Bitlyanska license court case nr. 640/24741/20 - last updates on 18 august 2022:
hxxps://opendatabot.ua/court/105851145-10abec1248ce712b537a0c6df4a70302
hxxps://opendatabot.ua/court/105851144-f13d7c02c5a3cebec3016f06fa51ac76 |
Publish and be damned! Arthur Wellesley, Duke of Wellington, when the courtesan Harriette Wilson threatened to publish her memoirs and his letters.
Fady should sue Proger. Proger could then publish as their defence (or settle) |
ASTROINVEST-ENERGY LLC vs. Poltava State fiscal authority regarding additional
tax assessment and penalties
Resolution
Administrative
Cassation Administrative Court of the Supreme Court
Zheltobryukh I.L.
Date of review
August 1, 2022
hxxps://opendatabot.ua/court/105564798-2a72821f5c422ac7f35a512c5302814e
The next court session is scheduled for August 3, 2022 at 3 p.m. 00 min. at the address: Kyiv, str. Moskovska, 8, building 5. |
 Some news/update about Usenco Nadra's court appeal for Bitlyanska License:
Case № 640/7578/20:
Decree
Administrative
The Sixth Administrative Court of Appeal
Yaroslav Mykolayovych Vasylenko
Date of review
August 2, 2022
hxxps://opendatabot.ua/court/105665206-8fbfdbca0a1b326b18482f1627c32354
Decree
Administrative
The Sixth Administrative Court of Appeal
Yaroslav Mykolayovych Vasylenko
Date of review
August 2, 2022
hxxps://opendatabot.ua/court/105665203-2388c8f5a87c46942d6d5bdf15c93bb7
Resolution
Administrative
The Sixth Administrative Court of Appeal
Yaroslav Mykolayovych Vasylenko
Date of review
June 15, 2022
hxxps://opendatabot.ua/court/104836864-56a58d79f8cab3087812b618fb429415
Resolution
Administrative
The Sixth Administrative Court of Appeal
Yaroslav Mykolayovych Vasylenko
Date of review
June 15, 2022
hxxps://opendatabot.ua/court/104836863-e950a960d682a4421c22a5fce37d2c1d
Resolution
Administrative
The Sixth Administrative Court of Appeal
Yaroslav Mykolayovych Vasylenko
Date of review
April 28, 2022
hxxps://opendatabot.ua/court/104139551-1e8eb4b2482882f6fe73a5472f7ac6a2
Case 640/24741/20:
Resolution
Administrative
The Sixth Administrative Court of Appeal
Hryban Inna Oleksandrivna
Date of review
July 17, 2022
hxxps://opendatabot.ua/court/105289847-55ed42a50fe6f2d31179921819a08b32
Resolution
Administrative
The Sixth Administrative Court of Appeal
Hryban Inna Oleksandrivna
Date of review
April 17, 2022
hxxps://opendatabot.ua/court/104007788-46df8af67a5ca67520504088cb319c87 |
The Cabinet of Ministers obliged producers to sell oil, condensate and LPG on the exchange
By Resolution No. 834 of July 26, 2022, the Cabinet of Ministers of Ukraine (Cabinet) made changes to the appendix to Cabinet Resolution No. 1433 of December 30, 2021 "On approval of the list of types of products traded exclusively on organized commodity markets."
Thus, oil, gas condensate, and liquefied petroleum gas (LPG) were added to the goods that must be traded on organized commodity markets.
One may remind that currently three exchanges in Ukraine are licensed by the National Securities and Stock Market Commission as commodity exchanges. These are Ukrainian Energy Exchange (UEEX), Ukrainian Universal Exchange (UUE) and Ukrainian Interbank Currency Exchange (UICE).
In mid-May, the NSSMC suspended the UICE license until the end of martial law, but the exchange, through the Sixth Administrative Court of Appeal, reached a decision on July 14 to suspend the regulator's decision.
At the same time, the growth of oil, condensate and LPG trading activity on these exchanges has not yet been observed.
17:26 / 1 August 2022
Link news:
hxxps://expro.com.ua/en/tidings/the-cabinet-of-ministers-obliged-producers-to-sell-oil-condensate-and-lpg-on-the-exchange |
Sorry Russman..
which is the problem to publish the arbitration award for Cad's management?
The problem is the 'Truth'?
Here the main problems are:
1) Devaluation of hryvnia vs. Usd and related impairment on fixed assets;
2) Lowest transparency of management towards shareholders/investors;
3) No information & details about new investment in other sectors and geographical diversification;
4) E&P activity located in ukraine and related war scenario;
5) Natural gas trading activity should be closed;
6) Exploenergy?;
7) etc... |
Publish & be damned. |
8.08.2022
Communication:
Arbitration Award Proger Managers&Partners Vs Cadogan Petroleum Holding B.V.
