Tethys Share Discussion Threads

[temporarily insane] 08/2/2017 18:03

Why is it only TD Securities that gets away with trading using Bypass Trades (W)?


They are the ones manipulating the price. There is no correlation between trades and buy and sell % gain or loss.

[temporarily insane] 08/2/2017 17:57

Who would have guessed it!

[hguess16] 08/2/2017 12:09

Thanks Casual.
We can now move on and hope to receive some news relating to commercial and financial matters which are vital to the future of Tethys !.

[casual47] 08/2/2017 10:22

I have been pretty clear about my thoughts in my posts. TPL's answer is in my post above and everyone can make their own mind up about it.

[hguess16] 08/2/2017 10:18

Casual,
I certainly want to know if any regulatory rules relating to the takeover code have been overlooked and if the Kumars have triggered any rule related to control of Tethys
which affect minority shareholders.
If the Kumars have conformed to TSX regulations and the Articles of Association and if the TSX authorities have accepted it, that is good enough for me.

My point is that the TSX was fully aware of the Kumars intentions to go beyond 20% to over 30% after they exercise the warrants.
If the TSX sees no problem with it, I wonder why it is relevant.
In any case there is full disclosure, so let me ask again, what exactly is your problem ?.

[casual47] 08/2/2017 09:52

Hguess, why *don't* you want to know?

The recent articles have clearly cast doubt on it and the implications of them *being* related parties and potentially acting in concert are significant.

Anyway.

I received a response. It is a very curious response for two reasons:

1. He doesn't outright answer the question
2. He refers to the 20% threshold "you mention" -- except....I didn't mention the 20% threshold in the email, only on this BB (hello, Pete!)

Below his reply. I think perhaps the question wasn't as trivial as you might think so maybe there's more to it.

"The two investors made separate offers to the company to acquire shares. TSX approval for the placements was required and the TSX accepted they be considered as separate. The investors each acquired 9.9% of Tethys shares, which after dilution is now 8.65%. Even if taken together this falls below the 20% threshold you mention."

[hguess16] 08/2/2017 08:31

Casual,
I would like to understand why your question " are Kumars related party " is relevant as this matter would have been raised by the TSX when the Kumars applied to invest in Tethys.
Again when it was agreed that the Kumars would increase their shareholding via the
warrant exercise, the TSX regulators had full knowledge of their intentions.
There was full disclosure to all in the public arena !.
Clearly the so called 30% threshold was exceeded after the warrant resolution was
approved.
If the BOD of Tethys and its investors are fully aware and approve the Kumars plans, and full disclosure is made to the regulators, I fail to see why your question matters.
Maybe I am missing something here !!.
Please explain !.

[temporarily insane] 08/2/2017 08:15

Well, I make that another day of NOTHING.

[casual47] 07/2/2017 18:10

I chased Pete re. "are Kumars related party" but no reply yet. Will call him later this week if still no reply.

[temporarily insane] 07/2/2017 17:04

Interesting comment Hguess16. Thankyou.

I don't have much choice but to stick with this as the board have allowed the share price to do nothing for years. Just annoyed.

Thank goodness oil and gas doesn't dry up over a few years eh ....LOL

[hguess16] 07/2/2017 16:58

TI, I will be patient and wait for the new team to let us know, when it is legally appropriate to release factual information to the public.

My perception of the current position is that Tethys needs to convince local banks and existing lenders that they have the capacity and the resources to enable them to repay current short term liabilities and any new loans.
This requires the new team to provide the following ;

- Evidence of existing reserves of gas and oil in the shallow wells in KAZ and the
ability to drill and produce adequate oil and gas to meet the repayments of
principal and interest;
- Evidence of new customers for Tethys oil and gas products on the basis that
Olisol is no longer involved with Tethys and that the new volumes of gas and oil
and its pricing structure will generate the required revenues;
- Provision of corporate guarantees and/or assurances by the key Investors,
relating to the viability of the new business plan;

The new team and the Kumars' are actively involved in making this happen, as outlined in the Private Placement Agreement as stated below -:

- Obtain a bank loan from a reputable bank in KAZ for TAG
- Market the Company's gas sales for export
- Improve the pricing of Tethys oil and gas products
- Engage with the Company's current corporate lenders with a view to restructuring
existing loan terms in order to improve cash flow.

