San Leon Energy Share Discussion Threads

[alaric7] 26/6/2022 08:44

you ask what has the company done last year? what about trying to get a transformational rto completed. or completing investment in the OZA field. or negotiating further investment in ELI and the new pipeline/FSO venture( which is of course key to the future success of OML18)

[alaric7] 26/6/2022 08:35

snibbles,i go to the bother of putting you straight on a complex story you didn’t understand and then you come out with this malarkey? it is perfectly clear that after a year they're now getting a hard time from AIM. it's equally clear they're very close now to closing on a huge deal in which the remaining moving components are out of their direct control. the key in these big deals is usually the money. we're told they're now moving to drafting the loan facility docs. so let's say conservatively that's 5 sets of lawyers involved representing the interested parties. commitments like that tend to happen when all the commercials are agreed. the underlying business case for getting the deal done here remains strong and as i say it sounds like the Eroton $750m facility is all done bar the shouting. nibbles where on earth seriously do you get 'equity fraud' from? you imagine that after a hugely successful career our largest shareholder Martin Hughes of Tosca ( they have 72% of San Leon today) is going to get caught up in something like that? sheesh...

[nibbles1967] 25/6/2022 23:34

Red5 - me too, comrade, on both points

[skez13] 25/6/2022 19:16

whatever happened to chart trader?

[red5] 25/6/2022 17:14

The only reason i went it it was because of simon thompson ic article a way back.

[red5] 25/6/2022 17:13

Nibbles i have a bad feeling about it but i hope you are wrong.

[nibbles1967] 25/6/2022 15:16

Or maybe this is the slowest and most public equities fraud in the history of the world and we've all done our money and watched it slowly disappear over a year

Has the company actually done anything at all in the last year ?

[alaric7] 24/6/2022 20:40

i see this board is getting infested by a group of charttrader's old cronies. they would be well advised to watch out. after all he didn’t do so well did he? hilarious if i may say so.

[frus1] 24/6/2022 19:03

San Leon Energy History is a farce

[1kempton] 24/6/2022 10:13

Deal looks nigh on completed with rto going ahead a new Co on the cards bigger stronger and to capitalise on high oil&Gas prices, admin doc got to be a large one with all this complexity of the deal Involved

[nibbles1967] 24/6/2022 08:35

Precis:-

So some things might happen and so might some others but nobody knows about either really, despite it being a year that we've been doing other things

[witheco] 24/6/2022 08:24

There can therefore be no guarantee that the Potential Transaction will occur.

[1kempton] 24/6/2022 07:57

8th July it is then..

[rimau1] 24/6/2022 07:56

Excellent news. When Mr Fanning is delighted so am I.

[undertaker] 24/6/2022 07:33

RESET CLOCK.....

2 weeks 2 go!

[carcosa] 24/6/2022 07:04

"Should the Company not be in a position to publish the Admission Document by 8 July 2022 then it is possible that trading in the Company's shares on AIM will be cancelled. If trading in the Company's shares on AIM is cancelled the Board intends to complete the Potential Transaction and seek to have the enlarged group's shares admitted to trading on AIM later this year."

Note the section "...it is possible"; Not a certainty.

[carcosa] 23/6/2022 08:48

Suspension rules, leading to a delisting on AIM broadly fall into two categories. If the company has failed to comply with 'serious' rules such as not having a nominated advisor, been delinquent in issuing accounts, failing to have an orderly board of Directors etc., then AIM is very likely to delist the company. Then share holders will be left holding shares in a private company. Things then get messy.

If, as is the case with SLE, all the serious stuff has been complied with then the shares can remain listed for up to (usually) six month and a waiver is provided by AIM for the shares to remain listed albeit suspended.

It is not in the interests of AIM to kick companies off the market so provided they can be convinced that meaningful progress is being made by SLE then they will remain listed with a waiver being granted. However, once a year has passed that waiver becomes harder to obtain.

On a separate issue, if SLE want to cancel the shares then they must separately inform the Exchange of its preferred cancellation date at least twenty business days prior to such date and save where the Exchange otherwise agrees (usually due to dual listings), the cancellation shall be conditional upon the consent of not less than 75% of votes cast by its shareholders given in a general meeting.

Given the date mentioned by SLE coincides with 12 month suspension it is not unreasonable to believe the date was set with AIM de-listing in mind rather than corporate substantive progress being made. However with rose coloured glasses on the phrase "at the latest" could infer that corporate progress is coincidental with the 12 month suspension anniversary.

Whatever happens, not a lot share holders can do about it now.

[gary hindsight] 23/6/2022 08:11

Plas. To be honest I don't know the rules on suspension so maybe they can't roll over. Do you or anyone out there know the regulations in this regards?