San Leon Energy Share Discussion Threads

[1historyman] 13/12/2018 14:22

Davidson Iriekpen
A Federal High Court in Lagos has fixed February 6, 2019 to hear of all pending applications and the winding up petition filed by an indigenous oil company, Suntrust Oil Company Limited against an Irish company with business interests in Nigeria, San Leon Energy Plc.

The court, presided over by Justice Sule Hassan, arrived at the following the collapse of the out-of-court-settlement at the instance of the respondent, San Leon Energy Plc.
Trouble stated on March 14, 2018, when Suntrust commenced winding up proceedings against San Leon. In the winding up petition with suit number FHC/L/CP/402/2018, Suntrust sought the winding up of San Leon on the grounds of insolvency, alleging San Leon’s inability to pay a debt of US$53,839,129 owed to Suntrust.
The petition debt arose from Suntrust’s sale of 1,642,857 shares in Martwestern Energy Limited to Midwestern Leon Petroleum Limited (an affiliate of San Leon) in June 2016.
San Leon took the shares but failed to pay, choosing instead to play games and have something for nothing.
Instead of paying the debt in response to the winding up petition, San Leon challenged the jurisdiction of the Nigerian court to wind it up, contending that Nigerian court has no jurisdiction to wind up foreign companies and therefore no jurisdiction to wind it up as an Irish company.
This was in spite of the fact that the petition debt is clearly undisputed.
San Leon raised a cloud of spurious objections as most companies facing a winding up petition do.
Between July and early October 2018, Suntrust and San Leon and other interested parties explored out-of-court-settlement and the winding up proceedings were adjourned.
While some progress was made, San Leon and its affiliates could not perform their own side of the bargain.
This made Suntrust to resume the litigation.
To this end, on December 3 2018, the Federal High Court scheduled 6 February 2019 for the hearing of all pending applications and the winding up petition.

………;…..

dean, maybe u think that a winding up order is the same as a wind up. oh dear

[1historyman] 13/12/2018 14:19

links or should that be dean ?

talltrees1 - 09 Oct 2018 - 18:59:13 - 46101 of 46368
San Leon Energy - SLE
Looks like Sun Trust have dropped their court case against SLE as it is not on their website now.

………;…….

good to see that links has maintained his 100% record, that is of being wrong.

[1historyman] 13/12/2018 13:41

how's is the share buyback progressing, u know the one u posted would start by the end of November ? oh dear, oh dear.

[1historyman] 13/12/2018 11:06

The particulars of the debt as submitted to the court by Suntrust Oil showed that in June 2016, Suntrust Oil sold shares to Midwestern Leon Petroleum Limited in return for the payment of the sum of $53,839,123.
The court documents showed Suntrust Oil had acquired the sale shares with the proceeds of a loan from Guaranty Trust Bank, which amounted to $53,839,123.

Suntrust Oil further told the court that in or about August 2016, San Leon Energy took over the sale shares from its affiliate Midwestern Leon in return for payment of GTBank loan to Suntrust.

According to the petitioner, San Leon Energy had informed it that it (respondent) would pay the GTBank loan from the proceeds of sale of its shares, which at that time were the subject of an application for admission to the London Stock Exchange's Alternative Investment Market.

In an irrevocable payment guarantee dated September 20, 2016, San Leon was quoted by Suntrust as stating that San Leon Energy hereby issue this irrevocably and unconditionally guarantee to Suntrust, that San Leon shall pay sums due under the GTBank loan and its loan interest. San Leon hereby confirms that the GTBank loan and its loan interest shall be fully paid and discharged on or before November 30, 2016.

[1historyman] 13/12/2018 09:09

Davidson Iriekpen
A Federal High Court in Lagos has fixed February 6, 2019 to hear of all pending applications and the winding up petition filed by an indigenous oil company, Suntrust Oil Company Limited against an Irish company with business interests in Nigeria, San Leon Energy Plc.

The court, presided over by Justice Sule Hassan, arrived at the following the collapse of the out-of-court-settlement at the instance of the respondent, San Leon Energy Plc.
Trouble stated on March 14, 2018, when Suntrust commenced winding up proceedings against San Leon. In the winding up petition with suit number FHC/L/CP/402/2018, Suntrust sought the winding up of San Leon on the grounds of insolvency, alleging San Leon’s inability to pay a debt of US$53,839,129 owed to Suntrust.
The petition debt arose from Suntrust’s sale of 1,642,857 shares in Martwestern Energy Limited to Midwestern Leon Petroleum Limited (an affiliate of San Leon) in June 2016.
San Leon took the shares but failed to pay, choosing instead to play games and have something for nothing.
Instead of paying the debt in response to the winding up petition, San Leon challenged the jurisdiction of the Nigerian court to wind it up, contending that Nigerian court has no jurisdiction to wind up foreign companies and therefore no jurisdiction to wind it up as an Irish company.
This was in spite of the fact that the petition debt is clearly undisputed.
San Leon raised a cloud of spurious objections as most companies facing a winding up petition do.
Between July and early October 2018, Suntrust and San Leon and other interested parties explored out-of-court-settlement and the winding up proceedings were adjourned.
While some progress was made, San Leon and its affiliates could not perform their own side of the bargain.
This made Suntrust to resume the litigation.
To this end, on December 3 2018, the Federal High Court scheduled 6 February 2019 for the hearing of all pending applications and the winding up petition.