Providence Resources Share Discussion Threads

[papillon] 03/9/2019 20:12

blustry123? Moron and away with the fairies. Also he's a fibber. FILTERED!

[steelwatch] 03/9/2019 20:05

KOMMANDOR changed the reported Destination
From: WATERFORD
To: SURVEY SITE
with ETA: 2019-09-04 08:00 UTC

[steelwatch] 03/9/2019 20:05

Damn phones!

[riley9] 03/9/2019 19:56

PVR have stated that PVR received notification of funds deposited for transfer. It is extremely unlikely they would lie about that. However, if it is anything like money transfers I've been involved with, once the funds have cleared security checks they still need the final nod from the sender in order to be sent. I suspect this is where the delay is. If so, this may explain why PVR have been reluctant to state the reason for the delay - so as not to upset their partner. However, seems like patience has finally worn out, from which I would conclude they are pretty much sorted with alternative funding.

[dj2] 03/9/2019 15:11

If this money is not with HSBC then we and the market have been misled. My question is "by whom"?

[hoper2] 03/9/2019 14:50

Absolutely amazing that some people still think this is a good opportunity to buy shares in PVR. PVR have no cash, no income, no proven assets and it's looking increasingly obvious no partner. If they borrow money (who would lend it?) it would be at a massive interest rate and if they have a rights issue the dilution will be enormous. The fact that they can't even afford staff redundancy payments says it all really.

[cashandcard] 03/9/2019 14:19

Shareholders should call PVR's bluff and push them into action.

They will get diddly squat from APEC. That deal seems to have been agreed after downing a few beers it seems, perhaps even some drugs.

Cash

[bones698] 03/9/2019 13:53

Pvr today making a empty threat of action and ending exclusivity even though Apec have already walked away and nobody else is interested lmao

[peaeff] 03/9/2019 13:42

FTJ

I follow your argument but would point out that the same could be said about the price of equity in this company from £7.00 to where we are now 5.5p. They are only a steal if the future becomes positive.

From a July price of around 12p there has been such negativity from management that a further 50%+ has reduced us to now. Should the promised money come, any time soon, there is no way, imo, that the share price will return even to that level.

I will concede that any newcomers could benefit but with all current holders being in negative equity their success will only go to slow down the rapid improvements the rest of us want.

regards

[funtimejonny] 03/9/2019 11:54

Peaff. I understand what you are saying, as I am also very under the water here. But at the present price these shares are a steal if you have a fair bit of patience and can look at it as a medium to long term investment. I would buy a million LOGP shares right now only I am fully invested and I don't want to sell any of my ECO shares until the results of the current drill comes in. Plenty of other investors agree if you look at the numbers of sells versus buys on Lansdowne today.

[peaeff] 03/9/2019 10:58

FTJ 59283
"I would look at this as a good opportunity to buy shares in both companies at a knock down price".

I have accumulated shares over the last 7 years, in both companies, and have watched their value 'KNOCKED DOWN', one disappointment after another.

I have trusted the words of TOR from day one, which on reflection and our current situation, makes me very gullible and, I'm sorry to say, leaves me in a position I'd rather not have had to contemplate. However what is done is gone and it's where we go from here that counts. The current situation does not, in my opinion, auger well for either company who are now desperate for funds in order to stay alive. Where are those funds coming from and what alternatives are there should the Chinese walk away. We've waited seven years to find them.

It's no consolation threatening to take action or any other redress if it means going through legal routes, how long could that take. Who would they take action against, APEC or HSBC. These assurances from the bank seems to confirm APEC have paid the money but that somehow it is wrapped up in banking red tape and attempting to escape to PVR. I just wonder why would a bank not carry out the instructions of one of it's customers, especially to the extent where it is jeopardising the terms of a major contract where legal action could be imposed. What are APEC doing about it's bank from their end.

