

[casual47] 14/12/2016 16:23

As they haven't given us a reason for the extra warrants or the extra 12 million shares for ALR I cannot see how we could be doing anything wrong by voting NO.

Given the small difference between Olisol shares and Pope shares this is perhaps the only and last time us humble PIs will have any hope of leverage here with our votes.

If the BOD get the impression we may all vote against perhaps they will put some effort into explaining to us why they deserve our vote.

That isn't too much to ask, surely, that we are told what good it will do the company?

[dorset64] 14/12/2016 16:06

I am understanding that the next issues they are working on are indeed the current loans & funding. The Q's I've sent can & only will be answered in full once the funding side of things have been sorted, along with any drilling campaign that the next set of funds would allow if/when arranged.

Obviously they will not and can not tell me anything else due to listing rules but I do understand that, with the contract now back in place, their next prot of call is to try & sort the funding/loans out.

They state they fully recognise our impatience in getting news etc and that theirs is just as impatient as ours, except to say they have to take everything a step at a time with the funding situation being the next step to overcome.

As said, I shall vote along with the board as, as Hguess quite rightly states above, what other options are open to us at this point in time?

[hguess16] 14/12/2016 15:53

I too agree that Wells and May are trying to help Tethys to recover from a dire set of circumstances and I will support them and the new investors as there seems to be no other alternative.
As I've mentioned in the past, PAM and Wells have no other alternative, but to try to rescue Tethys from this serious business failure which has been recognised, albeit belatedly.
I am expecting news of a resolution of the EGG dispute, followed by a cash plan which addresses the issues of short term debt and the funding of the drilling of shallow wells during 2017.
It is reasonable to assume that the Kumars saw an opportunity to be actively involved in the the rescue of Tethys using their own resources with their "competitive" offer in the form of a significant shareholding and " know how " in order to provide a significant upside to the their average 2.1p offer ( shares plus warrants) at some time in the future ( a 3 year view !) . The Kumars seem to have taken a long term view in aiming to reap the benefits of drilling Tethys proved and probable reserves of oil and gas to its optimum !.

[dorset64] 14/12/2016 14:55

Casual, my honest & simple opinion prior to any reply to the Q's, is that I'll put my towards a yes vote.

Sure we need a bit more meat on the bones regarding how & exactly what they can & are doing for us, but to date I feel that Bill & Ken have done a good job given the nightmare scenario they took on, irrespective of who actually caused it.

Of course anything in the answered Q's could change my vote but currently I will be voting yes with my 1.7 million shares.

[casual47] 14/12/2016 14:06

D64 -- yes, please nag them. The restoration of the gas contract, while great news, is just pretty much a return to how it was before, it doesn't address any of the real concerns we as PIs have about what is going on with the company.

I for one am still minded to put my ~2m share votes toward NO on the EGM resolutions unless I see a persuasive argument for voting in favour. Seeing as the share price is likely to remain below the warrant exercise price having the resolution re. approving warrants rejected will not trigger the penalties clause they included.

[casual47] 14/12/2016 13:21

It's been a while since I invested in any funds, but as I recall you can't just sell a fund like you can shares. You have to put in a request to sell and then at some later point the fund will sell your holding. Perhaps this is also linked to closed/open periods.

[dorset64] 14/12/2016 13:19

TI from your screen shot it doesn't say whether it is PAM or Pope Investments, so it could simply be pi's buying/selling stock and not Bill himself, or at least that's how I read it?

Which ever way, in the grand scale of things it's only pennies being traded.

As an aside, I've just sent an email to both Bill & Ken asking now that Ken is back in the country, will he still be answering my Q's as sent. Will post the reply once I get one.