The resolution of each of the issues, outlined above, may require varied timelines and may extend to a few weeks or even longer, depending on the negotiations that are currently taking place.
My expectation is that a few of these issues will be solved and the news, subject to legal approval, will be released within two weeks.

The Kumars have already helped Tethys to resolve the detrimental issues the Company has faced in Kaz.

My investment in Tethys has and will be diluted further with the triggering of the agreed warrant and debt conversion, but I intend to remain and back the new team to
deliver !.

[casual47] 07/2/2017 11:30

I expect the Cayman loan is "sorted", too. How it is sorted will be very informative.

E.g.

* will the two new investors help TPL in getting a bank loan to replace the Cayman loan?

* will the loan be renegotiated with the Cayman lender? If so, at what cost to us PIs/the company? (e.g. will there be huge dilution/warrants/security/etc)

If the Cayman loan comes at a big cost then the Kumars are perhaps not as helpful as we might have thought. If the Cayman loan is dealt with without major pain to TPL/us PIs then we know the Kumars are strong players with influence and this will likely be repeated for all other hurdles.

[dorset64] 07/2/2017 11:25

We can only guess Casual but one could expect that the Kumars et al have already a plan up their sleeve for such loans prior to their investment.

I would not be expecting the cayman alone to be any kind of a hurdle for them now given the new investors would had been given a 'warts n all' outlook on the co. from the outset.

[casual47] 07/2/2017 11:17

While there is much reason to be apprehensive we should be relieved that news will be very imminent regarding the Cayman loan, perhaps even with broader news re. funding etc.

How this $8m loan will be dealt with will be a huge indicator of strategic direction of the company and the clout the new BOD and investors bring.

Won't be long now.

[temporarily insane] 07/2/2017 10:45

Nothing like desperate to find negatives where there really arent any.

[dorset64] 07/2/2017 10:07

And he's back.
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naimanka747 Feb '17 - 08:12 - 13368 of 13370

...I suppose if they have gone to arbitration......

..the arbiters will look at the intent......

...in a business that's losing money....

...Olisol have a reasonable case.....

...undermine the chances of any bank restructuring their debts...

...what's the order of other debts falling due....

[casual47] 07/2/2017 09:14

The $8m loan from Khan Energy (Cayman) Spv was due end of Jan / last few days. The rest some time in the summer. (Pope/ALR was already renegotiated to 2020 of course)

So some news should be imminent.

I believe if the Cayman loan got renegotiated then the contract must be published on Sedar, like it was before.

[1399peter] 07/2/2017 09:10

hguess

Wishful thinking I guess, I do realise there is mountain to climb here and no doubt more games to be played by Olisol.

[naimanka74] 07/2/2017 08:12

I suppose if they have gone to arbitration (is that correct?) then the arbiters will look at the intent (pre balaclava circus) where substantial funds were invested, in a business that's losing money, so damages, if awarded, would (in my opinion) be extremely low. I don't think there is enough information to be definitive, arbitration is different to court proceedings, however my feeling is Olisol have a reasonable case, it won't be black and white. I also strongly suspect the real story isn't in the public domain as yet and I doubt Tethys will fill in the PI's whilst proceedings are underway.

The translation isn't too bad, I would say there is a hint of collaboration, but that could be purely commercial, it's not definitive in the article.

I suppose all these press stories may undermine the chances of any bank restructuring their debts, what's the order of other debts falling due Casual?

Although one (big) upside of having the Altyn group involved is that they will (as significant oil traders) have very good banking relations, probably much better than those of Olisol because of scale.

[hguess16] 07/2/2017 08:07

1399Peter,
Taking into consideration the need to establish new trading trading relationships,
following the break with Olisol, as well as the restructuring of the current short term financial commitments and liabilities of about $30m, I would be pleased if Tethys
is able to release news on these key issues within the next two weeks.
I am sure that you are aware of the need for Tethys to be prudent and factual in the release of forward looking statements, as these have to be approved by lawyers prior to its release to the public.
So I am being patient and hope that Tethys might be in a position to give us some news on the above, within the next two weeks !.