Many strange questions but no immediate answers, and once again we are in the lap of the gods for an outcome. Every time we seemingly get over the hill we run into a mountain. Bloody disappointing yet again.

regards

[specul82] 03/9/2019 09:31

I have copied a few extracts from the rns information I have mentioned beforehand that because it is in dollars it has to go through an American bank and they can put a hold on the money for any reason wrong spelling of a name a digit in the wrong place etc I noted that in July PVR were shown a letter confirming that the payment is being sent from HSBC I assume the hongkong branch This could escalate the issue of scrutinising each payment and adding a delayI have no doubt that this will be resolved in the next month However those who give in to the fear mongers could lose big time The Company can confirm that it has received a letter from the legal representatives of APEC's funder advising that on July 9, 2019, the funder arranged for the remittance of $US 10 million from HSBC to Providence's account. The legal representatives further advise that the remittance is expected to be completed shortly pending compliance checks by the bank. Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before July 19, 2019.The Company has received further documentation showing the mechanics of the transfer of $US 10 million to Providence's account. However, due to ongoing banking processing delays, the funds have yet to be credited to Providence's account. Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before July 26, 2019.As at close of business on 26 July 2019, no funds had been received in the Company's account. However, the Company has been provided with a copy of further documentation provided to APEC's funders (the "Payee") by HSBC showing that US$10 million has been debited from the Payee's account for payment to Providence's designated account. The documentation confirms that the payment date is still pending due to final processing by HSBC. Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before August 2, 2019.As at close of business on August 12, 2019, no funds had been received in the Company's account but the Company has received further assurances that the US$ 9 million loan advances due under the Updated FOA are in the process of being paid. Accordingly, the Barryroe Partners have agreed to a backstop extension of on or before August 19, 2019. Should these funds not be received by the revised backstop date and taking into account creditors on the balance sheet and existing forward commitments, including the necessary planned site survey at Barryroe and the proposed business re-engineering, the Company would need to put in place alternative financing arrangements in order to provide it with sufficient working capital beyond the end of August 2019.As at close of business on August 26, 2019, no funds had been received in the Company's account but the Company has received assurances that the US$ 9 million loan advance due under the Updated FOA is in the process of being paid. Accordingly, the Barryroe Partners have agreed to a backstop extension of on or before September 2, 2019. In the event that the loan advance is not received from APEC by the revised backstop extension, and noting the creditors on the balance sheet and existing forward commitments, including the planned site survey at Barryroe, the Company would need to put in place alternative financing arrangements in order to provide it with sufficient working capital beyond the end of the third week of September 2019.

[gwr7] 03/9/2019 09:31

"the Company has also issued written notice to APEC that, should the APEC Loan Amount not be received by the close of business on that date, the Company reserves the right to end exclusivity"

Oh they reserve the right do they? These PVR boys are such tough negotiators, not. Looks like they're out of chips.

[richpassi] 03/9/2019 09:29

I'm sorry Ftj are you really talking about the same Tony and the board as I am ? Lol

[greyingsurfer] 03/9/2019 09:04

Significant that they no longer even bother to say "the cash is in the post"? DO they no longer believe it?

[greyingsurfer] 03/9/2019 09:04

Significant that they no longer even bother to say "the cash is in the post"? DO they no longer believe it?

[rogerlin] 03/9/2019 09:03

This (Mar 2015) seems to be the last we have heard on Spanish Point, doesn't sound like PVR were keen to press on at that time, not just CNE.

If only the Blackford Dolphin hadn't broken down!

[hermana3] 03/9/2019 08:24

Jonny, Cairn are a partner we dont need. Mean as hell and not at all focussed on their current Irish prospects. APEC or fundraise now.

[funtimejonny] 03/9/2019 08:19

Well...At the end of the day we only got the green light on the survey on 19th August,if my memory serves me correctly. This cloud may well have a silver lining assuming we can get shut of APEC,borrow the money to do the surveying and get some serious partner such as Cairn,(already a farminee at Spanish Point asset), to come on board and get the drill bit turning on Barryroe.

[roadster750] 03/9/2019 08:19

Surely the reason for the hold up in funds can be outlined, at what point are they being held up and why, pvr must know!