Clontarf Energy Share Discussion Threads

[currypasty] 01/6/2018 13:43

fiachra, see note 6 in the results..
"Other payables relate to amounts due to directors' remuneration of GBP980,567 (2016: GBP890,567) accrued but not paid at year end."


so its £90k/year

[fiachra] 01/6/2018 12:27

Curry pasty. How many years remuneration does the nine hundred and eighty thousand represent?

[fiachra] 01/6/2018 12:27

Curry pasty. How many years remuneration does the nine hundred and eighty thousand represent?

[currypasty] 01/6/2018 10:11

and the reason the net assets are only £92k is...

Included in current liabilities is an amount of GBP980,567 (2016: GBP890,567) owed to directors in respect of directors' remuneration due at the balance sheet date. The directors have confirmed that they will not seek settlement of these amounts in cash for a period of at least one year after the date of approval of the financial statements or until the group has generated sufficient funds from its operations after paying its third party creditors.

The Group had a cash balance of GBP433,680 at the balance sheet date. Cashflow projections prepared by the directors indicate that the funds available are sufficient to meet the obligations of the Group for a period of at least twelve months from the date of approval of these financial statements.



in other words, virtually the whole of the liabilities going forward are in respect of directors remuneration. Its therefore in their interest to turn the Company round.

[nick rubens] 01/6/2018 09:57

Net assets at 31st Dec 2017 £92,186

[exile] 31/5/2018 22:11

Great post lippe….. I suppose the one good thing about the Clontarf Road Clowns is that they are not guilty of any looting in Africa or any where else come to think of it, as they have failed to take anything out of the ground, let alone the Country. I suppose it could be argued they have defrauded their own people and plenty in the UK as well but in my opinion they have never broken Company Law, they have simply acted out a long running charade to keep the gravy train chugging along paying expenses and salaries year in year out.

[lippe] 31/5/2018 16:31

The Looting Machine ...

Africa’s mineral resources are arguably unmatched anywhere in the world: it holds 15% of the world’s crude oil reserves, 40% of its gold, 80% of its platinum, the world’s richest diamond mines, and massive deposits of everything from uranium to copper. Yet despite these enormous treasures, Africa is by far the world’s poorest continent. Why? In The Looting Machine: Warlords, Oligarchs, Corporations, Smugglers, and the Theft of Africa’s Wealth, British journalist Tom Burgis exposes, chapter by chapter and page by page, the network of local warlords, corrupt governments, and international corporations that are responsible for stealing billions from Africa and poisoning lives across the continent. The Looting Machine is one of the best books I’ve read this year.

Burgis begins his journey in Angola, where he lays out in painful detail the ways in which Angola’s ruling elite, known as the Futungo, pillage the country’s oil reserves through the state-owned oil company and a host of secret subsidiaries. From Angola, Burgis takes us next into eastern Congo, where an alliance of international mining magnates and warring factions fuels both the international economy and the unending bloody civil war in Congo itself. A chapter on Nigeria brilliantly tells the scathing story of how a dynamic country can be ruined by the resource curse; it should be required reading for everyone. Ultimately, The Looting Machine covers Africa from Guinea and Ghana to Zimbabwe and South Africa.

Along the way, Burgis introduces the latest power player in the looting machine: a network of Chinese companies known as the Queensway Group (from its original Hong Kong street address). Little is known about the Queensway Group’s senior members. Its founder, known as Sam Pa (his real name is unknown, though “Sam Pa” and six of his other aliases are on US Treasury Department sanctions lists) has developed deep, long-term personal connections with the Futungo in Angola, helping Angola’s government extend its own looting machine beyond the borders of Angola itself. Among the many unknowns about the Queensway Group, one thing is known: the Queensway Group enjoys the support and often outright protection of the Chinese government.

In addition to the simple economics of the looting machine, Burgis covers the disaster the looting machine has inflicted on Africa. As Burgis writes, it is no coincidence that the world’s four longest-serving rulers are all presidents of African states whose economies are dominated by a single resource. The four leaders are Teodoro Obiang Nguema of Equatorial Guinea (oil), José Eduardo Dos Santos of Angola (oil), Robert Mugabe of Zimbabwe (diamonds), and Paul Biya of Cameroon (oil). Between them, they have ruled for 136 years. In Nigeria, between 1999 and 2012, at least 18,000 people died in ethnic and political violence, not counting Boko Haram’s deadly insurgency in the north. The overwhelming cause of this violence: the struggle to control lucrative patronage networks and gain a seat at the table carving up Nigeria’s massive oil wealth. In Zimbabwe, diamonds have fueled Robert Mugabe’s absolute power for decades, and in Guinea, a last-minute deal with the Queensway Group over iron ore reserves provided the influx of cash Guinea’s junta needed to ride out international sanctions after the presidential guard raped and murdered hundreds of peaceful protesters in the national soccer stadium.

The Looting Machine is perhaps the most depressing book I’ve read this year as well. For all the talk of aid lifting Africa out of poverty, the most integral parts of the looting machine are multinational corporations. Africa is pillaged with the world’s implicit consent. As a Nigerian rapper said in a country where music is one of the few channels available to criticize the government and oil companies, “Don’t think you’re not involved.”

[lippe] 31/5/2018 13:56

non performance of something due, required, or expected ...

[lippe] 31/5/2018 07:46

We have a long history, across numerous countries and resources, of bringing together failure, utter and complete abject failure ...

[currypasty] 30/5/2018 15:06

"we are considering other directions"


sounds like a plan 'B', IMHO

[lippe] 30/5/2018 15:06

Daithi: What would you do if you were stuck in one place and every day was exactly the same, and nothing that you did mattered?

Shareholders: That about sums it up for us ...

[currypasty] 30/5/2018 14:55

The Company's Annual General Meeting will be held on Friday 29(th) June 2018 at Hilton Paddington Hotel, 146 Praed Street, London, W2 1EE at 10:30 am

[lippe] 30/5/2018 10:42

Gravy Train - An occupation or situation that generates considerable income or benefits whilst requiring little effort and carrying little risk.

[lippe] 30/5/2018 10:39

Sack The Hat ...

[bokbok] 30/5/2018 10:27

Another kick in the toys for long-term holders. Not the first and may not be the last. Let's see what the next year or two brings us!!

[lippe] 30/5/2018 10:21

Almost ten years after negotiating an agreement in Ghana it has not been ratified.

Sack The Hat ...

[lippe] 30/5/2018 10:19

more mealy mouthed lolz jibba from the masters of flam ....

[currypasty] 30/5/2018 09:32

33% down.. ouch

[currypasty] 30/5/2018 08:02

The directors are aware of the need to give hope to investors. Almost ten years after negotiating an agreement in Ghana it has not been ratified and we do not know when it will be. The Equatorial Guinea block award is a positive development but it too has complications. We like our strategy of selecting good geology with politics being a secondary concern but we are considering other directions

[wantmorethan24p] 10/5/2018 15:53

sells gone thrugh

[currypasty] 10/5/2018 14:49

you can just about buy a grands worth online...

[the sage] 10/5/2018 12:11

Continuous small tick ups in this. Let's hope that news is leaking.