San Leon Energy Share Discussion Threads

[callasjunkie] 19/6/2018 12:28

ChartTrader, I am genuinely confused by a Links post (nothing strange there) purporting to quote from LSE broker, Brandon. Can you help me out?

Quote:
" Eroton have now paid 3 quarterly cash calls of circa $19M each. As explained historically by SLE, Eroton had a number of quarters grace before they were compelled to pay or be in default and SLE able to take over their interest in the field. That grace period lapsed and as such now SLE will receive circa US$19M per quarter for next few years as repayment of the loan notes and interest. These 3 payments should allay any fears investors may have had that Eroton either didn?t have the money or wouldn?t pay. US$168.6M (principal and interest), is still currently owed to San Leon under the loan notes."

" Eroton had a number of quarters grace before they were compelled to pay or be in default and SLE able to take over their interest in the field. That grace period lapsed and as such now SLE will receive circa US$19M per quarter for next few years as repayment of the loan notes and interest."

My understanding was that MLPL made the payments to San Leon, not Eroton, and that the guarantee was issued by Midwestern, the 60% shareholder in MLPL (and was paid a premium for it). Recourse under the guarantee would be against Midwestern's assets, not Eroton's. Am I confused, or does San Leon's own broker not understand the Nigerian transaction??

[callasjunkie] 19/6/2018 12:15

Regarding SunTrust's litigation, San Leon issued an RNS on the 9 May,stating, inter alia, that the Nigerian courts had no jurisdiction in the matter.

Copied below is an extract from the 2016 Admission Document.

"11.1.5 Agreement in respect of the acquisition of Suntrust’s shares
By an agreement dated on or about 11 April 2016 between Suntrust, Martwestern and
Midwestern (“Original SPA”) Suntrust agreed to sell the shares it holds in Martwestern(amounting to a 20 per cent. interest) to Midwestern (“Shares”;).
By an agreement dated 30 June 2016, entitled amendment and restatement agreement in
respect of the share sale and purchase agreement between Suntrust, Martwestern,
Midwestern and BidCo, the parties amended and restated the Original SPA and Midwestern agreed to assign its rights under the Original SPA to BidCo and to restate the Original SPA to include BidCo as a party in place of Midwestern.
The agreement provides that Suntrust will sell its shares to BidCo for US$70 million in two stages. The sale of 357,143 shares in the capital of Martwestern took place on 30 June 2016 for a consideration of US$12.5 million. The sale of the balance of Suntrust’s holding, being 1,642,857 shares, is required to take place by 31 July 2016 or such later date as the parties
may agree.
The parties have agreed an exclusivity period until 31 July 2016 during which they will not conduct negotiations with any other person relating to the acquisition of the shares. This agreement is governed by the laws of Nigeria and provides for disputes to be resolved by arbitration."

It therefore clearly states that the SunTrust transaction is governed by the laws of Nigeria and therefore the RNS was incorrect.

[doerx2] 18/6/2018 17:33

Laughable this pos.

[ken chung] 18/6/2018 08:24

Mr Ponzi would be proud of this one.Typical lifestyle company run for the benefit of highly paid managers delivering nothing to shareholders except share price decline, dilution and failure.At least that makes it a fine short.

[pastyman3851] 14/6/2018 19:53

https://www.businesswire.com/news/home/20180613006310/en/Horizon-Petroleum-Announces-NI51-101-Reserves-Resources-Report

[football] 14/6/2018 13:58

Yep all six PlusOneCoin are working again and five 5 coins per click

















Strange ring the fourth one in the list the one below paid out twice