Barryroe Offshore Energy Share Discussion Threads

[paulsavannah] 19/10/2023 22:33

The 4 or 5 million would just have been spent on the BOD wages for another period of time and we'd be in the exact same situation once that was spent.

[hermana3] 19/10/2023 19:22

The stinking Examiner is in Larry's pocket and that is who will pay him his exorbitant fees. The game is rigged...

[theshenagainagain] 19/10/2023 19:21

Everyone seems to have just given up.

[curly17] 19/10/2023 19:11

They should get 4 or5 million from placing with shareholders guaranteed by bigger shareholders. Pay the creditors and then sue government for up to.a billion.there are good lawyers who will work for percentage. Examiner wants to wipe us out .. when his function is to protect us in any deal.new government half way through action will negotiate

[hermana3] 19/10/2023 17:44

BOD hadnt a clue where they could find dough except from Big Beef. Anytime in the past the BOD made fools of themselves looking for farmouts and this lot couldnt find their asses with both hands....

[northatlanticholdings] 18/10/2023 21:46

I discounted an off-book deal with the majors, but we will soon see. It’s interesting that the Examiner noted a number of proposals having been received. Nick Furlong must have 10-15M+ on the line so I guess we will see where those votes go. Perhaps he made a play for it independently. Got to think that the Majors should in theory object to the deal via the courts but at this stage who knows.

[hermana3] 18/10/2023 17:57

Yes such a thought has occurred to me too. There is us great unwashed and them glorious instis and life has never been fair....

[theshenagainagain] 18/10/2023 17:49

I wouldn't be surprised to find out Pageant et al are getting a different deal.

[g1lo] 18/10/2023 17:04

I also voted against. Who would in their right mind agree to "cancel my shares now and you might get 5% of future profit" and simply hand over the lot to LG without proper compensation...good try LG. That summaries what he really think of others. Total disregard. Let him come back with a better offer (that s not hard). I d rather end up with nothing than letting LG abusing the situation. Let see how interested he really is.

[theshenagainagain] 18/10/2023 06:55

As I understand it Swizz is heavily invested in LOGP. It is no wonder he believes LG taking over is a good idea. Good for him, not for those giving away everything for nothing.

[theshenagain] 18/10/2023 06:33

Swizz,I would prefer nothing over Goodmans lucky bag 5%."Morals"my backside!

[ps200306] 18/10/2023 02:35

If Larry wants the company let him pay at least some token consideration for it, no matter how paltry. I'd much prefer to see shareholders lose everything than be taken for complete mugs AND lose everything anyway.

The SEL 1/11 license isn't going to be resurrected. The field is never going to be developed. And even if it was, the offer of "5% of any after-tax net profits realised by the Company from the Barryroe field" is laughable given that it's being set up as a tax write-off vehicle. How could there conceivably be AFTER TAX net profits within ten years? Ironically, it would be (ex-)shareholders' own lost investments that would be discounted against Larry's tax bill.

[paulsavannah] 18/10/2023 01:34

A better or sweeter deal for existing shareholders I suppose is what we are asking for. No point in gifting it all to LG, let him earn it. If it goes into liquidation or if the vote for the scheme of arrangement passes we will be no better or worse off either way. But LG most certainly will be if it passes.

[swizz] 17/10/2023 23:53

For those that are voting to reject and just out of curiosity, do you have any suggestions on what the alternatives to LG and Vevan could possibly be?,..GL S

[swizz] 17/10/2023 23:34

You seem to be conveniently overlooking the fact, that the BEY board were in process of liquidating the company, how does that square with the notion, that as ordinary shareholders we were in line for anything other than a total right off?, It is hardly surprising that the only major shareholder with any semblance of logic, is attempting to keep the company from the abyss and I for one are more interested in seeing what develops with Barryroe and SEL 1/11, under the stewardship of LG and Vevan, than some ridiculous moral crusade that some are promoting, ...GL S

[hermana3] 17/10/2023 21:09

$90 oil and we are voting against the deal which will eliminate our holdings. What a state of affairs after decades of abysmal management.....

[northatlanticholdings] 17/10/2023 19:34

I voted to reject.

Who would vote to cancel their shares for 'no consideration?'

A real Turkeys for Christmas scenario. There is no rationale to it.

The thing is, Goodman's team will of course know this.

So a takeover through shareholder elimination? Are they trying this in the hope it succeeds with the fall-back that it might not go through. I guess they've hedged its worth the risk.

Conveniently they've stripped any semblance of value from the court papers.

Relative to other companies in examinership, the creditor list is not significant.

The judge already noted that it was highly strange for a company to place itself into examinership; for its major shareholder to do so, rather than a creditor.

I guess the court will have the final say.

[steelwatch] 17/10/2023 14:41

"Beef man looking to make a killing" - the alternative was imminent insolvency with nothing for shareholders, so whether his offer of some kind of return eventually, IF he can get the licence resurrected using his own cash and developed sufficiently in the time frame, then good luck to him I say. Meanwhile it's a wipe out and not worth getting worked up over. Some of us probably won't be around to see anything anyway!

[paulsavannah] 17/10/2023 12:26

I voted to reject as well. I have nothing left to lose at this stage so whatever way the vote goes I will be no worse off.

[jotoha2] 17/10/2023 11:30

Messr2 , you and all small holders of this stock are being set up to be dumped into zero value , the BOD are dodgy and the Beef man is looking to make a killing by his antics , corruption pays for some .

[jam2day] 17/10/2023 11:25

Well for what it's worth I've voted to reject