Providence Resources Share Discussion Threads

[abudhabi123] 12/9/2019 15:50

POSTS FROM LSE BB BY POSTERS WHO ATTENDED THE AGM.

The financial folks at APEC have assured PVR that the payment has been paid on their side. Its in the hands of HSBC who are processing it. A suggested max of 2 to 3 months processing is a possibility based on historic payments from China. APEC are pretty much a facilitator of resources backed by various investors it may be the idea of various investors which is holding up the transfer. I wasn't really expecting PVR to produce to us documentation from APEC side showing a receipt.




They're still convinced the APEC money is coming.
Tony said 'he stakes (what left) of his reputation on it'

I asked who the Financiers were 'They said they couldn't say'
Apparently a deal cut and ready to sign with COSL as soon as the money lands.Between all the different Chinese consortium's it's a spiders web.

Apparently communication everyday and the Chinese consortium are still as enthusiastic as ever.Pat said the man hours and paperwork on this deal is huge.
Tony said on the phone every morning at 4:30am..
Tony salary was addressed and as of now it remains but Pat Plunkett it's something that needs to be looked into down the line..

[cashandcard] 12/9/2019 15:04

Taken from the other thresd;


DAVY VIEW

The equity funding of $3.8m will ensure the group remains viable to the beginning of 2020 and arises because the funds anticipated from an agreement with a Chinese based consortium have not materialised. The current funding will allow a site survey on the Barryroe prospect to conclude as well as providing working capital in the immediate future. The Barryroe prospect still requires a drilling programme and a strategic review is underway to look at funding options to achieve this end. APEC related funding may still appear but is, on the evidence so far, an unlikely outcome. The strategic funding review is therefore pivotal in the survival of Providence.

hxxps://www.davy.ie/research/public/article.htm?id=ST2_18396_1.xml.htm



Talk about survival? Just enough money to pay for site-survey and admin/expenses wile they figure out who if anybody may be interested in the project now the APEC money is becoming more of a mirage as each day goes by.

Real possibility the lights could go out here over the next 12months. Well done Tony, atleast his salary is sorted for the foreseeable.


Cash

[steelwatch] 12/9/2019 14:40

DAVY VIEW

The equity funding of $3.8m will ensure the group remains viable to the beginning of 2020 and arises because the funds anticipated from an agreement with a Chinese based consortium have not materialised. The current funding will allow a site survey on the Barryroe prospect to conclude as well as providing working capital in the immediate future. The Barryroe prospect still requires a drilling programme and a strategic review is underway to look at funding options to achieve this end. APEC related funding may still appear but is, on the evidence so far, an unlikely outcome. The strategic funding review is therefore pivotal in the survival of Providence.

[jack jebb] 12/9/2019 14:20

I think the real question of the day has yet to be asked.
Why would anyone wear a green jacket?

[ianio5691] 12/9/2019 14:16

Anyone able to attend AGM?
FTJ, I think you were intending to go in your green coat...

Were any awkward questions asked?

Was anymore light shed on the APEC situation?

[jack jebb] 12/9/2019 13:08

A non oil related company, fella :)

[waba] 12/9/2019 12:50

Hi

Have been in PVR since pre consolidation with all the ups and downs,only hold about 10k shares but have obviously lost cash over the years, I have also tried PCI, AMER etc etc the only oil share I have ever been successful with is DGO.

Any thoughts on what to look at next ?

[r9505571] 12/9/2019 12:41

LOGP up 25%

[bullbearshit] 12/9/2019 12:18

What times AGM kicking off? I hope those there keep their cool and ask some pertinent questions. How much will oreilly reduce his salary until funding found? Where is the magic remittance advice? What is the hold up? Is it a chinese commitment issue or HSBC being unsatisfied by the source of income. Did oreilly not do his due diligence on the farm in? How confident would he be on finding alternative partner? What makes him confident given years of achieving nothing?

[peaeff] 12/9/2019 11:22

Lots of words, explanations and future possibilities which all add up to a very grim picture hinging on the receipt of a loan which we should have had months ago, but, in their wisdom, the board have allowed it to be extended time after time. We have now reached, almost, a point of no return and yet still not any kind of feasible explanation as to why this loan has not been received.

The first reasonable explanation was that it was 'AT THE BANK' (allegedly confirmed by them) awaiting transfer and yet the obvious course of action, surely, is to press them as to WHY. Surely they must have asked, and an answer given.

Since then all we have been privy to is a continual extensions to the 'RECIEVED BY'
and rather unfortunately preceded by the words 'IF NOT RECEIVED BY'. That rather implies to me that there is a very good chance it won't be received at all and today's RNS's don't make any better reading.

IF THEY ARE UNAWARE OF SOME REALLY PLAUSIBLE REASON AS TO WHY THE LOAN HAS NOT,SO FAR, BEEN FORTHCOMING, WHY KEEP ALLOWING EXTENTIONS.

I just sincerely hope that the board are made to answer these matters today.

[jack jebb] 12/9/2019 11:14

Incredible to imagine a few would have bought these at over 6 quid once.

Whatever happens, the ceo is not fit to run a bath, much less a plc.

[abudhabi123] 12/9/2019 09:41

1cag and Herm...fiachra is a very sick and immature excuse for a human being and we have to be tolerant and compassionate. He has never posted anything of interest or value on this board.

[hermana3] 12/9/2019 09:29

1cag, He losing de plot with the pressure of having a few of these!

[1cagney] 12/9/2019 09:25

fiachra - is it possible that you may have a slight touch of tourettes? :)

[hermana3] 12/9/2019 09:20

Abu, Might as well do placing anyway as dough don't last long in this outfit where CEO trousers £500k a year

[abudhabi123] 12/9/2019 09:07

Herm, hopefully it will all be revealed at Tha AGM.I think that if the money is received before the 30th the placing will not be necessary.

[hermana3] 12/9/2019 08:47

Abu, Tone has got to explain why he thinks Chinese money is coming and what the hell is the hold up. Not one bit happy to see Newgrange relinquished. This is in danger of evolving into a one trick pony with a highly overpaid CEO who runs this like his own fiefdom.

[abudhabi123] 12/9/2019 08:38

The dates of the last backstop given to APEC to come up with the money and that of of the EGM, to approve the placing, are very significant.

[jam2day] 12/9/2019 08:28

No plan B after all this time - time for him to fall on the sword