Update
Following the publication of incomplete and inaccurate information on the outcome of the arbitration award in question and in order to avoid instrumental and misleading communications that distort the reality of the facts (ref. announcements of Cadogan Petroleum of August 3rd and August 8th), the company Pm&p announces that it has officially requested the company Cadogan Petroleum BV formal authorisation to publish the arbitration award, so that it could be unequivocally ascertained which of the parties won the litigation and which one lost the same following the issuance of the arbitration award.
New Communication of Proger/PMP dated 08.08.22
Link:
hxxps://www.proger.it/en/comunicato-aggiornamento-esito-lodo-arbitrale-proger-managers-partners-vs-cadogan-petroleum-holding/
We will see what happens now...
Imho, in line with lowest transparency approach towards shareholders/stakeholders Cad's management will not authorise the pubblication of the arbitration award. |
Little goodwill left with Proger. Just sue them for the cash (that they have not got) |
Interest must be accruing nicely now, probably take another 24 months to sort this out. Cadogan is more of a litigation company than an energy company imho |
It also says Proger has issued inaccurate and incomplete conclusions. |
I had to read it twice carefully, but the RNS is clear.
The loan agreement is valid and currently effective.
The call option to convert the loan into equity is a preliminary contract and not a final contract.
Under Italian Civil code the tribunal cannot make an award in favour of either party unless the contract was a final contract.
A final contract can only be entered into by the two parties after completion of London regulatory process and the approval of Cadogan shareholders.
If a final contract is not entered into, it remains that Proger Ingeneria is obliged to return the payment with compensation for expenses.
Cadogan has the right to take further actions. |
CAD's RNS Update about Arbitration Award. |
I'd like to share this information.
Proger Spa:
Share Capital 22.688.480,00 € - Shares: 2.268.848 -> nominal value 10€/each
Proger Ingegneria Srl 96,49%
Manitalidea Spa 1,81%
Proger Spa own Shares 1,70%
I don't know how many people here are informed about Manitalidea Spa situation...
Manitalidea Spa is a distressed company, a liquidation process is underway.
On march 2022 Manitalidea's liquidation committee initiated the sale of the shareholding (1,81%) in proger spa. Based on my information acquisition offer closing date was on 14 march 2022.
Now I don't know who bought or presented an offer (I have to search) but imho no more investors (except Proger Spa itself or Proger Ingegneria Srl) should be interested to buy a minority stake (less than 2%) of Proger Spa.
Well, if my assumptions were correct, after the closing of the acquisition of the stake held by Manitalidea Spa the 'new' Proger Share Capital should be:
Proger Ingegneria Srl 98,30% or 96,49%
Proger Spa own shares 1,70% or 3,51%
An experienced management / Ceo would propose a merger between Proger Spa and Proger Ingegneria Srl (it's a sub-holding held by 3 holding companies -> PMP Srl, Tifs Partecipazioni Srl, MaLo Srl) to simplify the Group structure.
Imho, it could be a 'good' choice for Cadogan because it would hold shares of Proger Spa (parent and operating company). In my view it would be better than hold shares of an Holding company.
ByeBye |
Well till it announced then we own 33% of PMP/Proger , not worried both ways.
Owning part of another company will boost the assets as we are not in default in debt. |
Here everyone can read PMP/PROGER communication/press release about Arbitration results:
hxxps://www.proger.it/en/comunicato-esito-lodo-arbitrale-proger-managerspartners-vs-cadogan-petroleum-holding/
I find more trasparency from PMP/PROGER than Cadogan towards All Stakeholders interested/involved.
Imho, based on PMP/PROGER communication, Cadogan lost the arbitration...
'Cadogan is obliged to acquire minority share (33%) of PI's (Proger Ingegneria) share capital...'
Now I will write to Cad's IR and London Stock Exchange because Cadogan has to release soon a new RNS with All Information and details about arbitration decision.
Last but not least PROGER today news:
3.08.2022
Proger will build Petrobel’s headquarters in Cairo, Egypt
A 160 million dollars investment
hxxps://www.proger.it/en/headquarters-petrobel-cairo-egitto/ |
the loan appears to be in default. |
What to make of today's announcement?
In my opinion still the best outcome is that Cadogan takes a 33% interest in Proger Ingeneria. Anyone in agreement?
This purchase would give Cadogan a substantial portion of 33% x 0.9648 = 32% of Proger spa which is considerably larger than the 24% interest envisaged in 2019.
However it will be hard for Cadogan shareholders to vote in favour of Cadogan taking up a 33% interest without having full disclosure of the financial position of Proger spa.
Maybe the arbitration panel have said something about Cadogan needing full disclosure on Proger's financial affairs.
Awaiting the full details from Cadogan. |
Spot on lol. |
The key words are here
The Arbitration Committee rejected Proger principal request, deeming the
Loan Agreement is valid and effective. |
Oh yes, I'm expecting a vague statement of just a few words! |
Await Proger news. |
Searched on PMP/Proger but arbitrations are usually behind closed doors. |
fady & summer holidays.
Bye Bye July..
Until now No news about PMP/Proger, maybe next week?..
After that an update will be possible from september 2022 |
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