Providence Resources Share Discussion Threads

[steelwatch] 14/9/2019 18:08

Houthis gonna take a pasting, that's for sure.

[gunsofmarscapone] 14/9/2019 15:35

Could we see a surge in the O.P to 80$ per bbl this week...

[cashandcard] 14/9/2019 11:17

Add £500k for Tony's salary.Cash

[hoper2] 13/9/2019 23:37

$750,000 for re-engineering the company, $500,000 for the balance of costs for the survey and $430,000 for the placing fees. Out of the $3.76 million raised they have already spent $1.68 million.

[jack jebb] 13/9/2019 13:36

I think I'm right in saying that orange man has never bought shares in his own company.

Says it all.

[mcbull] 13/9/2019 12:20

or more to the point, would he buy more at this rock bottom prices from what he heard yesterday.

[steelwatch] 13/9/2019 12:14

Where's herm? We need your AGM take!

[peaeff] 13/9/2019 11:36

greyingsurfer

totally understandable but the point I'm making is that had the money been cleared from the outset, they could then have given their permission for it to be paid when the licence was granted, weeks ago.

All these current fears the doubts of non-payment and effects on the SP, the fear PVR could not survive much longer, imo, would have been somewhat tempered.

regards

[hoper2] 13/9/2019 10:55

Taken from the circular:

"Estimated expenses of the Placing US$430,302 / £348,586"

[hoper2] 13/9/2019 08:36

Does anyone know what PVR have paid in fees to raise the $3.76 million?

[papillon] 12/9/2019 23:07

Spot on, jonsols.

[steelwatch] 12/9/2019 21:43

greying - may not be that simple proving provenance of the cash deposited, especially if there are any outstanding tax disputes or money laundering enquiries:

[h2owater] 12/9/2019 21:36

https://www.irishtimes.com/business/energy-and-resources/o-reilly-leadership-of-providence-in-balance-if-funds-not-received-1.4015902?mode=amp

[greyingsurfer] 12/9/2019 20:51

Would it not have been prudent when the deal was struck for this loan, to have been deposited immediately with the bank, with instructions for it to be paid to PVR on the due June date, having given plenty of time for clearance before hand, or is that too simple.Presumably APEC wanted to see the survey license before parting with the cash.

[peaeff] 12/9/2019 20:10

Would it not have been prudent when the deal was struck for this loan, to have been deposited immediately with the bank, with instructions for it to be paid to PVR on the due June date, having given plenty of time for clearance before hand, or is that too simple.

[jonsols] 12/9/2019 18:45

If funny when Tony says'he stakes (what left) of his reputation on it'. If he was so sure he’d be using chunks of his 500k salary to buy shares at 5.5p, surely. Just mouth, without the monies.

[papillon] 12/9/2019 17:50

As you state, bones, I think the fact that APEC have never mentioned Barryroe on their web site, or anywhere for that matter, is the clincher that the APEC farm in is dead in the water.

Someone posted on the lse yesterday that a similar situation had happened at Bacanora Lithium (BCN) where a Chinese outfit had promised to fund them, but the money never arrived. I wonder if a Chinese company could promise money, see the share price rise and then short the shares knowing that the money will never come? Just a thought.

[cephalosaurus] 12/9/2019 17:49

I read yesterday in an article about the Hong Kong stock exchange bid for LSE, that there's a hold up with some deals between China and the west, It doesn't surprise me if there is a lot of scrutiny given the circumstances in Hong Kong, and China's strategy for growth into key global hubs. If I find it I will post.

[hoper2] 12/9/2019 17:46

"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"

The man has no shame, but he's not bothered he get's his $10,000 a week! The company is all but bankrupt, has only 3 staff, his only job seems to be to ring his Chinese mate once a day and he pays himself $10,000 a week. The worse thing is PVR can't afford to sack him! What a horrible creature this "little" man is. Only the Irish would have allowed this to go on for so long.

[njl53] 12/9/2019 17:43

Thanks for the informative updates.

[greyingsurfer] 12/9/2019 17:42

The story of the cash is certainly murky, and I treat any assurances with caution.

However, I do think that a straight lie about HSBC having recieved the cash is unlikely, and it's even more unlikely that HSBC would have mislead PVR about it.

While it seems remarkable, it's clear from a number of sources that transfers like this can take ridiculous amounts of time. What I'm less clear on is to what extent actors in China, in particular the unidentified investors, could in anyway influence the cash clearance operations.

Overall, I'm prepared to accept that the cash may still arrive. But I won't be filling my boots.

[dj2] 12/9/2019 17:33

Be careful Riley we have had many many promises over the years. Can't remember any coming to fruition.

[riley9] 12/9/2019 17:22

From abu's post, assuming that both what is reported and what was said are accurate, then its fill ur boots time.

[cashandcard] 12/9/2019 16:01

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..