Providence Resources Share Discussion Threads

[papillon] 13/7/2019 23:04

I think you have made the right decision to sell, Ftj, based on the recent RNS's. Holding PVR & LOGP at the moment is very risky.

PVR don't need the money at the moment because they have yet to receive the go ahead for the site survey, so why all the backstop dates, the kicking the can down the road and then the final backstop date of Friday 12th July? I can only assume that PVR fear the money wont be paid. We'll find out Monday morning whether it has, or has not, been paid.

[papillon] 13/7/2019 22:50

Cephalosaurus 13 Jul '19 - 11:29 - 58463 of 58470
0 0 0
Amryt has gone right down the pan. Sorry for your losses there Papillon

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Amryt (AMYT) is currently suspended pending an RTO with Novelion subsidiary, Aegerion. It's expected it will relist on AIM and on NASDAQ (plus in Dublin) in August when the admission document is issued. There was a share consolidation on Thursday. SIX old shares were consolidated into ONE new share. The share consolidation is necessary because of the NASDAQ listing

Sorry to disappoint you, Cephalosaurus, but I haven't lost anything yet. The CEO of Amryt, Joe Wiley, has indicated a US$60m placing underwritten by the Aegerion bondholders at a price of 27p per old AMYT share (6 x 27p = 162p per new AMYT share). If that happens I will have more than doubled my money. However I'll believe it when I see it! Never count your chickens until they have hatched! I believe in facts; at the moment Wiley's statement is NOT a fact, but a hope.

[richpassi] 13/7/2019 20:16

10 a week ! Of course it is , well he REALLY deserves to be ashamed :(

[raisethestake1] 13/7/2019 19:07

I think you meant 10 large a week.Ridiculous sum for the special one.Sorry to hear that you were forced out FTJ.You have Baby's twisting the truth and imaginative spiel to blame for it.The transfer will come,but now we see we cannot trust this lot.What will happen when we split oil proceeds and payback our borrowed share of expenses etc.Then we hand over 10% of PVR @ 12p.I can only presume that they will make a move on us by then or are they at it already.Who knows.They are being very sneaky.We obviously don't have proper proof of transfer or we would have different wording in RNS.Look at the wording of that last one.My god,it beggars belief.Lets us hpo we get proper communication on Monday morning.GLALTH

[richpassi] 13/7/2019 18:46

Oh I'm not saying Tor hasn't played his part :( What's been his part ? Oh yes 10 g a month , nice if you can get it ! But for me I would rather earn what I get at work. Principles or cash ? I think we know what Jnr prefers

[1cagney] 13/7/2019 17:56

rich, I think you're giving too much credit to BS. The Chinese are drilling Iolar as we speak. I would suggest that the due diligence with APEC was not robust enough especially on the basis of the earlier deal fiasco with Barryroe. So why are the major shareholders being so quiet? And why was Junior offered another two year deal. If this deal goes belly up he has to go.

[richpassi] 13/7/2019 17:18

I was hovering around at 4 oc deciding whether or not to depart , Heart told me to sell but in the end I've been in for so long and gambled all the way :( so stayed in. Just couldn't be bothered moving the chips . I think you have decided correctly Ftj . In my opinion when this deal goes to the wall it will be all thanks to BS (she'll be smiling ) and the Dept of NON communication etc etc for not acting sooner on license. Will be double kick if license is announced after China walk :(

[funtimejonny] 13/7/2019 16:18

Too bloody right it is. I've sold out as of yesterday. Half my holding in the morning and the other half late afternoon. Can't afford to lose any mote money here.

[1cagney] 13/7/2019 14:29

Phoebus, all that you sounds reasonable except that none of the RNS's from PVR state the links between approvals and payment. If such a statement were to be made, and an escrow account set up investors would no doubt be a lot more at ease. The fact that PVR hid the no payment issue until they were forced to divulge that information is very concerning indeed.

[cephalosaurus] 13/7/2019 11:29

Amryt has gone right down the pan. Sorry for your losses there Papillon

[phoebus_av] 13/7/2019 00:48

1CAG, the thing is though on signing the farm out deal on 20 September 2018 it was no doubt anticipated by the parties involved that the Barryroe site survey permit would follow soon after which it did on the 8 October 2018. Yet now, more than 9 months later we are still waiting for the permit to be reissued. IMO this delay is due to the Irish Government who should have known the correct proceedures from the outset.

I believe the payment of up front funds from APEC was split into two tranches with the intention that the first tranche would be paid on issuance of the site survey permit and the second on issuance of the drilling permits. This make sense as these funds are only required for expenses that are incurred after each permit is issued. Delays in payment by APEC appear to be due to delays in the issuance of the permits.

Given that the Irish government has recently granted drill permission for Iolar, has squashed the drilling ban legislation and has signalled its intention to press on with domestic oil and gas production during a transition to a green energy regime, sanctioning the Barryoe project appears in keeping with the words and actions of the Irish goverment. I expect that the site survey permission will be forthcoming very soon as well as the funds from APEC. GLALTH

[cephalosaurus] 12/7/2019 22:39

Yes 1c, but they probably expected the ss permit before the funds. In this case they would not have needed to RNS the negative material event 'unpaid' funds, but instead the opposite.

It's speculation that APEC are defaulting in a negative manner. Technically they are in default, but there's obviously some understanding and flexibility or give and take.

The primary requirements are the work permits and without that, the point is totally moot.

The bet is binary, like it or leave it. Personally I believe it will sort out upon receipt of the permit. If I am wrong that is for me to concern myself about.

[1cagney] 12/7/2019 20:37

Ceph, the money was due to be paid 8 months ago. SFA to do with approvals.

[hermana3] 12/7/2019 18:19

Cep, This is some delay and not good for the old blood pressure!!

[cephalosaurus] 12/7/2019 17:39

My guess based on what we know, is that now parliament has broken up, and the time limit for objections to the survey is passed, that the permit will be granted any time after the weekend as ministries still work when parliament breaks up. Brid the fame seeker will not have an audience to air grievance.
Logically the money will arrive after permission is granted. Why pay before. Sounds like it's gone into APEC version of escrow, pending. Technically they had to RNS the non-payment because contractually they had to stipulate a date for the payment.
Far too much has been read into the delay in payment.
Ceph

[ngms27] 12/7/2019 15:00

A friend of mine who works in global business always tells me the Chinese agree deals but don't see not following through as important.To them a contract isn't worth the paper it's written on.

[r9505571] 12/7/2019 13:41

It's 20.40 hrs in China so if the money's not in it'll be Monday now

[sirrux] 12/7/2019 12:19

China's sleeping right now.

[1cagney] 12/7/2019 12:07

The dog ate my cheque.

[romeoandjuliet] 12/7/2019 08:54

We might still hear todayWendy the cashier doesn't get in until 9.15am and ToR has forgotten his bank login

[fiachra] 12/7/2019 08:48

Herm. Not looking great

[hermana3] 12/7/2019 08:26

A wee bit of a waffly junket outfit? Are we having a deja vu moment with memories of Lars Windholm merry dance a few years back? Thought the arrival of Pat Plunkett and Angus Mc Coss would add a bit of shrewdness to the BOD but I ask again where's the beef?

[kibes] 12/7/2019 08:21

Looking at APEC website a bit more closely does not suggest they are actually doing anything at all at the moment. Other than attending conferences and signing ceremonies.

[hermana3] 12/7/2019 08:09

De Donald and John Kerrey but show mw the money!